CVC to list Ahlsell in Stockholm

The intention to float announcement did not include a specific date for the listing, though the company expects to list following the publication of its third-quarter financial report.

Ahlsell's flotation would bring to an end nearly two decades of PE ownership for Ahlsell. CVC acquired Ahlsell in February 2012 in a €1.8bn SBO from Cinven and Goldman Sachs, which in turn had bought it from Nordic Capital for around €1.28bn in 2006. Nordic Capital acquired Ahlsell in 1999 as part of the carve-out of four subsidiaries of Swedish industrial conglomerate Trelleborg in what was considered to be the largest ever Swedish private equity transaction at the time.

In the year to 30 June 2016, Ahlsell generated SEK 23.2bn of net revenue, with adjusted EBITA of SEK 2bn. The company was founded in 1877 and is a distributor of plumbing, electrical, heating and air conditioning supplies, as well as tools. It has outlets across the Nordic region, Estonia, Poland and Russia.

According to the Financial Times, the IPO could be the largest Swedish listing since national telecoms operator Telia's €9bn flotation in 2000.

Goldman Sachs, Nordea, Carnegie, Danske Bank, Deutsche, JP Morgan and UBS are acting as join bookrunners, while Goldman Sachs and Nordea are acting as joint global coordinators. ABG Sundal Collier, DNB Markets and SEB are acting as co-lead managers.

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• Topics
• Exits
• Nordics
• CVC Capital Partners
• IPO
• Sweden