AAC fully exits Strix via £190m IPO

The GP made a full exit via the flotation following a 12-year holding period, with almost the entirety of the company's shares being offered to institutional investors via the transaction.

The placement, which values shares in the company at 100 pence apiece, will also enable Strix to repay principal and accrued interest related to a loan note debt used to fund AAC's initial acquisition in 2005.

The listing comes three years after Reuters reported the company had mandated Lazard to find a buyer for the company. At the time, the GP was reportedly hoping to generate $500m from the sale.

Under the vendor's tenure, the business diversified beyond its initial focus on thermostatic controls for small domestic appliances to include water filtration systems, steam boilers and toasters. The GP also introduced a new CEO, chief operating officer and chief financial officer.

Previous funding
In April 2005, AAC (then part of ABN Amro) and Pollen Street Capital (then part of RBS) acquired Strix from Barclays Private Equity.

According to unquote" data, Pollen Street then sold its stake in Strix to an unnamed investor in June 2012 for an undisclosed sum.

Company
Founded in 1982 and headquartered in Ronaldsway, Isle of Man, Strix produces safety controls and components for kettles, including steam detection products, thermometers and electrical connections. It has operations across six sites, two of which are on the Isle of Man, one in the UK, two in Hong Kong and one in China.

According to a statement, the company generated adjusted EBITDA of £33.3m in 2016 from revenues of £88.7m. It has a headcount of 374.

People
Strix – Mark Bartlett (CEO).

Advisers
Equity – Zeus Capital (corporate finance); Eversheds (legal).
Company – PwC (financial due diligence, tax); CMS Cameron McKenna Nabarro Olswan (legal); Appleby (legal).

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• Exits
• UK / Ireland
• Consumer
• United Kingdom
• IPO