Brazilian Furniture Maker Plans IPO

Unicasa Industria de Moveis, a Brazilian furniture manufacturer, has registered for an IPO. The company’s documents do not indicate the size or timing of the sale, which is to involve primary shares, as well as secondary shares sold by controller Alexandre Bartelle and members of the Zietolie family. Unicasa, which through its Dell Anno, Favorita, New and Telesul brands targets all levels of the Brazilian income ladder, is raising funds for expansion, particularly in products aimed at the country’s C class. A portion of the primary proceeds would also be used to pay a dividend to shareholders, according to the filing. Unicasa claims to be Brazil’s sector leader in terms of gross revenue – BRL402m ($228m) in 2011 – and that it has the potential to open 566 new stores throughout Brazil, including 457 for its New brand targeting the C class. The issuer, founded in 1985 and based in Bento Goncalves in the state of Rio Grande do Sul, posted BRL80.4m in Ebitda in 2011, up from BRL72.9m in 2010. BTG Pactual, Itau and Santander have been hired to manage the process. Brazil’s IPO pipeline is building, as is optimism that the country could finally price its first IPO of the year as soon as next month. The list includes the debut of rental car provider Locamerica and of oil services provider Seabras, as well as the highly anticipated sale from BTG Pactual that could top BRL2bn.