08 Aug 2017
- Placing Size:
- Post Deal Mkt Cap: £190m
Zeus Capital acted as Nominated Adviser and Sole Broker to Strix Group plc (Ticker: KETL.L) on its AIM IPO and £190m institutional placing
Zeus Capital has acted as Nominated Adviser and Sole Broker to Strix Group Plc (“Strix” or the “Company”,) in connection with its Admission to trading on AIM and associated £190 million institutional placing and £60 million debt refinancing.
Strix is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. Strix was established in 1982 on the Isle of Man and was initially focused on designing and manufacturing thermostatic controls for small domestic appliances. Strix developed key patents and knowhow regarding kettle safety controls, which led to it gaining a 38% share of the global market with over 50% market share in a number of key markets including China.
Strix sought Admission in order to enhance the profile of the business, incentivise its management and employee base and to provide permanent capital to enable the Directors to take long term investment decisions. The IPO has also provided an exit for the Group’s majority owner, AAC Capital, who have held a stake in the business since 2005.
Strix Group Plc was admitted to trading on 8 August 2017 with a market capitalisation (based on the placing price of 100 pence) of £190 million.