Tendam has hired JP Morgan, BNP Paribas and Citi as global coordinating banks for their IPO, planned for 2024with a Valuation of more than 1,000 million eurosreports Cinco Días.
In addition to the possibility of an IPO, according to sources consulted by the above-mentioned media, the venture capital funds that own Tendam have CVC and Pai partnersthey also work with that Alternative to selling the company to other funds or a competitorlike they tried with El Corte Inglés in 2022.
In 2017, the funds made their first attempt to go public, but ultimately failed. They tried again before the pandemic and most recently in 2022, before the war broke out in Ukraine. Now they have reactivated and discontinued the plans Rothschild as a financial advisor the transaction. However, in statements to the agency ReutersSources familiar with the matter have warned that “The discussions are still preliminary« and emphasized that »Market conditions remain difficult, which may impact the timing of a transaction«.
In October, Jaume Miguel, President and CEO of Tendamconfirmed the operation at the last results presentation: “The solid operational and financial performance of the plan implemented in recent years, the steady development of sales and profitability and the recent confirmation of the improvements in credit forecasts by the main rating agencies lead Tendam and its shareholders to examine possible strategic alternatives.” the company in the next phase of growth, including the possibility of a public offering of its shares on a regulated market«.
Tendam increased its sales by 5%up to 606.2 million, in the first half of its fiscal year 2023/2024, while it Recurring EBITDA increased 8.2% compared to the first half of 2022 and reached 151 million. In terms of sales, they increased by 6.2% compared to the same period in 2022. At the end of the first semester theirs were Profit before taxes was 43.6 million, 18.5% more than the previous year.
Although the macroeconomic scenario remains characterized by uncertainty, Tendam sees the rest of the year with a “prudent trust” And maintains its original revenue growth target of more than 5%. The company will continue to focus on accelerating 5.0 levers and improving profitability lines.