The sale of 101communications has cleared review by the Federal Trade Commission under the Hart Scott Rodino Antitrust Act, thus paving the way for a final closing.
According to a report Tuesday in the Dow Jones LBO Wire, 101 owner Frontenac Co. has agreed to sell the company to the private-equity firm Nautic Partners for $75 million, or 10-times EBITDA.
No announcement was forthcoming by presstime today, and neither 101 CEO Jeff Klein nor rumored Nautic Partners co-buyer Neal Vitale responded to e-mail inquiries.
However, other sources said the 10-times EBITDA multiple quoted in the LBO Wire report was too high, and the more likely multiple was about eight-times on a sale price of about $70 million to $73 million.
101communications had revenue of about $60 million in 2005, sources said.
The Jordan, Edmiston Group is handling the transaction.