CVC mulls $3.4 bln IPO of Sweden’s Ahlsell, say sources: Reuters

Buyout firm CVC is mulling a stock market listing for Swedish construction products and tools supplier Ahlsell, which could be worth around 3 billion euros ($3.4 billion) including debt, people familiar with the matter said. The sources said CVC had invited banks to discuss options for an initial public offering (IPO) of Ahlsell which could happen next year, although no firm timing had been set. “They invited a few selected banks to pitch last week,” one source familiar with the matter said. CVC and Ahlsell declined to comment. The sources declined to be identified because the plans are not public. Plans to list Ahlsell add to a big IPO pipeline of private equity-owned Swedish companies after a record first half of the year, when 12 companies floated on the Stockholm bourse’s main board. Most of them have strongly outperformed the wider market. Ahlsell, which CVC bought in 2012 for 1.8 billion euros from Cinven and the private equity arm of Goldman Sachs, would probably be the biggest among known IPO candidates in Sweden in the next year. Private equity-owned companies on track for listings this year include Bain’s Bravida, EQT’s Dometic and AcadeMedia, as well as PAI’s Perstorp. Deutsche Bank advised CVC when it bought Ahlsell, whereas Goldman Sachs and Nordea advised the sellers. All three banks helped finance the deal. Ahlsell employs around 4,800 people and had earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.9 billion Swedish crowns ($227 million) in 2014 on sales of 21.8 billion, most of it in Sweden. Apart from the Nordic countries, it has some sales in Estonia, Russia and Poland.

Link:
CVC mulls $3.4 bln IPO of Sweden’s Ahlsell, say sources: Reuters

IK aims for 2015 listing of its Swedish care provider Attendo, say sources: Reuters

Private equity firm IK Investment Partners aims for a stock market listing this year of Swedish elderly care provider Attendo, which had sales of 9 billion crowns ($1.1 billion) in 2014, two people familiar with the matter said. A listing of Attendo would follow that of healthcare provider and hospital operator Capio which has strongly outperformed the wider market since listing in June, topping a bumper six months for Swedish listings. The sources said IK had hired banks SEB and Carnegie to lead the listing. IK, Attendo and the banks declined to comment. The sources declined to be identified because the plans are not public. Uncertainty over Swedish policy toward corporate profits in taxpayer-funded public services such as schooling, healthcare and elderly care have made companies like Attendo a hard sell for years, but the successful listing of Capio showed there were investors willing to stomach such risks. After some scandals, including the 2013 bankruptcy of education provider JB Education, politicians vowed to tighten rules on companies operating in care and schools, and while capping profits looks unlikely for now, uncertainty lingers. Attendo, which employs around 18,000 and has more than 20,000 people in its care, made earnings before interest, tax, depreciation and amortisation of 960 million crowns in 2014. Most of its revenues are generated in Sweden and Finland while it has smaller businesses in Norway and Denmark. Private equity firm EQT said this month it was considering listing education firm AcadeMedia, having noted the success of Capio. Another source said Carnegie had been picked to lead that listing.

Continued here:
IK aims for 2015 listing of its Swedish care provider Attendo, say sources: Reuters