Zeus Capital has advised Epwin Group, the Midland manufacturer of French windows, on its admission to AIM, the sub-market of the London Stock Exchange.
Zeus Capital advised as nominated adviser and sole broker, including the £94 million institutional fundraise.
On its admission to AIM, which allows smaller companies to float shares with a more flexible regulatory system than is applicable to the main market, Epwin had a market capitalisation of £135 million.
The Cheltenham-based company announced its intention to float on AIM on July 10 in a bid to raise £10 million to repay a portion of its debt.
The group placed 135 million ordinary shares at a price of 100 pence under ‘EPWN’ and issued a free float of approximately 70 per cent.
Founded in 1976, Epwin was one of the first PVC-U window fabrication businesses in the UK.
The business is a manufacturer of extrusions, mouldings and fabricated low maintenance building products, supplying the RMI, new build property and social housing sectors. It merged with the Latium Business to form Epwin Group in 2012.
The company, which employs more than 2,300 staff, reported revenues of £264 million in the year to December 2013. It operates from six facilities in Telford, Tamworth, Macclesfield, Scunthorpe, Newton Abbot and Northampton.
A team at Zeus Capital including Dominic King, Nick Cowles and Andrew Jones led the transaction.
Jon Bednall, chief executive at Epwin, said: “Launching as a public company is a significant step forward for the business, and we are particularly pleased with the strong support from institutional investors.
“The team at Zeus Capital has delivered beyond our expectations and has been an excellent team to work with. We look forward to continuing our relationship with Zeus Capital as a public company.”
Mr King, head of Zeus Capital’s Birmingham office, said: “The £94 million placing will enable Epwin to pay down debt and allow its major shareholders a majority exit, whilst the listing on AIM will provide a solid platform for its future development. “With its strong brand and innovate business strategy, we are confident that Epwin will perform well on the public markets.”
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