STOBART Group, the Warrington- based transport specialist, is raising £120m to fund a restructuring and expansion strategy.
The share placing and open offer will be worth about £115m after expenses.
Assuming it receives shareholder approval at a general meeting on May 13, it will herald a new corporate structure of five separate divisions.
The board will also use about £20m to buy the 50% of the biomass fuels business it currently does not own, while up to £25m will be invested in the group’s two airport developments at Southend and Carlisle.
And it is proposing to buy the Westbury property portfolio from WADI Properties, which is currently controlled by group chief executive Andrew Tinkler and William Stobart.
A new corporate structure will include a transport and distribution division containing the Eddie Stobart trucking business which still makes up to 85% of group turnover; an asset management and properties division; a civil engineering arm; an airports business; and the biomass division.
Chairman Rodney Baker-Bates said: “Stobart has come through a phase of consolidation, following strategic acquisitions made in 2008 and 2009.
“It is now stepping up its organic growth within the core transport and distribution businesses.
“In addition, the company has significant potential value in existing assets which, with the capital being raised through this placing, it is now in a position to unlock.”
Chief executive Andrew Tinkler added: “We are now a diverse company with risk and returns spread across a number of sectors.
“The new funding will give us the firepower to invest in those businesses which have the greatest potential, particularly Stobart Estates and Stobart Airports.
“The restructuring will clarify and sharpen the focus, strategic aims and value of each part of the business.”
Projects identified for investment include a biomass-related facility in Widnes.
Stobart is also keen to unlock the potential of its Southend airport in time for the 2012 London Olympics.
The group employs about 1,000 staff across Merseyside at its Warrington transport site and its Widnes rail, road and maritime multi-modal hub.
