French glass bottle maker Verallia names banks for September IPO -sources

Vetropack Holding SA

08/05/2019 13:06

FRANKFURT, May 8 (Reuters) - French glass bottle maker
Verallia, controlled by buyout group Apollo  APO.N , is stepping
up preparations for its initial public offering later this year,
sources close to the matter said. 
    BNP Paribas  BNPP.PA , Citi  C.N  and Deutsche Bank
 DBKGn.DE  have been mandated as global coordinators of the
deal, which may value Verallia at around 4.5 billion euros ($5
billion) euros including debt, they said. 
    Apollo and spokespeople for the banks declined to comment or
were not immediately available for comment.
    Verallia last month confirmed plans to list on Euronext
Paris this year.  urn:newsml:reuters.com:*:nFWN22C0OK urn:newsml:reuters.com:*:nL8N21R3EW
    Verallia, Saint-Gobain's former glass bottle unit, makes
bottles and jars for Pernod Ricard, champagne house Dom Perignon
and chocolate spreads maker Nutella. Apollo bought a controlling
stake in 2015. 
    Verallia is expected to post core earnings (EBITDA) of
roughly 550 million euros this year and could be valued at
between 8 and 8.5 times that in a potential IPO, which is
expected to take place in September at the earliest, the sources
said. 
    Peers such as Vetropack  VET.S , Owens-Illinois  OI.N  or
Vidrala  VID.MC  trade in a wide range of 2.6 to 9.9 times
EBITDA.
    ($1 = 0.8928 euros)

 (Reporting by Arno Schuetze; editing by Jason Neely)
 ((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))