June 22, 2021 | Deals

GCA Altium advises Victorian Plumbing on its record-breaking AIM IPO

GCA Altium acted as sole independent financial advisor and NOMAD for the GBP 850m IPO of Victorian Plumbing Group plc, the leading UK-based online retailer of bathroom products and accessories. This is the largest IPO ever recorded on London’s AIM and marks a key chapter in Victorian Plumbing’s growth strategy.

Victorian Plumbing is a digitally native retailer of bathroom products and accessories, offering a wide range of over 24,000 products and accessories to B2C and trade customers. It offers its customers a one-stop shop for the entire bathroom with more than 125 own- and third-party brands across a wide spectrum of price points. The Group has grown rapidly in recent years and is now the UK’s leading specialist bathroom brand and the country’s second largest retailer of bathroom products by revenue. Victorian Plumbing’s product design and supply chain strengths are complemented by its creative and brand-focused marketing strategy.

Victorian Plumbing had a market capitalisation on admission of GBP 850m. There was significant excess demand at these levels, dominated by high-quality, blue-chip, long-only institutions. The Group raised gross proceeds of GBP 297.5m to result in a target free float of 35% (increased from 30% due to strong demand). The IPO will help to further increase the profile for the Victorian Plumbing brand and cement the Group’s leading position in the UK, putting them in a strong position for the next stage of the Group’s growth strategy. The company will remain majority-owned by the Founder and CEO, Mark Radcliffe, and his brother and Product Director, Neil Radcliffe.

GCA Altium has a longstanding relationship with the Founder of the business and assisted in all aspects of the transaction as independent financial adviser and NOMAD. GCA Altium’s consumer sector expertise, coupled with its independent equity capital market capabilities, enabled us to bring Victorian Plumbing to market on an accelerated timescale.

Commenting on the IPO, Mark Radcliffe, Founder of Victorian Plumbing said: “Having worked with GCA Altium for around five years I can honestly say that their advice and guidance has been nothing short of exceptional. The team at GCA Altium have guided Victorian Plumbing through a detailed process to successfully list on AIM. We have benefitted from their extensive network of top-quality professionals, always ensuring our best interests are the priority at every stage. Without question we will continue to partner with GCA Altium and call on their advice for the next chapters of our growth ambitions.”

Sam Fuller, Managing Director and Co-Head of UK Consumer at GCA Altium, said: “It has been a pleasure to advise Mark and Victorian Plumbing over the years, and this IPO reflects the amazing growth story and household brand the business has established.”

Phil Adams, CEO of GCA Altium, added: “We are hugely excited to have supported Victorian Plumbing on the biggest IPO in AIM history. We have built our business so that we can provide the best advice, with true and full optionality to our clients whether via public markets or private equity, strategic exit or debt. IPO was definitely the right option for Victorian Plumbing, and it has been a real pleasure working with Mark, Paul and team on this landmark transaction. We look forward to supporting them for many years to come.”

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