Triton reduces Stabilus holding

The free float of a further 4.35 million shares sees approximately 79% of the company listed on the Frankfurt Stock Exchange. Shares have been priced at €21.50.

Triton initially planned to list a further 3.1 million shares, or 15% of the company, but increased its placement due to "high demand from institutional investors".

Triton Partners will remain the largest single shareholder following the private placement. Stabilus's owner first listed the company in May, raising €65m in net proceeds. It was understood Triton would retain a 41% stake in the company.

The bookbuilding process is being managed by Commerzbank.

Previous funding
Triton acquired Stabilus in April 2010 in a debt-for-equity swap from Paine & Partners, which itself acquired the company in a tertiary buyout from Montagu Private Equity in early-2008.

Company
Headquartered in Koblenz, Stabilus develops and produces electromechanical drives, gas springs and dampers. Founded in 1962, it employs 4,000 people worldwide.

Stabilus generated revenues of €460m in the 2012/13 financial year and EBIT of €59m after adjustments. The 2013/14 year has seen a 12% increase in turnover with Stabilus generating €246m in H1, and a 16% increase on adjusted EBIT at approximately €30m.

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