(Alliance News) - Rosebank Industries Ltd, founded by the former boss of Melrose Industries PLC, is preparing for a London float and will look to raise over GBP40 million from institutional investors, Sky News reported Sunday.

Sky News, citing an investor presentation it has seen, reported Rosebank will look to replicate the buy, improve and sell model famed by Melrose, the one-time industrial turnaround specialist now focused on aerospace.

Rosebank will look to acquire industrial and manufacturing companies headquartered in the UK, Europe or North America with an enterprise value of up to about USD3 billion, Sky News reported.

Citi and Investec have been appointed to work on AIM listing, Sky News said.

Rosebank was founded by Simon Peckham, who left the role as Melrose CEO earlier this year. Peckham was a co-founder of Melrose, and began his stint as CEO of the FTSE 100 listing back in 2012.

https://news.sky.com/story/melrose-founders-to-list-rosebank-in-hunt-for-new-industrial-deals-13153387

By Eric Cunha, Alliance News news editor

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