Tikehau-backed Euro Group Laminations to hold vote on IPO plans

The company’s board, which includes members of corporate management, the family, and PE backer Tikehau Capital Partners, is set to convene next week for the vote, the sources said, adding that a positive outcome of the meeting would begin the IPO process and the investor roadshows.

One of the sources said the clock is ticking for the company, as the owners want to move forward as soon as possible so the company can use its latest results for the deal and stick to its Q1 time frame. This shource added that the owner feels market conditions are still conducive enough for a listing.

The same source said that the company has been satisfied with investor feedback in late 2022 and that it sees no reason to hold off further, especially when it can make use of a first mover advantage to attract investors given how rare IPOs have been in both Italy and Europe.

The sellers are seeking a valuation of well over EUR 1bn, with a deal size of EUR 500m, as reported, a combination of a new share sale and the selling of existing shares sold by Tikehau.

Euro Group posted turnover of EUR 646m and EBITDA of EUR 50m in 2021, as reported.

A 70% stake in Euro Group is held by the owner Iori family through its Euro Management Services holding vehicle, while 30% is owned by private equity firm Tikehau Capital Partners, according to public filings.

Mergermarket previously reported that the company had picked banks to advise on its IPO, including JP Morgan, BNP Paribas, Intesa Sanpaolo-IMI CIB and Unicredit, with law firm Latham & Watkins advising the issuer on legal matters.

The company had hired Rothschild to prepare the ground for a listing, as reported.

Euro Group declined to comment. Tikehau did not respond to a request for comment.

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• Topics
• Exits
• Southern Europe
• Industrials
• Italy
• IPO
• Tikehau Capital