CVC to Retry IPO

CVC Brasil Operadora e Agencia de Viagens has filed for an IPO, according to the CVM, with the all-secondary transaction representing a second attempt for controller Carlyle to sell down its position. The travel services provider filed initial documents in 2011, and was one of many Brazilians that elected not to launch amid complicated market conditions during that period. US private equity firm Carlyle holds 63.2% of CVC, with almost all of the remainder held by the founders. The sellers do not indicate their target post-float holdings, and the initial prospectus doesn’t specify size or timing. Bank of America Merrill Lynch, BTG Pactual, Itau, JPMorgan and Morgan Stanley reprise their roles as managers. CVC booked BRL197m ($90m) in Ebitda during the first three quarters of 2013, compared to BRL207m in the corresponding period of 2012. It had BRL172m for all of 2012 and BRL281m in 2011. CVC was founded in 1972, with Carlyle entering in 2009. The issuer will hope markets in 2013 will be more cooperative, and that the widely-present operator’s name recognition of the will help the sale. In the immediate future, Mexico’s Grupo Lala is scheduled to price today an IPO that is targeting nearly $1bn-equivalent.