VAT Group AG prices its IPO at CHF 45 per share and lists on SIX Swiss Exchange

Haag, April 14, 2016 – VAT, the leading global manufacturer of high-end vacuum valves and related products and services, will today list its shares on SIX Swiss Exchange following its initial public offering (“IPO”). The IPO was several times oversubscribed due to strong demand from institutional investors in Switzerland and abroad as well as from domestic private investors. It priced at CHF 45 per share, at the upper end of the price range of CHF 39 to CHF 46 per share, corresponding to a placement volume of CHF 540 million (before exercise of the over-allotment option) and a total market capitalization for VAT of CHF 1,350 million. VAT shares (ticker symbol: VACN) will be traded on SIX Swiss Exchange from today.

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Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with any offer or commitment whatsoever in any jurisdiction. Investors should not purchase or subscribe for any shares referred to in this announcement except on the basis of the information that is contained in the offering and listing memorandum (the "Offering Memorandum") and the supplement thereto (the “Supplement”) published by VAT Group AG (“VAT” or the “Company” and together with its subsidiaries, the “Group”) in connection with the initial public offering of VAT Group AG and listing of all its issued and outstanding 30,000,000 registered shares with a nominal value of CHF 0.10 each on SIX Swiss Exchange. Copies of the Offering Memorandum and the Supplement may be obtained free of charge from UBS AG, Zurich, Switzerland (email: swiss-prospectus@ubs.com) and from Credit Suisse AG, Zurich, Switzerland (email: equity.prospectus@credit-suisse.com).

Media release

Heinz Kundert, CEO of VAT, says: “We are very happy and proud of the successful placement of our shares. The multiple oversubscription emphasizes the strong interest from Swiss and international institutional as well as from domestic private investors in our Company. We welcome our new shareholders and look forward to continuing our success story with a broad shareholder base supporting the sustainable development of VAT.”

Alfred Gantner, Vice-Chairman of the board of directors of VAT and co-founder of Partners Group, comments: “Since our acquisition of VAT, we have been able to create significant value for the Company through our active ownership and close dialogue with the management team. This IPO is another milestone and confirms the impressive development the Company has undertaken during our holding period. We believe it was the right time to invite a broader shareholder base to participate in the success story of this high quality business and I look forward to continuing to support VAT as the Vice-Chairman of the board of directors in this next growth phase.”

Ulrich Eckhardt, member of the board of directors of VAT and partner of Capvis Equity Partners, adds: "VAT is a prime example of a very successful Swiss global niche market leader, which we had the opportunity to actively develop into a globally acting group since our acquisition. We are impressed of what VAT has achieved so far. The listing is a further milestone in the Company's history. We are excited about the IPO and look forward to continuing working closely with the Company to capture the promising value-creation opportunities ahead.”

The bank syndicate placed 12,000,000 existing shares (the “Base Offer”) offered by the selling shareholders, mainly funds managed and/or advised by Partners Group and Capvis as well as management and other shareholders. The funds managed and/or advised by Partners Group and Capvis have also granted the Joint Global Coordinators an over-allotment option of up to 1,800,000 existing shares representing up to 15% of the shares offered in the Base Offer exercisable in whole or in part within 30 calendar days after the first trading day on SIX Swiss Exchange. The free float will amount to 40% of the shares before exercise of the over-allotment option and 46% if the over-allotment option is exercised in full, corresponding to a total placement volume of up to CHF 621 million. The funds managed and/or advised by Partners Group and Capvis, as well as the Company and other shareholders, have committed to a lock-up period of six months after the first trading day. Management shareholders will be subject to a staggered lock-up over 36 months after the first trading day.

After the listing and assuming the over-allotment option is exercised in full, the funds managed and/or advised by Partners Group and Capvis will hold approximately 45.8% of the share capital, other shareholders will hold approximately 5.4%, while management will hold approximately 2.9% of the share capital.

UBS and Credit Suisse are acting as Joint Global Coordinators and Joint Bookrunners, along with J.P. Morgan as additional Joint Bookrunner. Bank Vontobel and Berenberg are acting as Co-Lead Managers and St.Galler Kantonalbank as Selling Agent. Lilja & Co. is acting as independent adviser to Partners Group, Capvis and VAT.

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