DGAP-News: va-Q-tec AG / Key word(s): IPO
va-Q-tec prepares for Initial Public Offering
07.09.2016 / 08:00
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PRESS RELEASE
va-Q-tec prepares for Initial Public Offering
- Technology leader in thermal insulation plans Initial Public Offering
on the Frankfurt Stock Exchange with admission to the regulated market
(Prime Standard)
- Offer comprises primary shares with targeted proceeds of approximately
EUR 45 million as well as secondary shares
- Targeted free-float of approximately 50%
- The strongly growing Company develops, manufactures and sells highly
innovative, energy efficient and space saving VIPs (vacuum insulation
panels), high end PCMs (thermal energy storage components) and high
performance thermal packaging systems (containers and boxes)
- Via its global container and box "Serviced Rental" business, va-Q-tec
especially addresses the cold chain challenges of the healthcare
industry
- va-Q-tec is positioned at the intersection of three megatrends: energy
efficiency, globalisation of supply chains in the healthcare industry,
and increasing regulation in favour of product and patient safety
- IPO proceeds will be predominantly used to further expand the "Serviced
Rental" business and to invest in new production capacities
Würzburg, 7 September 2016. va-Q-tec ("va-Q-tec AG" or the "Company", and
together with its subsidiaries "va-Q-tec" or the "Group"), a globally
leading provider of energy efficient products and solutions in the field of
thermal insulation, is planning an Initial Public Offering ("IPO" or the
"Offering") on the Regulated Market (Prime Standard) of the Frankfurt Stock
Exchange before the end of this year.
IPO for further growth
In connection with the IPO, the Company expects the primary proceeds from
the offering to be approximately EUR 45 million. The Offering will also
comprise shares from the existing shareholders and a customary greenshoe
from secondary shares of 15% of the base offering. A 50% free-float post
IPO is targeted.
Around 47% of the current share capital of va-Q-tec AG is held by the
founders and management, 33% is owned by Zouk Capital and the remainder by
other shareholders.
The Offering will consist of initial public offerings in Germany and
Luxembourg as well as private placements in certain other jurisdictions
outside these countries, and outside the United States of America. The IPO
proceeds are to be invested mainly in expanding the container and box
"Serviced Rental" business of va-Q-tec. Moreover, production capacities are
to be expanded in order to meet the increased demand for the Company's
products.
"va-Q-tec has achieved impressive growth rates and increased profitability
particularly over the past 5 years. The proceeds of the IPO will provide
the financial foundation to continue on this trajectory and to execute on
our strategic objectives: maintaining and expanding technology leadership,
growing more rapidly than our underlying markets, and achieving improved
and sustained profitability," comments Christopher Hoffmann, CFO of va-Q-
tec AG.
Berenberg will act as Sole Global Coordinator and Joint Bookrunner to the
transaction, with MainFirst Bank as Joint Bookrunner and equinet Bank as
Co-Lead Manager.
Innovative products, systems and services
The Company develops, produces and sells innovative, energy efficient and
space saving vacuum insulation panels ("VIPs") and thermal energy storage
components (phase change materials - "PCMs"). VIPs are evacuated, thin
thermal insulation panels whose core materials are sealed with air-tight
barrier films. VIPs offer space-saving and energy-efficient insulation
solutions, and insulate against changes in external temperatures between
-80°C and +80°C. PCMs are thermal energy storage components that absorb and
store thermal energy during a freezing or heating process without
considerably changing their temperature. va-Q-tec PCMs are available for
standard temperature ranges for example from -25°C to +25°C as well as for
certain special temperature ranges, including from -60°C (or even below) to
-25°C and from +25°C to +40°C.
va-Q-tec also produces advanced passive thermal packaging systems by
optimally integrating VIPs and PCMs into boxes and containers (insulated
single-use and multi-use boxes and multi-use containers). These exhibit
superior performance and cost advantages compared to any conventional
active, battery and compressor driven solutions available on the market.
The va-Q-tec packaging systems can maintain constant temperature conditions
between 24 and over 200 hours without external energy input. The
reliability of the thermal packaging systems can be verified prior to every
shipment with the unique and patented quality control system va-Q-check(R),
which allows the precise measurement of the internal gas pressure of each
VIP and the detection of non-visible product defects in VIPs.
Through its subsidiary in the United Kingdom, va-Q-tec maintains a fleet of
pallet-sized rental containers ("va-Q-tainers") through which it mainly
serves customers from the pharmaceutical and biotech industries. Since
2015, va-Q-tec operates an additional rental business for its high
performance thermal transport boxes. Along with the rental of these thermal
packages, va-Q-tec offers supplementary services such as pre-conditioning,
cleaning, sterilisation and temperature recording ("Serviced Rental"). For
this purpose, va-Q-tec has established a comprehensive global partner
network consisting of airlines, freight forwarders and service partners,
which offer the Serviced Rental of va-Q-tec's containers and boxes as part
of their own offering. Using va-Q-tec's rental services allows customers to
operate their cold chains efficiently in terms of costs, product safety and
energy consumption.
More than 1 million deliveries have been made to date with va-Q-tec
containers and boxes, without reported temperature deviations.
"With ever new and constantly improved products and solutions for
temperature control, we have evolved from a technology pioneer into a
global player with a product, system and service business. We are well
positioned at the intersection of three megatrends driving our growth:
energy efficiency, product and patient safety, and the increasing
globalisation of supply chains. We have been pioneers in bringing VIP
technology to the market, and more recently, we have revolutionised cold
chain logistics with our Serviced Rental of high performance thermal
containers and boxes," comments Dr Joachim Kuhn, co-founder and Chief
Executive Officer of the Management Board (CEO) of va-Q-tec AG.
Local technology pioneer to global player
va-Q-tec was founded in 2001 as a spin-off from the University of
Würzburg / Bavarian Centre for Applied Energy Research (ZAE Bayern), led by
today's CEO Dr Joachim Kuhn and today's CRO (Head of R&D) Dr Roland Caps.
The Company is headquartered in Würzburg, where its administration,
research & development and part of its production facilities are located.
va-Q-tec operates a second production site at Kölleda in Thuringia,
Germany.
The globally operating Group has five branch offices on three continents
(Europe, Asia and America), and generated sales revenues of EUR 15.6
million in the first half year of 2016 (+60% compared to H1/2015) and EUR
2.2 million of EBITDA (+124% compared to H1/2015) with 261 employees (as of
30 June 2016). In the full 2015 financial year, the revenues amounted to
EUR 22.5 million (+23% year-on-year) and the EBITDA to EUR 3.6 million
(+116% year-on-year).
The following selected key consolidated financials for va-Q-tec provide an
overview of its financial performance for the past three financial years
and first half of 2016.
Key financials
<pre>
EUR millions, unless stated otherwise H1/2016 2015 2014 2013
Revenues 15.6 22.5 18.3 16.0
Total income1 19.8 29.6 22.2 17.7
EBITDA2 2.2 3.6 1.7 1.6
EBIT3 -0.4 0.4 -0.2 0.2
Operating cash flow 1.5 0.2 -0.1 0.4
Equity 9.5 10.0 10.4 11.0
Equity ratio (%) 20% 24% 31% 43%
Employees (# period-end) 261 226 187.5 166.5
</pre>
1) Revenues + changes in inventories + work performed and capitalised +
other operating income
2) Earnings before interest, tax, depreciation and amortisation
3) Profit/loss before interest and tax
Growth market for healthcare-cold chain logistics
The healthcare industry, in particular, is exhibiting strong demand for va-
Q-tec's high-performance thermal boxes and containers. Trends such as
growing globalisation in clinical research and pharmaceuticals
manufacturing, rising demand for ever more complex, frequently bio-based,
temperature-sensitive medications, and ever more stringent product safety
requirements ("Good Distribution Practice of medicinal products for human
use" - GDP) are playing a role in this context.
va-Q-tec has been a pioneer in launching passive box and container rental
services for pharmaceutical and biotech customers. The fact that va-Q-tec
is worldwide regarded as a problem-solver in cold chain logistics by such
companies is reflected in the significant revenue growth from the Serviced
Rental of thermal containers over the past years. Together with the sale of
its thermal packaging systems, the Company generated EUR 10.5 million of
revenues in its target market of "Healthcare & Logistics" in the first half
year of 2016. This represents a share of around 67% of total Group half
year revenues. In the full year 2015, these revenues amounted to EUR 14.7
million, representing around 65% of total Group revenues.
The global market for cold chain packaging services for the healthcare
industry is set to grow from USD 3.6 billion to USD 6.1 billion between
2015 and 2021 (an average of 9.2% per year), according to estimates of the
International Market Analysis Research and Consulting Group ("IMARC
Group"). "High-performance" solutions based on VIPs and PCMs account only
for a small percentage of cold chain packages at present, according to va-
Q-tec estimates. However, this area is enjoying stronger than average
growth due to significantly increased regulations for product and patient
safety. By 2020, 27 out of the top 50 best-selling global drug products are
expected to require 2-8 C cold-chain storage and handling.
Further target markets with numerous application possibilities and growth
opportunities
Alongside the "Healthcare & Logistics" market as its currently largest
revenue market, va-Q-tec is presently addressing four other markets.
In the "Appliances & Food" market, va-Q-tec primarily utilises VIPs as
space-saving insulation material in refrigerators and freezers in order to
achieve the highest energy efficiency classes of A+++. High-performance
thermal boxes from va-Q-tec can also be deployed in food transportation.
Overall, in the first half year of 2016, va-Q-tec generated EUR 3.8 million
of revenues in this target market, representing a share of around 24% of
total half year revenues. In the full 2015 financial year, these revenues
amounted to EUR 5.7 million, representing around 25% of total revenues.
In the "Technics & Industry" market, va-Q-tec's VIPs are utilised in hot
water tanks and boilers, laboratory devices, pipes, ducting systems and
electrical equipment. For hot water tanks for example, va-Q-tec is
benefiting from tightening energy labelling standards in the EU, which are
only achievable with super-insulation like from VIPs. Depending on demand,
VIPs can be produced in different forms - including curved forms - making
them very multifunctional.
In the "Building" market, VIPs are used as insulating material for interior
and exterior walls, floors, facades and roofs. Building insulation is
optimised as a consequence, as VIPs offer high insulating performance
accompanied with a substantial reduction in insulation thickness - in other
words, more energy efficiency for more living space.
Customers in the "Mobility" market face constantly rising CO2 reduction
requirements, and utilise VIPs as insulation material for cool trailers,
heat storage devices, cabin insulation, as well as for batteries in
electric vehicles. Such batteries require controlled operating temperatures
to achieve optimal performance.
"There are numerous other potential applications for our products and
solutions - and not just in our existing target markets. We aim to pick the
most promising of them and prioritise them in commercialisation. Where
appropriate and possible, we will continue to revolutionise insulation in
the future, and make our contribution to energy efficiency, climate
protection and patient health," adds Dr Joachim Kuhn.
Leading technology platform
va-Q-tec's technology platform is secured by more than 80 patents and
patents applications. These relate mainly to production methods for powder-
based VIPs as well as to the va-Q-check(R) sensor technology allowing to
control gas pressure and the quality of VIPs.
"We assume our VIP technology is several years ahead of our competitors',
and not only in terms of lifespan but also thermal performance, quality
control and system integration. By continuing our application-oriented R&D
work, we aim to ensure that our technology platform is always at the
leading edge, and to establish va-Q-tec as THE preferred partner in our
target markets," notes Dr Roland Caps, co-founder, Head of R&D (CRO) of va-
Q-tec and International President of VIPA (Vacuum Insulation Panel
Association).
The Company has received more than 20 awards over the past five years for
its innovative and energy-efficient technologies. Most notably, va-Q-tec
was awarded with the "Technology Pioneer" Award 2013 of the World Economic
Forum and, most recently, was nominated as the "German Champion" for the
European Business Award 2016 in the category of innovation.
+++ENDS+++
Contact
Ursula Querette
Instinctif Partners
Telephone: +49 89 3090 5189-22
eMail: ursula.querette@instinctif.com
About va-Q-tec
va-Q-tec is a leading provider of highly efficient tech products and
solutions in the field of thermal insulation. The Company develops,
manufactures and sells innovative, thin vacuum insulation panels ("VIPs")
and phase change materials ("PCMs") for reliable and energy efficient
temperature control and insulation. Furthermore, by optimally integrating
VIPs and PCMs, va-Q-tec manufactures passive thermal packaging solutions
(containers and boxes), which offer constant temperature conditions between
24 and over 200 hours without using external energy sources. Within its
rental services business, the company has built a global partner network to
provide for an extensive fleet of containers and boxes fulfilling highly
demanding thermal protection standards in temperature sensitive supply
chains. Besides Healthcare & Logistics as main market, va-Q-tec addresses
additional markets such as Appliances & Food, Technics & Industry, Building
and Mobility. The strongly growing Company was founded in 2001, and has its
headquarters in Würzburg. More information on va-Q-tec under www.va-q-
tec.com.
Disclaimer
This communication constitutes neither an offer to sell nor a solicitation
to buy securities. The public offering (in Germany and Luxemburg) will be
made solely by means of, and on the basis of, a securities prospectus which
is to be published. An investment decision regarding the publicly offered
securities of va-Q-tec AG should only be made on the basis of the
securities prospectus. The securities prospectus will be published promptly
upon approval by the Bundesanstalt für Finanzdiensleistungsaufsicht (BaFin)
and will be available free of charge from va-Q-tec AG, Karl-Ferdinand-
Braun-Str. 7, D-97080 Würzburg, Germany as well as on www.ir.va-q-tec.com.
This communication is not for publication or distribution, directly or
indirectly, in or into the United States, Canada, Australia or Japan. This
communication does not constitute or form part of an offer of securities
for sale or solicitation of an offer to purchase securities in the United
States, Canada, Australia, Japan, or in any other jurisdiction in which
such offer may be restricted. The securities referred to in this
communication have not been, and will not be, registered under the US
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold in the United States There will be no public offering of
securities in the United States or anywhere else, except for Germany and
Luxemburg.
In the United Kingdom, this communication is directed only at persons who:
(i) are qualified investors within the meaning of the Financial Services
and Markets Act 2000 (as amended) and any relevant implementing measures
and/or (ii) are outside the United Kingdom or (iii) have professional
experience in matters relating to investments and fall within the
definition of "investment professionals" contained in article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(as amended) (the "Order") or are persons falling within article 49(2)(a)
to (d) (high net worth companies, unincorporated associations, etc.) of the
Order, or fall within another exemption to the Order (all such persons
referred to in (i) to (iii) above together being referred to as "Relevant
Persons"). Any person who is not a Relevant Person must not act or rely on
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Forward-looking statements
Statements contained herein may constitute "forward-looking statements".
Forward-looking statements are generally identifiable by the use of the
words "may", "will", "should", "plan", "expect", "anticipate", "estimate,"
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Language: English
Company: va-Q-tec AG
Karl-Ferdinand-Braun Str. 7
97080 Würzburg
Germany
Phone: +49 (0)931 35 942 0
Fax: +49 (0)931 35 942 10
E-mail: info@va-Q-tec.com
Internet: www.va-Q-tec.com
End of News DGAP News Service
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499541 07.09.2016
DGAP-News: va-Q-tec prepares for Initial Public Offering
| Source: EQS Group AG