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Cayzers to reap riches on TGE
Robert Lea14.05.08
Caledonian Investments, the quoted vehicle of the City's blue-blooded Cayzer family, is set to turn a fortune on the float tomorrow of a German shipping firm.
Bonn-based TGE, in the vanguard of designing the storage systems for the giant liquefied gas vessels delivering supplies from Africa and Asia to the energyhungry markets of Europe, the US, Japan and China, is to make its debut on AIM valued at nearly £160 million.
The float, the second-largest on London's lightly-regulated junior market, comes just two years after Caledonia took 50% control for £12 million in a management buyout from French industrial company Suez. The business last year made profits of more than £10 million on revenues of £60 million.
Chief executive Manfred K¸ver who was with the company when it was known as Tractabel Gas Engineering, said: "Technically and commercially we have long been the leading gas engineering business in our market."
