Owners of building materials firm Xella pick banks to launch sale - sources
29/06/2016 11:35
LONDON/FRANKFURT, June 29 (Reuters) - The owners of German
building materials maker Xella are taking a fresh attempt at
divesting the German company after failing to float it last
year, people familiar with the matter said.
Private equity group PAI Partners and the investment arm of
Goldman Sachs GS.N have mandated Morgan Stanley MS.N and
Goldman Sachs to find a buyer for the maker of specialised
concrete and fireproof building materials, they said.
The auction is expected to start in September, while an IPO
also remains an option, the people said.
Xella posted revenues of 1.3 billion euros and adjusted
earnings before interest, taxes, depreciation, and amortization
(EBITDA) of 243 million euros in the twelve months up to the end
of March 2016, according to its latest financial presentation.
Listed peers such as Wienerberger WBSV.VI , Braas Monier
BMSA.DE , Etex BE0941244536.BR or H+H HHDC.CO trade at
about 5 times their expected core earnings.
Goldman Sachs, Morgan Stanley declined to comment, while PAI
was not immediately available for comment.
($1 = 0.9021 euros)
(Reporting by Pamela Barbaglia and Arno Schuetze; Editing by
Harro ten Wolde)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: XELLA SALE/