FRANKFURT, July 30 British buyout group
Charterhouse Capital has picked banks to prepare a
stock market listing of its German insulation materials firm
Armacell, two people familiar with the plans said.
The private equity investor has mandated Deutsche Bank
and Bank of America to organise the flotation
as so-called global coordinators, supported by BNP,
the sources said, adding an initial public offering (IPO) could
take place as early as late 2014.
Deutsche Bank, Bank of America, BNP and Charterhouse all
declined to comment. Armacell was not immediately available for
Armacell in 2013 posted earnings before interest, taxes,
depreciation, and amortisation (EBITDA) of 65 million euros ($87
million) on sales of 510 million euros.
Peers such as Rockwool or Kingspan trade
at an average multiple of nine times their expected earnings.
If valued at a similar multiple, Armacell could be worth
more than 600 million euros in an IPO, although one source
familiar with the plans said that Charterhouse was hoping to
fetch a multiple of 11-12.
Last year, Charterhouse bought Armacell from Bahrain-based
private equity firm Investcorp for over 500 million
Armacell, which is based in Muenster, Germany, and operates
20 manufacturing facilities around the world, has over 2,500
employees and says it is the world's largest maker of flexible
insulation, making products used to lag pipes and ductwork in
buildings such as factories and schools.
($1 = 0.7462 Euros)
(Reporting by Arno Schuetze; Editing by Christoph Steitz)