Mincon’s announcement of their floatation on the stock exchange in late 2013 was met with significant interest.
The Shannon based business saw €50 million raised at an Initial Public Offering in November. This saw it listed on the Enterprise Securities Market of the Irish Stock Exchange and on London’s Alternative Investment Market, where it shone as the largest float of 2013.
This milestone market debut has valued Mincon at €180 million.
Mincon’s chief executive Kevin Barry said ‘Floating on a public market is a significant milestone for Mincon. By listing on the Irish Stock exchange, Mincon will be able to source international capital to fund the next phase of its expansion.”
Acting as nominated adviser, ESM adviser and broker were Dublin stockbroking firm Davy.
Mincon appointed Peter Lynch, the executive chair of Prime Active Capital plc and former chief financial officer of Éircom, as chairman of its board and recruited former ESB chief executive Pádraig McManus as senior independent director.
Mr. Barry stated Mincon’s objective over the next two years is to double the business through a combination of acquisitions and growth by extending its existing product range, defending its current strong margins and gaining entry to new customers and markets.
Founded by Patrick and Mary Purcell in 1977, Mincon, based in Co. Clare, have certainly seen a steady increase in growth in previous years, reporting a pre-tax profit of €13.3m in 2012, a 17pc increase on 2011 and a 53pc increase in 2012 with revenue hitting €63.1m.
When asked why it was listing in Dublin and London, Mr. Barry said Mincon is loyal to Ireland and that the position of Ireland as a Eurozone country enables Mincon’s shares to appeal to Eurozone funds. Over 98% of Mincon’s revenue is generated outside of Ireland with international distribution and sales facilities in six locations and manufacturing facilities in Ireland the US and Australia.
The floatation received considerable media interest with much being made of Mincon’s crucial role in the dramatic rescue of a group of trapped Miners in Chile in 2010.
True to the company’s family and teamwork values Patrick Purcell and Kevin Barry decided that it was very important to reward all Mincon employees for their contribution to the company’s success. With each employee being awarded a bonus of €1000 per year of service.
“It is a testament to the hard work and dedication of the Mincon Group employees that it has grown from its origins in Shannon into the international business it is today, with operations in Europe, Africa, the Americas and Australasia and with its securities quoted on the ESM and AIM,” commented Paddy Purcell.