Dutch Wholesaler B&S Said to Plan IPO Valuing It at $2.4 Billion

  • ABN, Morgan Stanley and ING selected to work on the deal
  • B&S share sale could raise more than 500 million euros

B&S BV is weighing an initial public offering that could value the 145-year-old Dutch consumer goods wholesaler at about 2 billion euros ($2.4 billion), according to people familiar with the matter.

ABN Amro Group NV, ING Groep NV and Morgan Stanley have been selected to work on the sale, along with Deutsche Bank AG and Cooperatieve Rabobank UA, the people said, asking not to be identified as the details aren’t public. An IPO in Amsterdam could raise more than 500 million euros, the people said. No final decisions have been made and the company’s plans may still change, they said.

B&S joins this year’s crop of Dutch IPO candidates including auto fleet management business Leaseplan Corp. and lender NIBC Holding NV, which is backed by J.C. Flowers & Co. Companies have raised about $810 million from two listings on the Dutch exchange this year, down from $2.8 billion in the same period in 2016, data compiled by Bloomberg show.

B&S, ABN, ING, Morgan Stanley and Deutsche Bank declined to comment. Rabobank didn’t immediately respond to requests.

B&S, which was made up of three companies that merged in 2000, traces its origins to 1872, according to its website. The company specializes in supply and logistics, offering a wholesale and distribution network for a range of consumer goods from cosmetics and electronics to food and beverages. Its customers include shipping companies, airport shops, militaries, cruise ships and airlines.

The group reported revenue of 1.4 billion euros for 2016, an increase of 7.1 percent over the previous year. Earnings before interest, taxes, depreciation and amortization climbed 12 percent to 93 million euros for the period. The Netherlands accounted for 22 percent of its revenues in 2016, the annual report showed.

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