Reuters logo
Trucking business Eddie Stobart seeks listing on London's AIM
March 23, 2017 / 8:23 AM / 6 months ago

Trucking business Eddie Stobart seeks listing on London's AIM

March 23 (Reuters) - Eddie Stobart, known for its fleet of green and red lorries, is seeking to raise about 130 million pounds ($163 million) through a listing on London’s junior market, its investors’ holding company said on Thursday.

The money raised from the initial public offering will allow Eddie Stobart to pursue both organic and acquisition-led growth in a highly fragmented market that is flourishing on the back of the booming European e-commerce sector, holding company Greenwhitestar UK said.

Eddie Stobart is targeting a market capitalisation in excess of 550 million pounds and expects its shares to start trading on the Alternative Investment Market in April.

The listing comes a little more than three years after the trucking and distribution business was taken private with Stobart Group’s sale of 51 percent of the company for 239.7 million pounds to a group then led by William Stobart, son of the parent company’s founder Eddie Stobart.

The group was backed by asset management firm DBAY Advisors.

The AIM listing will also allow Greenwhitestar UK -- which is 51 percent owned by funds advised by DBAY Advisors and its co-investors and 49 percent by the Stobart Group -- to reduce its stake in Edddie Stobart to no more than 30 percent.

Cenkos Securities is acting as broker to the company. ($1 = 0.8010 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below