Sign in
- You are currently accessing unquote.com via your Enterprise account.
  
  If you already have an account please use the link below to sign in.
  
  If you have any problems with your access or would like to request an individual access account please contact our customer service team.
  
  Phone: +44 (0)203 741 1137
  
  Email: Georgina.Lawson@acuris.com
  - Sign in
Follow us
- Twitter
- LinkedIn
Free Trial
Subscribe

Kion to list further 8 million shares

Harriet Bailey
12 November 2014

Tweet
Facebook
LinkedIn
Google plus
Send to

German forklift manufacturer Kion Group, backed by KKR and Goldman Sachs Capital Partners, has placed a further 8 million shares.

The shares represent around 8.1% of Kion's shareholding and are valued at between €29.10-30.95 per share, according to reports. The placement could net the company's backers, as part of the Superlift Holding group, around €247.6m.

As of June 2014, KKR and Goldman Sachs jointly held a 26.9% stake in Kion, while 39.5% of the company had already been publicly listed.

20.3% of the company had been floated by KKR, Goldman Sachs and a further shareholder in the comapny by the end of December last year. Initially, 19.8 million shares were listed at around €24 per share.

In January this year, KKR and Goldman placed 10.7 million shares on the stock exchange at a price of €29.50 per share. This represented 10.8% of Kion shares.

Subsequently, a further 7.5 million shares worth €253m were floated by Superlift Holding in June 2014. The shares came from Goldman Sachs-held stock.

Wiesbaden-headquartered Kion claims to be the world's second largest manufacturer of forklift trucks and warehouse technology. Its Linde and Still brands operate in the premium segment, while Baoli serves the economy market.

The business saw €4.5bn in revenue in 2013 and has more than 22,000 employees, while its market cap on 30 September 2014 was almost €2.9bn. Kion generated revenues of around €3.4bn for the first nine months of 2014 – an increase of 1.7% on the previous year's figures. EBITDA for the period was €507.4m.

Kion previously listed around 25% of its shares in July 2013, enabling it to repay its €1.08bn senior bank debt and to implement a revolving credit facility of €995m, due to be repaid in 2018. It placed around 475.4 million shares at €24 per share.

In 2009, the GPs provided the company with a €100m loan, arranged on the same terms as the firm's existing senior debt.

Goldman Sachs, Deutsche Bank and Morgan Stanley were reported to be overseeing the listing.

The private equity backers bought the company from Linde for €4bn in 2007. The deal comprised €3.6bn in equity and €400m in net liability, and was the largest leveraged buyout in Germany at the time. An auction process was run by Credit Suisse.