HgCapital will realise £82m in cash from its investment in Raymarine following the company’s flotation on the London Stock Exchange at 152 pence per share, which represents a market capitalisation of £125.5m. HgCapital will retain a stake of around 27% after the IPO. This represents a return of four times the firm’s original investment.
HgCapital took a 70% stake in the business when it backed an £58m (€83m) MBO from Raytheon in January 2001.
Raymarine is an international supplier of marine electronics products to the leisure boating market.
Travers Smith advised Hawkpoint as sponsor and financial adviser and Collins Stewart as stockbroker to Raymarine plc.