West Perth-based Emeco Ltd has advised it will proceed with an initial public offering in the second half of 2006 with Credit Suisse, Citigroup and UBS appointed as joint lead managers of the IPO.
West Perth-based Emeco Ltd have advised that it will proceed with an initial public offering in the second half of 2006 with Credit Suisse, Citigroup and UBS appointed as joint lead managers of the IPO.
Emeco Ltd also advised holders of the company's exchangeable notes that no determination has yet been made as to how the IPO will be structured. Accordingly, no decision has been made regarding the future status of the Notes. The directors will ensure that Emeco Ltd continues to comply with its obligations to keep Note holders and the Note trustee informed of all material developments.
Emeco managing director Laurie Freedman said the new capital raised in the IPO would allow Emeco Group to pursue its existing growth strategy.
"We are particularly pleased with the growth of our newly acquired business in Canada and the penetration of rental equipment servicing we are achieving in the huge Oil Sands operations in Alberta, Canada," Mr Freedman said.
Emeco has achieved substantial growth following a $500 million management buy-out in December 2004 in association with Archer Capital and Pacific Equity Partners.
Founded over 30 years ago, Emeco is a large renter of heavy earthmoving equipment globally. Emeco also possesses a leading procurement and sourcing network that operates throughout the world's major earthmoving equipment markets.