March 6, 2014 / 9:28 AM / 6 years ago

Spain's Savera seeks buyer for majority stake -sources

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 Carlyle Group and TPG Capital Management, the people said.

The first round bids is due at the end of March, they said.

Savera, founded in 1967, earns more than 80 percent of its revenue from China, said one of the people who has seen the sales documents.

Savera and BDA did not respond to requests for comment. Carlyle and an external spokesman for TPG declined to comment.

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