Bain's IMCD aims to raise up to €500m in IPO

The offering will comprise both new and existing shares, the latter of which are to be sold by Bain. New shares worth approximately €270m will be offered in the flotation.

The company hopes to raise €350-500m in total through the IPO. IMCD will use the proceeds from the new shares offering to pay down debt, with a target leverage level of 2.5x EBITDA post-flotation.

Emma Holding, the holding company owned by Bain, will remain a significant shareholder in the company following the partial sale of its stake in the IPO.

Bain acquired IMCD for €650m in December 2010. The tertiary buyout saw the GP buy the business from AAC Capital Partners via its €3.5bn Bain Capital Europe Fund III vehicle.

According to unquote" data, a €395m senior debt package was provided by Lloyds TSB, ING Group and UBS, while €105m mezzanine facility was supplied by KKR's mezzanine funds.

The company has been under private equity ownership since 2001. AlpInvest Partners bought IMCD in June of that year for €195m – €110m of which was provided as debt and a further €25m as mezzanine financing.

AAC Capital (then ABN Amro Capital) bought the company from AlpInvest in July 2005 via an auction process run by BNP Paribas.

Founded in 1995 and headquartered in Rotterdam, IMCD is a distributor of speciality chemicals and food ingredients for a range of industries including pharmaceuticals, automotives and industrials.

It partners with around 1,600 suppliers and claims to have a customer base totalling 27,000. Products sold through IMCD include antioxidants, preservatives and emollients for the personal care sector; chemicals for coatings such as resins, fillers and solvents; and plastics such as polyurethane.

The company employs 1,400 staff and has a market presence in 30 countries. It generated revenues of €1.2bn and an EBITDA of €97m in 2013.

IMCD's CEO is Piet van der Slikke. Bain managing directors Michael Siefke and Michel Plantevin, and principal Ivano Sessa sit on the company's board of directors.

Deutsche Bank and Goldman Sachs have been appointed joint global coordinators for the flotation, as well as joint bookrunners alongside HSBC and Rabobank.

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