Bain picks banks for flotation of Sweden’s Bravida, say sources-Reuters

(Reuters) Private equity firm Bain Capital has picked banks to lead a stock market flotation of Swedish plumbing and electrical systems group Bravida, which could be worth more than 10 billion crowns ($1.2 billion) including debt, people familiar with the matter said.

The people, who declined to be identified because the listing plans are not public, said Bain had chosen Nordea , Deutsche Bank and Morgan Stanley for the float planned for later this year or in early 2016.

Bravida will join a spate of listings in Stockholm on the back of high valuations for equities. Five companies have joined the main list of Stockholm’s stock exchange so far this year, though none as big as Bravida, compared with three in the same period last year.

Bravida supplies electrical, heating, plumbing and ventilation systems across Scandinavia and made adjusted earnings before goodwill amortisation (EBITA) of 760 million crowns last year on sales of 12 billion.

Bain Capital, which bought Bravida from private equity firm Triton in 2012 for an undisclosed amount, declined comment. Deutsche Bank advised Triton on that deal.

Bravida did not immediately return a request for comment. The banks either declined to comment or did not immediately return a request for comment.

Bravida employs around 9,000 people in Sweden, Norway and Denmark. It said last month it would enter Finland by acquiring peer Peko Group with sales of around 620 million crowns.