Cerved Information Solutions’ market cap will be between 975 million euros and 1.27 billions, cerved Group wrote in a statement yesterday evening (download here the press release) announcing also that Consob, the Italian Supervisory Authority on financial markets, gave its go ahead to thepublication of the global offer prospectus. The statement tells also that the offer will consist in a public offer starting next June 8th and in an institutional offer starting on June 6th. Both the public and the institutional offers will end next June 18th.
Cerved Information Solutions spa is the parent holding of Cerved Group, the leading credit information company in Italy, and is controlled by the private equity operator CVC Capital Partners through Chopin Holdings sarl.
The global offer will consist both in a capital increase and in a sale of shares by Chopin Holding. Before the capital increase, the equity of the group has been valued between 750 and 975 million euros for a minium price of 5 euros per share and a maximum procaof 6.5 euros per share. After the capital increase, if all the the offered shares had been subscribed, the group’s equity would be valued between 975 millions and 1.267 billions. The latter would correspond to an enterprise value of 1.675-1.967 billions, including 700 millions of net financial debt at the end of 2013 (see here a previous post of BeBeez).
CVC Capital Partners acquired Cerved in January 2013 from previous private equity owners Bain Capital and Clessidra sgr for an enterprise value of 1.13 billion euros, after the group generated revenues of 292 million euros in 2012 with a 143 millions ebitda and a 287 million euros net financial debt. So Cerved listing will gain a big deal for CVC’s Italian team led by Giampiero Mazza.
More in detail, the global offer regards a maximum of 84 millions of ordinary shares representing a 43.1 pct stake of Cerved’s shareholders capital. The public offer regards 39 millions of shares while the institutional offer regards 75.6 millions of share. Moreover an overallottment option is available for other 12 millions of shares,
Chopin Holdings will remain as a major shareholder in the company. If all the offered share are fully subscribed, Chopin will retain a 56.9 pct stake or a 50.8 pct stake if the overallottment option is exercised. In this latter case the number of subscribed shares would be 96 millions and the floating capital would be a 49.2 pct stake.
Joint global coordinator and joint bookrunner of the global offer are Banca Imi, JP Morgan, Mediobanca and UniCredit. Joint bookrunner only for the institutional offer are Bnp Paribas, Deutsche Bank and Hsbc. Unicredit acts also as lead manager for the retail offering while Banca Imi acts also as sponsor while Lazard is the financial advisor.
Legal advisors to Cerved are Studio Gattai Minoli & Partners and Latham & Watkins, Chiomenti and White & Case advise the global coordinators, PwC is the appointed independent auditor, Pirola Pennuto Zei & Associati and Facchini Rossi & Soci are the tax advisors.