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Home COUNTRY ITALY

Lazard will advise Cerved Group in the ipo process

Bebeezby Bebeez
March 11, 2014
Reading Time: 1 min read
in ITALY, PRIVATE EQUITY
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Cerved ipo Lazard has been chosen by Cerved Group ad its advisor towards an ipo at the Italian Stock Exchange, MF-Milano Finanza writes today, adding that the group closed year 2013 with 310 million euros revenues and a 150 million euors ebitda.
This means that Cerved Group might be evaluated around 1,3 billion euros, using multiples of CVC Capital Partners‘s deal in January 2013. But listed stocks are evaluated more than that. A Cerved comparable, UK-based Experian, prices at a 11.7x enterprise value/ebitda ratio,  that is to say  a 1.7 billion euros enterprise value.
CVC Capital Partners  acquired Cerved  from previous private equity owners Bain Capital and Clessidra sgr for 1.13 billion euros, after the group  generated revenues of 292 million euros in 2012 with a 143 millions ebitda and a 287 million euros net financial debt.
The news of an initial ipo process was confirmed last Friday March 7 by Cerved Group itself with a note, telling that advisors have been given mandate in order to evaluate ipo opportunities (see a previous article by BeBeez).

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