French Buyout Firm Ardian Starts Work on Potential IPO

(Bloomberg) --

Ardian SAS has begun internal preparations for a possible initial public offering, following recent successful listings by other alternative investment firms in Europe, according to people familiar with the matter.

The Paris-based private equity firm is speaking with potential advisers as it weighs the timeline for an IPO, the people said, asking not to be identified discussing confidential information.

Deliberations are in the early stages and there’s no certainty that Ardian will decide to proceed with plans for an IPO, according to the people. A representative for Ardian declined to comment.

With $120 billion under management, mid-market specialist Ardian is one of Europe’s largest houses investing across private equity, growth and debt strategies. Last year, it raised $19 billion for a fund dedicated to buying secondhand private equity stakes. Its founder, Dominique Senequier, led a management buyout of the business from French insurer AXA SA in 2013 with $36 billion under management or advice at the time.

Unlike in the U.S., where firms like Apollo Global Management Inc. and Blackstone Group Inc. went public more than a decade ago, European buyout groups have tended to remain private partnerships still dominated by their founders or immediate successors. 

But there are signs this is starting to change as firms in the region look for ways to open up to more investors, raise capital and reward employees. The growth of the asset class and rising valuations, meanwhile, have made it more difficult for founders to sell their stakes to other private buyers.

If Senequier does opt to take Ardian public, it could be one of the largest listings of a private equity firm in Europe since the IPO of Sweden’s EQT AB in 2019. Since then, Britain’s Bridgepoint Group Plc and Paris-based Antin Infrastructure Partners SA have both sold shares in a buoyant market this year. CVC Capital Partners has also been informally discussing the idea of an IPO, Bloomberg News reported in September. 

Ardian has been encouraged by the strong public market performance of its private equity peers, the people said. EQT shares have risen more than 700% from their listing price, while Antin and Bridgepoint have both surged more than 45%. 

Tikehau Capital SCA, another French alternative asset manager, went public in 2017. Its shares have risen almost 16% since.

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