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Zeus Capital has advised Epwin Group, a manufacturer of low maintenance building products, on its admission to AIM as nominated adviser and sole broker, including the GBP94 million institutional fundraise.
Epwin has a market capitalisation of GBP135 million.
The Cheltenham-based company announced its intention to float on AIM on 10 July in a bid to raise GBP10 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 vertically integrated manufacturer of extrusions, mouldings and fabricated low maintenance building products, supplying the RMI, new build property and social housing sectors. The company merged with the Latium Business to form Epwin Group in 2012.
The group, which employs in excess of 2,300 staff, reported revenues of GBP264 million in the year to 31 December 2013 and Adjusted EBITDA of GBP21 million. It operates from six major 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, says: "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."
Dominic King, head of Zeus Capital’s Birmingham office, says: "The GBP94 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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