B&S Group announces intention to launch Initial Public Offering and listing on Euronext Amsterdam

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Overig advies 26/02/2018 07:26
Larochette, Luxembourg – 26 February 2018
B&S Group S.à r.l. (“B&S Group” or the “Group”) today announces its intention to launch an initial public offering (“IPO”) and listing of its ordinary shares (“Shares”) on Euronext Amsterdam. B&S Group is a fast-growing, global distribution partner, providing essential distribution services to both suppliers and customers. The Group is focused on supply chain complexities in the consumer goods sector and holds leading positions in attractive channels and specialised markets.

B&S Group highlights
B&S Group is a global value-adding distribution partner with roots dating back to 1872. With a well-trained and experienced workforce, the Group serves as a trusted and reliable partner to both suppliers and customers, providing essential distribution services and solving their supply chain complexities
B&S Group has a track record of strong and consistent growth. Through a combination of organic growth and acquisitions, the Group increased its turnover from 2009[1] to 2017 with a compounded annual growth rate of 12.8%. Over the same period, the Group increased its net profit attributable to the owners of the company with a compounded annual growth rate of 21.6%
B&S Group holds leading positions in a large number of attractive channels and specialised markets, such as B2B Retail, Maritime, Remote and Airport retail. In the Value Retail channel, the Group is a longstanding supplier to fast-growing customers such as Action. In E-commerce, the Group partners globally with successful e-commerce platforms such as Amazon (since 2009) and over 100 others
B&S Group operates a flexible, well invested and highly efficient distribution platform that comes with strong barriers to entry. Powered by automated and high capacity warehouses and delivered with experience in customs and compliance, the Group offers over 40,000 consumer goods to its customers in 100+ countries
B&S Group is led by a committed and entrepreneurial management team, combining deep and extensive sector experience with a founder-led perspective. Over 80% of managers of the Group’s segments started their careers with the Group, and hold an average tenure of 17 years
B&S Group has delivered strong profitability and cash generation, increasing EBITDA Margin from 4.6% to 7.0% from 2009 to 2017. Over the same period the Group delivered a compounded annual EBITDA growth rate of 18.9%. The Group realised a turnover of € 1.5 billion and EBITDA of € 106 million for the year ended 31 December 2017
B&S Group is well positioned to capture growth opportunities organically and through strategic acquisitions. Through a new, semi-automated warehouse in Dordrecht, the Netherlands, which is anticipated to be completed in Q2 2018, the Group expects to require no new capacity for the coming 5 years. In addition, the Group intends to continue its successful acquisition strategy, historically contributing 34% to the Group’s turnover growth (2013-2017)
Barring exceptional circumstances, B&S Group’s intention is to pay increasing dividends per share to its shareholders over time. The Group aims for an initial ordinary dividend pay-out ratio at the lower end of a target range between 40-60% of annual Group results attributable to the owners of the company.

Bert Meulman, CEO B&S Group:
“B&S Group provides comprehensive, tailor-made distribution and logistical solutions throughout the supply chain. We link suppliers and customers in attractive channels and specialised markets that would otherwise find it difficult to connect. Although our various markets differ widely in terms of products and customers, they share the characteristic that they are in a sense difficult to serve. This can be due to geography, remoteness, geopolitical circumstances, extensive regulation or fast-changing market conditions. We offer solutions for these challenges, meeting the specific needs of these markets. At the very heart of our organisation lies our philosophy of source, serve and supply.

Our global reach, scale, sourcing acumen and experience in customs, logistics and compliance are the key aspects of our added value to the distribution chain, actively managing our supplier and customer relationships. We seek to benefit from structural growth trends in the Value Retail, E-commerce and Travel markets as well as macro and market trends such as the growth in outsourcing by suppliers, globalisation, increasing demand in luxury brands and focus on compliance.

After many successful years of private ownership, B&S Group is now ready for a next step in its development. Being a listed company will increase the public awareness of B&S Group and provide us with financial flexibility through access to a wider range of capital-raising options. We look forward to the opportunities a listing on Euronext Amsterdam can bring.”


[1] This announcement contains financial information of the Group for the years ended 31 December 2009 through 2014, which has been prepared in accordance with Dutch Generally Accepted Accounting Principles ("Dutch GAAP"), and financial information of the Group for the years ended 31 December 2015 through 2017, which has been prepared in accordance with International Financial Reporting Standards (“IFRS”). Certain differences exist between IFRS and Dutch GAAP. There are no material differences between IFRS and Dutch GAAP in respect of the Group’s turnover and EBITDA (EBITDA is defined as earnings before interest, taxes, depreciation and amortisation).

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