NorthEdge scores first exit with Accrol IPO

Shares were priced at 100 pence apiece, allowing the business to raise £63.5m. Its enterprise value reached £116m. The company stated it would use the proceeds of the placing of new shares to repay all shareholder loan notes and refinance existing debt.

NorthEdge will retain a 15% stake in the company following the listing. The IPO marks the first divestment for the firm, which launched its £225m maiden fund in 2013. The GP secured a 46% stake in the business in 2014 via this maiden fund, in a deal that valued the tissue producer at £66m.

Zeus Capital brokered the IPO.

Company
Founded in 1993 and headquartered in Blackburn, Accrol manufactures soft paper products such as kitchen towels, toilet rolls, napkins and facial tissues. The company supplies both the branded and private label sectors.

According to publicly available information, Accrol generated a £101m turnover in 2014/15, with EBITDA of £10m.

People
NorthEdge Capital – Dan Wright (COO).
Accrol Group – Majid Hussain (CEO).

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