EQT plans London listing of food outlet operator SSP

By VCPOST Staff Reporter

Jan 10, 2014 01:24 AM EST

Swedish private equity firm EQT Partners plans to list British food outlet operator Select Service Partner (SSP) on the London Stock Exchange later this year, three sources told Reuters.

According to the report, two of the sources said that SSP could be worth £2 billion ($3.3 billion) on an enterprise value basis. The sources also said that the listing could potentally take place in June at the earliest.

The process is at an early stage as EQT has not yet appointed any financial advisors, Reuters sources said. The first step will be to pick an initial public offering advisor who will help hire banks as bookrunners ahead of a listing, the sources added.

SSP employs some 30,000 people and runs restaurants, cafes and bars in airports and railway stations, serving more than 1 million people per day in 30 countries. It owns brands such as Caffe Ritazza and Whistlestop, the report said.

SSP had sales of £1.74 billion in 2012 and earnings before interest, tax, depreciation and amortization (EBITDA) of £139 million. It was bought by EQT in 2006, Reuters said.

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