Buyout firm New Mountain Capital is exploring a sale of SNL Financial, the financial news and data services provider it bought a majority stake in four years ago, people with knowledge of the matter said.
New Mountain is seeking more than $1 billion for Charlottesville, Virginia-based SNL, said the people, who asked not to be identified because the matter is private. The private-equity firm is in the early stages of testing the market for SNL and may decide not to sell it if it can’t fetch a high enough price, the people said.
A spokesman for New Mountain Capital declined to comment, and a representative for SNL didn’t return a call seeking comment.
SNL, founded in 1987, provides data and analysis on the banking, insurance, real estate, energy and mining industries. Bloomberg LP, the parent of Bloomberg News, competes with SNL in selling financial news and information.
New Mountain, based in New York, raised $4.13 billion last year for its fourth fund, according to a press release. Other investments include stakes in insurance broker AmWins Group Inc. and thrift holding company EverBank Financial Corp.