Swiss outsourcing firm VFS up for sale
Buyout group EQT Partners is set to launch the sale of VFS, the largest outsourcing and technology services specialist for governments and diplomatic missions worldwide. According to a Reuters report, the sale is expected to generate a Chf2-2.5 billion (about US$2.5 billion) deal. EQT is holding meetings with potential buyers, including private equity groups and sovereign wealth funds. Next month, EQT is expected to send out detailed information packages, including full-year VFS figures. VFS is a supplier of security checks, information dissemination and form checks for visa applicants, as well as recording biometric data and identification verification. Reuters said VFS is expected to report a 2018 EBITDA of Chf160 million, and could be valued at up to 15 times that in a potential sale. The company, which competes with France’s TLScontact, is targeting growth in areas such as work permits and transport tickets.
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