The holding company behind Greenvale is to float on the London Stock Exchange (LSE) as it looks to raise £15 million.
Produce Investments Limited is seeking to expand and broaden its equity base through a listing of its shares on the AIM Market of the LSE.
The company is being advised on the proposed Initial Public Offering (IPO) - due to be completed later this month - by Investec, with around 35 per cent of shares likely to go to investors.
Existing directors are likely to purchase more equity and Greenvale has already underwritten investments to the value of £15m from likely investors. Greenvale will have a market capacity of £30m-40m after the IPO.
Greenvale ceo Angus Armstrong said in a memo to staff: “The firm believes there will be opportunities for growth (both internal and through acquisition) in the years ahead and wishes to be well positioned to respond through the resultant strengthening of its balance sheet from this IPO.”
The firm has appointed Sir David Naish - chairman of Hilton Food Group and former president of the NFU - as a non-executive director.
Armstrong said: “Sir David brings a wealth of experience to the company and a strong reputation with institutional investors in the City as well as within the retail and agricultural sectors.”
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