Auctus Growth plc (Auctus) has successfully completed the acquisition of HeiQ Materials AG and its subsidiaries (together, HeiQ) by way of a reverse takeover, placing and re-admission to the standard segment of the Main Market of the London Stock Exchange.
Auctus announced on 12 November 2020, that it had conditionally agreed to acquire the entire issued share capital of HeiQ for total consideration of £119,571,088, to be satisfied by the issue of new shares at £1.12 per ordinary share.
HeiQ creates innovative technologies that add functionality, comfort, hygiene and sustainability to existing apparel, home textiles, technical textiles, medical textiles and devices and functional consumer products. HeiQ’s technology has been incorporated into over 300 of the world’s functional lifestyle brands across the apparel, medical and home textile markets.
The acquisition constitutes a reverse takeover under the Listing Rules as it will result in a fundamental change in the business and management of the Auctus. In addition to the acquisition of HeiQ, Auctus completed a £20,000,000 placing and subscription in order to support the growth of the enlarged group.
Crowe's role
Crowe acted as reporting accountant on the transaction, with corporate finance partner, Paul Blythe leading the capital markets team, supported by James Leyton and Will Smith.
Client quote
"The team at Crowe provided timely and proactive advice throughout the transaction. The timetable was challenging and we needed an experienced Reporting Accountant to support us to ensure we reached a successful conclusion."
Xaver Hangartner, Chief Financial Officer, HeiQ
