London Stock Exchange welcomes Flowtech Fluidpower plc to AIM
London Stock Exchange today welcomes Flowtech Fluidpower plc (AIM: FLO) to an opening ceremony, marking the Admission of its shares to trading on AIM on 21 May 2014.
Flowtech, employs 160 people through operations in Skelmersdale, Netherlands and logistics centre in China. It is the UK’s leading distributor of technical fluid power products, supplying circa. 3,000 customers throughout the UK and Northern Europe. It focuses on supplying fluid power products to distributors and resellers of industrial maintenance, repair and operations. In 2013, Flowtech achieved an operating profit of £4.3 million and revenue of £34.3m and has an established cash generative track record.
Flowtech has raised £40m gross through a Placing of 40,000,000 shares at a price of 100p per share, capitalising the Company at £40 million on admission. The net proceeds will be used to repay senior debt and see the exit of Gresham Private Equity who has supported the business since 2004.
Sean Fennon, Chief Executive Officer, Flowtech commented:
"Flowtech is a very successful business and a leader in its field; we have demonstrated that we can profitably deliver consistent levels of service to our diverse customer base. AIM provides a platform for smaller companies like ourselves with aspirations to grow, to enhance its profile, and access new channels to support our future aspirations; we are also delighted that a number of highly respected institutional shareholders are investing in our future business."
Nominated Adviser and sole broker: Zeus Capital
DLA Piper UK LLP
Grant Thornton UK LLP