Car windscreen repair group Belron — owner of Autoglass in the UK, Carglass in Europe and Safelite in the US — is targeting an Amsterdam IPO at a valuation of €30bn to €40bn, in what would be one of Europe's largest listings in years. Led by former AB InBev boss Carlos Brito, the group has chosen Amsterdam over New York after discussing both venues.
Majority owner is Belgian conglomerate D'Ieteren (50.3% stake, also behind notebook maker Moleskine), which is not expected to offload the majority of its holding. Private equity group Clayton Dubilier & Rice owns 20.4%: it acquired a 40% stake in 2018 at a €3bn valuation, then partially rolled into a continuation vehicle (a special fund structure that lets PE firms keep a winning asset longer) in 2021 at €21bn. Other investors include Hellman & Friedman, Singapore's GIC, BlackRock, and management plus former CEO Gary Lubner (9.6% via his Atessa vehicle, also the UK Labour Party's largest donor). Belron was last valued at €32bn including €8bn of debt.
Operating profits rose 10% to €1.26bn in 2025. The listing would revive a sluggish European IPO market that has lagged the US, where mega-tech listings dominate this year. No banks have been appointed, and timing could slip into 2027. In 2024 Belron carried out one of the largest debt-funded dividend recaps in private-equity history. Source: Financial Times, 16 April 2026, Ivan Levingston, Ashley Armstrong and Arash Massoudi.
The story in one line: Belron, the world’s biggest windscreen-repair group, is heading to Amsterdam for a potential €30–40bn IPO — one of Europe’s largest listings in years.
Key numbers
Target IPO valuation: €30bn to €40bn.
Last private valuation: €32bn including €8bn of debt.
D’Ieteren stake: 50.3% ; CD&R: 20.4%; management and former CEO Gary Lubner: 9.6%.
Other investors: Hellman & Friedman, GIC, BlackRock.
Why it matters
A €30bn-plus Amsterdam listing would be a major vote of confidence in European equity markets and a direct rebuff to New York, which has attracted the year’s mega-tech listings. It also crystallises nearly a decade of private-ownership value creation: Belron’s implied value has grown roughly tenfold since CD&R entered in 2018. D’Ieteren is expected to keep its controlling stake, giving the float a stable anchor investor. Timing, however, remains uncertain — no underwriting banks are yet appointed, and some insiders warn the deal could slip into 2027.
Takeaway
If the IPO lands near the top of the range, it will mark a turning point for European new issuance and create a new liquid mid-cap champion in insurance-driven services. Public-market investors will parse how much of the valuation reflects operational growth versus the legacy of an aggressive PE-era capital structure.
Source: Financial Times, 16 April 2026, Ivan Levingston, Ashley Armstrong and Arash Massoudi.