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A North West-based kettle safety control manufacturer has unveiled plans to float on the London Stock Exchange, raising up to 190m and providing an exit for its current investor group.

Strix has announced its intention to seek admission for 100 per cent of its shares to the AIM growth market. At the anticipated issue price of 100p per share, the group's market capitalisation will be up to 190m.

Strix has operational sites in the Isle of Man, Chester, Hong Kong and mainland China.

It posted revenues of 88.7m and an adjusted EBITDA of 33.3m in the 2016 calendar year.

Gross placing proceeds of up to 190m are expected from the issue of new shares. The entire net proceeds of the placing, in combination with new debt facilities, will provide an exit for its current investor group led by AAC Capital Partners which has held a stake in the business since 2005.

The company expects its shares to be admitted to AIM on 8 August 2017.

Mark Bartlett, chief executive of Strix Group, said: "I am delighted to announce the proposed admission to AIM of Strix, which will position the company for the next stage of its development. In particular, admission to AIM will provide an appropriate structure for the long-term development of the business, raise our international profile and enables us to invest in our new product development capabilities to the benefit of our valued customers.

"Strix has a robust, highly cash-generative business model. We have a growing global market share and in addition to the key OEMs [original equipment manufacturers] in China, we work with a significant number of the best-known brands and retailers worldwide.

"We look forward to becoming a public company and further growth of our business in existing and new markets."

Founded in 1982, Strix grew rapidly under the leadership of ex-Bolton Wanderers owner Eddie Davies. Appointed managing director in 1984, Davies became executive chairman in 1999 before retiring from the role in 2006.

A Manchester team at Zeus Capital, comprising corporate finance directors Nick Cowles and Jamie Peel and corporate finance executive Jordan Warburton, acted as nominated adviser and sole broker to Strix on the transaction.

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Kettle safety control maker to float - Insider Media