A Midlands manufacturer of French windows is to float on a AIM in a move which values the company at £135 million.
Founded in 1976, Epwin Group was one of the first PVC-U window fabrication businesses in the UK and now manufactures extrusions, mouldings and fabricated low maintenance building products for the new build housing and social housing sectors.
It has operations in Tamworth and Telford as well as bases in Macclesfield, Scunthorpe, Newton Abbot and Northampton alongside its Cheltenham HQ, employing 2,300 staff and posting revenue of £264 million.
The placing and vendor placing will together raise a total of £94 million with net proceeds of circa £10 million to be used to repay a proportion of the debt within the business, in combination with new debt facilities raised of £25 million.
Epwin said it would look to increase investment in the business and consider acquisitions as a result of the reduced debt interest and greater financial flexibility.
Chief executive Jon Bednall said: "We believe there is potential for further organic growth in all business areas as well as opportunities to drive further sector consolidation and operational efficiencies.
"We are delighted with the strong support shown by our new investors and look forward to working with them to build on these strengths and grow our business."
Peter Mottershead, who is a chartered engineer and chairman of technology companies P2i and i2O Water, will join Epwin as non-executive chairman.
Also joining the board as non-executive director is Andrew Eastgate who was a partner at law firm Pinsents and head of its corporate practice in Birmingham.
Investment banking boutique ZeusCapital is acting as nominated adviser and broker on the AIM listing with head of the Birmingham office Dominic King among the team.
Shares are due to start trading on July 24.
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