D'Ieteren Group has appointed Rothschild & Co. to evaluate strategic options for its controlling stake in Belron, the global car glass repair and replacement company. The Belgian conglomerate, which owns 50.3% of Belron, is exploring possibilities including a potential initial public offering that could value the business at between $30 billion and $40 billion, according to sources familiar with the matter.

Belron operates across 40 countries with 30,000 employees under brands like Carglass and Safelite. The company's adjusted operating profit reached €730 million ($847 million) in the first half of 2025. Any IPO plans would require agreement from all Belron shareholders, including private equity firms Clayton Dubilier & Rice and Hellman & Friedman, sovereign wealth fund GIC, and asset manager BlackRock.

Deliberations remain preliminary, and D'Ieteren could ultimately retain its stake. The move comes as companies worldwide reassess stock market listing plans amid Middle East conflict impacts on investor sentiment. Global IPO volumes remain well below the 2021 boom levels. D'Ieteren has held a majority stake in Belron since 1999 and also distributes cars in Belgium while owning stakes in companies like Parts Holding Europe and Moleskine.