A NEW infrastructure fund that has John Laing as an investor yesterday unveiled its plans to float on the main market of the London Stock Exchange, as it looks to raise up to £174m.
John Laing Environmental Assets Group (JLEN) will acquire a portfolio of renewable energy, waste and waste water PFI assets in the UK from infrastructure group John Laing and a fund managed by Henderson Equity Partners, which owns John Laing, when it lists.
It is expected that the initial public offering (IPO) prospectus will be published in the week beginning 17 February, with trading to start in March.
John Laing Investments, part of the John Laing Group, is a cornerstone investor and has committed to subscribe for 24.9 per cent of the IPO.
The fund is looking to raise a minimum of £160m initially, with the option to increase the size of the issue up to around £174m. John Laing Capital Management, another part of the John Laing Group, is providing investment advice.
"The diversified blend of assets within JLEN's portfolio, the relationship with John Laing and the expertise and experience of the investment advisers all combine to make this new fund a compelling investment proposition that we expect to deliver strong riskadjusted returns," said Richard Morse, nonexecutive chairman at JLEN.
JLEN follows other green investment vehicles that have recently floated in London, such as the Renewables Infrastructure Group last July. Next Energy Solar Fund plans to list in March.
ADVISERS JOHN LAING ENVIRONMENTAL ASSETS GROUP JAMES MOSELEY WINTERFLOOD SECURITIES Barclays is acting as sole global-coordinator, sole bookrunner and sponsor on John Laing Environmental Assets Group's imminent flotation, while Winterflood Securities is acting as co-lead manager. Both firms also worked on the IPO of renewable energy infrastructure fund Greencoat UK Wind last year.
Heading up the Barclays team are Richard Probert, Iain Smedley and Ben West.
Probert is head of EMEA services at Barclays and has worked for Credit Suisse and HSBC. He worked on deals for security firm G4S and for property firm Barratt Developments while at Credit Suisse.
Smedley, formerly of Nomura, advised International Power on its takeover by French utility firm GDF Suez back in 2012. A keen music fan, he is a long-term devotee of Factory Records, as well as the band British Sea Power.
West has previously worked with other companies looking to float, including Infinis Energy and Merlin Entertainment.
Darren Willis and James Moseley are leading the Winterflood Securities team. Moseley is a director of Winterflood Securities and head of the investment trust team. He joined the HSBC investment trust team in 1995, becoming head of sales in 2000.
Willis heads up the investment trust sales team at Winterflood Securities. He began his career at UBS Warburg before leaving to join Intelli Corporate Finance. As well as extensive secondary market experience, he has led the recent IPOs of Foresight Solar Fund, JP Morgan Global Convertibles Income Fund and Target Healthcare REIT.