February 26, 2018 / 10:14 AM / a year ago

Dutch wholesaler B&S to seek Amsterdam IPO

AMSTERDAM (Reuters) - B&S Group, a Dutch wholesale, logistics and distribution company, said on Monday it intends to seek an initial public offering (IPO) of its shares in Amsterdam in the coming weeks subject to market conditions.

B&S, which supplies consumer goods to cruise ships, military bases, and low-cost retailers, aims to float around a third of its shares, CFO Gert van Laar told reporters.

Founder Willem Blijdorp will remain majority shareholder, retaining a stake of at least 51 percent, while Chief Executive Bert Meulman will retain at least 16 percent of the shares.

“Over time, both Mr. Blijdorp and Mr. Meulman intend to remain significant long-term shareholders,” the company said.

Blijdorp currently holds 70 percent of the shares, while Meulman has 25 percent.

The rest is held by managers of the company and its subsidiaries.

Registered in Luxembourg but with operational headquarters in Dordrecht, Netherlands, B&S in 2017 reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 106 million euros ($130 million) on sales of 1.5 billion euros.

The company expects sales growth “in the low teens,” and profit growth of “in the low to mid teens” annually, Van Laar said. Part of the growth will come from acquisitions.

The company will use the IPO to raise it profile and give it additional flexibility in its financing, CEO Meulman said.

ABN Amro, ING Bank and Morgan Stanley are joint global coordinators of the offering, with Rabobank and Deutsche Bank as joint bookrunners.

Other IPO announcements in Europe on Monday included Deutsche Bank’s (DBKGn.DE) DWS asset management arm, Dutch bank NIBC and French firm Vente-Unique.

(This story corrects percentage of shares held by CEO)

Reporting by Toby Sterling; editing by Gopakumar Warrier and Jason Neely

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