(Adds details, background)
June 24 VWR Corp, a provider of laboratory
supplies and services, filed with U.S. regulators on Tuesday to
raise up to $100 million in an initial public offering.
The Radnor, Pennsylvania-based company listed Merrill Lynch,
Pierce, Fenner & Smith, Goldman Sachs and J.P. Morgan as the
lead underwriters to the IPO. (bit.ly/1qHBBy8)
VWR sells laboratory products such as chemicals, reagents,
consumables, durable products and scientific instruments to more
than 120,000 customers, primarily in North America and Europe.
VWR was sold by German drugmaker Merck KGaA in
February 2004 to private equity firm Clayton, Dubilier & Rice
for $1.68 billion. In 2007, private equity firm Madison Dearborn
Partners acquired VWR.
VWR's parent Varietal Distribution Holdings LLC is
controlled by Madison Dearborn.
VWR, which operates more than 160 facilities in 34
countries, counts Corning Inc, Eppendorf, GE Healthcare,
Merck and Thermo Fisher Scientific Inc among its
Research firm Frost & Sullivan estimates that the global
laboratory products market will continue to grow at about 2
percent annually through 2015, VWR said in the filing.
VWR's revenue rose about 1.4 percent to $4.18 billion in the
year ended Dec. 31. Net loss applicable to common stock holders
narrowed to $33.8 million in the year from $41.7 million in
The company said it planned to use the IPO proceeds for
repaying debt and for investment purposes.
The company did not say in the filing how many shares it
planned to sell or the exchange on which it intended to list.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)