Advent’s Oberthur eyeing IPO

Speaking to unquote", a source familiar with the situation confirmed Advent is currently working towards an IPO scenario. A flotation would be the GP's preferred exit route for Oberthur given the company's "greater potential" as a listed asset.

Indeed, reports in French media this week revealed that potential suitors Carlyle and Eurazeo had had their bids turned down by Advent as they fell short of the expected €1.7bn price.

According to these reports, the GP then took steps to initiate the IPO process as it appointed banks to set up the terms of the offering.

Founded in 1984, Oberthur Tech develops smart-card-based security and identification technologies used by the mobile payments, transport and digital TV industries. With headquarters in Colombes, near Paris, the company works out of offices in more than 10 European countries, the US, South America and Asia.

Oberthur Tech currently employs 6,000 professionals, 700 of which are based at one of its 11 R&D facilities. The business most recently generated $1.3bn in revenues, up from €979m when Advent bought it four years ago.

The GP became a majority shareholder in August 2011, when it invested via its €6.6bn sixth buyout fund to carve out the card systems and identity business units from parent Oberthur for €1.15bn. Meanwhile, the founding family Savare kept a 10% interest in the spinout after the takeover, according to unquote" data.

The divestment allowed the parent to concentrate on its money-printing operations, its main line of business when it was founded.

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