June 3 2014, David R Brown
IMCD Group announces intention to proceed with Initial Public Offering on Euronext Amsterdam
The IMCD Group, a leading international speciality chemicals-focused distributor, has announced its intention to proceed with an Initial Public Offering (IPO) on Euronext Amsterdam. The offering will consist of newly issued shares (valued at €270 million) along with the sale of existing shares leading to a post-IPO free-float of between €350 and €500 million. The listing is envisaged to take place in the coming months, subject to market conditions.
We see the intended IPO as a logical next step in the development of our Company
Piet van der Slikke
CEO at IMCD
Emma (BC) Holding S.C.A., an entity indirectly controlled by the investment funds managed by Bain Capital and the current major shareholder in the Company, will remain an important shareholder after the offering. The offering of new offer shares is intended to enable the company to strengthen its financial position by enabling it to repay current outstanding debt, and provide the Company with increased financial flexibility, suitable for the Company's current profile and maturity. Furthermore, IMCD expects that a listing will enable it to continue to pursue attractive acquisitions, consistent with its growth strategy, by improving access to capital markets.
Piet van der Slikke, IMCD's CEO: “We see the intended IPO as a logical next step in the development of our Company. Since our establishment in 1995 we have been able to show significant growth. We have developed an international footprint through expanding our pan-European network and developing a strong emerging markets footprint. Our current main shareholder Bain Capital has supported us in our clear strategy for profitable growth, which we achieve through market growth, through expanding market share and through acquisitions. In the past three years we realised over 15 acquisitions and see many more exciting opportunities ahead.”
The Company has appointed Deutsche Bank AG, London Branch and Goldman Sachs International as Joint Global Coordinators and Joint Bookrunners, and HSBC Bank plc and Rabobank International as Joint Bookrunners. Rothschild is acting as financial adviser to the Company. Initially the offering will be to institutional and retail investors in the Netherlands and to certain institutional investors internationally.
About IMCD Group
IMCD is a market-leader in the sales, marketing and distribution of speciality chemicals and food ingredients in Europe, Africa, Asia-Pacific and in Brazil. IMCD has been owned by management and private equity led funds since 2001, with Bain Capital as its current major shareholder. Headquartered in Rotterdam, The Netherlands, IMCD generated revenues of €1,233M in 2013 and employs in excess of 1400 professionals in over 30 countries. In 2013, gross margin amounted to 21.2% and IMCD achieved an operating EBITA of € 97 million.
Source(s): IMCD Press release
Further Information
Visit: http://www.imcdgroup.com