FRANKFURT, April 28 - Novem is reviving stock market flotation that could value the German manufacturer of car interiors at 1.3 - 1.5 billion euros, people close to the matter said.
Novem was founded in 1947 as a supplier of factory floor rolling wheels before expanding into product like belt lines, central consoles, instrument panels and door cladding.
Nunan, based in Vorbach near Bayreuth, Novem now supplies carmakers including Audi, BMW, Daimler, Porsche and Maserati with door trim and decorative function elements for interior parts such as dashboards.
The Dutch billionaire Brenninkmeijer family, best known for its fashion retailer Novem through its fund Bregal Unternehmerkapital, owns Novem and is working with JPMorgan and Berenberg on the initial public offer, which could be announced when the end of June, sources said.
The fund initially started preparations for an IPO or sale of Novem in 2019 but abandoned the plans due to the muted sector outlook at that time.
Bregal Unternehmerkapital, which has in assets under management a 4 billion EUR amount declined to comment.Berenberg also declined to comment on the new work of JPMorgan and Novem.
Novem employs 6000 staff and declared earnings before interest, tax, depreciation and amortization of about 120 million euros on revenues of around 650 million euros in its 2019 20 year period ending March.
In 2020 2021, sales declined by less than 10%, while its EBITDA margin saw a slight increase.
Novem raised the Moody's credit rating outlook to stable in March, citing the recovery in its revenue and margins from the pandemic trough.What does that mean?