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Avio IPO back on track

The IPO of Avio, an Italian aerospace company owned by private equity firm Cinven, is back on track after last year's market volatility derailed the process.

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The IPO of Avio, an Italian aerospace company owned by private equity firm Cinven, is back on track after last year's market volatility derailed the process. 

According to a Reuters report, Avio is expected to list on the Milan Stock Exchange in July, months after it filed an application last summer. 

Cinven has long been eyeing a public exit for the aerospace business, although talks have been held with France's Safran, and private equity firms CVC Capital Partners and Clessidra, while state-backed vehicle Fondo Strategico Italiano has also expressed an interest. 

The news follows the recent publication of Avio's fiscal results, which show revenues up more than 15 per cent to €2bn and Ebitda at €383m. The company also has a €6bn order book. 

Cinven bought Avio in August 2006 in a deal that valued the Turin-based company at €2.57bn. At the time of the buyout it had Ebitda of €275m on sales of €1.4bn. 

Avio designs, manufactures and services subsystems and components for military jets including the Eurofighter Typhoon and F-35 Joint Strike Fighter, and has contracts with General Electric, Rolls Royce and Pratt & Whitney.

Real Deals analysed the Fondo Strategico Italiano's overture for Avio as part of our 12-year deal archive available to subscribers. To read this analysis, free to all for a limited time, click here.

Picture: Source