Hellman & Friedman has begun the sale process for Enverus, the Texas-based energy software platform, in a transaction that could value the company at close to $6bn, according to Reuters.

The private equity firm has appointed Citi to run the process, which remains in its early stages. Several private equity firms and industry players have expressed preliminary interest, though no agreement is assured. Options on the table include a full sale or a partial stake divestment.

Enverus provides data, analytics, and software solutions to the oil and gas sector, covering cost benchmarking, production insights, and supplier data. The company reports EBITDA of around $400m annually and is reportedly being marketed at a valuation of up to 15x earnings.

Genstar Capital, which sold Enverus to Hellman & Friedman in a $4.25bn deal in 2021, continues to hold a minority stake in the company.

Hellman & Friedman and Enverus did not respond to requests for comment, while Citi and Genstar declined to comment.

The potential sale follows earlier reports in 2024 that Hellman & Friedman was weighing both a sale and IPO for the business.

Source: Reuters