Stock Spirits valued at £470m in IPO

US private equity firm Oaktree Capital Management, which is the company's majority owner, reduced its stake in the company to 38.3% as part of the offering, while Stock Spirit's management also sold shares.

The initial share price stood in the middle of the original 210-260p range. The offer, which comprised 55% of the company's total share capital, raised gross proceeds of close to £258.5m. Of this, the company raised £52m from selling new shares to pay down debt while secondary sales by Oaktree, and current and former members of management, amounted to £206.5m.

JP Morgan Securities has been offered 15% of the ordinary shares comprised in the offer by Oaktree shareholders.

JP Morgan and Nomura International were acting as joint sponsors, joint global co-ordinators and joint bookrunners. Jefferies International was acting as joint bookrunner and Berenberg was acting as lead manager.

Unconditional dealings on the London Stock Exchange are expected to start on 25 October. The company announced its intention to float in September.

Company
Buckinghamshire-based Stock Spirits Group was founded in 2008 by combining Polmos Lublin and Eckes & Stock under the control of Oaktree Capital Management.

Oaktree acquired Polmos Lublin in a take-private deal, delisting it from the Warsaw Stock Exchange in January 2006 for €24m, according to unquote" data. Oaktree then acquired the spirits subsidiary of Germany-based Eckes & Stock in 2007 and merged the entities.

Stock Spirits is a producer of alcoholic beverages operating two main production sites in Lublin, Poland, and Plzenthe, Czech Republic. In addition, the group has sales and marketing businesses in Italy, Croatia, Slovakia and Bosnia & Herzegovina and exports to more than 40 countries.

The group recorded a turnover of €292.4m in 2012, as well as an EBITDA of €68.8m. For the first half of 2013, Stock Spirits generated revenues of €153.1m and a €34.3m EBITDA.

Stock Spirits produces brands such as Stock 84 brandy, Fernet Stock bitter, Keglevich and Wódka Żołądkowa Gorzka.

People
Chris Heath is Stock Spirits' CEO.

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• Topics
• UK / Ireland
• Exits
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• Oaktree Capital Management
• IPO