Mauser Updates IPO Filing
Mauser Group has registered an amended Form F-1 with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were mentioned in the filing. The company intends to list on the New York Stock…
Mauser Group has registered an amended Form F-1 with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were mentioned in the filing. The company intends to list on the New York Stock Exchange under the symbol MSR.
The underwriters for the offering are Merrill Lynch, Credit Suisse, Citigroup, Baird, Deutsch Bank, Jefferies, BNP Paribas, ING, Natixis and Nomura.
This Netherlands-based company is a leading global supplier of rigid packaging products and services for industrial use. Mauser believes that it holds the top or number two market position globally in all the categories of products and services it offers. The company serves an addressable market of roughly €7 billion within the €15 billion global rigid industrial packaging industry. The industry is forecast to grow at a compound annual growth rate of approximately 4.0% from 2014 through 2020.
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The product and service offerings includes plastic, metal and fiber drums, intermediate bulk containers (IBCs), and the collection, reconditioning and resale of used IBCs and plastic drums.
The company serves over 7,000 customers, including large blue chip companies such as Archer Daniels Midland, BASF, Bayer, Brenntag, Cargill, Chevron, Dow Chemical, Dow Corning, Evonik, Ecolab, ExxonMobil, Huntsman, Lubrizol, Momentive, Monsanto, Recofarma, Shell and Univar. What’s interesting is that Mauser has a low customer concentration, with no single customer representing more than 5% of its revenue for the year ended December 2015 and the top 20 customers accounting for only 28% of revenue for 2014.
Currently, the company operates 105 manufacturing facilities in 82 strategic locations across 18 countries. Many of its facilities are close to the factories of major clients, enabling fast and cost-effective customer service.
Mauser described its finances as follows:
Our revenue, Adjusted EBITDA and consolidated result for the year ended December 31, 2015 were €1,371.8 million (representing an increase of 10.3% from the pro forma year ended December 31, 2014), €195.2 million (representing an increase of 20.4% from the pro forma year ended December 31, 2014) and €(13.7) million, respectively.
The company intends to use the proceeds to pay down its indebtedness, as well as for general corporate purposes.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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