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Charterhouse-backed Card Factory eyes $1bn valuation through IPO

23 Apr 2014

news_springcard_lrgCharterhouse Capital-backed UK greetings card business Card Factory has filed to float on the stock market through a share sale which could value it at $1bn.

The business said it expected to raise £90m by offering new shares to institutional investors, while senior management will also be selling shares through the IPO.

Card Factory had revenues of £326m in the year to January 31, up nine per cent year on year.

Its EBITDA in the same period was up 9.2 per cent to £80.4m.

Last September Reuters reported that Charterhouse was looking to raise £165m through a dividend recapitalisation of Card Factory following a failed sale process earlier in the year.

Earlier that month it emerged that Charterhouse had dropped plans to sell the greetings card maker after receiving bids it believed undervalued the business, which was estimated at the time to be worth more than £500m including debt.

Reuters added that the firm would focus on refinancing Card Factory rather than hold another sale or attempt to list on a stock market, citing banking sources.

Bidders in the previous sale process were thought to include Cinven, Advent International, KKR and Clayton Dubilier & Rice according to a previous report in the Telegraph newspaper.

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