May 8, 2019 / 12:28 PM / 19 days ago

French glass bottle maker Verallia names banks for September IPO: sources

FRANKFURT (Reuters) - French glass bottle maker Verallia, controlled by buyout group Apollo, is stepping up preparations for its initial public offering later this year, sources close to the matter said.

BNP Paribas, Citi and Deutsche Bank have been mandated as global coordinators of the deal, which may value Verallia at around 4.5 billion euros ($5 billion) euros including debt, they said.

Apollo and spokespeople for the banks declined to comment or were not immediately available for comment.

Verallia last month confirmed plans to list on Euronext Paris this year.

Verallia, Saint-Gobain’s former glass bottle unit, makes bottles and jars for Pernod Ricard, champagne house Dom Perignon and chocolate spreads maker Nutella. Apollo bought a controlling stake in 2015.

Verallia is expected to post core earnings (EBITDA) of roughly 550 million euros this year and could be valued at between 8 and 8.5 times that in a potential IPO, which is expected to take place in September at the earliest, the sources said.

Peers such as Vetropack, Owens-Illinois or Vidrala trade in a wide range of 2.6 to 9.9 times EBITDA.

Reporting by Arno Schuetze; editing by Jason Neely

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