AAC grants overallotment option in Lucas Bols IPO

Ellie Pullen
19 February 2015

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AAC Capital Partners and several other shareholders have agreed to sell an additional 1.2 million shares in the overallotment option for the flotation of Lucas Bols, which initially raised €128m in its IPO.

AAC and Black Diamond Capital Management sold slightly more than 1.2 million shares in the over-allotment option at the IPO price of €15.75 per share.

This means the two firms combined have sold €19.1m worth of stock. The over-allotment option was equivalent to 15% of the IPO's offering.

AAC sold around 1 million of the shares itself, meaning it has raised €17m from the over-allotment option, while Black Diamond's funds sold the balance of 130,200 shares and raised slightly more than €2m.

The full exercise of the overallotment option means the total proceeds from the Dutch spirits-maker's IPO have reached €147m. The listing gave the company a market cap of €196m.

Lucas Bols listed earlier this month, having announced its intention to float in January, and now has a free-float of 74.7%. It is trading on the Euronext Amsterdam under the ticker "BOLS".

Previous funding
The spirits business was formerly owned by French company Rémy Cointreau, which is listed on the Euronext Paris. In 2006, AAC and Rémy Cointreau executive board director Huub van Doorne bought a selection of key liqueurs and spirits from the French company to create Lucas.

The new entity then merged with existing Dutch distiller Bols, and van Doorne became the CEO of the newly enlarged group.

AAC took a 75% stake in the business, with the deal valuing the new company at €210m. Rabobank was mandated as lead arranger for the senior and mezzanine financing.

Company
Lucas Bols' roots go back as far as 1575, when Dutch distiller Bols was founded.

The Amsterdam-headquartered business has a portfolio of 20 brands including Bols Liqueurs, Bols Genever, Damrak Gin, Bols Vodka and Galliano. Its products are sold in 110 countries.

The company generated €78.7m in revenues for the 2013/14 financial year, as well as an EBIT of €22m with a 28% margin.

People
Huub van Doorne is the CEO of Lucas Bols.