MARKET Tech Holdings, the owner of the iconic Camden Market and run by Israeli entrepreneur Teddy Sagi, has raised £200m through a placing that will pave the way for a move to the main market.
The company, which has amassed 14 acres of land in and around Camden, placed 90m shares in an accelerated bookbuild, representing 24 per cent of existing shares.
Teddy Sagi, the founder of gaming company Playtech, owns 85.6 per cent of Market Tech through the investment vehicle Citwax. The placing will dilute his stake to 71.5 per cent.
Listing rules require 25 per cent of a company’s shares to be held in public hands for it to move from Aim to the main market. It will seek admission at the end of July.
Market Tech, which raised £100m floating on the London Stock Market in December last year, has snapped up Camden’s various market sites in a bid to unify them all under one “Camden Market” brand.
It aims to link up its estate with a string of technology acquisitions it has made to create a global online market place for Camden’s 1,000 independent retailers.
It is currently redeveloping Hawley Wharf into a new site called Camden Lock Village, that will incorporate commercial and retail space alongside modern housing and a new primary school.
Shares fell 0.8 per cent to 245p.
BEHIND THE DEAL
DRU DANFORD – SHORE CAPITAL
1 Danford is head of corporate finance at the group, which he joined in 2004. He qualified as a chartered accountant in South Africa in 1998.
2 Notable deals for the firm this year include the flotation of Applegreen and acting as broker on a £21m investment by Woodford Investment into AJ Bell
3 Outside of work Danford is interested in wildlife conservation, enjoys Scuba diving on vacation and spending time with his family.
Shore Capital is nomad to Market Tech and was joint global coordinator, joint bookrunner and joint broker on the fundraise