Church-owned gate maker FAAC considering listing in Milan - sources

Philogen

26/04/2021 20:02

By Elisa Anzolin and Stephen Jewkes
    MILAN, April 26 (Reuters) - FAAC, a Catholic Church-owned
maker of automatic gates and doors, is thinking of listing on
the Milan stock exchange, three sources said on Monday, in what
could be one of Italy's biggest initial public offerings in the
last two years.
    One of the three sources, all of whom are close to the
matter, said the Bologna-based group is expected to pick banks
for the IPO in the next few weeks and the process is still at a
preliminary stage. Another said the deal is still uncertain. 
    FAAC declined to comment. 
    The company is owned by the Archdiocese of Bologna, after
the owner and founder's son, Michelangelo Manini, died in 2012
and bequeathed a majority stake to the Church. In 2015 the
Archdiocese bought out a minority stake from French Group Somfy
to take full control and set up a trust.
    So far this year only biotech group Philogen  PHIL.MI  has
listed its shares on the main market in Milan, though the IPO of
high-tech group Seco is currently underway.
    In 2019 FAAC reported revenues of 461 million euros ($556.80
million) and a core profit of 98 million euros, according to the
latest data available from the Italian chamber of commerce.
    In the last few years the company has completed a string of
acquisitions including the purchase in June of part of automatic
door maker Agta Record Group from Sweden's Assa Abloy  ASSAb.ST 
for 100 million euros.
    In December it said it had agreed to acquire Tel Aviv-based
TIBA group, which supplies systems for managing parking sites,
for $135 million, reaching consolidated revenues of over 620
million euros and over 3,400 employees globally.
    ($1 = 0.8280 euros)

 (Reporting by Elisa Anzolin and Stephen Jewkes
Editing by Peter Graff)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))