21st Jan 2020 09:25
(Alliance News) - IG Design Group PLC on Tuesday confirmed it has raised USD120 million following a significant acquisition in the US.
IG Design makes gifts, stationary, and creative play products. It is headquartered in Eversholt, Bedfordshire.
IG Design in the first tranche has placed 7.9 million shares at 694.0 pence each, with the second tranche being 9.4 million shares at the same price. Overall, it has raised USD120.0 million, adding the placing was "significantly oversubscribed".
Shares were 7.2% higher on Tuesday morning in London at 740.00p apiece.
The fundraise was first unveiled on Monday, with IG Design at the same time announcing the GBP89.7 million acquisition of US seasonal gift maker CSS Industries Inc. This deal, the company noted, doubled the size of US operations.
"We are delighted both existing and new shareholders have shown their support for the placing, with the proceeds allowing us to fund the cash consideration for the acquisition of CSS Industries and providing further balance sheet capital to support our wider growth strategy," said Chief Executive Paul Fineman on Tuesday.
"It is testament to the compelling rationale behind the combination of our business with CSS, the opportunities this brings, and the exciting growth trajectory of the group as a whole. We are committed to delivering great value for our shareholders, and look forward to providing an update in due course."
By George Collard; [email protected]
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