Softcat hires another non-exec director as '£500m' IPO nears
The name's Ventress, Peter Ventress, licence to air your clean laundry in public
The ranks of non-exec directors at Softcat continue to swell, with former Staples UK president Peter Ventress hired ahead of the reseller’s LSE flotation, slated for next month.
The appointment of the 65-year-old was confirmed in a Companies House filing. Ventress is also CEO at industrial laundry service Berendsen UK and non-exec director at construction firm Galliford Try Plc.
Marlow-based Softcat signed up Credit Suisse and Jefferies to run the IPO, which is expected to value the company at between £400m to £500m, and will the first IT reseller of size to go public in years.
Earlier this month, the company also brought on board ex-Domino’s Pizza CFO Lee Ginsberg to serve as an NED.
As is typical for any listed company, the NEDs will take a seat on the finance and compensation committees that Softcat will erect once its shares are listed.
All eyes will be locked on developments next month to ascertain what value investors place on a well-run reseller business, particularly in light of Kelway’s $431m sale to CDW.
Softcat broke through the £500m revenue barrier in fiscal ’14 ended July, coming in at £505m, up from £395.7m in the prior year. Operating profit grew to £35.5m from £27.36m.
We contacted Softcat CEO Martin Hellawell this morning but have yet to hear back from him. ®