NEDRE VATS, NORWAY: AutoStore NewCo Ltd. announced its intention to launch an initial public offering (IPO) and to apply for a listing on Oslo Børs.

The IPO is expected to comprise an offering by the Company of newly issued shares to raise gross proceeds of approximately USD 315 million, mainly to reduce the financial leverage of the group and further enhance AutoStore’s flexibility to pursue its growth strategy, as well as a sale of shares by existing shareholders, including from the funds/companies owned, managed or advised by Thomas H. Lee (currently owning 50.73%) and EQT (currently owning 5.55%).

AutoStore is an innovative robotic and software technology company as well as the pioneer of cubic storage automation, the densest warehouse order-fulfilment solution available today.

AutoStore operates in the rapidly growing warehouse automation industry (particularly in the market for automated storage and retrieval systems (AS/RS), and in it the even faster growing cubic storage segment.

AutoStore benefits from a large addressable market of which only about 15% is currently being served by automated storage and retrieval solutions. As of June 2021, AutoStore had operations and installations in over 35 countries around the world with an installed or contracted base of 667 systems.

Company’s headquarter is in Nedre Vats, Norway with offices in Oslo (Norway), the U.S., the UK, Germany, France, Spain, Italy, Austria, South Korea, and Japan, and the assembly of modules and parts used in the AS/RS is mainly done by company’s subsidiary in Poland.

For the year ended 31 December 2020, company generated net revenue of USD 182.1 million and had Adjusted EBITDA of USD 93.5 million.

Following an internal reorganization prior to the IPO, AutoStore will be directly or indirectly owned by funds and /companies owned, managed or advised by Thomas H. Lee Partners, SoftBank Group Corp. and EQT, as well as employees of the AutoStore group and certain other minority shareholders. 

AutoStore’s easy-to-use software-powered cubic AS/RS solution offers superior value across operating metrics, customer economics and sustainability. Due to its continuously upgraded modular system design based on bins, grid, ports, robots and software, AutoStore’s solution offers high flexibility to customers and is able to automate almost any type of warehouse across any end-market.

The company has invested significantly in R&D personnel and resources recently, growing from 49 employees in 2017 to 149 employees (72% of which are full-time equivalents in software) as of 30 June 2021.

Karl Johan Lier, CEO & President of AutoStore, commented: “AutoStore has fundamentally redefined how warehouses store goods and retrieve items for delivery. As the only scaled and commercially available provider within our segment, we are ideally suited to further capitalize on rapidly increasing global investments in e-commerce and automation. Our listing on the Oslo Børs will be the first step in what we expect to be a long and exciting journey as a public company and we look forward to celebrating this achievement with our employees, customers, and investors”.

The IPO will allow the company to optimize its capital structure and enhance profile with investors, business partners, suppliers and customers and further improve the ability to attract and retain key management and employees.

It will also enable the selling shareholders to partially monetize their shareholding in the Company and allow for a liquid market for the shares, diversify the shareholder base and enable other investors to take part in company’s future growth and value creation.

The IPO is expected to comprise a public offering in Norway, Sweden, Denmark and Finland, as well as a private placement to institutional and other professional investors in the above countries and internationally.

Carnegie AS, J.P Morgan A.G and Morgan Stanley & Co. International plc are acting as Joint Global Coordinators and Joint Bookrunners in the IPO (together the “Joint Global Coordinators”).

ABG Sundal Collier ASA, Citigroup Global Markets Limited and Jefferies GmbH are acting as Joint Bookrunners (together the “Joint Bookrunners”). Mizuho Securities Europe GmbH and SpareBank 1 Markets AS are acting as Co-Lead Managers in the IPO (together with the Joint Global Coordinators and the Joint Bookrunners, the “Managers”). Moelis & Company UK LLP is acting as Financial Advisor in relation to the IPO (the “Financial Advisor”).

Advokatfirmaet Thommessen AS is acting as the Norwegian legal counsel to the Company. Kirkland & Ellis International LLP is acting as international legal counsel to the Company. Walkers (Bermuda) Limited is acting as Bermuda legal counsel to the Company. Advokatfirmaet Wiersholm AS is acting as Norwegian legal counsel to the Managers. Milbank LLP is acting as international legal counsel to the Managers.