Cambria Automobiles Holdings, the UK car dealership company owned by listed private equity firm Promethean, has completed a £50m (€56.7m) London IPO.
Cambria, which represents Promethean’s largest holding, floated on the AIM exchange on 1 April at an issue price of 50 pence per share. The firm expects to hold 33.3 per cent of shares under lock-in, after holding 51.38 per cent of issued share capital prior to admission.
Cambria’s principal activities are the sale and servicing of motor vehicles and it operates from 25 sites with a total of 37 dealer franchises. The company says that it is listing to raise its public profile, to facilitate access to development capital should the need arise in the future and to attract, over time, a wider shareholder base. Promethean originally invested £10.7m (€12.1m), and expects the holding on admission to be valued at £25.7m (€29.1m).
Cambria CEO Mark Lavery said, “It is a natural progression for the group to list on AIM. It will give us the opportunity to broaden our investor base and give easier access to investment capital should the need arise. We are confident that our decentralised business model will continue to be successful in these uncertain times.”
It was reported in September that Promethean would be winding down after a sale of assets due to shareholder pressure. The £50m listed private equity vehicle, run by former ITV chairman Sir Peter Burt and his son, received shareholder pressure to return capital after the fund lost six per cent of its value in 2008.
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