Bain Capital is exploring a renewed attempt at an initial public offering for French auto components distributor Parts Holding Europe (PHE), known as Autodis, said three sources with knowledge of the matter.
The US buyout group is sounding out plans with advisers for a prospective listing of the group that could take place in the second quarter, two of them said.
While the banking syndicate is yet to be finalised and deliberations remain at an early stage, BNP Paribas and Goldman Sachs are likely to retain their roles as global coordinators following an attempt by Bain to float Autodis in May 2018, one of the sources added.
Autodis said at the time that it would suspend plans for a Paris IPO due to a “cautious” market environment and would instead concentrate on accelerating its expansion in Western Europe.
Banks were expecting to value Autodis at 12x its forecasted FY18 EUR 100m EBITDA, which would have seen the group achieve an implied market capitalisation of more than EUR 1.2bn, according to news reports.
This news service reported in October 2019 that Bain was exploring a sale of the business under Rothschild, with suitors working off a marketed EUR 150m EBITDA for FY19.
The company said its performance was impacted by COVID-19, recording 1H20 EBITDA of EUR 58.7m (from EUR 69.7m in 1H19) and revenue of EUR 822.7m (EUR 899m in 1H19).
Based in Arcueil, near Paris, PHE operates a network of car parts distributors throughout France, Benelux, Italy and Spain. The group acquired Italy-based 2GPaduato for an undisclosed fee last month.
Representatives for Bain Capital, PHE and BNP Paribas declined to comment. Goldman Sachs did not respond to requests for comment.