Accrol’s listing brings to market one of the UK’s leading manufacturers of tissue products including toilet rolls, kitchen towels and facial tissues. The group has a strong existing portfolio of major discount customers including Bookers, Aldi, Home Bargains, B&M and Poundstretcher, and leading multiples such as Tesco, Morrison’s and Asda. We believe it is uniquely positioned to pick-up further market share and capitalise upon growing demand for private-label products in its field. The 100p IPO price gives the shares an attractive 6% prospective yield, underpinned by strong cash generation and EV/EBITDA and PER well below its sector and small-cap consumer peer group.