Bain Capital is evaluating strategic options for Ahlstrom, the Finnish specialty materials manufacturer, including a potential sale or initial public offering that could value the business at up to €8bn, according to a report by Bloomberg citing sources familiar with the matter.

 The US-based private equity firm has engaged Morgan Stanley to advise on a potential sale process, while Rothschild & Co is leading preparations for a possible listing in Amsterdam. A final decision on the exit route has not yet been made and plans remain subject to change, the sources said.

Ahlstrom reported EBITDA of €331m in 2024 on revenues of approximately €3bn. The company employs around 7,000 staff and manufactures fibre-based products used in sectors such as filtration, food packaging, medical textiles, and diagnostics.

An IPO could take place in Amsterdam and is expected to value Ahlstrom in the range of €7bn to €8bn, should Bain proceed with a listing, according to the sources.

The potential exit comes amid a broader uptick in European IPO activity, driven by improving equity market conditions and a reduction in volatility. Recent private equity-backed listings include Blackstone's float of Cirsa Enterprises in Spain and Mid Europa Partners' IPO of Diagnostyka SA in Poland.

A listing of Ahlstrom would add to a growing pipeline in the Dutch market, with other potential Amsterdam floats including Odido, backed by Apax Partners and Warburg Pincus, and Czechoslovak Group, a defence and munitions manufacturer.