Luxembourg-based RM2 International has become the first big admission to London’s junior stock exchange in 2014.
The business, which specialises in the development, manufacture and management of pallets, has raised £137.2 million through listing and secured commitments from the likes of former Marks and Spencer chairman and chief executive Stuart Rose and ex-Diageo chief executive Paul Walsh.
RM2 chief executive John Walsh says that admission to the Alternative Investment Market (AIM) will allow the business to create an operation of ‘real scale’.
‘With the funds raised we will expand our manufacturing capacity, and establish a pool of pallets which offer customers around the world a proposition that we believe is cost-effective, efficient, controllable and sustainable and which will provide RM2 and its shareholders with a high quality recurring revenue stream,’ he adds.
More on recent AIM admissions:
- Venture capital-backed Applied Graphene Materials picks AIM
- Charlie Muirhead’s Rightster debuts on AIM
- Reverse takeover for AIM-listed Trakm8
Going forward, RM2 International will put its newly-garnered capital to work by developing a new form of glass fibre and resin composite pallet. The business believes that it is a more durable and cost-effective product than the traditional wooden pallet.
Ian Molson, chairman of RM2, comments, ‘RM2 has brought together the technology, the innovation, the management and the logistics to be both a catalyst for, and the pivotal point of, a step-change in the market.’
As well as moving forward with its glass fibre and resin pallet, RM2 plans to expand its production capacity.