Carlyle Picks Banks for $4.7 Billion Acrotec’s Zurich IPO

(Bloomberg) -- Carlyle Group Inc. has selected banks for an initial public offering of Acrotec Group, which could be valued at as much as 4 billion Swiss francs ($4.7 billion), according to people familiar with the matter.

Bank of America Corp., Morgan Stanley and UBS Group AG are working on the potential Zurich listing of the luxury-watch parts maker, the people said, asking not to be identified discussing confidential information. A first-time share sale of the Develier, Switzerland-based business is likely to take place in the first half of 2025, the people said.

Deliberations are ongoing and details of the IPO including valuation, timing and the bank lineup could still change, the people said. Representatives for Carlyle and the banks declined to comment.

Acrotec supplies precision components for the watch, medical-technology, automotive, electronics and aerospace markets. Carlyle acquired Acrotec from Castik Capital in February 2021 for an undisclosed amount. Rothschild & Co. has been overseeing the preparations for the potential IPO as the private equity firm explores exit options for the business, Bloomberg News has reported.

Private equity firms may help Europe set the pace for IPOs in the coming months and next year, as all-time high valuations in stock markets combined with relatively low volatility tempt issuers to test appetite for listings. 

Among private equity-backed firms mulling listings are Springer Nature, the academic publisher that counts BC Partners as a backer, CVC Capital Partners Plc’s Polish retailer Zabka Polska SA and Nordic Capital’s Scandinavian consumer finance lender NOBA.

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