Milbank Advises Managers in Cary Group’s $1.1 Billion Initial Public Offering

Milbank LLP advised Carnegie Investment Bank AB, Danske Bank A/S, Danmark, Sverige Filial and Jefferies GmbH. as joint global coordinators, and ABG Sundal Collier AB, Skandinaviska Enskilda Banken AB (publ) and UBS Europe SE as joint global bookrunners in connection with the initial public offering and Nasdaq Stockholm listing of Cary Group. Trading on Nasdaq Stockholm commenced on September 23, 2021. The offering price was set at SEK70 per share, corresponding to a market value for all outstanding shares of approximately SEK9.2 billion ($1.1 billion).

Cary Group was founded as part of Ryds Glas in 1947. Since then, Cary Group has grown to become a market leader in the Nordics as a glass repair and replacement provider, offering sustainable car care solutions that prolong the life cycle of vehicles with a growing presence in Europe that includes over 520 workshops and approximately 400 mobile units in Scandinavia, UK and Spain, and brands such as Ryds Bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Ralarsa.

The Milbank team was led by Capital Markets partner David Dixter and included associates Matt Hall and Dimitris Stamatis and paralegal Matteo Bonacina. The team also included New York Tax partner Andrew Walker and associate Ben Heller.