TI Fluid Systems has withdrawn its plans for a London listing

Oliver Gill
Follow Oliver
Model T Ford
TI Fluid Systems' first contract was in 1922 supplying fuel lines for the Ford Model T (Source: Getty)
I Fluid Systems became the latest casualty of uncertain market conditions as it pulled its London listing before it even had to chance to garner interest from cornerstone investors.

The Bain Capital-backed group was eyeing up a €600m (£540m) listing. But less than two weeks since announcing its intention to float, sources close to the company told City A.M. that the board intended to pull the float, citing uncertain market conditions.

Read more: Bain Capital swoops on historic British car parts manufacturer

Bain Capital completed the purchase of the group in June 2015 for a reported $2.5bn from Oaktree Capital and Duquesne Capital Management who had taken control of the group as part of a debt restructuring in 2007.

Sources added Bain Capital had not even had chance to speak to potential investors in order to assess their interest to underwrite a listing. They said that while a float still a possibility in the future, the US fund is far from a forced seller.

Read more: Pure Gym bins IPO citing market concerns

The news comes just two days after CCMP Capital Partners and Hermes GPE were forced to pull a £190m London listing of Pure Gym. In this instance, Pure Gym had a sufficient number of institutional investors lined up to back the deal but the board dropped the plans over similar concerns of market uncertainty.

Related articles