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Could Daisy Float Again?

Matthew-Riley-Daisy

First published by the Sunday Times, Daisy could be plotting a £1.4bn market return, after private equity firms Toscafund and Penta Capital took Daisy Group private for £494m in 2015.

The Lancashire-based company paid £165m for rival Alternative Networks last year, leading to the company take on £20m in debt.

A consortium which included Daisy’s founder and executive chairman, Matthew Riley, Toscafund and Penta Capital, paid 185p at the time, representing a 14.7 per cent premium for the company’s closing share price on its last day of trading.

Daisy Group has seen its fair share of corporate activity since it started operating in 2001. Well known for a highly acquisitive growth strategy, including some 50 takeovers, the former Aim-listed company employs 3,700 staff in 30 locations across the UK.

Their latest results show the firm hitting an adjusted EBITDA of £77m on revenue of £511.9m for the year to 31 March 2016.

A Daisy Group spokesperson declined to comment yesterday on the mooted float plans.