Bain sells down 12% stake in Ibstock for £97m

Following the placement, which comprises of 48.6 million ordinary shares valued at 200 pence apiece, the GP will retain a 25% stake in the business, according to a statement.

The partial sale comes 17 months after Ibstock floated on the London Stock Exchange with a market cap of £770.5m.

The IPO itself came just 11 months after the private equity house acquired the business for £414m in a spin-out from listed brick maker CRH. Proceeds from the flotation were used to refinance the company's debt, including paying down its existing facilities.

Bain has agreed to a lock-up period of 60 days with relation to its remaining shares in the group, subject to customary exceptions.

Barclays Bank, JP Morgan and UBS acted as joint bookrunners for the latest placement, while Rothschild acted as financial adviser to Bain.

Previous funding
Bain acquired the clay and concrete divisions of listed UK brick maker CRH for £414m in December 2014. The transaction comprised Ibstock – CRH's clay and concrete business in the UK – and the vendor's clay businesses in the US, Glen Gery. As part of the deal, Bain assumed certain debt and pension liabilities of the businesses, which were regrouped under the Ibstock umbrella.

Company
Headquartered near the village of Ibstock, Leicestershire, the business manufactures clay and concrete products, with operations in the UK and the US. Its range includes clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, concrete fencing and concrete rail products.

The group generated revenues of £435m in 2016, according to publicly available documents, with adjusted EBITDA of £112m, an annual increase of 5% and 4% respectively.

People
Ibstock - Wayne Sheppard (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Bain Capital
• Partial sale