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CD&R eyes London IPO for tech and engineering service business Exova

16 Dec 2013

Thermal EngineeringUS private equity firm Clayton Dubilier & Rice is reportedly readying to sell shares in UK technical and engineering services business Exova through a London IPO which could value the business at $1bn.

CD&R has hired Rothschild to advise on the 2014 IPO according to Bloomberg, which cited three people with knowledge of the plan.

The buyout house picked up Exova in a $681m deal from Bodycote in 2008.

In October CD&R agreed to acquire a majority stake in Deere & Company’s landscape unit for around $300m.

Deere will hold a 40 per cent interest in the business following the sale. It launched the arm in 2001 by buying and merging two companies which sold wholesale landscape supplies and irrigation products.

The company has since made two bolt-on acquisitions, helping it develop into one of the largest US wholesale suppliers of landscape materials.

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