Listing set to raise £75m at roofing firm
The private equity owner of roof tile manufacturer Marley Group has confirmed plans to float the company on the London Stock Exchange next month.
The firm, which was set up in 1926, was acquired by Inflexion Private Equity from Belgian materials group Etex just two years ago.
The float will aim to raise around £75m through a combination of new money and funds raised by the sale of stakes held by existing shareholders.
The cash will be used to pay off debt and bankroll and bankroll an acquisition strategy, the firm said.
In the 72 weeks to December 2019, its last set of published accounts, the firm said turnover was £144m with a pre-tax profit of £21.3m.
Marley is the country’s largest manufacturer of roofing tiles, with an estimated market share of 21%.
The firm, which is chaired by former Balfour Beatty infrastructure boss Paul Lester, also produces a range of concrete and clay fittings, timber battens, roofing accessories and solar roof panels.