Buyout group Cinven is reviving plans to list German truck and trailer parts maker Jost on the Frankfurt stock exchange, people close to the matter said. The company is expected to announce its intention to float either in early July or in September, they added. Cinven and Jost declined to comment. Cinven had started preparations for an initial public offering of Jost in 2015 but later shelved the plan due to wobbly capital markets.
At the time, it had planned to sell shares worth less than 500 million euros ($559.35 million), valuing the company at up to 800 million euros in a deal organised by J.P. Morgan, Deutsche Bank and Commerzbank. An IPO would prove a positive turn for Cinven, which acquired a majority stake in Jost just weeks before the Lehman insolvency in 2008 and had to agree to a restructuring of the group's finances in 2010 to avert looming insolvency.
Cinven saw its stake in the company cut to 64 percent, while Jost's management retained a holding of more than 23 percent. Junior debt holders converted their claims into preferred shares, giving them a 13 percent stake. In 2014, the most recent year for which data is available, Jost posted adjusted earnings before interest and taxes of roughly 59 million euros on sales of 516 million. It has since grown, among other thanks to acquisition of the Mercedes-Benz TrailerAxleSystems from Daimler.
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