Apax-backed Rhiag to float on Italian stock exchange

The move comes a year after the company acquired Alcedo portfolio company Era in a deal worth €32m.

The flotation could value Rhiag at up to €1bn, sources told Reuters.

Apax acquired Rhiag in a tertiary buyout from Alpha in 2013, a deal that was supported by a €415m bond issue. Alpha had originally bought the business from CVC Capital Partners in 2007.

Throughout its history of private equity ownership, Rhiag has consistently undertaken an acquisitive growth strategy, having also acquired Czech car parts distributor Auto Kelly in August 2010. The group also owns the Bertolotti, Elit and Lang brands, and has a presence in 10 European countries.

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