CPE News (2/12/2021) – ABC Technologies Holdings Inc. has filed its final prospectus for the proposed initial public offering (IPO) by way of a secondary offering of common shares of ABC Technologies by ABC Group Canada LP which is controlled by Cerberus Capital Management, L.P.
ABC Group Canada LP will sell 10 million ABC Technologies Holdings shares at $10 per share for gross proceeds of $100 million, or 11,500,000 shares for $115 million if the over-allotment option is exercised in full.
The Toronto Stock Exchange has conditionally approved the listing of the oOffered shares on the TSX under the symbol “ABCT.”
ABC Technologies Holdings had previously filed in its preliminary prospectus that ABC Group Canada LP proposed to sell between 17,000,000 and 21,250,000 common shares at price of between $12.00 and $15.00 per share for gross proceeds of $255,000,000.
Upon completion of the offering, ABC Technologies Holdings will have 52,522,392 common shares issued and outstanding.
Cerberus Capital will directly or indirectly, on a non-dilutive basis, own or control 42,522,392 common shares, being approximately 81.0% of the issued and outstanding common shares or 41,022,392 common shares (78.1%) if the over-allotment option is exercised in full.
Founded in 1974, Toronto based ABC Technologies is a leading manufacturer and supplier of custom, highly engineered, technical plastics and lightweighting innovations to the North American light vehicle industry, serving more than 25 original equipment manufacturer (OEM) customers globally through a strategically located footprint.
ABC operations are comprised of 28 strategically located manufacturing facilities, including two in-house facilities and eight manufacturing facilities owned by its joint ventures. The company has approximately 7,600 employees, employed directly or by joint ventures.
In 2016, Cerberus Capital acquired ABC Technologies (formerly ABC Group) from Schmidt family, Ben Elgner and Steve Kovacs.
photo credit: ABC Technologies