Family to get big payday on Dutch construction group stock offering
Dutch construction group VolkerWessels, 100% owned by the Wessels family, plans to offer between 30% and 40% of its shares on the public market, the Financial Times reported.
The company’s market capitalization is expected to be about €2 billion, and the Wessels family is expected to receive up to €800 million in the IPO, the article said.
VolkerWessels CEO Jan de Ruiter told the FT that the family will remain the company’s majority shareholders in the short term but plan to reduce their holdings to a minority stake in the future, “The family is diversifying its assets,” de Ruiter told the FT.
“The move would make VolkerWessels public again, less than two decades after it was taken private by the Wessels family in 2003,” the article said. Private equity group CVC bought a 42.5% stake in the company in the summer of 2007 -- just before the financial crisis -- but sold its stake back to the family in 2013, the FT report said.
As a public company, VolkerWessels will aim to pay dividends of between 50% and 70% of its net income, the article said. (Source: Financial Times, April 19, 2017.)