Veritas storms back to market

Following the IPO of inspection and certification business Bureau Veritas, Wendel has realised approximately one-third of its shares, generating a cash windfall in excess of EUR1bn. The IPO, 10x oversubscribed by institutional investors, generated an IRR of 46% on Wendel's 2004 investment and a 6x money multiple on the original 1995 investment.

Paris-headquartered Bureau Veritas conducts quality, health, security and environmental inspections and provides certification notably for clients in the construction, shipping and industrial sectors. The business recorded revenues of EUR1.85bn in 2006, with net profits of EUR114m.

The joint bookrunners were Societe Generale, BNP Paribas, Deutsche Bank, Goldman Sachs and HSBC. (Page 66).

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