Carbonite Sees Interest From PE Firms Including KKR, Evergreen: Report

The final bids are due today, with the signing of a deal possible on Tuesday, which is when Carbonite has scheduled its third fiscal quarter 2019 analyst call, according to a new report published Friday.


Multiple private equity firms including KKR, Evergreen Coast Capital, and Vector Capital are looking at making on offer to buy Carbonite, with final bids due today and the signing of a deal likely by Tuesday.

New York-based KKR and Menlo Park, Calif.-based Evergreen Coast Capital are the finalists in a bidding process scheduled to end Friday, while San Francisco-based Vector Capital is also said to be bidding, according to the news site Buyouts Insider, which cited five unnamed sources familiar with the process.

Bids of $19 to $20 per share are expected. The Boston-based cloud-focused data protection and management and security vendor's share price closed Friday at $18.40, up 15 cents on the day.

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[Related: 10 Things You Need To Know About The Carbonite-Webroot Deal]

As of late Friday, Carbonite has a market capitalization of about $638.3 million.

Carbonite is working with New York-based J.P. Morgan as an advisor, the report said.

A Carbonite spokesperson declined to elaborate on the report. “Unfortunately we’re not able to comment, but will let you know if that changes,” the spokesperson told CRN.

A final deal is expected to be signed Tuesday, the report said. Carbonite is planning to hold its third fiscal quarter 2019 financials at 5:30 PM EST Tuesday.

Speculation about the possibility that Carbonite might be acquired by a private equity investor started early September after Bloomberg reported that an unnamed private equity firm is looking to acquire Carbonite.

It has been a busy year for Carbonite.

The company early this year acquired SMB-focused cybersecurity vendor Webroot in a $618.5-million deal.

July saw Mohamad Ali step down as CEO, with company Chairman Steve Munford serving since then as interim CEO.