GI-backed Cambian valued at £387.8m in IPO

The company sold 86.3 million shares at £2.25 apiece, resulting in a free float of around 50% of the firm's total 172.3 million shares. An overallotment option for a further 8.6 million shares would bring the free float to 55% if exercised.

According to unquote" data, GI invested in the £10.8m buyout of Cambian – then NHP Healthcare Partnerships – in March 2004. The company has since undertaken a buy-and-build strategy, having most recently acquired Whinfell Autism School in June 2013.

Cambian is set to receive £20m from the new shares issue, while the GP and some company shareholders have committed to six-month lock-up periods following the IPO.

In 2013, the company posted underlying EBITDA of £43.7m and has seen eight-digit operating profits in each of the past three years.

Conditional trading will begin under the ticker "CMBN" with unconditional dealings on the main market of LSE expected to take place on 16 April.

Previous Funding
Cambian's £10.8m management buyout in 2004 was done on an all-equity basis with GI's backing. The management team also provided some of the original capital. The company has debt facilities totalling £200m, of which £50m remain undrawn.

Company
Cambian provides behavioural healthcare services with a particular focus on children with autism, learning disabilities and challenging behaviours, as well as adults with mental health issues, learning disabilities and acquired conditions. It employs 6,000 staff and is headquartered in London.

It has reported growth in year-on-year turnover for three consecutive years, with £214.3m in revenues for 2013, up from £184.3m in 2012 and £140.2m in 2011.

Advisers
Company – Rothschild & Sons (Corporate finance); Santander (Bookrunners); AIB (Bookrunners); Barclays (Bookrunners); RBS (Bookrunners); Yorkshire Bank (Bookrunners).

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