Triton’s Gas Strut Maker Stabilus Said to Plan German IPORuth David and Aaron Kirchfeld
Triton Advisers Ltd.’s Stabilus GmbH, a German maker of gas struts and hydraulic vibration dampers, plans to sell shares in an initial public offering, according to two people familiar with the matter.
Stabilus is working with Commerzbank AG and JPMorgan Chase & Co., the people said, asking not to be named as the details aren’t public yet. An IPO in Germany could raise about 300 million euros ($414 million), one person said.
Triton joins private-equity firms including Carlyle Group LP and Eurazeo SA that are planning to list companies as investors return to European markets lured by an economic recovery. IPOs in the region have raised about $14 billion so far this year, four times what they sold in the same period in 2013, according to data compiled by Bloomberg.
Representatives for Triton, Commerzbank and JPMorgan declined to comment. A spokeswoman for Stabilus couldn’t be immediately reached outside of regular business hours.
Triton acquired Stabilus in 2010 as part of a plan that involved a financial restructuring. The company, which says it’s the world leader in gas struts and hydraulic vibration dampers, has over 400 million euros in annual sales and production sites in 9 countries, according to its website. The products are used for sectors including automotive, swivel chair and industrials.
Last June, the Koblenz, Germany-based company sold 315 million euros of 7.75 percent five-year notes.