Lakehouse hits £140m on stock market flotation

 
Tim Wallace
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Stuart Black and other bosses own 15.6 per cent of the firm
BUILDING maintenance and service group Lakehouse priced its shares yesterday as the firm pulled off a successful stock market flotation.

The shares priced at 89p each, giving the firm an estimated market capitalisation of £140.2m.

Stock in the float amount was £60m, with roughly half of that sum coming from newly issued shares.

“We are delighted to announce the successful pricing of our initial public offering on the London Stock Exchange,” said executive chairman Stuart Black.

“We believe that Lakehouse represents an attractive investment opportunity, reflecting our compelling growth prospects, and we are pleased to welcome our new shareholders to the company.”

Black and the rest of the management team own 15.6 per cent of the firm’s shares.

Lakehouse’s main focus is on outsourced public sector and regulated industry assets.

BEHIND THE DEAL
ALASTAIR RAE – PEEL HUNT

1 Rae was recently appointed as Co-Head ECM Syndicate at Peel Hunt to head up all of its market fundraisings.

2 Rae was born in 1970 and his first directorship was in 1996 at small property management firm Chipboure Limited.

3 He worked on the flotation of drug company Vectura when it raised £52m last year to fund the purchase of a German asthma expert.

Also advising...
For Peel Hunt: Justin Jones, included Mike Bell and Matthew Brooke-Hitching. Deloitte as acting accountant.

PR: Camarco led by Ginny Pulbrook. Lawers: Eversheds and Norton Rose Fulbright led by Stephen Rigby