UPDATE 1-Spain's Savera seeks buyer for majority stake -sources
* Adviser has sent documents to Carlyle, EQT, PAG and TPG -sources
* Savera earns more than 80 pct of revenue from China -sources
* PE backed-majority stakes deals rose 83 pct in China in 2013 -TR data
By Stephen Aldred
HONG KONG, March 6 (Reuters) - Spain's Savera Group, which earns most of its revenue in China, is seeking a buyer for around 70 percent of itself, in a sale valuing the company at up to $500 million, people familiar with the matter told Reuters.
The maker of tracks used to guide elevators is working with financial adviser Business Development Asia (BDA) and is targeting private equity buyers, said the people, who declined to be identified because the sale is confidential.
BDA has sent sales documents to potential buyers including the U.S.'s Carlyle Group and TPG Capital Management , Sweden's EQT and Hong Kong's PAG, the people said.
Savera began as a European-focused company in 1967, but now earns more than 80 percent of revenue from China, said one of the people who has seen the sales documents.
Bankers have drawn comparisons with the 2010 sale of Dutch cylinder maker Hyva, which earned around 70 percent of revenue from Asia, with the majority from China. Hyva was bought by private equity firm Unitas Capital and NWS Holdings for around $700 million, Reuters previously reported. Continuación...