We have advised Power Probe, a leading US-based producer of automotive electrical diagnostic tools, on its corporate restructuring in advance of the company’s successful admission to trading on the London Stock Exchange’s Alternative Investment Market (AIM).
Founded in 1992 and headquartered in Charlotte, North Carolina, Power Probe manufactures powered electrical products used by automotive customers worldwide. As part of its flotation on AIM, the company raised £11.2 million through a placing of new ordinary shares, giving it a market capitalisation on admission of £60.4 million.
Support included advising on the reorganisation of the group’s structure, preparing the business for its new governance and reporting obligations, ahead of the IPO. Power Probe’s AIM admission marks a significant milestone for the business as it continues to expand its global footprint.
Bernhard Gilbey, partner at Gateley Legal said: “We are pleased to have supported Power Probe on the restructuring work required ahead of its successful AIM admission. The company is well positioned for its next phase of growth, and we look forward to seeing its continued success.”