Exclusive: Apollo prepares bottle maker Verallia for possible 4 billion euros IPO - sources
FRANKFURT - Buyout group Apollo is preparing French glass bottle maker Verallia for a stock market listing later this year, in what could become one of the largest French initial public offerings of the year, people close to the matter said.
The private equity firm, which is working with Lazard as its IPO advisor, has asked banks to pitch in coming days for roles in organizing the flotation, which could value Verallia at more than 4 billion euros , they said.Verallia, which traces its roots back to the Vauxrot glassworks founded in 1827, counts Pernod Ricard, champagne house Dom Perignon and chocolate spreads maker Nutella among its clients.
Among the few other large French companies which may seek a stock market listing this year is state-owned lottery firm Francaise des Jeux, a stake in which could be sold under a law published last year. Verallia is expected to post core earnings of roughly 550 million euros this year and could be valued at between 7 and 8 times that in a potential IPO, the sources said.Apollo bought the majority of Verallia in a 2015 deal valuing the business at 2.95 billion euros. It made 16 billion glass bottles and jars last year and is the main supplier of bottles for France’s champagne and cognac industries.
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