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TDR-Backed Modulaire Group Weighing Initial Public Offering

  • Design company could be valued at around $6 billion: sources
  • TDR picks Goldman Sachs, Morgan Stanley to advise on exit
  

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Modulaire Group, the European designer of modular work spaces that is backed by private equity firm TDR Capital, is weighing an initial public offering.

The company is considering its strategic and financing options, including a potential IPO, it said in a Tuesday statement confirming an earlier Bloomberg News report. The cost of insuring Modulaire’s debt dropped following the news. The company’s five-year credit default swaps fell 13%, the most since Nov. 17, according to ICE Data Services.