Rosebank Industries PLC on Tuesday said it expects to start trading on the AIM market of the London Stock Exchange on Thursday, with plans for industrial turnarounds in the mould of Melrose Industries PLC.

Rosebank said it successfully raised £50 million from placing 20.0 million new shares at 250 pence each. The amount raised will be Rosebank’s market capitalisation when it starts trading on Thursday.

Rosebank aims to buy industrial businesses with an indicative enterprise value of up to around $3 billion and whose performance may be improved.

‘Rosebank’s objective is to recreate the same successful ’buy, improve, sell’ business model which the Rosebank team successfully implemented during their time at Melrose, creating over £6 billion of shareholder value,’ the company explained.

The company was co-founded by Simon Peckham, who was a co-founder of Melrose and left the role of Melrose chief executive officer earlier this year after Melrose spun off Dowlais Group PLC to become a purely aerospace-focused company based around the former GKN businesses. He had bee CEO of the FTSE 100 listing since 2012.

The other Rosebank co-founder is Christopher Miller, another Melrose co-founder, while the third co-founder of Melrose, David Roper, is not involved in Rosebank.

Rosebank also will have four other Melrose alumni in its senior management team, including Rosebank Finance Director Matthew Richards,

Rosebank CEO Peckham said: ‘We are grateful for the support we have received from incoming investors, many of whom have supported us over many years. We are now totally focussed on the continued successful implementation of the ’buy, improve, sell’ business model we have practised for over 20 years and look forward to repaying the trust placed in us.’

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