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BC Partners-backed Foxtons eyes £400m London listing

7 Jun 2013

BC Partners-backed estate agent Foxtons is planning an IPO on the London Stock Exchange, Reuters has reported.

The European buyout firm has hired Credit Suisse, Canaccord Genuity and Numis to run the listing, which could fetch as much as £400m.

Back in March AltAssets reported that BC Partners was considering an IPO in the wake of Oaktree Capital-backed peer Countrywide’s successful listing earlier that month.

BC first bought into Foxtons for £360m in 2007, but was forced to cede control to lenders three years later in the midst of a property crash which left the business reeling.

The firm later admitted the deal was a “mistake”, but kept a holding in the business by injecting an extra £50m and regained majority ownership last year.

Countrywide, the UK’s largest estate agency by revenue, raised £200m in its IPO after offering its shares at 350p each.

London-based BC Partners hit its €6.5bn hard cap for its latest fund last year in a standout fundraise among European buyout houses struggling to collect capital.

The oversubscribed BC European Capital IX (BCEC IX) vehicle attracted existing and new investors leading to a 60 per cent increase in the firm’s investor base, a fund size 14 per cent larger than its predecessor.

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