March 23 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
($1 = 0.8010 pounds)
(Reporting by Esha Vaish in Bengaluru; Editing by David