German mid-market buyout firm Deutsche Beteiligungs AG (DBAG) has made €98m following the IPO of portfolio company Bauer, a German building company, on the Frankfurt Stock Exchange.
The initial share price for Bauer at IPO was €16.75 per share, towards the bottom of its €16.50 to €21.50 offer range, raising €135m and giving it a market valuation of €287m. This figure is a significant decrease from the reported €170m the company was hoping to raise when the intention to float was officially announced in June.
DBAG now owns a 1.2% stake in the company it acquired in September 1996, when it took a 41% interest for €27.6m There is a six-month lock-in period.
This is DBAG’s second exit of 2006. In January it sold Otto Sauer Achsenfabrik (SAF), a German maker of axles and suspension systems for HGV trailers, to the management team of SAF, SAF founder Ulrich Otto Sauer and Pamplona Capital Management, for an undisclosed sum.