Towerbrook's Volution lists with £300m market cap

Ellie Pullen
23 June 2014

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Towerbrook portfolio company Volution has listed on the London Stock Exchange with a market cap of ТЃ300m, having raised a total of ТЃ100m in gross proceeds from the IPO.

The offering comprised around 66.67 million shares at a price of 150 pence apiece, resulting in a free float of approximately 33.3%.

The company took home around £72m in proceeds from the new share offering, while Towerbrook – via the holding company Windmill Holdings – and Volution's executive directors, management and certain employees have collectively raised £28m from the flotation through the sale of 18.67 million shares.

On admission to the stock exchange, which took place this morning (23 June) under the ticker "FAN", Towerbrook now holds a 61.4% stake in Volution.

Canaccord Genuity acted as sole sponsor for the flotation, as well as joint bookrunner alongside Liberum Capital. unquote" learned of the potential flotation at the beginning of May. Towerbrook declined to comment at the time.

Previous investment
Towerbrook acquired Volution in January 2012 from AAC Capital in a deal reported to be worth £160m with £80m of senior debt provided by Bank of Ireland, GE Capital and Royal Bank of Scotland.

AAC reaped a 2.4x money multiple on its original £49.25m investment through the sale, according to unquote" data. The firm had acquired Volution in 2006 from Montagu Private Equity for £160m, taking a 69.6% stake in the business.

Company
Formed as a group in 2002, Volution comprises Torin-Sifan, Manrose, Vent-Axia and Fresh Ventilation. The group manufactures ventilation products.

Crawley-headquartered Volution generated revenues of £102.3m for the year ending July 2013, as well as an adjusted EBITDA of £23.8m with a margin of 23.3%.

People
Ronnie George is CEO of Volution.