Elysian's Pebble Group formalises intention to float

Pebble is seeking admission to the AIM market of the London Stock Exchange, which is expected to take place in early December 2019. An earlier report by the Sunday Times mentioned a target valuation of £220m.

Grant Thornton is the nominated adviser, while Berenberg is the sole global coordinator and broker for the potential IPO.

Pebble stated that the IPO would facilitate the exit of private equity shareholder Elysian Capital and the repayment of debt facilities.

HIG Capital sold its stake in UK-based merchandising company Brand Addition to Elysian Capital in 2017. Financial details of the transaction remained undisclosed, though a source close to the situation told Unquote at the time that the deal valued the business at almost £50m. The deal was Elysian's fourth with capital drawn from its second fund, which held a final close on £250m in July 2015.

Elysian then made its second investment into the promotional products sector by buying Facilis, a service provider to distributor businesses in the North American promotional products industry, in 2018.

The merged group (named Pebble Group) saw turnover increase from £74.1m in 2016 to £99.8m in 2018, according to the company. Pebble has grown adjusted EBITDA from £7.6m to £13.7m over the same period.

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