Bryan, Garnier & Co acts as Joint Bookrunner on Materialise’s USD45 million Follow–On Equity Offering on Nasdaq

Context

Materialise is a leading, Belgium-based provider of additive manufacturing, medical software and sophisticated 3D printing services founded in 1990.

Materialise’s proprietary software platforms, which enable and enhance the functionality of 3D printers and 3D printing operations, have become a market standard for professional 3D printing.

The Company’s markets offer ample growth opportunities including (i) increased demand for highly performing industrial 3D printers, (ii) closer relationships with customers and OEMs, (iii) expansion of distribution channels in the various sub-segments of the Materialise Medical segment and (iv) a growing requirement for patient-specific devices.

After acquiring ACTech in October 2017, a full-service manufacturer of complex metal parts, thereby reinforcing Materialise’s ability to offer complete manufacturing solutions for unique 3D-printed metal parts, the Company has concluded a partnership with BASF, the largest chemical producer in the world, on July 18 2018.

The partnership has led to an investment of USD25 million in Materialise from BASF, allowing the two partners to work together within the framework of an open business model. This will permit them to continuously improve materials and software for various 3D printing technologies and bring them more rapidly to the market. The investment took place immediately prior to the current offering.

Transaction highlights

Bryan, Garnier & Co, Piper Jaffray and KeyBanc acted as Joint Bookrunners on this oversubscribed offering. KBC acted as Co-Manager.

Materialise raised USD45 million (including a 15% greenshoe option) in a global SEC-registered equity offering targeting institutional investors across the US and Europe.

The offering priced, following a 3-day fully-marketed bookbuilding process, during which the stock rose approximately 5.3%, at USD13.00 per share, representing a premium of 3.3% to the pre-deal announcement closing share price on July 18, 2018 and a discount of 2% to the closing share price July 23, 2018.

In advance of the Offering, Materialise met with more than 20 investors in Europe (generalists and specialists) in NDR activity led by Bryan, Garnier & Co in June.

This transaction marks for Bryan, Garnier & Co the firm’s 10th equity capital market transaction 2018 YTD.

This is another landmark transaction for Bryan, Garnier & Co’s Smart Industries/PLM practice, following transactions on Metrologic, Autoform or Missler Software.