Marwyn Value Investors Limited (LON:MVI) announced on Thursday that one of its investee company's Safe Harbour Holdings PLC has raised £22.7mln from a number of institutional investors ahead of an AIM listing set for March 15, bringing the total funds raised to date to £32.7mln.
Headed by former Bunzl PLC (LON:BNZL) man Rodrigo Mascarenhas, Safe Harbour wants to acquire an online B2B distribution platform valued at between £250mln - £1.5bln.
Safe Harbour is in the process of evaluating various platform acquisition opportunities that fit its investment criteria and will provide further information at the appropriate time.
The net proceeds of the placing will in part be used to carry out due diligence on potential acquisition targets and provide working capital prior to the platform acquisition.
Marwyn Value will reduce its stake in Safe Haven to 30.6% from 100% following the float.
Star fund manager Neil Woodford's Woodford Investment Management will take a 26% stake in Safe Haven, and Invesco Perpetual will have a similar holding.
Mark Brangstrup Watts, founder and executive director of Marwyn Value, said: “The listing of Safe Harbour is consistent with our stated strategy of diversifying the portfolio and backing proven management teams in sectors offering significant value creation opportunities.”