(Adds details, quotes)
AMSTERDAM, April 18 Dutch construction company
VolkerWessels said on Tuesday it intends to return to the stock
market after nearly 15 years, as the controlling Wessels family
seeks to sell a minority stake via a share sale on Euronext
People close to company told Reuters in March the company
was targeting a market value of around 2 billion euros ($2.13
billion), or about 7 times 2016 earnings before interest, taxes,
depreciation and amortisation (EBITDA) of 254 million euros.
The valuation is roughly in line with the average
for the construction sector.
CEO Jan de Ruiter, a former banker for ABN Amro, told
reporters the exact size of the offering was yet to be
determined, but the Wessels family intended to continue to sell
down its stake over time after the listing.
"We believe that a stock market listing of VolkerWessels ...
will strengthen the name and profile of the company," De Ruiter
said, adding that it would also "generate liquidity for the
The Wessels family's investment vehicle, Reggeborgh
Participaties, said it was selling shares because it wanted to
diversify its investments.
VolkerWessels was formed in 1997 when tycoon Dik Wessels
bought rival Volker Stevin. Wessels has expanded his family's
construction company of the same name via a series of mergers.
Wessels took VolkerWessels private in a 720 million euro
buyout in 2003. He sold a 47.5 percent stake in VolkerWessels to
private equity firm CVC in 2007, which he bought back in 2012.
Financial details of those transactions were not disclosed.
His personal fortune is estimated at more than 3 billion
euros by Quote Magazine, which lists the wealthiest people in
VolkerWessels had 2016 sales of 5.5 billion euros, making
the group the Netherlands' second-largest builder after Royal
It has major operations in the Netherlands, with additional
activities in Britain, Germany and North America.
There is no date yet for the pricing and the listing.
ABN Amro, ING, Merrill Lynch and
Morgan Stanley are joint global coordinators for the
sale, with BNP Paribas, Rabobank bookrunners. Kempen &
Co is advising Reggeborgh.
($1 = 0.9386 euros)
(Reporting by Toby Sterling; Editing by Jane Merriman)