IK Investment Partners' Attendo seeks SEK 8bn Stockholm IPO

A prospectus will be issued around November 17, with the listing expected to take place on November 30.

The IPO will see 72 million new and existing shares sold off, equivalent to 45% of Attendo's overall share capital, at SEK 50 per share. New shares worth SEK 1.2bn will be issued, and the net proceeds from the issue will be used to repay the company's existing loans.

Ahead of the flotation, Nordstjernan, Carve Capital, Didner & Gerge funds, Elo and Swedbank Robur have committed to becoming cornerstone investors in the company. Swedbank Robur was also a cornerstone in another major healthcare IPO earlier this year: Apax and Nordic Capital's SEK 6.8bn IPO of Capio.

The five investors will take combined stakes of around 81% of the shares offered, corresponding to approximately 36.5% of the total number of shares to be outstanding following the IPO.

Carnegie and SEB are joint global coordinators and joint bookrunners. Nordea is also a joint bookrunner and Danske Bank is co-lead manager. Sundling Wärn Partners is the financial adviser to Attendo.

IK acquired Attendo in an SBO from Bridgepoint, Mexab and Säki in November 2006 through its Industri Kapital 2004 vehicle.

Operating across the Nordic region, Attendo was founded in 1985. It provides care services for elderly people and the disabled, as well as individual and family care and healthcare. It is active in the private, public, and outsourced public sectors.

The company had sales of SEK 9bn in 2014, with EBITA of SEK 822m the same year. In 2015, its sales from January to September were around SEK 7.3bn and EBITA was SEK 718m. Net debt for the organisation stood at SEK 4.1bn as of 30 September this year.

Attendo's IPO announcement comes at a time where the care provider sector is under increased scrutiny from the Swedish media. The company operates accommodation for refugees subsidised by the government, and has been accused of profiteering (source in Swedish) during the current European refugee crisis – a charge the company denies.

For IK, the exit of Attendo leaves only rail buffer manufacturer Axtone in the GP's Industri Kapital 2004 portfolio. Attendo will be IK's sixth exit this year, and combined with the fact the GP last raised a fund in 2011, further strength is added to rumours of IK fundraising for an eighth fund to be announced in early 2016.

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• Topics
• Nordics
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• IK Investment Partners
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• Danske Bank
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