EUROCELL yesterday became the latest small company to announce its intention to sell shares to public investors and list on the London Stock Exchange.
The Romford-based company, which specialises in the creation of PVC windows and doors, is owned by H2 Equity Partners, a private equity group, which is looking to sell off some of its existing shares in the company.
Eurocell chief executive Patrick Bateman said: “We have a clear strategy to drive future growth by maximising benefit from our vertically integrated model, continuing to roll out our branch network, driving greater cross-selling of our full range within these branches and converting our customer insight and in house development capacity into new products.“
The company recorded sales of £173m and operating profit of £20m in the 12 months to December.
Eurocell is seeking admission on to the London Stock Exchange in March and has sought the services of Canaccord Genuity as sponsor and sole bookrunner, Peel Hunt as Co-lead manager and Rothschild as Financial adviser.
The directors initially intend to target the declaration of a total annual dividend of close to 40 per cent of the company’s annual reported profits after tax and thereafter to target a progressive dividend.
BEHIND THE DEAL
CANACCORD GENUITY | COLIN CHRISTIE
1 Christie is a 20-year banking veteran and currently managing director at Canaccord, heading the industrials team
2 He previously worked on the Polypipe and Volution IPO, as well as the sale of Hamworthy to Wartsila and Converteam to GE. Volution is the sixth deal where Canaccord has acted as bookrunner
3 Before joining Canaccord in 2011, Christie, who is Scottish, was a senior managing director at UBS working in New York and London