The parent company of GMC member Air Radiators will list on the ASX at the end of September after successfully closing off its $22m initial public offer.
Adrad will be valued at $121m on listing and will be chaired by Beach Energy chairman Glenn Davis, with former Codan managing director Donald McGurk also on the board.
Air Radiators was established in 1974 and relocated to Geelong in 1988, with the Lara facility now employing over 120 staff.
The company has maintained a focus on product development and innovation, recognised by induction into the Victorian Manufacturing Hall of Fame in 2006 and in 2019, winning the Leader in Innovative Product Development and Commercialisation Award.
Air Radiators is one of three business units servicing the Adrad original equipment (OE) segment, manufacturing heat transfer solutions for customers including Kenworth Australia, Caterpillar, Cummins and Hitachi.
Adrad was founded in 1985 by Gary and Karen Washington. According to the company prospectus, Adrad has expanded from being a local supplier of quality radiator parts to specialist repair workshops, into a significant importer and distributor of complete radiators, primarily for the passenger vehicle aftermarket segment as well as a designer and manufacturer of industrial OE solutions.
Today, Adrad operates two major segments with 496 employees across eight main sites and 16 warehouse locations in Australia, New Zealand and Thailand.
“Our goal is to continue to grow both operating segments, further leverage our strong track record in Australia and New Zealand and the competitive advantages gained through our Thailand facilities,’’ the company says.
Adrad says it expected to turn over $134.5m in the most recent financial year, up from $112.4m, for a net profit of $10.1m.
The company is targeting a dividend payout ratio of 30-40 per cent of net profits.
Adrad’s listing date is set for September 30.