McKillens Considering €60m IPO To Maintain Press Up Control
Information from industry sources indicates that members of the McKillen family along with top management at the Press Up hospitality group are contemplating raising up to €60 million of fresh equity in an initial public offering in a bid to keep a controlling stake of the company.
In recent weeks, management and advisers to Press Up have been evaluating how much of an appetite there is for a flotation of the business on the market, with "early look" meetings having been held with potential investors in both Dublin and London.
According to a Press Up spokesperson, existing shareholders intend on retaining a majority stake should an IPO happen, while it is expected that the McKillens will roll most of the group's underlying property into the public company if they proceed with an IPO. The private sale of a stake to an investor has also not been dismissed, however, the spokesperson stated that an outright sale of the business is not on the table.
Press Up, whose business portfolio includes the Dean Hotel and Stella theatre in Dublin as well as the Wowburger franchise, has aspirations to open a further nine venues in 2018, including the Devlin hotel in Ranelagh and The Dutch Billy cocktail bar on Aungier Street.