A story out of the UK is reporting that composite pallet maker RM2 has appointed former Marks & Spencer and Diageo leaders to its board, ahead of a flotation on London’s AIM stock market, in addition to other board members with past or present affiliations to large companies known to use great quantities of pallets.
According to the Sky News report, RM2, a Switzerland-headquarted and privately-owned group with both U.S. and European operations, has recruited Sir Stuart Rose, the former M&S chairman, and Paul Walsh, who recently stepped down as chief executive of beverage giant Diageo, to become non-executive directors of the company.
Cenkos, the investment bank, has been appointed to handle the listing, which will reportedly be one of the largest on AIM for several years. The company is said to be looking to raise well over £100m, on top of a pre-fundraising valuation of approximately £250m.
At the helm of the business is John Walsh, previously a senior banker at Royal Bank of Scotland. According to the report, he has attracted the attention of prominent investors because of RM2’s “proprietary technology and ability to control wastage in the supply chain through the use of sophisticated tracking software.”
RM2’s board recruits also include Ian Molson, a member of the North American brewing dynasty, who has been appointed as the company’s chairman; and Amaury de Seze, a director of Carrefour, the French retailer, who will join Sir Stuart and Mr Walsh as a non-executive director.