Ronez acquisition 'a cornerstone deal' says new owner SigmaRoc
THE new owner of Ronez is planning to base its head office in Guernsey or Jersey.
SigmaRoc, listed on London's Aim market, plans to relocate its head office from London during 2017 following completion last week of the £45m. deal to buy the Ronez operations in Guernsey and Jersey from Aggregate Industries.
Both islands are potential targets for the new HQ, which would continue to act as head office while the business looks at further expansion in northern and western Europe.
'We are looking to move to the islands sometime this year, wherever the facilities are best suited to accommodate us,' said chief executive officer Max Vermorken while in Guernsey last week.
'This is a legal process, it will have to go through the courts in the UK, but we are now starting that process.'
SigmaRoc, which has also secured backing from the local investment fund Bailiwick Investments, a move which has enthused company principals by securing local buy-in amounting to 13.4% of the business, is also intending to pursue a dual listing on the Channel Islands Securities Exchange.
Mr Vermorken described the acquisition of Ronez as a 'cornerstone' deal for the company's ambitions.
'We have ambitions to grow into a far larger entity than just Ronez. We now have a great cornerstone asset that will provide us with the platform from which to grow our business further while generating cash flow.
'We believe the new independent ownership structure will allow the business to flourish and continue its long and impressive history.
'SigmaRoc's board looks forward to working with the Ronez management team to ensure a smooth ownership transition towards our new, successful joint history.'
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