HellermannTyton float to raise £212m
THE flotation of HellermannTyton has valued the company at £420m and should raise £212m.
Earlier this month private equity company Doughty Hanson confirmed it planned to float HellermannTyton and today said the offer price had been set at 195p a share.
The business was established in Manchester in the 1930s and still has a major site in the city. Its products include cable ties, fasteners and tubing, which are supplied to a number of markets including automotive, telecoms, security, rail and defence.
Some 50.5% of the company has been made available through the initial public offering. The company’s own shares are expected to raise £30m but sales of Doughty Hanson’s shares, and those of other investors, will raise a further £182m. Doughty Hanson will continue to hold 46.1%.
HellermannTyton’s chief executive Steve Salmon said: “I am very pleased with the outcome of the IPO which received an excellent response from major institutions and demonstrates that investors share our confidence in the outlook for our business. I welcome our new shareholders and look forward to delivering continued sustainable growth.”
The cash will be used to expand HellermannTyton’s manufacturing base and make bolt-on acquisitions.
Doughty Hanson bought the company in 2005 for £300m. Last year it recorded unaudited revenues of €514.2m and adjusted earnings, before interest, tax, depreciation and amortisation of €100.4m.
The company’s shares will start unconditional trading on the London Stock Exchange on April 2.
