Entrepreneur Robert Gerard set to float Gerard Lighting Group

The procession of wealthy entrepreneurs planning to float their empires has grown, with Adelaide entrepreneur Robert Gerard unveiling plans to float his lighting company.

Gerard, who has kept a low profile since resigning as a Reserve Bank board member over a dispute with the Tax Office, is valued at $335 million in BRW magazine’s Rich 200. The bulk of this came from the sale of its iconic Clipsal lighting and electrical business in 2003 for $750 million.

The float, to be handled by broking and underwriting firm Austock, will seek to raise $80 million to $90 million to pay down debt, according to a report in the Australian Financial Review.

Robert’s so, Simon Gerard will remain as managing director. Simon was not available for comment prior to publication.

The family is not expected to sell shares in the float.

Gerard Lighting acquired publicly listed company Lightening Corporation in early 2008 for just under $100 million. The company is the largest manufacturer of lighting products in Australia and also has several offshore facilities and sales offices.

The company’s website says annual sales are around about $500 million.

A float is expected to take place in the June quarter.

The Gerard family is the latest in a line of wealthy entrepreneurs pursuing a sharemarket float as the economy hits recovery mode.

Richard Pratt’s daughter Fiona and her husband Raphael Geminder are reported to be considering a float of their industrial packaging business PACT, in a deal which could be worth as much as $1 billion.

Clive Palmer has plans to float his mining empire Resourcehouse on the Hong Kong Stock Exchange, while Nathan Tinkler also has plans to float his coal mining company Ashton.