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Van Elle Holdings plc Flotation on AIM

October 2016 £80m

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growth strategy

Project Tulip

October 2016 £80m

About the client

Founded in 1984 by its Chairman Michael Ellis and his wife Joan Ellis, Van Elle is the UK’s largest geotechnical engineering specialist. The Group offers a wide range of geotechnical techniques and services to customers in a variety of construction end markets, predominantly in the UK.

The Company’s latest results for the year to 30 April 2016 show that revenues climbed from £46.6m to £84.2m in the last 3 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.

About the deal

Van Elle successfully raised £40m by floating on the AiM market, valuing the business at £80m. £30m of the funds raised were used to exit existing shareholders, with £10m of primary funds to be implemented as development capital.

The Company plans to use the primary funds raised to implement its three pronged strategy of market share growth, development of new products, services and geographies and the pursuit of strategic bolt-on acquisitions.

“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 for providing excellent strategic advice and long term support to reach this historic milestone in our development.”

Michael Ellis I Founder and Chairman I Van Elle plc