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Van Elle Piling Contractor, IPO

Rickitt Mitchell Complete £80m IPO of Van Elle Holdings plc

The UK’s largest geotechnical engineering contractor, Van Elle, is set to begin trading on the  AiM market of the London Stock Exchange with a market capitalisation of £80m. The IPO has successfully raised £40m of funds, which in part is to be used to support further growth and diversification, both organically and via targeted acquisitions.

Van Elle is led by co-founder and Chairman Michael Ellis and CEO Jonathan Fenton.  Van Elle operates across the UK with offices in Nottinghamshire, Warrington, Hereford, Norfolk, Tyne and Wear, and Scotland.

The Company’s latest results for the year to 30 April 2016 show revenues climbed from £46.6m to £84.2m over the last two years, with operating profits more than trebling from £3.1m to £11.1m in the same period.

The significant growth Van Elle has delivered in recent years has been driven both by market share gains and the diversification of its offering into higher value specialist services, well aligned with infrastructure markets.

The deal has been led by corporate financiers Neil Mitchell and Kaine Smith from Rickitt Mitchell, with support from Eversheds corporate team (Alistair Cree, Nicola Brookes) and Deloitte (Jodi Birkett, Paul Leather, Tim Grogan) as reporting accountant. Peel Hunt is acting as broker and nominated adviser and finnCap were lead manager.

Neil Mitchell, Partner at Rickitt Mitchell, commented:

“Van Elle rightly deserves to have executed a successful IPO.  It is a high quality business, well positioned in its end markets and generating strong margins.  Michael Ellis, Jon Fenton and the rest of the management team are first rate and will continue to develop the significant opportunity ahead for Van Elle.  The AiM market provides the ideal platform for Van Elle to continue its development both organically and through selective bolt-on acquisitions. ”

Founder and Non-executive Chairman Michael Ellis commented:

“We are absolutely delighted to have successfully listed Van Elle on the AiM market.  We have worked tirelessly over the last thirty-two years to build the company in to the established market leader that it is today.  I would like to thank Rickitt Mitchell and the advisory team built around us that have provided excellent strategic advice and long term support to reach this historic milestone in our development.”

Neil Mitchell added : “This transaction also demonstrates the capability of the Manchester corporate community to lead and successfully deliver public market deals. It has been a pleasure to work closely with the Van Elle team”.

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25.10.16