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.

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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.