05 Jul 2017
- Placing Size:
- Post Deal Mkt Cap: £46.6m
Zeus Capital acted as nominated advisor and sole broker to GYG plc (Ticker: GYG.L) on its AIM IPO and £28.4m institutional fundraise.
Zeus Capital has acted as nominated advisor and sole broker to GYG plc (GYG) and certain selling shareholders, including a sell-down for some key shareholders, on a £28.4m institutional fundraising, with a market capitalisation on admission of £46.6m.
The listing enabled GYG to restructure its balance sheet and provide a partial exit for Lonsdale Capital Partners and for the Company’s senior management, whilst gaining an opportunity to fund growth and increase awareness of the brand. Although some shareholders are releasing part of their holding in the company, management will retain a c.16.9% stake in the company.
GYG is a leading provider of painting, supply and maintenance services to the superyacht industry. Superyachts require a major survey service every five years to comply with certain class, maritime laws and insurance requirements and owners often use the major servicing period as an opportunity for repainting the vessel, providing GYG with a source of repeat business.
GYG has an asset light model, without the requirement for significant yards or facilities, through operating as a preferred supplier to several shipyards. The Group had 472 employees as at 31 December 2016 and has access to a pool of seasonal workers allowing the Company to scale up its labour force to coincide with demand, whilst minimising the level of fixed overheads.
GYG is well positioned within a growing and resilient market as they have;
- A global presence with operations across the Mediterranean, Northern Europe and US
- Clients which include 25 of the 50 largest superyachts
- The addressable market was worth €290m in 2015 per annum growing to €393m by 2020