Apollo prepares Verallia for potential €4bn IPO – report

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Apollo Global Management is reportedly preparing its French glass bottle maker Verallia for a potential public offering later this year.

The stock market listing could value the Verallia at more than €4bn, people close to the matter told Reuters.

Apollo has selected Lazard as its IPO advisor and is requesting pitches from banks for roles in managing the flotation, the people added. Global coordinators are expected to be mandated later this month or in May for IPO, which is set to begin as early as September they said.

Apollo bought a majority stake in Verallia back in June 2015, which valued the business at about €2.95bn. The firm fought off competing bids from fellow buyout houses Blackstone, CVC Capital and Ardian, as well as Portuguese industrial group Ba Vidro.

Last year the company produced approximately 16 billion bottles and jars mostly for wines, spirits, food products, beers and non-alcoholic beverages. The company also reported €2.4bn of sales and an adjusted EBITDA of €544m for 2018.

Verallia has more than 10,000 customers and operates 32 glass production facilities with 57 furnaces.

Apollo manages around $280bn of assets across its private equity, credit and real assets funds. The global private equity firm is reportedly looking to gather about $9bn for seven new investment funds this year.

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