By Milana Vinn
Private equity firm Hellman & Friedman has launched a sale process for Texas-based energy software maker Enverus in a deal that could value the company at around $6 billion, according to people familiar with the matter.
The private equity firm is working with investment bankers at Citi on the potential sale, which has attracted interest from both private equity firms and other companies, said the people, who asked not to be named because the discussions are private.
The sale process is in its early stages and multiple options are on the table, including selling a stake in Enverus, the people said, cautioning that no deal is guaranteed.
Private equity firm Genstar Capital, which sold Enverus to Hellman & Friedman in 2021 for $4.25 billion, still has a minority stake in the tech company.
Citi and Genstar declined to comment, while representatives for Hellman & Friedman and Enverus did not respond to Reuters’ requests for comment.
Austin, Texas-based Enverus provides data, analytics, and software solutions to oil and gas companies.
Enverus generates around $400 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA) and is likely to be valued at close to 15 times its EBITDA, or $6 billion, the sources said.
Bloomberg reported in 2024 that private equity owners of Enverus were preparing to explore a sale or IPO of the company.
Private equity firms are under increasing pressure from investors to sell or IPO portfolio companies to return capital after a year of little activity.
Last week, Reuters reported that Blackstone is exploring a $3 billion sale of Sphera, a sustainability software and consulting services provider.
(Reporting by Milana Vinn in New York, additional reporting by Amy-Jo Crowley in London; Editing by Dawn Kopecki and Cynthia Osterman)
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