Two brokers tapped to float $300 million Soul Patts-backed...

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    Two brokers tapped to float $300 million Soul Patts-backed company

    • Jul 19 2018 at 3:32 PM
    Bell Potter Securities and Morgans Financial have been hired to oversee an initial public offering of NSW-based mining electrical engineer Ampcontrol, which is expected to be worth as much as $300 million.
    Ampcontrol started out as a supplier of industrial electrical products to the Hunter region and has diversified into high-growth areas including tunnelling infrastructure and renewables.
    It is 43.3 per cent owned by Washington H Soul Pattinson's private equity arm, Souls Private Equity Ltd.
    It is understood the company has appointed Bell Potter and Morgans to structure and market a sharemarket listing, following a beauty parade overseen by Soul Patts' Pitt Capital Partners.
    Sources said Ampcontrol founding shareholder Peter Cockbain was expected to seek to sell down his 43.3 per cent stake in the event of an IPO.
    Ampcontrol chair Terry Lawler announced in May that the company had commenced planning for an IPO process to list the company on the Australian Securities Exchange.
    "Traditionally, we may have been recognised as a manufacturer that supports the mining industry, however, the Ampcontrol of 2018 and beyond is so much more than that," Lawler said at the time.
    An ASX listing "will enable the company to access new sources of funding for that future growth."
    "Ampcontrol has continued to diversify the business and broaden its service offering with a number of recent strategic acquisitions including Aurecon's specialist testing business, Transformer Maintenance Services and more recently with Complete Power Solutions."
    Fund managers are expected to compare it to other mining services plays, which have come back into support in the past 12-months.
 
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