Belron (Carglass) reportedly eyeing Amsterdam IPO with valuation over EUR30bn
Belron, the vehicle glass specialist owned by D'Ieteren and known for brands such as Carglass, Autoglass, and Safelite, is reportedly preparing an IPO in AMSTERDAM, with a valuation target of over EUR30bn, according to the Financial Times.
According to the financial daily, the group's shareholders, including D'Ieteren and Clayton Dubilier & Rice, have favored Amsterdam, although a New York listing had also been considered. However, no final decision has reportedly been reached at this stage, and the transaction might not take place until next year.
The Financial Times says that Belron could be valued between €30bn and €40bn. Such an operation would rank among the largest European IPOs in recent years.
In 2024, Belron's annual adjusted operating profit rose by 10% to €1.26bn, according to D'Ieteren's latest financial results. Belron, D'Ieteren and CD&R declined to comment, the FT added.
In existence since 1805, and across family generations, D'Ieteren Group (the Group) is an investment company seeking growth and value creation by building a family of businesses that reinvent their industries and search for excellence and meaningful impact. It currently owns the following businesses:
- Belron (50.30% in fully diluted economic rights at 31 December 2023, equity-accounted investee): worldwide leader in vehicle glass repair, replacement and recalibration;
- D'Ieteren Automotive (100% owned): distributor of Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium and expanding into other mobility services;
- PHE (100% in economic rights - see note 2) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain;
- TVH (40% owned - equity accounted-investee): leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment;
- Moleskine (100% owned): develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform;
- D'Ieteren Immo (100% owned): groups together the Belgian real estate interests of D'Ieteren Group.
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