CVC-Backed Maker of Bod Man, Cantu Products Plans IPO
(Bloomberg) -- PDC Brands, the beauty and personal care products company backed by CVC Capital Partners, is preparing for a U.S. initial public offering, people familiar with the matter said.
Just 14 months after the private equity firm agreed to buy the company, PDC Brands is working with advisers to prepare for a listing in 2019, said the people, who asked not to be identified because the matter is private. The size and precise timing of the listing hasn’t been decided, the people said.
CVC agreed to acquire PDC Brands from Yellow Wood Partners in June 2017, with the deal to be made final by its CVC Capital Partners VI LP fund, the private equity firm said in a statement at the time. Yellow Wood Partners said the following month that the $1.4 billion sale had been completed.
Representatives for CVC and PDC Brands, based in Stamford, Connecticut, didn’t respond to requests for comment.
London-based CVC has already taken some money off the table. In December, CVC took out an additional $25 million in loans against PDC, using some of the proceeds to pay itself and other a dividend, according to data compiled by Bloomberg.
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