Belron seeks investment banks for potential major IPO in Europe

Belron, the company responsible for fixing roughly every cracked windshield in the Western world, is shopping for investment banks to help it go public. The vehicle glass repair giant is reaching out to banks about roles in what could become one of Europe’s largest listings in years.

The preferred venue is Euronext Amsterdam, with a potential IPO timeline stretching into 2027. Valuation estimates for the listing range from €30 billion to €40 billion.

The numbers behind the glass

In the first half of 2026, the company posted sales of €3.57 billion, a 4.7% increase compared to the same period a year earlier. Pretax profit came in at €526.1 million, with North America doing the heavy lifting on growth.

The company operates across 42 countries under brand names including Carglass, Autoglass, and Safelite, employing somewhere between 30,000 and 32,000 people. Safelite became part of Belron through an acquisition back in 2007.

Majority owner D’Ieteren Group, the Belgian holding company that controls 50.3% of Belron, recently confirmed it is actively evaluating strategic options for minority interests, including a stock market listing. The private equity firm CD&R holds a 20.4% stake alongside other investors. An earlier valuation pegged Belron at around €32 billion, which gives some grounding to the higher estimates now circulating.

Why Amsterdam, and why now

Amsterdam has emerged as the preferred listing venue over New York. The timing also coincides with a leadership transition at D’Ieteren Group. Francis Deprez is stepping down as CEO, with Eric Machiels set to take over by the end of 2026.

Belron has been majority D’Ieteren-owned since 1999.

What a listing of this size would mean

For D’Ieteren, a listing creates a mechanism to crystallize value in an asset it has held for more than two decades. The group would retain majority control at 50.3%. CD&R, which came in as a financial sponsor at 20.4%, would also have a clearer path to eventual monetization.

The process is still early. Banks are being approached, not yet mandated, and no formal IPO timeline has been announced.

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