October 14, 2019 / 5:19 PM / a month ago

UPDATE 1-Brazilian restaurant chain Grupo Madero in talks with banks for IPO -source

(Updates with Reuters sourcing)

SAO PAULO, Oct 14 (Reuters) - Brazilian restaurant chain Grupo Madero is in talks with banks to provide advisory services for an initial public offering next year, but has not yet chosen any, according to one source with knowledge of the matter.

Founder Luiz Durski Junior told newspaper Folha de S.Paulo on Monday he plans to launch an IPO for the second half of 2020.

Durski said he expects the valuation to reach up to 10 billion reais ($2.42 billion). A source with knowledge of the matter said this would be the top of the range.

Durski said Madero expects profit before interest, taxes, depreciation and amortization (EBITDA) of 280 million reais for 2019 and 380 million reais for 2020.

Earlier this year, private equity firm Carlyle Group LP acquired a minority stake in Grupo Madero, which operates 140 restaurants under three brands - Madero Steakhouse, Madero Container and Jeronimo.

$1 = 4.1332 reais Reporting by Gabriela Mello and Tatiana Bautzer Editing by Chris Reese and Sonya Hepinstall

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