Brickability will use the finance raised to strengthen its balance sheet by repaying bank debt and existing loan notes, allowing it to expand organically and by acquisition. The AIM listing sees the company valued at £150m.
Brickability was set up in 2012. It has its headquarters in Bridgend and offices in Cardiff, Tamworth, Mtcham and Bracknell. Until the initial public offering (IPO) it was owned by chief executive Alan Simpson, backed by the private equity firm Promethean Investments.
It supplies more than 300 million bricks a year as well as roofing, radiators, heating, flooring, doors and windows.
Alan Simpson said: "We are very pleased with the level of interest generated from new institutional investors in support of our admission to trading on AIM. The move to AIM and the additional funding will allow us to continue our growth trajectory through further organic growth and through accretive bolt-on acquisitions."
He said: “The IPO will provide a platform for our strong management team to drive forward our ambitions for growth, enabling us to expand our presence in key geographies, increase our range of suppliers and invest in our service offerings.”
Got a story? Email news@theconstructionindex.co.uk
