Italian auto-parts distributor Rhiag Group filed last Friday November 13th for admission to listing at the Italian Stock Exchange and for Consob’s approval of the Offering Prospectus (see here the press release).
Auto-parts sector valuations in Europe are about 9-10x ebitda so Rhiag might be valuated as much as one billion euros. The group reached 781,7 million euros in consolidated revenues in 2014, with 88.7 millions of ebitda. Rhiag has 465 million euros of bonds in two tranche outstanding.
Joint global coordinator are JP Morgan, Mediobanca and Ubs, who are also joint bookrunners together with BnpParibas. Mediobanca is sponsor too. Legal advisors to Rhiag are Legance Avvocati Associati and Simpson Thacher & Bartlett, while Linklaters gives legal support to the banks.
Paneuropean private equity firm Apax Partners who owns Rhiag started a dual track process for divesting from the company last July to explore a stock market listing or sale of the group where the fund invested in October 2013 (see here a previous post by BeBeez).
In mid-October some private equity funds were said to have shown interest for Rhiag such as Blackstone, Bain Capital, Carlyle and Permira, but at the moment no formal offer has been addressed to the company.