Le Chameau Partnership & Wilmcote Recapitalisation

RNS Number : 4473U

Marwyn Value Investors Limited

25 November 2019

 

LEI: 213800L5751QTTVEA774

25 NOVEMBER 2019

Marwyn Value Investors Limited ("MVIL" or the "Company")

 Le Chameau Holdings Limited enters into Strategic Partnership and

Wilmcote Holdings plc announces recapitalisation

The Company today announces progress with two of its investee companies and the continuation of its strategy to deliver capital appreciation to its shareholders through investments in platforms with attractive sectoral growth opportunities.

Le Chameau

Le Chameau Holdings Limited ("Le Chameau") has entered into a Strategic Partnership with Bradshaw Taylor Limited ("Bradshaw Taylor"), the global distributor of Schöffel Country.

Bradshaw Taylor has acquired a substantial stake in the equity of Le Chameau as part of the transaction and Bradshaw Taylor's Managing Director, Corry Taylor, has been appointed CEO of Le Chameau.

The partnership will see Le Chameau, together with Bradshaw Taylor and Schöffel Country, expand in its core markets and into new markets to provide best-in-class country footwear.

Le Chameau is the operating business of Le Chameau Group plc, a portfolio company of Marwyn Value Investors LP, the Master Fund into which the Company invests.

Financo acted as exclusive financial advisor in relation to the Transaction.

Wilmcote

Wilmcote Holdings plc ("Wilmcote") has today proposed an open offer to existing shareholders to raise up to a further £6.5 million through the issue of new ordinary shares.

The proposed fundraising will allow Wilmcote to respond to opportunistic investment prospects in the specialty chemicals sector, as well as in the market more broadly, while also seeking to recruit sector specific operational executives and management teams.

Reflecting on experiences over the last two years, during which Wilmcote has come close to completing a platform acquisition on two occasions, an investment policy update is proposed to provide additional flexibility reflecting the breadth of deal flow seen in adjacent sectors, revising the scale of potential transactions and considering a broader range of investment structures, including taking controlling or non-controlling stakes.

Funds managed by Marwyn Asset Management Limited have provided an irrevocable undertaking to vote in favour of the resolutions at the general meeting and to subscribe for at least its 60.44% pro rata allocation of the offer.

Company enquiries:

Louisa Bonney / Scott Danks

Axio Capital Solutions Limited as Company Secretary

Telephone: [phone]

Gillian Martin

Liberum Capital Limited

Telephone: [phone]

PR enquiries:

Alex Child-Villiers / Will Barker

Temple Bar Advisory

Telephone: [phone]

Notes to editors:

Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Current investments through its underlying funds include Zegona Communications plc, Le Chameau Group plc, Safe Harbour Holdings plc and Wilmcote Holdings plc.

Bradshaw Taylor Limited is an outdoor, country & lifestyle company that brings leading retail and brands to market. Working closely with the Schöffel family over 25 years ago, the Schöffel Country range was developed and launched by Bradshaw Taylor Limited. Schöffel Country is now a leading premium country apparel brand.

Le Chameau is a leading luxury footwear brand best known for its rubber wellington boots. Founded in 1927, and beloved by those who indulge in country pursuits. Artisan craftsmanship, innovation and the highest quality luxury materials have always differentiated the Le Chameau boot. Each pair of Le Chameau rubber boots is hand crafted by a single master boot maker.

Wilmcote Holdings plc is an investment vehicle seeking to engage sector-leading executive management and pursue acquisition opportunities in a range of sectors including industrials, manufacturing, engineering, construction, building products or support services.

For further information see www.marwynvalue.com

 

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