Osmond-backed Horizon plans 500 mln stg London IPO

British entrepreneur Hugh Osmond is backing a new investment vehicle which plans to raise 500 million pounds ($812 million) through a listing in London next month, a source familiar with the matter said.

Horizon will use the money to invest in and restructure heavily-indebted companies in the consumer sector, focusing on businesses valued at more than 1 billion pounds, the source said.

Osmond, who oversaw the expansion of restaurant chain Pizza Express and also led insurance-focused takeover vehicle Pearl Group, is backing the venture through his Sun Capital Partners private equity firm.

Pearl, which bought rival insurance consolidator Resolution for 5 billion pounds in 2007, sold itself to Amsterdam-listed cash shell Liberty Acquisitions in June as part of a refinancing exercise which reduced its investors' stake to 30 percent. ($1 = 0.6161 pound