Promotions business valued at £176m as it debuts on markets
A Manchester based business which works in the corporate promotions industry will be valued at £176m when it floats on AIM later this week.
The Pebble Group provides products, services and technology to the global promotional products industry.
The company is looking to raise £79m through its initial public offering of 75,433,954 new shares and 53,549,754 existing shares.
The shares will be valued at 105 pence each with institutional investors likely to raise gross proceeds of approximately £135m
The company’s market capitalisation on admission, based on the issue price, is expected to be approximately £176m.
The company is raising proceeds of approximately £79m, which will primarily be used to repay the its existing debt facilities in full, as well as settling outstanding debt arising from the acquisition of Facilisgroup.
On admission, Elysian Capital will retain approximately 14% of the total issued ordinary share capital of the company and has agreed not to dispose of an interest in such shares for a period of six months.
The management of The Pebble Group will retain approximately 9% of the total issued ordinary share capital of the company.
The board believe that the IPO will enable the company to invest in its future expansion, enhance its profile and provide the ability to incentivise employees.
Berenberg is acting as Sole Global Coordinator and Broker and Grant Thornton as nominated adviser to the Company.
Chief executive Christopher Lee said: “I am very pleased to announce a successful conclusion to our IPO and plans to join AIM. The fundraising is well supported by a broad range of significant investors, including a number of blue-chip institutions.
“The success of this process is down to the hard work and dedication of all our people. I would also like to take this opportunity to thank the teams at Elysian Capital, Beechbrook Capital, HSBC and H.I.G. Capital Europe for their support in recent years and our new shareholders for their belief in our business.”
Addleshaw Goddard advised Pebble Group out of its Manchester office , led by corporate partner, Richard Lee with support from Paul Medlicott, George Danczak, Rabia Burton, Jade Saunders and Katie Barker.
