Capvis, Partners Group list VAT with CHF 1.56bn market cap

Katharina Semke
15 April 2016

Tweet
Facebook
LinkedIn
Google plus
Send to

Private equity firms Capvis and Partners Group have listed vacuum valves producer VAT on Six Swiss Exchange.

The company's shares were sold at an opening price of CHF 52 apiece, instead of the previously set price of CHF 42. This brings the current market cap to around CHF 1.56bn. The initial estimation suggested a market cap of CHF 1.3bn, with earnings for the investors of CHF 635m given a full exercise of the overallotment option. The 1.8 million-share overallotment will be open until mid-May.

VAT generated net sales of CHF 411m and EBITDA of CHF 127m in 2015, representing an increase of 13% compared to 2014. The company targets a dividend payment of CHF 65m for the 2016 financial year.

UBS and Credit Suisse acted as joint global coordinators and joint bookrunners. JP Morgan was joint bookrunner. Bank Vontobel and Berenberg were co-lead managers, with St Galler Kantonalbank as selling agent. Lilja & Co advised Partners Group, Capvis Equity Partners and VAT.

Previous funding
Swiss private equity firm Capvis and asset manager Partners Group jointly acquired the vacuum valves manufacturer in December 2013.

Company
Founded in 1964 and based in Haag, VAT is a developer, manufacturer and supplier of vacuum valves, multivalve modules, edge-welded bellows and related services for advanced vacuum-based manufacturing processes in the semiconductor, display, solar and associated technology industries, as well as in scientific research. The company has 1,192 employees and main manufacturing sites in Haag (Switzerland), Penang (Malaysia) and Arad (Romania). Net sales in the 2015 financial year amounted to CHF 411m.

People
Partners Group – Alfred Gantner (co-founder).
Capvis – Ulrich Eckhardt (partner).
VAT – Heinz Kundert (CEO).