Marwyn announces Safe Harbour float – Safe Harbour Holdings plc has today announced its intention to float on the AIM market of the London Stock Exchange, raising a further £22.7m, with backing from a number of institutional investors, and bringing the total funds raised to date to £32.7m.
Safe Harbour has been established with the objective of creating value for its investors through the acquisition and subsequent development of assets engaged in the provision of B2B distribution and/or business services. Safe Harbour intends to acquire a platform business with an enterprise value in the region of £250m to £1.5bn, in order to create significant shareholder value through a well-executed buy-and-build strategy.
Safe Harbour is led by Rodrigo Mascarenhas. Rodrigo has 17 years of international business experience, having most recently spent 10 years successfully delivering international growth through acquisitions for the FTSE 100 international distributor and outsourcer, Bunzl plc. Rodrigo will be supported by Avril Palmer-Baunack (non-executive chairman) and the founders of the Marwyn Group, James Corsellis and Mark Brangstrup Watts (both executive directors).
Safe Harbour is in the process of evaluating various platform acquisition opportunities that fit its investment criteria and will provide further information at the appropriate time. The net proceeds of the placing will in part be used to carry out due diligence on potential acquisition targets and provide working capital prior to the platform acquisition.
Funds managed by Marwyn Asset Management Limited have invested £10m in Safe Harbour to date, of which £7.2m is attributable to the ordinary shares of Marwyn Value Investments and £1.1m to its realisation shares.
Mark Brangstrup Watts commented: “We are delighted to be backing Rodrigo and to see additional support for Safe Harbour’s strategy from institutional investors. The listing of Safe Harbour is consistent with our stated strategy of diversifying the portfolio and backing proven management teams in sectors offering significant value creation opportunities.”
MVI : Marwyn announces Safe Harbour float