Univar, North America's leading chemicals distributor LBO'd by CVC and CD&R, announced terms for its IPO on Monday.
The Downers Grove, IL-based company plans to raise $420 million by offering 20 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Univar would command a fully diluted market value of $2.9 billion.
Singapore government fund Temasek plans to invest $500 million in a concurrent private placement, $150 million of which will be used to buy out inside shareholders. Insiders are also selling on the overallotment.
Univar, which was founded in 1924 and booked $10.2 billion in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol UNVR. Deutsche Bank, Goldman Sachs, BofA Merrill Lynch, Barclays, Credit Suisse, J.P. Morgan, Jefferies & Co. and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of June 15, 2015.
