23 January 2005

Marconi boss to float energy adviser

The Sunday Times
English
© 2005 Times Newspapers Limited. All rights reserved

JOHN DEVANEY, the chairman of Marconi, is to lead the float of MCC Energy, an advisory business focusing on the renewable energy and emerging technologies markets, on AIM, writes Dan Box.

The company will be spun out of Moore, Clayton & Co, a private-equity firm with interests ranging from energy to healthcare and financial services.

Moore Clayton & Co was a founder investor in Healthcare Enterprise Group, an AIM-quoted company whose value has risen from Pounds 4.6m to Pounds 85.8m since its flotation.

MCC Energy is expected to raise about Pounds 2.5m and to be initially valued at about Pounds 12.5m.

Executives from the company will meet investors next week and plan to list the company in February. KBC Peel Hunt is the broker and sponsor.

Last year, MCC Energy made about $1.5m in advisory fees, working for a number of small energy and technology companies.

It intends to use the money generated though its flotation as a springboard to acquire assets in energy retail and technology companies in North America and Europe.

© Times Newspapers Ltd, 2005