Autins unveils market value ahead of Monday’s float
AUTINS GROUP, the car insulation business based in Rugby, will be valued at £37.1m when it goes public next week.
The company will float on the Alternative Investment Market on Monday, having raised £26.6m from institutional investors. New investors Schroders have taken a 19.7% stake, Miton will have 14.5% and Hargreave Hale will have 7.1%.
The move comes 10 years after chief executive Jim Griffin led a management buyout. He held 30.9% and will retain 13.6% of the public company while the other co-owners Karen Holdback and Kevin Westwood are reducing their 30.9% stakes to 5.8% each. Chairman Adam Attwood is reducing his stake from 5.2% to 1.9%.
In total, 22.1m shares are being issued at 168p. Of the funds raised, £14m will be used to pay down the group’s debt and invest in new equipment.
Autins makes advanced insulation to manage noise and heat emissions for car makers, and includes Aston Martin, Bentley and Jaguar Land Rover among its clients.
The group has four divisions – Automotive Insulations in Rugby, its joint venture Indica Automotive in Northampton, Rheinland Insulations in Hilden, Germany, and Scandins in Gothenburg, Sweden.
Autins Group made a pre-tax profit of £1m on sales of £21.4m in the year to September 2015. It is targeting £25m turnover in the current financial year.
In April, it signed a 15-year lease at Birch Coppice Business Park in Tamworth. The 47,500 sq ft site is for its new Solar Non-Woven business, which will manufacture a type of micro-fibre insulation never previously used outside Korea.
