
Mindful Capital leans towards IPO for Italcer over sale
Mindful Capital Partners is leaning towards an IPO over a sale of portfolio company Italcer as it progresses through a dual-track process, three sources familiar with the situation said.
Mandates to guide on the potential IPO of the Italian ceramics group set to be awared soon, the sources said.
Banks invited to pitch include BNP Paribas, Barclays, Credit Suisse, IMI-Intesa Sanpolo and Banco Sabadell, according to the sources.
An IPO seems more likely given the recent positive financial performance, two of the sources said. The company aims to tap the capital markets as soon as markets allow and hopeful of a deal in early 2023, two of the sources said.
A previous attempt by Mindful to exit the asset was paused following Russia’s invasion of Ukraine in February, the sources added.
IMI-Intesa Sanpaolo, Credit Suisse, Banco Sabadell, Scouting Capital Advisors, Legance and Bain & Company were advising the company before the process was paused, as previously reported.
Italcer has been marketed off EUR 65m 2021 EBITDA and predicted EUR 70m EBITDA for 2022, as reported.
Mindful Capital Partners, Italcer, IMI, Barclays declined to comment. BNP Paribas, Banco Sabadell and Credit Suisse did not respond to a request for comment.
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