H&F Adds More Banks to IPO of €20 Billion Security Firm Verisure
(Bloomberg) — Verisure’s majority owner Hellman & Friedman has lined up more banks for a potential initial public offering of the security firm, as it steps up preparations for what could be one of Europe’s largest listings in years, according to people familiar with the matter.
The private equity firm has added Bank of America Corp., JPMorgan Chase & Co., Barclays Plc and BNP Paribas SA to assist with the IPO, the people said. A listing could value Verisure at more than €20 billion ($22 billion), the people said, asking not to be identified because the information is private.
Goldman Sachs Group Inc. and Morgan Stanley were earlier chosen to lead the deal as global coordinators, Bloomberg News has reported. Deliberations are ongoing and details of the planned offering could change, the people said.
Representatives for H&F, Verisure and the banks declined to comment.
Verisure, formerly known as Securitas Direct, is leaning toward a European listing and has been considering Amsterdam and Stockholm among potential venues, people familiar with the matter have said previously. A listing in Europe would deliver a major win for the continent, which has seen some of its largest companies defect to the US in search of deeper liquidity and richer valuations.
A bout of volatility due to concerns over US President Donald Trump’s trade policies has, however, slowed down a much-anticipated recovery in European IPO activity. The private equity owners of Stada Arzneimittel AG decided to delay the IPO of the German drugmaker until September. German regional lender Oldenburgische Landesbank AG abandoned plans for an IPO and will instead be sold to a subsidiary of France’s Crédit Mutuel Alliance Fédérale.
Verisure develops monitored security systems for households and small businesses in Europe and Latin America. Its products include video detectors and cameras, smoke barriers, shock sensors and smart locks. The company’s total revenue grew over 10% last year to €3.41 billion, while total adjusted Ebitda grew to €1.5 billion, according to results posted on the company’s website.
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