Private equity firm Bridgepoint unveils plans for London IPO
Private equity firm Bridgepoint today unveiled plans to list on the London Stock Exchange, marking the latest boost for the capital’s IPO market.
The buyout group, which has around €27.4bn of assets under management across equity and debt funds, said it will seek to sell around a quarter of its shares while a further 15 per cent are expected to be available through an over-allotment option.
The company will sell around £300m of new shares, as well as the sale of shares by some existing shareholders.
The float marks a rare entrance to public markets for a private equity firm and will put Bridgepoint alongside London-listed 3i Group.
It comes amid a flurry of private equity dealmaking as buyout groups move in on companies that have been left reeling from the pandemic.
Bridgepoint, which is led by William Jackson, was formed in 2000 following a management buyout from Natwest Equity Partners.
It previously owned Pret A Manager before selling it to German group JAB Holdings in 2018 for £1.5bn. Earlier this month it took a minority stake in Asian fast food chain Itsu.
It has also invested in Dorna, which holds the commercial rights to MotoGP.
“Over the last 30 years we’ve built the global leader in middle market growth investing, with strength and depth across two very complementary strategies in private equity and private credit,” said executive chairman William Jackson.
“Bridgepoint operates across the middle market at scale, providing access for some of the world’s most experienced investors to attractive growth businesses through its unique local insight and expertise and its well-resourced platform. We have delivered strong and consistent returns for investors and shareholders through different economic cycles.”
JP Morgan and Morgan Stanley are joint global coordinators on the IPO, while BNP Paribas, Citigroup and Merrill Lynch are joint bookrunners.