Nordic Capital's Thule Group announces IPO

Nordic Capital, which owns more than 85% of the shares, and Thule's management initially intend to float 25-30% in the IPO on OMX Stockholm, excluding any shares sold through a potential overallotment option.

Goldman Sachs and Nordea Bank are acting as joint global coordinators and joint bookrunners on the IPO, with Morgan Stanley the third joint bookrunner. Danske Bank and DNB Markets will be co-lead managers on the flotation.

Thule had long been rumoured to be preparing for listing and has undergone a streamlining process since Nordic Capital acquired the company for €1.3bn in 2007 from Candover, which had acquired it from EQT three years prior. According to unquote" data, Nordea and Goldman Sachs were the debt leads on Nordic Capital's acquisition.

Most recently, Thule split off its towbar division into a standalone business in September, having sold off its US towing systems operations in June 2009.

Thule also underwent a substantial restructuring in 2008, when seven Nordic banks agreed to strengthen its capital base and deleverage the business.

The IPO announcement comes at a time of uncertainty on the Nordic stock markets, which saw a substantial downward correction in October. However, 2014 has been a record year for IPOs backed by Nordic GPs, with the highest number of flotations since 2007.

However, analysts have been hesitant to suggest the Nordic region will see more than the current eight IPOs this year, due to a perceived mild instability in the market. Despite this, Thule expects its first day of trading to be before the end of the year.

Nordic Capital's ownership in Thule is through Nordic Capital Funds VI and VII.

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• Topics
• Nordics
• Consumer
• Nordic Capital
• Sweden
• Nordea
• Goldman Sachs
• Morgan Stanley