PricewaterhouseCoopers (PwC), the big-four accountant, has been hired by Pearl Group, the insurance giant, to consider the sale of empty building management firm VPS Holdings.
TDR Capital, the former co-owner of Pearl which still holds a 10 per cent stake in the business following a restructuring earlier this year, manages VPS for Pearl. It is understood that the London-based private-equity group is interested in buying VPS, which is worth up to £200m.
Beside investment firm Sun Capital, TDR owned Pearl outright until a restructuring earlier this year; Pearl struggled during the financial crisis.
VPS, which is based in Hertfordshire but has global offices, including Berlin and Chicago, protects and manages "void properties" – which is particularly lucrative in the US because of the failures related to sub-prime mortgages.
PwC's formal role is to consider strategic options – a phrase often used before a sale. But it is thought PwC is likely to recommend Pearl shareholders retain the business until the market picks up, as it is performing well.Reuse content