(Refiled to add sourcing in fourth paragraph)
* Italy's Cerved eyes 1.3 billion-euro market value in IPO
* CEO says will consider small acquisitions, cut debt
* Shares in business information provider to debut June 24
MILAN, June 9 Italian business credit data
provider Cerved aims to go on growing with mainly small
acquisitions, its chief executive said on Monday, as it prepares
for its initial public share offer which it expects to value the
firm at up to 1.3 billion euros ($1.8 billion).
"We have a very interesting track record, we have always
integrated companies and we want to continue to do so,
especially in Italy," Gianandrea De Bernardis said on the first
day of the IPO's roadshow of presentations.
"We are not talking about enormous deals, but (acquisitions)
that bring synergies and carry no risks," he said adding that
the first operation could be carried out by the end of the year.
The Milan-based company was set up in 1974 and after a
series of acquisitions of brands such as Databank and Lince it
has become a business which it said generated a revenue of 313
million euros last year and employs more than 1,100 people.
Investors will be offered up to 84 million new and existing
Cerved shares at a price of between 5 and 6.5 euros apiece,
giving the company a free float in the market of at least 43
percent of its shares.
Under the sale its private equity owner CVC Capital Partners
will reduce its stake to 56.9 percent from 100 percent
or to 50.8 percent if a greenshoe option to sell more shares is
Cerved was bought by CVC early last year from private equity
peers Bain Capital and Clessidra for 1.13 billion euros and is
one of a dozen Italian firms in the process of listing as they
seek to take advantage of improved financial market conditions
after years of economic stagnation.
The government of Matteo Renzi is considering tax breaks for
companies planning initial public offerings to make the Milan
bourse more attractive and encourage alternative ways of
funding, a government source said separately on Monday.
Cerved will raise around 250 million euros of fresh cash in
the offering to cut its net debt, which stood at 730 million
euros at the end of March, a level analysts said was too high.
De Bernardis said after the IPO net debt would be down to
below three times its earnings before interest, tax,
depreciation and amortisation (EBITDA) from 4.7 times currently,
allowing the company to cut its annual debt financing costs by
around 27 percent to 39 million euros.
A CVC official said on Monday during the IPO presentation
the fund aims to gradually cut its holding to zero by the end of
(Reporting by Elisa Anzolin; Writing by Danilo Masoni; Editing
by Greg Mahlich)