Axcel's Nordic Waterproofing valued at SEK 1.7bn in IPO

The flotation saw Nordic Waterproofing's shares priced at SEK 71 apiece, in the middle of the SEK 66-76 range set ahead of the offering, and valued the company at 9.6x EBITDA.

The Axcel IV fund and co-owners Kirkbi – the investment vehicle of the family that owns Lego – alongside management and employees sold shares corresponding to 60% of Nordic Waterproofing in the listing on 10 June. By the end of the offering's adjustment period, 69% of the company was in free float, following the exercise of the overallotment option.

AMF, Carnegie Fonder and Swedbank Robur Fonder cornerstoned the flotation, taking a combined 15.75% of the total number of shares in the company, worth around SEK 296m.

Following the IPO, Axcel and Kirkbi have agreed to a lock-up period of 180 days.

Previous funding
Axcel acquired Nordic Waterproofing in a carve-out from Trelleborg Waterproofing in December 2010, in a €70m EV deal. Simultaneously, the GP bought Danish roofing company Katto from its Finnish parent as a bolt-on for Nordic Waterproofing.

Company
Nordic Waterproofing is a manufacturer and installer of waterproofing products. Headquartered in Helsingborg, it markets its products in the Nordic countries, as well as Belgium, the Netherlands, the UK and Germany.

The company had EBITDA of SEK 204m in 2015 from revenues of SEK 1.72bn, and employs a staff of 583.

People
Axcel – Vilhelm Sundström (partner).

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