Mid Europa lists Waberer's in Budapest

According to a statement, the IPO will value the Hungarian trucking business at €300m EV and will see the business join Hungary's top index BUX as its fifth largest constituent. As part of the listing, the GP will sell a minority stake in the company, retaining a majority holding.

The offer price was set at HUF 5,100 (€16.51) per share, at the bottom end of the initial €16.50-20.37 range. However, the company stated this would be the largest IPO in Hungary since 1998.

Through the offering, the business will raise €50m in fresh capital, which will allow the company to bolt on Link Services, a Polish freight transportation firm.

Citigroup and Berenberg acted as joint global coordinators as well as joint bookrunners alongside Erste Group and Renaissance Capital. Erste also acted as lead managers in the IPO.

Previous funding
In 2011, the GP acquired a 49.5% stake in the business, which increased to 56.8% following a first €12m capital increase. In June 2016, the GP reached a 97.1% holding by acquiring the stake of the company's founder and CEO György Wáberer.

During its private equity ownership period, the company acquired Szemerey in 2013 and Wáberer Hungária Biztosító in 2016.

Company
Established in 1948, Waberer's manages a fleet of 3,550 truck-trailers focusing on goods, domestic transport, storage and distribution of dry and refrigerated goods, and international brokerage. Headquartered in Budapest, the business also has a domestic logistics warehouse under management with a 160,000-square-metre capacity.

In 2016, the firm generated €572.2m in revenues and €69.2m in EBITDA. It employs 6,500 staff.

People
Mid Europa Partners – Csanad Daniel (associate director); Bence Horvath (associate); Aleksandar Dragicevic (analyst).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Industrials
• CEE
• IPO
• Hungary
• Mid Europa Partners