London’s public markets remain red-hot after Czech trucking service reveals £1.5bn flotation
London’s public markets remain red-hot after a Czech trucking service revealed a £1.5billion float.
In the latest post-Brexit boost to the City, private equity firm TA Associates is poised to float Eurowag, which provides payment and technology services to hauliers.
The float could come as soon as September. The firm has hired bankers at Citi, Jefferies and Morgan Stanley to coordinate the deal, according to Reuters.
Boost: Private equity firm TA Associates is poised to float Eurowag, which provides payment and technology services to hauliers
The deal would further boost London’s image as an international venue for European companies, even after the UK has exited the EU.
Eurowag was founded by majority shareholder and boss Martin Vohanka in 1995 and has grown in to an international technology firm supporting trucking activities for customers in 30 countries, mainly across Europe. It allows smaller haulage companies – often family firms with no more than half a dozen lorries yet whose operations are cross-border – to use a single payment system for fuel and tolls as well as insurance and VAT refund claim processes.
The firm employs more than 1,000 staff and reported sales of £108m in 2020, as well as profits of £49m. Vohanka owns 59.1 per cent while TA Associates owns 32.7 per cent.
Vohanka said: ‘This is about the ‘uberisation’ of the trucking industry – like Uber, we are offering all the services these companies need.
‘For the industry this is about digitalisation, efficiency, the social dimension and the environment.’
- Energy investment trust, Blackfinch Renewable European Income Trust, also announced plans to raise up to £300m with a float in London.