MG Equity turns to North America
Published by: Financial Times
MG Equity Partners, the boutique investment bank best known for bringing to London Israeli companies with ambitions to float on Aim, has turned its attention to North America.
Today it is staging a showcase at the London Stock Exchange for 11 pre-initial public offering companies from both the US and Canada. The companies will be giving presentations to an audience of more than 30 brokers and nominated advisers (nomads), as well as some institutional investors.
Amir Raveh, managing director of MG Equity, said the event would open doors for quality companies suited to Aim rather than Nasdaq. Apart from one property company, the potential candidates are from the technology sector. Most have sales in the $25m to $40m (£12.5m to £20m) range and are expanding rapidly.
A typical example is GlassHouse Technologies, which is looking at the possibility of raising up to $15m. Based in Massachusetts, the company specialises in offering independent computer data storage and disaster recovery systems. Revenues this year are expected to be about $42m, up from $29m last year.
Another is VBrick Systems, based in Connecticut, which is hoping to raise up to $50m for further expansion of its internet protocol video business. Sales this year are expected to be $26m, doubling to $52m over the next two years.