Unidas Rolls Out IPO

Unidas has taken the first official steps for an IPO, according to regulatory documents, and has hired BTG Pactual, JPMorgan, Bank of America Merrill Lynch and Espirito Santo to manage, according to regulatory documents. The size and timing remain to be set for the transaction, but the Brazilian fleet rental and management specialist is likely to target the September-October window after filing this week. The sale is to include both primary shares, as well as secondary shares to be sold by Portuguese automobile group SAG and Brazilian private equity funds Kinea Investimentos, Gavea Investimentos and Vinci Partners. Unidas plans to spend 80% of the primary proceeds on organic growth and strengthening its cash position, and 20% on acquisitions. The issuer reports BRL205m ($92m) in Ebitda in 2012, following BRL170m in 2011 and BRL135m in 2010.