CVC’s Delachaux sets IPO price range

The final price will be announced on 14 June, with share trading due to begin on 19 June.

Based on the lower end of the indicative price range, the offer will comprise a maximum of 19,245,012 ordinary shares including 3,468,288 new ordinary shares and 15,776,724 existing ordinary shares. The latter are sold by Financière Danube, a company controlled by funds advised by the affiliates of CVC and by certain current and past company employees and senior managers.

Among the 3,468,288 new ordinary shares, 3,026,332 shares will be reserved to Ande Investissements. Following new shares issuance, it will own 50.1% of the share capital and voting rights.

In terms of the overallotment option, a maximum number of 2,432,800 additional existing ordinary shares will be sold by Financière Danube, based on the lower end of the indicative price range.

CVC acquired a stake in the group in Q2 2011, with a view to de-list the company at a later date – the offer valued the business at €1.08bn. The take-private was completed in September 2011.

According to Unquote sister publication Debtwire, Deutsche Bank, HSBC, Crédit Agricole CIB, Natixis and Societe Generale arranged a €545m debt package to support the deal.

Delachaux is an industrial group headquartered in Colombes. With roots dating back to 1902, it specialises in the design, manufacturing and marketing of industrial products used primarily in the handling, railroad, aeronautics and automotive sectors.

Delachaux’s revenues reached €841m in 2017, with a large recurring portion of this coming from maintenance activities. Adjusted EBIT and adjusted EBIT margin reached €112m and 13.3% in 2017.

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

• Topics
• Exits
• France
• Industrials
• France
• IPO
• CVC Capital Partners