HgCapital, a mid-market private equity house, is expected to quadruple the value of its investment in Raymarine, a navigation equipment supplier, through a £125m (€180m) flotation expected within six weeks.

The buy-out house paid $108m for a 70% equity stake in January 2001, when it backed a management buy-out from Raytheon. At the end of August, net debt had been cut from £60m to £43m.