Advent's DFS to raise £105m in IPO

The GP will make a partial divestment through the offering, which is expected to raise £105m. The UK retailer is expected to have a market cap in the region of £1bn.

Following admission, DFS is set to have a free float of 25% with leverage of 2.3x adjusted EBITDA. The company completed a refinancing in March 2013, which saw it issue a £310m bond that enabled it to fully refinance its outstanding 9.75% bond due in 2017.

The business generated EBITDA of £85.2m in the 12 months to November 2014, with revenues of £674.6m.

Advent acquired an 85% stake in DFS from founder Lord Kirkham in a £500m deal in April 2010, beating competition from Cinven and Permira. Lloyds TSB provided a debt package to support the transaction.

Andy Dawson, a partner at Advent, has a seat on the board at DFS.

Jefferies International and UBS are acting as joint global coordinators, joint sponsors and joint bookrunners in the process.

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• Topics
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• UK / Ireland
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