PRINT THIS PAGE Doughty Hanson prepares to float ATU in E1.5bn IPO12/05/2004. Source: AltAssets. 
 Doughty Hanson is preparing to exit its investment in Auto-Teile-Unger (ATU) in an initial public offering worth in the region of E1.5bn. The flotation will take place on the Frankfurt Stock Exchange by June this year.
Doughty Hanson acquired the company, a chain of automotive parts stores and repair shops, for E900m in June 2002. The company currently has 447 outlets in Germany, 13 in Austria and one in the Czech Republic. In the year ending 31 December 2003, ATU had turnover of around E1.1bn and an EBITDA of E203m.
'The proceeds will allow us to fully repay the shareholder loan and to reduce our indebtedness, which will help us to strengthen the balance sheet and positions us for further expansion,' said Werner Aichinger, ATU chief executive.
Doughty Hanson has also announced plans to float UK football clothing and equipment manufacturer Umbro on the London Stock Exchange by the end of June this year. This IPO is expected to raise in the region of £200m.
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