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TPG-backed Ontex looks to raise up to €620m via IPO

11 Jun 2014

brusselsPrivate equity-backed Belgian diaper maker Ontex is looking to raise between €583m and €620m via an IPO on the Brussels stock exchange.

Ontex, which was bought by private equity firm TPG and Goldman Sachs for €1.2bn in 2010, expects to be valued at €1.74bn to €1.94bn in the IPO. Shares in Ontex will be offered at a price of €16.5 and €20.5 apiece.

TPG’s affiliate Whitehaven will sell 7m shares and will retain a stake of between 45.8 per cent and 51.7 per cent after the IPO.

Last year Ontex reported profits of €175m on sales of €1.49bn.

European private equity firm Candover bought Ontex in 2002 in a €1bn deal, which was said to have been Belgium’s biggest leveraged buy-out at the time.
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