Galderma Owners Lead $1.3 Billion Rush of Europe Share Sales

This content was published on September 3, 2024 - 19:50

2 minutes

(Bloomberg) — The private equity backers of Galderma Group AG are looking to sell $1.2 billion worth of shares in the Swiss skincare giant, joining buyout firms with stakes in two other European firms after shares climbed this year.

EQT AB, the Abu Dhabi Investment Authority and Auba Investment Pte. Ltd are seeking to place about 13 million shares in Galderma with investors, representing a 5.5% stake, according to a statement. Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG are coordinating the sale.

Investor demand was enough to cover the deal shortly after launch, according to a bookrunner message seen by Bloomberg.

Galderma, whose brands include Cetaphil and Alastin, has seen its shares soar 52% since its IPO in March. France’s L’Oreal subsequently acquired a 10% stake in the company from its private equity backers.

Deliveroo, Moonpig Sales

Bridgepoint Group Plc was separately trying to sell $58 million worth of shares in Deliveroo Plc, the last of its remaining holdings in the British food delivery group.

Meanwhile, the private equity owners of Moonpig Group Plc were also trying to exit their remaining position in the greeting cards group, equating to a 5.9% stake. The offer size would be about £40 million ($52 million), according to the term sheet.

Deliveroo and Moonpig shares are up 18% and 33% respectively since the start of this year.

European fund managers told Bloomberg News last week they expected to see a string of block trades from private equity groups trimming stakes left from IPOs. This year there have been at least 24 sales led by private equity, raising almost $9 billion combined on European exchanges, according to data compiled by Bloomberg.

(Adds details on Deliveroo and Moonpig share sales from fifth paragraph.)