PraxisIFM has marked the completion of one acquisition with a capital-raising of £10m to fund potential further growth.
Group Chief Executive Officer, Dr Simon Thornton, reiterated the company’s growth plans as stated at the time of listing on The International Stock Exchange in April 2017.
“The attraction of listing included extending our international reach and profile, enhancing our ability to attract and retain staff and give us access to capital markets,” he said. “Less than a year on from our initial listing we are seeing those potential benefits come to fruition and we are ready to make further acquisitions as and when appropriate for the Group, shareholders and our clients.”
As sponsor and placing agent, Ravenscroft Guernsey managed the placing for the group.
The placing was oversubscribed with both existing and new investors participating.
Ravenscroft CEO, Jon Ravenscroft, said: “We are proud and delighted to be associated with this fantastic business. The company now has all the ingredients available to go from strength to strength and we wish them well.”
The acquisition of KOMPAS International was originally announced in October 2017 and completed on Tuesday 6 March.
The KOMPAS team, consisting of ten staff, will continue its services under the name PraxisIFM Netherlands. Dr Thornton welcomed the KOMPAS team to the Group, commenting: “At the heart of our business is serving our clients’ needs, and their outlook is increasingly internationally focused. The KOMPAS team has a wealth of knowledge about supporting companies on this global level, which is invaluable to us and to our clients.”
Acquiring the Dutch company also means that the PraxisIFM Group adds a strategically advantageous location in Europe.