PE-backed VAT launches Swiss IPO

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vacuum-cleaner-657719_1920Private equity-backed vacuum valve manufacturer VAT Vakuumventile is set to float on the Swiss Stock Exchange.

Its owners, US buyout houses Partners Group and Capvis Equity Partners, are looking to raise between $558m and $659m by offloading around 40 per cent of their combined stake.

The business will begin trading on or around 14 April and comes three years after Partners and Capvis jointly acquired it.

VAT, which has factories in Malaysia and Romania as well as Switzerland, had a 41 per cent share of the vacuum valves market last year.

It generated net sales of $428m in 2015, representing a 13 per cent increase, and a 22.4 per cent rise to $132m in adjusted EBITDA.

AltAssets reported that Capvis and Partners Group were looking to exit their stakes in VAT Vakuumventile in January.

Last year, another Switzerland-based vacuum valve business attracted interest from private equity firms as Oerlikon put its vacuum tech arm on the block.

The business was eventually sold to Swedish industrial group Atlas Copco in November for €486m.

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