Float to value Exova at £550m

EXOVA, the international materials testing business created in 2008 by a private equity buyout of a division of Macclesfield company Bodycote, will have a market value of £550m when it floats on the stock market next week.

The group said today its shares will be priced at 220p, raising a total of £220m with £110m going back to the company to reduce borrowings.

Exova, currently backed US investor Clayton Dubilier & Rice, has sites in Lancaster, Runcorn, Salford, Warrington, Manchester and Stockport, though its corporate headquarters is in Edinburgh.

It provides technical, value-added testing for a broad range of advanced materials, components, products and systems to ensure compliance with safety, performance and quality standards.

Vanda Murray, a well-known North West figure who sits on the board of Manchester Airports Group, has been appointed as a non-executive director.