Vocational training specialist floats on AIM
Article Date: Oct 03 2007A company which aims to acquire businesses in the vocational training sector has floated on AIM. Melorio raised £27.5 million before expenses at 100p per share, supporting its £35 million acquisition of Construction Learning World, a provider of on-site assessment and training to the construction industry.
The vendors of Construction Learning World have subscribed for £3.5 million in Melorio shares, and a term loan of £6.5 million also supports the acquisition.
Melorio’s management takes the view that the vocational training sector in the UK is fragmented, and aims to consolidate the sector by acquiring businesses in sectors that the Government has prioritised for funding support, in particular construction and care.
Executive chairman Adrian Carey comments: ‘Admission to AIM will assist the company in raising additional capital to fund both organic and acquisition-led growth. It will also enhance our status and profile and allow us to recruit and incentivise quality management teams.’
On the second day of dealing, Melorio’s shares are valued at around 107.5p, up 7.5 per cent on the placing price.
