New acquisition vehicle Gloo Networks plans to raise £30m in an IPO on London’s AIM before seeking to acquire media businesses worth between £250m and £1bn.
The London-based company – headed by Rebecca Miskin, formerly digital strategy director…
New acquisition vehicle Gloo Networks plans to raise £30m in an IPO on London’s AIM before seeking to acquire media businesses worth between £250m and £1bn.
The London-based company – headed by Rebecca Miskin, formerly digital strategy director at Hearst Magazines, and Juan Lopez-Valcarcel, previously chief digital officer at Pearson International – said in a statement that the initial capital raise is expected to receive strong backing from major institutional investors. Proceeds will be used to provide due diligence and operating capital for a later acquisition. “Significant” additional capital is expected to be raised when the acquisition is made, the company added.
Gloo expects to list on AIM in mid-August, a spokesperson for the company said.
Gloo said it will target media companies in the UK, US and to a lesser extent Europe which “appeal to attractive socio-economic groups” and use data and technology to change their business models to unlock value and boost profitability. The spokesperson said the company is looking at the media sector broadly – including digital, video, newspapers, magazines and pay TV – but does not currently have a list of targets.
The company noted that it aims to take advantage of the changing relationship between consumer brands, media owners and the advertising industry driven by the convergence of the internet and media sectors.
Liberum Capital is nominated adviser, joint bookrunner and joint broker for the IPO, while Numis Securities is joint bookrunner and joint broker. Liberum is also advising on potential acquisitions, the spokesperson said.
Asset management and corporate finance group Marwyn Value Investors said in a separate statement that its Master Fund intends to subscribe as a cornerstone investor for new ordinary shares in Gloo.
Marwyn founders James Corsellis and Mark Brangstrup Watts are both directors of Gloo.
Marwyn also backs Zegona Communications, an acquisition vehicle targeting TMT businesses in Europe, which recently agreed to buy Spanish cableco Telecable for €640m (US$705m).
