3i-backed NORMA readies €430m IPO

The Michael Queen-led firm will sell nearly half of its stake in German industrial company NORMA Group when it lists on the Frankfurt Stock Exchange. The company plans to raise up to €430m.

German industrial company NORMA Group, in which 3i has a 73 percent stake, plans to raise up to €430 million by offering 19.6 million shares at a price range of €19 to €24 per share for its initial public offering on the Frankfurt Stock Exchange.

3i plans to place roughly 45 percent of its stake in the company in the IPO, which is scheduled for 8 April.

“Since we strongly believe in the future prospects of NORMA Group, we will remain invested in the company following the IPO,” said 3i partner and managing director Ulf von Haacke.

3i formed NORMA Group in 2006 when it invested an undisclosed sum in German industrial supplier Rasmussen and merged it with its portfolio company ABA. The company offers more than 35,000 products for a variety of industrial applications ranging from cooling systems, air intake and induction, emission control, ancillary systems, and infrastructure to distribution services.

In financial year 2010, NORMA Group generated around €490 million in revenue, approximately 49 percent above its 2009 earnings of €330 million.

On Monday, 3i sold its 10 percent stake in Swiss aircraft manufacturer Pilatus to Zurich-based IHAG Holding. Terms of the transaction were not disclosed.

Founded in 1939, Pilatus produces civil and military training aircraft. The company has a portfolio of three business lines: general aviation, government aviation and maintenance.

3i generated £105 million (€119 million; $168 million) in the last quarter of 2010 from exits, including £58 million of realisations of growth capital investments. Overall, the last nine months of 2010 were around 50 percent slower in terms of realisations than the equivalent period in 2009, however in that year the firm underwent a concentrated period of asset sales to improve its case position.