Bain hires banks to revive the IPO of French auto parts group Autodis – Sources | Invest News
By Pamela Barbaglia and Abhinav Ramnarayan
LONDON (Reuters) – The private equity owner of French auto parts group Autodis has hired banks to take over plans to sell shares in Paris in a bid to take advantage of strong investor demand at the start of the decade. ‘busiest year on record for stock quotes, sources told Reuters.
U.S. buyout firm Bain Capital, which took control of Autodis in 2015, has hired Goldman Sachs, BNP Paribas and Barclays as global coordinators to conduct an initial public offering (IPO) this year, two close sources said. folder.
Planned share sale comes amid a buoyant market with record global IPO fundraising of $ 63 billion in January and follows an aborted listing attempt in 2018 due to weaker investor demand provided that.
Autodis could be valued at over 1.5 billion euros ($ 1.81 billion) in its latest IPO attempt, one of the sources said.
Autodis and Bain Capital declined to comment as bank spokespersons were not immediately available.
Based in Arcueil, on the outskirts of Paris, Autodis specializes in the distribution of spare parts for light vehicles and trucks in Western Europe, with a focus on France, Benelux, Italy and Spain.
The company expects to generate a base profit of around 200 million euros in the fiscal year ending in March and is considering the US supplier of recycled auto parts LKQ Corp – which bought the Italian auto parts distributor. Rhiag to Apax in 2015 – as a possible benchmark for its SEO. .
LKQ is trading on an EV / EBITDA multiple for the past 12 months of 10.5 times, according to Refinitiv’s Eikon terminals.
Autodis increased its EBITDA by 20% to around 154 million euros in 2019. Last year it appealed to a government-backed loan program in France to replenish its coffers and fight the COVID crisis. 19, by borrowing around 25 million euros.
“The overall performance of the company has proven to be resilient despite the lockdowns triggered by the pandemic,” said one of the sources.
“Profits will continue to grow in 2021 as the industry rebounds and most countries reopen.”
(Reporting by Pamela Barbaglia and Abhinav Ramnarayan; editing by Jonathan Oatis)
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