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Report: Navis seeks A$800M-plus for education equipment supplier Modern Star

Navis Capital Partners is looking to sell Modern Star Pty. Ltd. for more than A$800 million, Reuters reported, citing two unnamed sources.

Indicative bids for Modern Star, which sells education equipment to early childhood learning centers in Australia, China and Singapore, are due Oct. 9, one of the sources told the news outlet.

Modern Star had already attracted more interest than expected from local and international firms and strategic and educational businesses, Philip Latham, a Navis partner based in Sydney, told Reuters without commenting on the sale price.

Navis has secured interest from other Australian and offshore private investment firms, especially those with a focus on growth in Asia, sources said.

Modern Star, with EBITDA of more than A$60 million for the year ending June 2019, could sell for above 13x EBITDA, the sources added, according to Reuters.

Earlier in September, Navis said it closed an investment in Srithai Daily Foods Co. Ltd.

The firm said it will help build the capabilities, products and sales efforts of Srithai, which specializes in food condiments and food solutions in Thailand.