UK distie to launch on LSE
Raising money for a shopping spree
Holding company Geneca Group is to list on the London Stock Exchange this October. The Group announced its intentions shortly after completing its acquisition of UK tech distributors, Valuelist and Answer GCi, and says the move is designed to support its growth-by-acquisition strategy.
Brent Cutler, Geneca's managing director, said that the valuation for the listing had yet to be determined. "It is a process, not an absolute. We need to make sure everybody is comfortable with the valuation," he told us.
Geneca confirmed it is in "a number of discussions with other acquisition targets" and would be making more announcements in due course.
The company said it wanted to increase the range of products it sells to retailers such as Toys R Us and Argos.
Its website, www.geneca.co.uk, is not live yet. Cutler says this will be sorted in plenty of time for the flotation. ®