(Alliance News) - Investment vehicle EverArc Holdings Ltd is to list in London after raising USD340 million, it said Thursday, while MJ Hudson Group PLC's shares have now begun trading.
EverArc issued shares at USD10 per share, with USD325 million raised in an initial public offering and USD15 million injected by the founders via a subscription. EverArc expects trading to begin in the company's shares on London's Main Market on Tuesday next week.
The company will look to make an acquisition once listed. It did not specify in what industry, but said the business would probably be North America-focused.
EverArc, based in the British Virgin Islands, was founded by co-Chair William Thorndike, co-Chair Nicholas Howley, Tracy Cool, Vivek Raj, and Haitham Khouri.
Howley is currently the executive chair at TransDigm Group Inc, a New York-listed maker of commercial and military aerospace components with a market capitalisation of over USD30 billion. Thorndike founded Housatonic Partners, a private equity firm with offices in San Francisco and Boston.
EverArc said the two co-chairs have acquired over 135 businesses combined during their tenures at TransDigm and Housatonic, with other board members all managing and acquiring business in the past.
The rest of the board will consist of Cool, in an unspecified role, Senior Independent Director Michael Tobin, and non-executive directors Adam Hall, John Staer, and Bram Belzberg.
Elsewhere, asset management consultancy firm MJ Hudson's shares rose slightly in their first day of trading, reaching 59 pence compared to an IPO price of 57p.
MJ Hudson raised GBP31.4 million in its float, and will use the funds to support future growth. It had a market cap on GBP97.6 million at the IPO price.
"With the global alternative investment market forecast to exceed USD20 trillion in the next five years, we see a significant opportunity to grow our business through a public listing. We have proven our ability to expand through both organic and acquisitive growth and we have attracted major international clients thanks to our reputation for quality service delivery, analytical tools from our large data capture, and Alternatives fund management focus," said Chief Executive Matthew Hudson.
"As a highly ambitious growth company, one which we started from scratch, we see the public markets as our natural source of long-term capital. I would like to take this opportunity to thank our employees for their amazing endeavours and welcome our new shareholders, with whom we look forward to sharing in the future success of the business," he added.
By George Collard; georgecollard@alliancenews.com
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