Advent International Corp., Apax Partners and CVC Capital Partners are working on preparing offers to acquire New York-based Infor outright, said the people, who asked not to be identified because the information is private. The closely held company has an enterprise value of at least $10 billion, the people said.
Infor’s owners, investment firms Golden Gate Capital and Summit Partners, are working with Bank of America Corp. and Morgan Stanley to prepare financing packages for a full buyout, the people said.
The size and structure of the company’s debt may prove to be an impediment to a sale, they said. A club deal, in which a group of private equity firms would join together to buy the company, is one possibility, the people said.
Formal offers are expected in November, the people said, and a partial stake sale is still an option.
In 2012, Golden Gate and Summit invested in New York-based Infor in a 2012 deal that was completed alongside a merger with Lawson Software that valued the combined company at $1.8 billion, according to data compiled by Bloomberg. Golden Gate has held a stake in previous incarnations of the company since 2002.
Infor provides a range of cloud computing software solutions to corporate clients, according to its website.
Spokesmen for Infor, Golden Gate, Apax, CVC and Morgan Stanley declined to comment. Representatives of Summit, Bank of America and Advent didn’t immediately respond to requests for comment.