Braas Monier Building Group, a roofing-materials supplier, is planning an initial public offering this year as private-equity investors cash in.
Apollo Global Management LLC (APO:US), TowerBrook Capital Partners LP, York Capital Management and BNP Paribas SA (BNP) all plan to sell stakes in the IPO in Frankfurt while retaining some holdings, the Luxembourg-based company said today in a statement.
“There’s an expectation in the next few years that most markets will be recovering,” Braas Monier Chief Executive Officer Pepyn Dinandt said in a phone interview, adding that the company doesn’t see a need to raise funds itself from the share sale. “We have strong cash flow and will de-leverage strongly in the next couple of years.”
Monier, which was acquired by private-equity firms Apollo, TowerBrook and York in 2009 in a debt restructuring, issued 565 million euros ($771 million) in April of senior secured floating-rate loans and notes due 2020. An IPO would be targeted at raising about 500 million euros, people familiar with the matter told Bloomberg News last month.
BNP Paribas, JPMorgan Chase & Co. and UBS AG (UBSN) are joint global coordinators of the sale, and together with Berenberg Bank and Goldman Sachs Group Inc. (GS:US) act as joint bookrunners.
Monier, with a workforce of 7,400 employees, posted 2013 earnings before interest, taxes, depreciation and amortization, representing 13 percent of its 1.2 billion euros in revenue.
“The majority shareholders have not finally made up their mind about what size of listing will be confirmed,” with the manufacturer benchmarking itself against Wienerberger AG, Sanitec Corp., Kingspan Group Plc and Geberit AG, Dinandt said.
The construction-supply industry is reorganizing worldwide, with Holcim Ltd. and Lafarge SA, the two biggest cement producers, in talks on merging. HeidelbergCement AG, which ranks third in the industry, is exploring a sale or IPO of brick and roofing-tile divisions in the U.K. and North America that account for about 1 billion euros in revenue.
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