France-based private-equity firm PAI Partners looks set to remain an investor in Danish food ingredients group Chr Hansen, which is preparing for an IPO in Copenhagen.
According to a statement issued by Chr Hansen, its plans to raise EUR450m is “contemplated to include a partial secondary sell-down by our existing shareholders”.
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Chr Hansen was delisted back in 2005 when it was bought by PAI Partners but now the company is eyeing a return to the stock market.
Chr Hansen CEO Lars Frederiksen said: “As the market leader in many of our product areas and strategic supplier to leaders in our customers’ industries, Chr. Hansen is well positioned to capitalise on the attractive growth fundamentals in bioscience-based products for the food, nutritional and animal feed industries.”
Chr Hansen and PAI partners have appointed Credit Suisse Securities and J.P. Morgan Securities as joint global coordinators for the proposed IPO.
Credit Suisse, Danske Markets, J.P. Morgan, Morgan Stanley & Co. International and SEB Enskilda have been named as joint bookrunners.
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Chr Hansen, which focuses on food cultures, probiotics, dairy enzymes and natural color solutions, said it had had “undergone a significant transformation from a one-stop supplier to a focused bioscience supplier”.
“We have achieved adjusted organic revenue growth of 10% per annum1 and increased our operating profit margin before special items from 13.3% to 22.3% between 2005/06 and 2008/09,” the company added.
More to come…
