Lonsdale to float Global Yachting Group
London-based lower-mid-cap buyout firm Lonsdale Capital Partners has announced its intention to float Global Yachting Group (GYG) after 16 months of ownership.
Ahead of the 5 July start of trading in London, 6,944,692 new and 21,488,386 existing ordinary shares have been placed by Zeus Capital at 100 pence per ordinary share.
The initial flotation will comprise new and existing shares and will give the company a £46.6m market-cap on admission. The IPO is expected to raise £28.9m in gross proceeds.
Following the deal, Lonsdale expects a return on its investment ranging between 3-5x, and will also retain a 19.3% stake in the listed company.
The deal marks the first exit for the GP's maiden fund and the fourth sale overall since its foundation in 2009. Prior to that, the fund manager sold three of its seven pre-fund investments: CJ Fallon, EMCAS and OEG.
The vehicle hit a final close on its £110m hard-cap in April 2016. Since then, the vehicle's investment team has inked four acquisitions and five bolt-ons. Currently, the fund is 33% invested.
Previous funding
The GP acquired a 59% stake in the business in March 2016 as part of the company's MBO. Following the deal, the GP supported the acquisition of French superyacht fishing company, ACA Marine, in March 2017.
According to a statement, the business achieved a 33% EBITDA growth during its 16-month private equity ownership.
Company
Headquartered in Palma de Mallorca, GYG focuses on painting, supply and maintenance services for superyacht and operates across Europe and the US.
GYG was established in 2014 following the merger of superyacht service providers Pinmar and Rolling Stock, founded in 1975 and 1989 respectively. GYG employs 300 full-time staff and posted €54.6m in revenues and €6.7m EBITDA in 2016, marking a 13% EBIDTA compound annual growth rate over the last three years, according to a statement.
People
Lonsdale Capital Partners – Alan Dargan, Ross Finegan, David Gasparro (founders); Ben Evans (partner); Andy Chetwood (associate).
Global Yachting Group – Remy Millott (executive chairperson); Rupert Savage (CEO); Peter Brown (COO).
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