Zeus leads Kennedy’s Epwin to AIM
BUILDING products group Epwin, which is part-owned by Cheshire entrepreneur Brian Kennedy, is floating on AIM, in another IPO led by Manchester’s Zeus Capital.
Headquartered in Cheltenham, but with a manufacturing site in Macclesfield, Epwin owns the popular French windowns brand Swish Window and Door Systems, and is raising £94m though a placement, including £10m of new money, which will be used to cut net debt.
Shares in Epwin are expected to start trading on AIM next week at 100p a share, which would value the company at about £135m.
Brian Kennedy, the owner of Sale Sharks, the top flight rugby union club, owned 44% of Epwin prior to the listing.
Founded in 1976, Epwin was one of the first PVC-U window fabrication businesses in the UK. It merged with Mr Kennedy’s Latium business in 2012.
The group, which employs more than 2,300 staff, reported revenues of £264m in the year to December 2013 and adjusted EBITDA of £21m.
A team at Zeus Capital including Dominic King, Nick Cowles and Andrew Jones, led the transaction.
Jon Bednall, chief executive of Epwin Group said: “Epwin was one of the first entrants into the PVC-U window market in the mid 1970s. Since then the group has broadened its product offering significantly, both organically and through acquisition, and grown market share.
“We believe there is potential for further organic growth in all business areas as well as opportunities to drive further sector consolidation and operational efficiencies. We are delightedwith the strong support shown by our new investors and look forward to working with them to build on these strengths and grow our business.”
Zeus has led the way with AIM deals in the past year and has raised more than £900m since taking Conviviality Retail, owner of Bargain Booze, to the junior market. Other major deals include Boohoo, DX Group and 4d Pharma.
