Marwyn Value Investors is launching a new management platform, Wilmcote Holdings plc, established in partnership with Adrian Whitfield, who has been appointed as its chief executive. Adrian is an experienced executive who recently spent nine years successfully implementing a turnaround and growth strategy at Synthomer plc, the UK listed specialty polymer operator. Over Adrian’s nine year tenure, he more than doubled operating profits and increased Synthomer’s market capitalisation from c.GBP300 million to over GBP800 million. Synthomer (formerly known as Yule Catto & Co.) is a global manufacturer of specialty polymers for the coatings, construction, textiles, paper and healthcare industries. Prior to Adrian’s role at Synthomer, he was the Chief Executive for the Plastics Division of DS Smith, a manufacturer of paper and packaging products, for seven years.
Wilmcote is focused on creating value through the acquisition and subsequent development of target businesses in the downstream and specialty chemical sectors. Wilmcote intends to acquire and operate businesses initially with an enterprise value in the range of GBP500 million to GBP2.0 billion.
On 21 March 2017, Marwyn Asset Management Limited as manager authorised a subscription for GBP10 million of new ordinary shares in Wilmcote. Marwyn’s share of the cost of this investment represents approximately 6.7% of Marwyn’s NAV attributable to the Ordinary Shares (measured as at 28 February 2017).
This capital raise of GBP10 million will provide Wilmcote with due diligence and operating capital prior to an initial platform acquisition. Wilmcote is currently not listed but intends to seek a public listing either before or at the time of completing its initial platform acquisition.
James Corsellis and Mark Brangstrup Watts, the founders of the Marwyn group, are both directors of Wilmcote.
Mark Brangstrup Watts commented: “The investment in Wilmcote Holdings is a further demonstration of our stated strategy to diversify the portfolio by backing proven management teams to deliver strong returns to investors. We are excited to be working with a CEO of Adrian’s calibre and look forward to delivering value creation in a sector with such interesting investment opportunities“.
MVI : Marwyn’s Wilmcote to target speciality chemicals