KKR, Permira reap €431m in Telepizza IPO

Shares were offered at 775 cents apiece, nearer to the low end of the 700-950 cents price range. The offering gave the company an initial market cap of €780.6m. Selling shareholders Permira and KKR have received proceeds of €431m, while the primary portion of the process raised €118.5m.

Prior to the offering, Permira had a 51% stake in the business, while KKR owned a 24.5% stake. Backers include Cyrus Investment Management (4.4% stake), Oak Hill Capital Partners (2.3%), 3i (2.1%), Babson (1.1%), Allcentra (1.1%) and the management team (1.4%).

Following the transaction, Permira and KKR will own a 12.8% and a 7.4% stake in the business, respectively.

Bank of America Merrill Lynch and UBS Investment Bank acted as joint global coordinators and bookrunners. BBVA, Barclays and Nomura also acted as bookrunners, while Banca IMI and ING were co-managers, and Rothschild acted as financial adviser to the company.

Previous funding
In 2006, Permira led a €850m take-private alongside Telepizza's family owner. In October 2014, KKR entered the business's shareholding by acquiring a 36% stake for €180m, as part of a wider refinancing deal.

Company
Founded in 1987 and headquartered in Madrid, Telepizza is a pizza delivery business that operates in 15 countries across Europe and South America.

The company generated a turnover of €492m and a €57.7m EBITDA in 2015.

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• Topics
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• Consumer
• Southern Europe
• Spain
• Permira
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• IPO