Ex-Stobart boss back at the controls

Michael Bow
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A NEW investment vehicle led by ex-Stobart boss Avril Palmer-Baunack and backed by blue chip investors braved choppy markets yesterday to announce a float of the business.

Haversham, a specialist vehicle set up by executive chairman Palmer-Baunack and investment firm Marwyn, said investors from Invesco, Artemis, Aviva and Schroders will support the share placing, which will raise £30m.

Cenkos Securities and Zeus Capital have worked on the listing and placed the shares. Haversham is raising the money to bolster a dealmaking warchest.

It is hoping to acquire UK and European firms in the car, leasing, engineering or manufacturing sectors which are worth up to £1bn.

“With the partnership of Marwyn and the support of our leading institutional investors we intend to build a substantial business that generates value for our shareholders in sectors where Haversham can add value alongside excellent operational management teams,” Palmer-Baunack said.

Shares in the company will list on 10 November. Marwyn’s managing directors James Corsellis and Mark Brangstrup Watts will be executive directors at Haversham.