CPP targets China with £450m flotation plan
Mittwoch, 10 März 2010
Yorkshire company CPP Group is to float on the stock market valued at £450m as part of its plans for major international expansion, including a move into China.
The York-based company, which offers protection against lost wallets, mobile phones, keys and credit cards as well as identity theft, had earnings of £49.5m on revenue of £292m last year.
The float is expected to be completed in the next two months and is expected to target a post-float enterprise value of £450m.
The group, founded 30 years ago by Hamish Ogston, employs more than 1,000 staff in York and another 2,000 in 14 countries worldwide.
CPP, which has customers including HSBC, RBS, Barclays and Santander, already operates in countries including India, Mexico and Turkey but plans to launch in China by the end of this year.
The float will allow CPP to widen its product portfolio and launch new products including travel services and legal assistance.
"A listing will help to raise the profile of the group, incentivise employees and provide CPP with the right structure to continue its strong growth," said Eric Woolley, CPP's chief executive.
The company has appointed UBS Investment Bank and JP Morgan Caznove as join co-ordinators and joint bookrunners.
The financial services sector employs more than 345,000 people in Yorkshire and contributes 22.6% of the region’s GDP. The region is home to 110 insurance companies, 200 accounting firms and 150 law firms.