Disruptive online builders merchant floats on AIM
Key are pleased to announce that portfolio company CMO has listed on AIM at a market capitalisation of £95 million. The IPO will provide Key with a 6.2x return on float.
The Key team brought a wealth of retail and e-commerce experience alongside their understanding of working with high growth businesses. They remain a supportive investment partner as our business continues to grow.
Following the IPO, Key will continue to hold a significant minority stake in the company. This is the second exit for Key via IPO, having previously backed the disruptive online musical instrument retailer Gear4music, which floated in 2015.
Following Key’s investment in April 2017, CMO has evolved into the UK’s largest online only retailer of building materials, disrupting a £27 billion, predominately offline market, with a digital first proposition and market leading product choice, supported by high quality customer service and technical expertise. Operating through seven websites, the company provides the convenience of online retail, with a vast range of products available to customers delivered direct to home or to builders on-site.
We are delighted to deliver another excellent result for Key investors. CMO is a unique business and has gone from strength to strength over the past four years. It has been a pleasure to work with the management team and we look forward to supporting them through the next stage of development.
Since investing in CMO, Key has supported the management through a period of rapid growth. The business has expanded from three to seven websites, including two acquisitions, and invested significantly in the infrastructure, including personnel, systems, premises and corporate governance.