In brief exit strategies

The Polish government was expected to launch the IPO of oil and gas concern PGNiG last week but delayed the move, pointing to a lack of sufficient demand after the Grupa Lotos IPO. The continued delay allowed Opoczno to launch bookbuilding last week. The offer of 8.29m secondary shares comes from CSFB Private Equity, which is selling down its 50.4% shareholding. Polish investors may sell 7.965m shares if they like the final price, taking the offer to 98.8% of the company, which set the price range at Z54.70–Z69.90. The price range offers a healthy discount to its main comparable, Polish tile maker Cersanit, on a P/E basis. For 2005 the price range sets Opoczno at 10.8x–13.8x against Cersanit’s 12.9x. On a 2006 basis, P/E falls to 9.7x–12.4x for Opoczno against 11.3x for Cersanit. Around 50% of the deal is expected to be allocated to international investors, with 35% to domestic institutions and the rest to retail.

  • Food distribution company Marr has started pre-marketing for its IPO. The company, which is debt free, is 65% owned by the Cremonini group, with the remainder owned by private equity firms Barclays Private Equity and Arca. Roadshows will run from June 6 to June 16, when the IPO will be priced. The deal is expected to be entirely secondary, with up to 44% of the company to be floated. The two private equity firms will exit and Cremonini will provide the remainder of the stock. Bankers have estimated the deal size at around €200m.

“There are high expectations in terms of valuation from the financial sponsors that are exiting,” said one banker. “But this is the most significant operator in what is a very fragmented market and it should do well.” Leads are Banca IMI and Merrill Lynch.

  • Nordic private equity group CapMan sold Tamore to managing director Erkki Mattila. The enterprise is a subsidiary of Tamore Group, a Finnish provider of IT and office supplies, of which CapMan’s funds held about 64%. In addition Tamore Group has sold its shares in real estate companies. The total value of the transaction amounts to less than €50m. As a result of these transactions, CapMan funds will realise their investments in Tamore Group, which were made between 1998 and 2000.

Earlier this spring, Tamore Group sold its other subsidiary, Printel, to Swedish-based LL Intressenter. Summa Corporate Finance was financial adviser to Tamore Group and its owners on the transaction.

  • The IPO of French battery producer Saft will start pre-marketing this week, with bookbuilding running from June 16 to June 29. The company is part of the Doughty Hanson portfolio. Sole bookrunner is Goldman Sachs, with BNP Paribas, Cazenove and HSBC CCF also in the syndicate. The deal is predicted to be around €300m for 50% of the company.