Zeus to deliver mail firm DX to AIM
ZEUS Capital is continuing its run of AIM deals, this time leading DX, an independent mail, parcels and logistics operator to market.
The Manchester and London-based firm, which was behind last year’s AIM IPOs of Conviviality Retail and Safestyle, and is also advising Manchester-based fashion retailer Boohoo.com – which said last year it was planning to list, is acting as financial adviser and broker to DX.
Reports said DX, which is headquartered in Buckinghamshire but led by North West based chief executive Petar Cvetkovic, would have a market capitalisation of around £180m – which would make it the largest corporate AIM listing since 2006.
Mr Cvetkovic, 52, is a former chief executive of North Westbased haulier Target Express, an ex- MD of City Link and UK MD of Norbert Dentressangle.
He said: “”We are delighted to announce our plans for a listing on the AIM market. DX is a customer focused and profitable business developing strong specialised positions for deliveries into discrete markets with a strong capability in the fast growing parcel delivery market.
The DX team has worked hard to develop the business over the last four years, and it is this ability and ambition that will allow us to deliver on our clear strategy for growth. The IPO is the next evolutionary step in our development and we are very excited about the significant opportunities ahead.”
In the year to the end of June 2013 DX has revenues of £306m and EBITDA of £34.4m. It employs over 3,200 staff and has a collection and delivery fleet of over 2,500 vehicles.
Tremayne Ducker, head of private company and private equity advisory at Zeus Capital, said: “Zeus Capital acted on two of the three largest corporate fundraises on AIM during 2013 and raised 47% of all monies for selling shareholders. Following on from that, we are increasingly working with businesses on dual track processes where disposals to trade and private equity buyers are explored alongside potential IPO, giving current owners and management the best chance of a successful result.”
Alexei Callender, director of corporate finance added: “Having considered options with management it was clear that an admission to AIM provides DX with the best funding structure under which it can continue to progress.”
