Bloomberg News

HellermannTyton Said to Seek $325 Million in London IPO

March 04, 2013

HellermannTyton Group Plc is seeking to raise about 250 million euros ($325 million) in an initial public offering it announced today, according to a person with knowledge of the matter.

The sale may value HellermannTyton, which specializes in making cable ties and fasteners for a range of industrial purposes, at about 600 million euros, said the person, asking not to be named during the IPO marketing process.

HellermannTyton said that it would raise 35 million euros of new capital and sell an unspecified amount of shares already owned by its management and U.K. private-equity firm Doughty Hanson & Co. The company’s free float will be about 40 percent, the HellermannTyton statement said.

With the company seeking about 250 million euros, it would raise about 215 million euros through secondary shares. Doughty Hanson bought HellermannTyton in 2006.

A spokesman for HellermannTyton declined to comment on the amount of funds sought.

The proceeds will be used to reduce leverage, for general working capital purposes and to provide capital for potential “bolt-on acquisitions,” the statement said. Goldman Sachs Group Inc. (GS:US), JPMorgan Chase & Co., and Numis Securities Ltd. are managing the sale, which will be completed by the end of March.

HellermannTyton management owns about 6 percent of the company while Doughty Hanson owns about 94 percent, according to a term sheet obtained by Bloomberg News.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net; Francesca Cinelli in Milan at fcinelli@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net


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