Finatem exits Derby Cycle in IPO

6.84 million shares, including a fully exercised over-allotment option, were offered at an issue price of €12.5. Equinet Bank and BHF Bank acted as joint lead managers and joint bookrunners.

Following the IPO, the ordinary share capital of the company is now 7.5 million shares, corresponding to a market capitalisation of €93.75m based on the issue price. Together with Derby Cycle's net debt of €7.2m as of September 2010, the enterprise value stands at approximately €101m.
Finatem retains 750,000 shares, equivalent to a 10% stake in the company, with a lock-up period of six months.

Previous funding
Finatem acquired Derby Cycle in 2005. At the time of the acquisition, the company had a staff of 360 people and generated annual sales of €94m. Under Finatem's ownership Derby pursued a growth strategy in Germany and Europe, reflected in the increased number of 550 employees generating a turnover of €173m in the financial year 2009/2010.

Company
Derby Cycle AG is based in Cloppenburg, Germany and is a manufacturer of bicycles. The company was founded in 1988 and currently employs about 550 people. In 2010, the sports vehicle producer had a turnover of €173m. 73% of sales are made within Germany and 27% abroad. Derby Cycle sold a total of 430,000 bicycles, including approximately 44,000 electric cycles in 2010.

People
Dr Robert Hennigs, Irmgard Schade and Daniel Kartje managed the IPO for Finatem.

Advisers
Equity - Equinet Bank AG, Frankfurt; BHF Bank AG, Frankfurt (Joint Lead Manager & Joint Bookrunners); M.M. Warburg & Co, Hamburg (Co Manager); Gleiss Lutz, Frankfurt (Legal); Ebner Stolz Mönning Bachem, Stuttgart (Financial due diligence); Otto Mittag Fontane, Frankfurt (Legal); Network Corporate Finance, Dusseldorf (Corporate finance)

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