Bloomberg News

Exova Owners Said to Name Goldman, Credit Suisse for London IPO

January 10, 2014

Clayton Dubilier & Rice LLC picked Goldman Sachs Group Inc. (GS:US) and Credit Suisse Group AG (CSGN) for an initial public offering of Exova Group Ltd., a U.K.-based provider of technical and engineering services, said two people with knowledge of the matter.

The private-equity firm, based in New York, plans to trade Exova in London this year, the people said, asking not to be named as the details aren’t public. Rothschild is also an adviser for the IPO, which may value Exova at about $1 billion excluding debt, a person familiar with the situation said in December.

Exova, based in Manchester, England, joins issuers including Russian supermarket chain Lenta Ltd. and Spanish industrial inspection company Applus+ in planning IPOs after volumes of the sales in Europe more than doubled in 2013, compared with the year earlier, data compiled by Bloomberg show.

Officials for Goldman Sachs, Credit Suisse and CD&R declined to comment on the IPO mandates. A spokesman for Rothschild didn’t immediately provide a comment.

CD&R acquired Exova from U.K.-based Bodycote Plc in 2008 in a deal valued at 417 million pounds ($685 million) including debt.

To contact the reporters on this story: Ruth David in London at; Kiel Porter in London at

To contact the editors responsible for this story: Aaron Kirchfeld at; Simone Meier at

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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $183.31 USD
    • -2.23
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