AAC’s Lucas Bols to float

The company is aiming to raise around €125m in its IPO, which will predominantly involve the sale of new shares.

Lucas will use the capital raised through the listing to refinance its debt, and is aiming to achieve leverage of 3x EBITDA upon listing.

Kempen & Co and Rabobank have been appointed as joint global coordinators and bookrunners for the flotation.

The spirits business was formerly owned by Rémy Cointreau, a French company listed on the Euronext Paris. In 2006, AAC and Rémy Cointreau executive board director Huub van Doorne bought a selection of key liqueurs and spirits from the French company to create Lucas.

The company's roots go back as far as 1575, when Dutch distiller Bols was founded. The newly formed Lucas Bols relocated its headquarters to Amsterdam following the buyout, with van Doorne becoming its CEO.

AAC took a 75% stake in the business. The deal valued Lucas at €210m, according to unquote" data. Rabobank was mandated as lead arranger for the senior and mezzanine financing.

Lucas has a portfolio of 20 brands, including Bols Liqueurs, Bols Genever, Damrak Gin, Bols Vodka and Galliano. Its products are sold in 110 countries.

The company generated €78.7m in revenues for the 2013/14 financial year, as well as an EBIT of €22m with a 28% margin. Its CEO is Huub van Doorne.

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