PE-backed Spie launches IPO

The offering comprises both new and existing shares to employees and the public. Spie plans to raise around €525m from new shares, while selling shareholders are offering 21.6 million existing shares.

The company has announced an indicative price range of €15-18.3 per share for the public offering, meaning that the selling shareholders could raise up to €396.5m through the sale of their shares at the top end of the price range.

The selling shareholders comprise Spie CEO Gauthier Louette, certain employees and management, and Clayax Acquisition Luxembourg 1, which is the holding company owned by Ardian, CD&R and Caisse de Dépôt et Placement du Québec.

According to Spie, Clayax Acquisition Luxembourg 1 holds an 89.6% stake in Spie and 15,000 company employees collectively own the balance through an employee mutual fund.

An overallotment option of up to 9.8 million existing shares is also available for the offering. Clayax Acquisition Luxembourg 1 will sell the shares should the option be exercised. There is also an extension option of up to 8.5 million additional existing shares.

Spie plans to use the proceeds from the IPO to pay off some of its debt, specifically to repay amounts due under its senior credit facilities agreement, which totalled around €1bn outstanding as of June 2014. The remaining €375m that is expected to be left outstanding following the repayment from the IPO proceeds will be repaid through Spie's new €1.35bn senior credit facility.

unquote" originally reported in January that the company was mulling an IPO, with plans to float by the end of the year. Spie then confirmed its flotation plans in April.

Trading is expected to begin on the Euronext Paris on 10 October, with the subscription period for the IPO expected to close on 9 October and pricing to take place on the same day.

JP Morgan and UBS have been appointed as global coordinators, joint lead managers and joint bookrunners. Barclays, BNP Paribas, Bank of America Merrill Lynch, HSBC and Societe Generale CIB are acting as joint lead managers and joint bookrunners. Crédit Agricole CIB and Natixis are acting as co-lead managers.

In July 2006, PAI Partners bought Spie from its parent company Amec in a €980m deal, taking control of an 86% stake. The firm managed to buy the company through a very competitive auction process run by Citigroup and UBS, according to unquote" data.

In May 2011, CD&R led a €2.1bn SBO of Spie alongside Ardian and Caisse de Dépôt from PAI. According to unquote" data, PAI may have reaped around 4x its investment through the sale.

CD&R committed €510m via its $5bn Clayton Dubilier & Rice Fund VIII, which closed in 2010. Ardian and Caisse de Dépôt provided €140m each, according to unquote" data. A banking pool comprising Morgan Stanley, HSBC, Societe Generale, Deutsche Bank and Crédit Agricole CIB was understood to have arranged a senior debt package worth around €1bn to fund the acquisition.

Cergy-headquartered Spie provides multi-technical services within the electrical, mechanical, and heating, ventilating and air conditioning (HVAC) engineering areas. It operates within the energies, efficient buildings, "smart city" and industry services sectors.

The company generated €4.5bn in revenues last year, as well as an EBITA of €315m. It employs 37,000 staff across 34 countries. Its CEO is Gauthier Louette.

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• Topics
• France
• IPO
• Euronext
• France
• Ardian (formerly Axa PE)
• Clayton Dubilier & Rice