Apollo and BPI France-backed Verallia announces IPO

Verallia plans to list its shares on the Euronext regulated market in Paris. Apollo and BPI France, through their joint holding company, will continue to control the group.

Reports by Le Figaro in May valued the company at more than €4.5bn.

The group targets an organic growth of its consolidated revenue of  6-8% in 2019, and to generate an adjusted EBITDA of approximately €610m, according to a statement by the company. The group has also recorded a reduction in its net financial debt and its ratio of external net financial debt to its adjusted EBITDA since 2016 (4.2x as of 31 December 2016, compared to 3.1x as of 31 December 2018, and 2.7x expected as of 31 December 2019).

Apollo and BPI France respectively bought stakes of 90% and 10% in Verallia, a division of French construction group Saint Gobain, for an enterprise value of €2.9bn in 2015. To this day, the transaction is the country's largest PE-backed LBO since the financial crisis. At the time, Verallia generated a turnover of €2.4bn, posting an EBITDA of around €400m. 

With origins dating back to 1827, Verallia is a producer of glass packaging for food and beverages. It produced nearly 16 billion bottles and glass jars last year for various markets including still and sparkling wine, spirits, food, beer and soft drinks, according to a statement. The group achieved sales of €2.4bn in 2018, has an industrial presence in 11 countries. The group employs 10,000 people. 

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