June 23, 2014
International law firm Weil, Gotshal & Manges advised UK manufacturer Volution Group PLC ("Volution") on its initial public offering ("IPO") on the main market of the London Stock Exchange. The IPO is the most recent in a particularly buoyant first half of 2014, with 21 IPOs on the main market, with the majority of these being private equity exits. The IPO values the equity share capital of Volution at £300 million.
Volution is a market-leading manufacturer and distributor of ventilation products, and the parent company of a number of related companies including U.K. manufacturer and marketer of fans and accessories for household, commercial and industrial ventilation, Vent-Axia, which was recently commended by U.K. Prime Minister David Cameron as "a great example of a company that has brought manufacturing back to the United Kingdom, creating jobs for hard-working people." Of the IPO, Volution CEO Ronnie George commented, "We have the management, strategy and track record which will provide an excellent platform for future profitable growth. We are confident that the IPO is the next natural step in our journey."
In addition to advising Volution on its IPO, Weil advised the company on amendments to its principal bank facilities.
Weil's team included corporate consultant Ian Hamilton and associate Lewis Blakey, together with tax counsel Oliver Walker and associate Frixos Hatjantonas, and employment counsel Ivor Gwilliams. The team further comprised banking partner James Hogben and associates Paul Ingram and Natalie Dyce. Macfarlanes and Paul Weiss represented the underwriters, Canaccord Genuity and Liberum Capital.