HellermannTyton to raise £30m in IPO
PRIVATE equity company Doughty Hanson has confirmed it is to float HellermannTyton.
The business, which was established in Manchester in the 1930s and still has a major site in the city, is hoping to raise £30m by selling new shares on the London Stock Exchange.
The cash will be used to expand HellermannTyton’s manufacturing base and make bolt-on acquisitions.
Further finance will be raised from the sale of an as yet undisclosed number of Doughty Hanson shares. It bought the company in 2005 for £300m.
HellermannTyton, whose products include cable ties, fasteners and tubing, supplies a number of markets including automotive, telecoms, security, rail and defence.
It makes and distributes more than 20,000 different products with 34 offices worldwide and a workforce of 3,230.
Last year it recorded unaudited revenues of €514.2m and adjusted earnings, before interest, tax, depreciation and amortisation of €100.4m.
Newly appointed chairman David Newlands, said: “The HellermannTyton management team has done an outstanding job of developing the business into a worldwide brand name synonymous with high quality, reliability and customer service.
“During the period of Doughty Hanson’s ownership, the group has expanded its global footprint and increased its capabilities in emerging economies and end markets exposed to structural growth drivers.”
