By Carolina Mandl
SAO PAULO, Oct 5 (Reuters) – Private equity firms Warburg Pincus WP.UL and Gavea Investimentos are planning an initial public offering by Grupo GPS, a Brazilian facilities services provider in which they are key stakeholders, two sources familiar with the matter said.
Part of the proceeds of the offering, which are expected to reach 3 billion reais ($537.44 million), will go to the two private equity firms, with the rest going to the company for possible investment purposes, one of the sources added.
The company has hired investment banking units of Goldman Sachs GS.N, Itau Unibanco ITUB4.SA, BTG Pactual BPAC11.SA, Citigroup Inc C.N, Morgan Stanley MS.N and Bank of America Corp BAC.N to manage the IPO, according to the sources.
Founded in 1962, GPS has more than 86,000 employees and 2,400 clients, according to its website. It provides services such as cleaning,