EuroGroup Laminations lists on Euronext Milan at IPO price of €5.5 per share

PARIS, FRANCE: Tikehau Capital announce the portfolio company EuroGroup Laminations S.p.A. listed its shares on Euronext Milan and has started trading under the ticker symbol EGLA. The IPO price of €5.5 per share implies a market capitalisation of approximately €922 million.

EuroGroup Laminations is a market leader in the design and production of the “motor core” for electric motors and generators.

The IPO follows the execution of a successful growth strategy since Tikehau Capital’s acquisition of a 30% stake in the Company in September 2020.

The investment was made mainly through its T2 Energy Transition private equity fund, launched by TotalEnergies and Tikehau Capital in 2018, which targets European companies that enable the transition to a low-carbon economy*.

EuroGroup Laminations is a global leader in the design and production of the “motor core” for electric motors and generators for applications in the electric vehicle and industrial markets. The Company operates on a global scale with 12 plants strategically located across five countries.

EuroGroup Laminations maintains longstanding client relationships with global OEMs and Tier 1 suppliers and acts as sole supplier for the vast majority (80%) of the battery electric vehicle platforms of its customers, making it well-positioned to benefit from the ongoing transition to electric vehicles.

As a significant minority investor in EuroGroup Laminations, Tikehau Capital partnered with the Company’s founding families and management team, providing financial and strategic resources to support growth in the Company’s reference market.

Since Tikehau Capital’s initial investment, EuroGroup Laminations’ order book for its Electric Vehicle and Automotive segment has increased by over 3x from €1.5 billion to approximately €5 billion, with an additional pipeline of orders under discussion of €2.5 billion, and the Company’s EBITDA has also more than tripled during this period of time. The IPO will support the Company’s continued expansion and consolidate its position as a global leader in the electric vehicle market.

Roberto Quagliuolo, Head of Private Equity Italy and Co-Head of Italy at Tikehau Capital said: “We would like to congratulate the entire EuroGroup Laminations family for reaching this important milestone in the Company’s history. EuroGroup Laminations has emerged as a global leader in the transition to electric vehicles, a key driver in the broader energy transition, and we are proud to be part of such a successful growth story.”

Antoine Flamarion and Mathieu Chabran, Co-Founders of Tikehau Capital, added: “Our investment in EuroGroup Laminations is a great example of our private equity strategy dedicated to the energy transition and ability to back leading European businesses with strong growth potential that support the decarbonisation of our economy. Companies like EuroGroup Laminations are in our view at the heart of driving the transition to a low-carbon economy and the success of the IPO illustrates the increasing demand from institutional investors for opportunities such as these.”

Following the EuroGroup Laminations IPO, Tikehau Capital’s vehicles will jointly retain an 8.5% stake (before over-allotment option) in EuroGroup Laminations to continue to support the company’s development and growth. Jean-Marc Gales, Tikehau Capital Operating Partner, and Roberto Quagliuolo will continue to serve as Board members of the Company.

The IPO represents the third partial or full realisation of investments made by the T2 Energy Transition fund, following the partial sale of its stake in GreenYellow in July 2022 and the sale of Groupe Rougnon in August 2022.

JP Morgan, BNP Paribas, Intesa Sanpaolo (IMI CIB Division) and UniCredit acted as joint global advisors and bookrunner, assisted by Linklaters as legal advisors, while Rothschild & Co acted as financial advisor. Latham & Watkins acted as legal advisor to the company, while Tikehau Capital was assisted by Legance and Studio Biscozzi Nobili Piazza.