January 25, 2019 / 3:18 PM / 2 years ago

UPDATE 1-German car interiors maker Novem explores sale or IPO - sources

(Adds details, background)

By Arno Schuetze and Hans Seidenstuecker

FRANKFURT, Jan 25 (Reuters) - German car interiors maker Novem is exploring a sale or stock market flotation, as its family owner seeks to make the most of robust company valuations ahead of a possible sector downturn, people close to the matter said.

Dutch billionaire family Brenninkmeijer’s vehicle Bregal Unternehmerkapital, which owns Novem, has recently met with investment banks to discuss options for the company, which could be valued at 1.2-1.5 billion euros ($1.13-$1.70 billion), the sources said.

Bregal may hire an adviser in the coming weeks to potentially launch a deal in the second half of 2019, they said, adding that the family might also decide to keep the asset.

“They are studying options, but that does not mean that they will actually sell”, one of the people said.

Bregal Unternehmerkapital, which has 2.5 billion in assets under management and is responsible for the Brenninkmeijer family’s investments in Germany, declined to comment.

Novem, headquartered in Vorbach near Bayreuth, makes door trim elements and decorative function elements for interior parts like dashboards and centre consoles. It supplies car makers like Audi, BMW, Daimler, Porsche and Maserati.

Novem employs 6500 staff and posted revenues of 642 million euros in its fiscal 2017/18.

People close to the matter expect that Novem could be valued at 9-10 times it earnings before interest, tax, depreciation and amortisation of 130-140 million euros.

$1 = 0.8815 euros Editing by Tassilo Hummel. Editing by Jane Merriman

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