Frankfurt The Swiss-Austrian company Montana Aerospace wants to go public. The management of the aircraft supplier announced on Friday morning a so-called “intention to float”, the first step on the way to the floor. The goal is to generate proceeds of around 400 million euros.
Montana is to be listed on the SIX Swiss Exchange. The initial listing is targeted in the second quarter. It usually takes around three to four weeks after the initial announcement of an IPO to actually go public. According to CFO Michael Pistauer, the proceeds from the issue will flow exclusively into further organic growth and acquisitions.
Montana Aerospace specializes in so-called aerostructures, the skeleton of an aircraft. Production takes place in Switzerland, Germany and the USA, but the company has also set up production in Romania and Vietnam. In the pre-crisis year 2019, sales were still 783 million euros, adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) 102 million euros. In 2020, sales fell to 614 million euros due to the crisis, and the adjusted result was 45 million euros.
The company with around 4800 employees belongs to the Austrian entrepreneur Michael Tojner. With Varta and Aluflexpack, two of his companies are already listed. The third is to follow with Montana. And as with Varta and Aluflexpack, Tojner will probably also retain the majority at Montana Aerospace.
Top jobs of the day
Find the best jobs now and
be notified by email.
–
–
–
“The previous shareholder remains on board, and the money is also not intended for the repayment of liabilities,” Pistauer told the Handelsblatt. Only in the course of a possible over-allotment of shares, the so-called greenshoe, Tojner will sell part of his shares. The entrepreneur still holds 56 percent of Varta through his parent company Montana Tech Components, and 54 percent for Aluflexpack.
Further acquisitions are planned
In addition, two institutional investors have already agreed to take over shares with a volume of 113 million euros, according to the announcement. These are funds advised by Capital International Investors and M&G Investments, a British asset manager.
Montana Aerospace was created not least through acquisitions. CEO Markus Nolte intends to continue this so-called build-and-buy strategy with the help of the proceeds from the issue. “Montana Aerospace already has a deeply integrated value chain. So it makes sense to use us as a consolidation platform, ”he told the Handelsblatt.
Management promises strong growth to potential new shareholders. “Our order backlog increased within a year, while there was a decline across the industry due to the crisis. We therefore assume that we have gained market share, ”said CFO Pistauer. He and Nolte are counting on being able to benefit from the high pressure to consolidate in the supplier industry. The industry, which is largely characterized by medium-sized companies – there are around 2,300 companies in Germany alone – is facing enormous challenges. After the long and most severe crisis in aviation, funds have been used up in many places.
