Kettle safety specialist in £190m float

Isle of Man-headquartered Strix Group, the kettle safety control specialist which has operations in Chester, is to float on the AIM with plans to raise £190m in a move led by the Manchester team at Zeus Capital.

Strix, and established in 1982, claims to be a global leader in the design, manufacture and supply of kettle safety controls and other components.

It is estimated that the company has a market share in excess of 38% by volume of the global kettle safety control market.

Strix is an established, highly cash generative business that has seen revenue increase from £79.9m. In 2015 to £88.7m in 2016. In the year ended December 31 2016, Strix recorded an adjusted EBITDA of £33.3m.

Strix is seeking admission in order to enhance the profile of the business and provide permanent capital, enabling the company to strengthen its new product development for the long-term benefit of the business and its customers.

The entire net proceeds of the Placing, in combination with new debt facilities, will provide an exit for the group’s current investor group.

Strix chief executive Mark Bartlett said: “I am delighted to announce the proposed admission to AIM of Strix, which will position the company for the next stage of its development.

“In particular, admission to AIM will provide an appropriate structure for the long term development of the business, raise our international profile and enables us to invest in our new product development capabilities to the benefit of our valued customers.

“Strix has a robust, highly cash generative business model. We have a growing global market share and in addition to the key OEMs in China, we work with a significant number of the best known brands and retailers worldwide.

“We look forward to becoming a public company and further growth of our business in existing and new markets.”

Zeus Capital is acting as nominated adviser and sole broker to the company in relation to admission.