EQT-backed HusCompagniet prices IPO

Eliza Punshi
18 November 2020

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EQT-owned Danish company HusCompagniet has priced its IPO on the Nasdaq Copenhagen stock exchange at DKK 117 per share, equal to a market capitalisation of DKK 2.34bn (тЌ314m).

The early close of its IPO shares offering to retail and institutional investors is due to the demand exceeding the expected allocation of offered shares.

Mergermarket reported earlier this month that the company's IPO had been covered on the first day of the bookbuild.

Following the offering, EQT VI will remain invested with a 37.9% stake in the company, assuming full exercise of the overallotment option.

During the GP's five-year ownership, HusCompagniet increased its market share by rolling out new offices across Denmark, and digitalising processes in both the customer journey and construction management. The company also built a presence in Sweden through the acquisition of VårgårdaHus in 2017, a manufacturer and seller of prefabricated wood-framed detached houses.

Between 2015-2019, the company's revenues increased by 57% from DKK 2.2bn to DKK 3.5bn, the EBITDA increased by 42% from DKK 229m to DKK 326m and the employee base grew by 68%, with a current total of around 440 people.

Company
Founded in 1997 and headquartered in Horsens, HusCompagniet is a housing provider in the single-family detached segment in Denmark, as well as semi-detached houses for consumers and professional investors.

The company is also present in Sweden, where it operates through the VårgårdaHus brand, and where it produces prefabricated wood-framed detached houses in its factory in Vårgårda, which are sold by agents and finalised on-site on customer-owned land.

HusCompagniet has 16 offices with show rooms and more than 60 show houses throughout Denmark. The company has 437 employees and in 2019 generated a turnover of DKK 3.5bn and EBITDA of DKK 326m.

People
EQT Partners – Mads Ditlevsen (partner).
HusCompagniet – Martin Ravn-Nielsen (CEO).

Advisers
Company – Rothschild & Co (financial due diligence); Gorrissen Federspiel Advokatpartnerselskab (legal); Davis Polk & Wardwell London (legal).