FRANKFURT (Reuters) – Austrian-Swiss aircraft maker Montana Aerospace is preparing for a $ 1.8 billion IPO. Dollar as its private equity owner seeks to close while stock market valuation is high, people close to the matter say.
Austrian billionaire Michael Tojner’s private equity vehicle Montana Tech Components is working with UBS and Berenberg on an IPO in Zurich that could value Montana Aerospace at up to 1.5 billion euros ($ 1.82 billion) and takes place before the summer holidays , one of the said sources.
Montana Aerospace said it regularly reviews growth financing options, but will not specifically comment on an IPO.
“Consolidation is taking place in the aviation sector – here we regularly review the growth financing opportunities that are available to be able to take advantage of market opportunities, especially in mergers and acquisitions,” the company said.
The banks declined to comment.
Montana Aerospace consists of the units UAC, Alu Menziken, Alpine Metal Tech and ASTA, which specialize in aluminum profiles and components that are ready for installation, primarily for the aerospace industry.
The COVID-19 pandemic in 2020 offset Montana Aerospace’s sales as demand for new aircraft was curbed by lockdowns and travel restrictions, and the company had to temporarily shut down sites.
However, Montana Tech said in its third quarter 2020 report that despite a slow increase in deliveries, the aviation division secured attractive contracts that will result in significant increases in sales from 2022 onwards.
In 2019, Montana Aerospace posted a profit before interest, tax, depreciation and amortization of 72 million euros. In addition to this revenue, Montana Tech Components at the time listed separately 7.5 million in core earnings for Metal Tech and 6.6 million for ASTA.
Montana Tech Components was founded in 2006 by entrepreneur Tojner with the goal of forming an industrial company through acquisitions.
One after another, the holding company acquired companies, including the battery manufacturer Varta Microbattery, the metal processing group Alu Menziken, the packaging manufacturer Aluflexpack and the copper wire company Asta.
It listed Varta on the Frankfurt Stock Exchange in 2017 and Aluflexpack in Zurich in 2019.
While Europe sees a number of new public offerings, including bumper lists in Frankfurt by telecommunications company Vantage or the used car trading platform Auto1, Switzerland sees less action this year.
One of the few exceptions is contract maker Polypeptide’s planned IPO before the summer, which it is preparing using Credit Suisse and Morgan Stanley, according to people familiar with the matter.
($ 1 = 0.8238 euros)
Reporting by Arno Schuetze and Oliver Hirt; Clip by Susan Fenton
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