The supplier to Airbus and Boeing wants to raise up to 400 million euros in capital. The debut is planned for the second quarter of this year.
MIn the middle of the biggest aviation crisis in decades, the supplier Montana Aerospace is aiming for an IPO on the SIX Swiss Exchange. The company intends to use the proceeds from the transaction to finance acquisitions in the sector that is facing consolidation. This was announced on Friday by Montana Aerospace, which is controlled by the Austrian entrepreneur Michael Tojner. As part of the transaction organized by Berenberg, Zürcher Kantonalbank and Commerzbank, Montana Aerospace plans to collect around EUR 400 million gross from investors in the course of the second quarter. Two major investors, including M&G Investments, have committed to subscribe for shares totaling 113 million euros.
Montana Aerospace supplies the aircraft manufacturers Airbus and Boeing as well as many others with components made of aluminum, titanium, composite materials, steel and copper, but also counts car manufacturers among its customers. According to experts, the company with around 4800 employees could have a market value of around one billion euros. In view of the corona crisis, the company’s sales fell to around 614 million euros in 2020 and the adjusted operating result (Ebitda) to 45 million euros.
Recovery expected in the industry
Thanks to a bulging order book, the listing candidate is now expecting a recovery. In addition to the traditional Swiss company Alu Menziken, the Montana Aerospace Group also includes the Metal Tech and Asta divisions. “A major consolidation process is underway in the aerospace industry, with massive pressure from customers to reduce the complexity of an extremely fragmented supply chain,” says CEO Markus Nolte. The number of currently thousands and thousands of suppliers is likely to decrease significantly. Customers wanted to work with fewer suppliers. Around 60 percent of the proceeds from the IPO should flow into takeovers, the rest into organic growth, says CFO Michael Pistauer. Montana Aerospace currently has multiple destinations on its radar around the world.
Montana Aerospace is part of the Tojner-controlled Montana Tech Components group. The other two divisions are the German battery manufacturer Varta and Aluxflexpack. The Swiss company, which went public on the Swiss stock exchange in June 2019, produces packaging made of aluminum and plastic foils for the food and pharmaceutical industries. Montana Tech Components wants to hold the majority in the aviation supplier even after the IPO.
Apart from two spin-offs, there has been a lull in IPOs in Switzerland since 2020. In the meantime, however, business has picked up. The pharmaceutical supplier Polypeptide plans to make its debut at SIX on Thursday.