Alternative investment manager Tikehau Capital’s portfolio company EuroGroup Laminations, a specialist in the design and production of the “motor core” for electric motors and generators, has completed its initial public offering, with the firm’s shares now trading on Euronext Milan under the ticker symbol EGLA.
Alternative investment manager Tikehau Capital’s portfolio company EuroGroup Laminations, a specialist in the design and production of the “motor core” for electric motors and generators, has completed its initial public offering, with the firm’s shares now trading on Euronext Milan under the ticker symbol EGLA.
The IPO price of €5.5 per share implies a market capitalisation of approximately €922 million.
The IPO follows the execution of a successful growth strategy since Tikehau Capital’s acquisition of a 30% stake in the company in September 2020. The investment was made mainly through the T2 Energy Transition private equity fund, launched by TotalEnergies and Tikehau Capital in 2018, which targets European companies focussed on the transition to a low-carbon economy.
Following the IPO, Tikehau Capital will retain an 8.5% stake in the business, with Jean-Marc Gales, Tikehau Capital operating partner, and Roberto Quagliuolo, Tikehau’s head of private equity Italy continuing to serve as Board members of the company.
The IPO represents the third partial or full realisation of investments made by the T2 Energy Transition fund, following the partial sale of its stake in GreenYellow in July 2022 and the sale of Groupe Rougnon in August 2022.
JP Morgan, BNP Paribas, Intesa Sanpaolo (IMI CIB Division) and UniCredit acted as joint global advisors and bookrunner, assisted by Linklaters as legal advisors, while Rothschild & Co acted as financial advisor. Latham & Watkins acted as legal advisor to the company, while Tikehau Capital was assisted by Legance and Studio Biscozzi Nobili Piazza.
