* Navis Capital selling education supplier business -sources
* Bids due Oct. 9 - sources
By Paulina Duran
SYDNEY, Sept 23 (Reuters) - Malaysian private equity firmNavis Capital Partners has began a sale process for Modern Star,the Australian education supplier it bought in 2014, seekingover A$800 million ($542.2 million) for the business, twosources told Reuters.
The firm and its advisers are seeking indicative bids forthe company, which sells education material to early childhoodcentres and schools in Australia, China and Singapore, by Oct.9, one of the sources said, declining to be named because theinformation was private.
Kuala Lumpur-based Navis acquired Modern Star Pty in 2014for an undisclosed sum in a deal valuing it at up to A$250million.[https://reut.rs/2mpgdnb]
Modern Star has made several acquisitions since then,including its 2016 purchase of Wisdom, a China-based provider ofeducational equipment and furniture to the kindergarten sector,according to its website.
According to the sources, close to one fifth of the overA$60 million in earnings before interest, tax, appreciation andamortisation (EBITDA) for the year ending June 2019 was derivedfrom its operations in China.
The Malaysian firm has received interest from otherAustralian and offshore private equity firms, particularly thosewith an Asian-growth focus, they said.
The business has delivered double-digit earnings growth forthe last five years, and because of its growth prospects, thebusiness is expected to be sold for well over 13 times EBITDA,the sources added.
A spokesman for Modern Star did not immediately return anemail seeking comment.
($1 = 1.4754 Australian dollars)(Reporting by Paulina Duran in Sydney; Editing by StephenCoates)