Oaktree's Countrywide to launch £200m IPO

Greg Gille
@unquotenews
20 February 2013

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UK-based real estate agency Countrywide, a portfolio company of Oaktree Capital Management, confirmed it will list on the London Stock Exchange.

Countrywide is aiming to raise £200m in the IPO. The company's valuation following the listing could see it join the ranks of the FTSE 250.

The move could indicate a welcome thawing for the hitherto frozen IPO market in the UK. A single flotation of a private equity-backed business was completed last year, according to unquote" data: polymers company Revolymer completed an IPO on the Aim market of the London Stock Exchange in July, a listing that valued the business at around £53m.

Apollo Management completed the £1.1bn take-private of Countrywide in 2007. Two years later, creditor Oaktree took the business over after building a stake in Countrywide's bonds.

Countrywide's network comprises 1,300 estate agency and lettings offices operating under 46 local high street brands. The company recorded a £539.8m turnover while its EBITDA grew by 12% to £63m in the last financial year.