Blackstone plans $7.1 bn IPO for Building Materials Europe BV

01 Oct 2021 CW Team

Blackstone Inc is planning an Initial Public Offering (IPO) of $7.1 billion for Building Materials Europe (BME) BV.

The private equity company is working with Lazard Limited and plans to pick underwriters for the potential share sale in the following weeks, the people said.

It is regarding listing the business in Amsterdam next financial year, according to the people.

An IPO would mark a comparatively quick exit for Blackstone Inc, which agreed to acquire the company from CRH Plc for 1.64 billion euro in July 2019. The business has increased since then, with Blackstone expanding it through acquisitions and demand strengthening for its major products.

According to its website, BME distributes products for the construction industry. BME also sells heating, bathroom, and plumbing equipment utilised by professional contractors and operates stores catering to home renovators. The firm has over 600 locations across Europe under brands.

No final decisions have been taken, and details of the offering could change, the people said.

BME, headquartered in the Netherlands, stated that normalised earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 9.6% to 285 million euro for 2020, its first full year after the carve-out from CRH.

Building material suppliers like BME could also benefit from the European Union’s Green Deal, a blueprint unveiled in July to reach stricter 2030 climate targets. A major component of those plans is to enhance energy efficiency, which could boost demand for building and housing renovations.

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Also read: Blackstone Group sells over 5.7 cr units in Embassy Office Parks REIT

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