Granville Baird Capital Partners has floated ArmorGroup International, a UK-based provider of defensive protective security services and security training services, on the London Stock Exchange.
Granville has not sold any of its shares and retains a 33% stake in the company. Shares in ArmorGroup launched at 125 pence, giving it a market capitalisation of £65.1m. At the time of writing the share price is 151 pence and the market cap is £79m.
Granville invested £9.1m in ArmorGroup in November 2003 when it backed an MBO, supported by Barclays Bank, from Armor Holdings Inc, a company listed on the New York Stock Exchange.
ArmorGroup is headquartered in London, and has over 7,600 employees and operations in over 26 countries. The Group operates principally in regions of the world with diminished law and order or with a high risk of terrorism or which were former areas of conflict including the Middle East, Africa, South America, the CIS and Asia.