The chief executive of Swiss convenience food firm Orior, which is preparing an IPO, today (25 March) told just-food that the market was “ready” for a flotation.
Rolf Sutter said investor sentiment, with the worst of the recession passed, was ripe for a listing from the private equity-owned firm.
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“The economy is slowly coming up, now is a good moment,” Sutter, who has spent 12 years at Orior, said.
Orior, which makes products from deli meats to pasta, is majority-owned by private-equity firm Capvis. The private-equity group has indicated that it will offer a portion of its 80% stake in the IPO. Orior also plans to offer brand new shares.
Sutter, while insisting market conditions were ready for an IPO, claimed Orior, as a business, had become a company ready to be publicly listed.
“After some years, we think we are now ready to do it,” said Sutter. “In Switzerland, we have a certain amount of sales. We have the innovation culture. We have all the things on the table.”
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By GlobalDataIn 2009, Orior achieved turnover of CHF501m (US$466.9m) and EBITDA of CHF52m. Sutter declined to comment on Orior’s Swiss sales but said the company’s domestic market accounted for the bulk of its revenues.
Sutter is eyeing a listing this spring and has Credit Suisse as the global co-ordinator and bookrunner for the IPO.
