Pan-european private equity operator BC Partners and its coinvestors in the Italian retailer gruppo Coin (Italian private equity operator Investindustrial and Canadian Ontario Teachers Pension Plan) gave mandate to banks (Bank of America Merrill Lynch, Banca Imi, Goldman Sachs and Unicredit) in order to prepare the listing on the Italian Stock Exchange of controlled retail chain Ovs next Autumn (see here a previous post of BeBeez).
The floating capital might be at least of 30pct and the offer will consist only in shares coming from a capital increase. The old shareholder won’t sell any share on the market then.
Last Spring Coin’s ceo Stefano Beraldo confirmed rumors about Ovs ipo and said that Lazard has been chosen as an advisor for the ipo project. Berlado also stressed that Ovs represents more than 70% of Coin group’s revenues and 95% of its ebitda. Actually in year 2012-2013 (ending 31st January 2013) OVS revenues were 973.1 million euros out of 1.465 billions of the whole group, with a 136 millions ebitda out of 150 millions.
Ovs ipo is actually a coming back as in 2011 Coin had been delisting from the Italian Stock Exchange with a takeover offer by BC Partners.
The listing will be anticipated by a spin-off of Ovs. In the last few weeks gruppo Coin created the newco Ovs srl, to which all Ovs’ assets will be transferred by next September. Ovs enterprise value might be around 1.5 billion euros.
