Behind the deal: Boutique adviser guides kettle safety company to £190m IPO

Kettle safety company Strix Group successfully completed its admission on to London’s junior market today, raising £190m.

The Isle of Man company, advised by boutique investment bank Zeus Capital, entered the Alternative Investment Market (Aim) with shares priced at 100p.

The business designs, manufactures and supplies kettle safety controls and water temperature components and claims a 38 per cent share of the market.

The initial public offering (IPO) marks a full exit for Strix’s existing investor group, led by AAC Capital Partners, with almost 100 per cent of shares released to institutional investors.

“I am delighted with the successful admission to Aim of Strix, which will position the company well for the next stage of its development,” said chief executive Mark Bartlett.

“In particular, admission to Aim will provide an appropriate structure for the long term development of the business, raise our international profile and enables us to invest in our new product development capabilities to the benefit of our valued customers.”

Behind the deal

Nick Cowles – Zeus Capital

Cowles, director of corporate finance in Manchester, led the Zeus team, which acted as nominated adviser and sole broker to Strix.

The Tottenham Hotspur supporter has been with Zeus since 2004 and also worked on the flotations of BooHoo.com, Conviviality Retail and Quantum Pharma.

After months spent working on the Strix IPO, Cowles is now enjoying a well-deserved holiday with his family in Majorca.

Also advising

Jamie Peel and Jordon Warburton worked on the corporate finance side of the deal with Cowles. Dominic King and Paul McGlone also advised on the IPO for Zeus. IFC Advisory ran PR and investor relations for Strix.

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