White MountainsInsurance Group Ltd. retained Evercore to auction off MG LLC, whichdoes business as Tranzact, The Wall StreetJournal reported April 14, citing "people familiar with the situation."
In 2014, White Mountains made a majority investment in Tranzact, a Fort Lee, N.J.-based provider ofend-to-end customer acquisition solutions to the insurance sector. Tranzact hasEBITDA north of $50 million, according to the report.
The first round of bids from potential buyers was due at theend of March, the news publication said. Several private equity sponsors were approachedregarding investments in Tranzact.
Tranzact's employees total 1,100 in the U.S., Peru and Guatemala,the Journal said, citing the company'swebsite.