AZ Capital together with STJ Advisors have advised Rhône Capital (“Rhône”) on its placement of shares in Fluidra SA (“Fluidra”), a leading global manufacturer and distributor of equipment for swimming pools, via an accelerated bookbuilt offering.
The transaction raised gross proceeds of EUR 200m via the sale of 12.1 MM ordinary shares, representing 6.2% of the company’s ordinary share capital and 96 days’ trading volume. The transaction was upsized from EUR 175m at launch and from EUR 125m during wall-crossing. Rhône Capital’s stake in Fluidra following the transaction will be c.32%. The transaction was marketed at wall-crossing with a discount of 5% to the closing price however the final placement price came at a discount of 4.2% on the back of strong interest. This represents a tight discount compared to a market average discount of 6.0% for European Secondary ABBs YTD. The offer was 2.8 times oversubscribed at the placing price. The share price closed up 2.6% on the day after launch. AZ Capital and STJ Advisors provided advice concerning transaction timing, syndicate structure, investor targeting and long-only demand visibility, issue size and ultimate pricing tactics. Bank of America and Berenberg were the deal’s bookrunners.
Fluidra was founded in 1969 by four Catalan families (Planes, Serra, Corbera and Garrigós) with the name of Astral Construcciones Metálicas. Headquartered in Sabadell, Barcelona, it is a swimming pool and wellness equipment company. In 2007, the company became a public company, listing on Madrid stock exchange.