Icon-CreditGuidance-PLM_SiteVisits

Mergers and Acquisitions

View our services  
Acquisition: RApport Global Strategic Services

Sale of RApport Global Strategic Services to ELIQUENT Life Sciences

ELIQUENT Life Sciences (Eliquent), a global regulatory consulting firm in the life sciences industry, backed by GHO Capital, a specialist healthcare investor, has acquired RApport Global Strategic Services (RApport), a UK based international regulatory consultancy supporting life science innovators gaining and maintaining authorisation for products worldwide.

The acquisition integrates RApport with Eliquent, allowing Eliquent to expand its geographic reach and portfolio of global regulatory consulting services, through blending RApport’s European expertise with Eliquent’s extensive US and Asia Pacific capabilities.

Crowe’s role and team

Crowe provided RApport vendor financial and tax due diligence. Vendor financial due diligence was led by Dan Nixon, who was supported by Jack Sargent, Charlie Breese and Jon Pena.

Vendor tax due diligence was led by Trevor Ling, who was supported by Vicki Nicoll, Glen Huxter, Raveen Somrah, Seb Harding and Louis Finn.

Client quote

The pragmatic and collaborative Crowe team offered invaluable support throughout the diligence process and in addressing buyer queries. Their effective communication of key findings to both management and the broader advisory team fostered clarity and understanding. The work conducted by Dan and Jack on the FDD report was highly regarded; this was complemented by Trevor's invaluable assistance with tax diligence. The sale marks a significant and exciting chapter for RApport, who are thrilled to join the ELIQUENT Life Sciences family.

Mariyam Rawat, Chief Operating Officer , RApport Global Strategic Services

Sale: Obelisk Energy Services

Crowe advises Obelisk Energy Services on its sale to Swire Renewable Energy

Crowe UK advised the shareholders of Obelisk Energy Services (Obelisk) on the sale of the business to Swire Renewable Energy.
 
Swire Renewable Energy, the renewable energy inspection, repair, and maintenance business owned by the Swire Group, has entered the emerging African renewable energy services market, as well as gained a presence in the Irish renewable energy sector, with its acquisition of the Obelisk renewable energy services group companies.
 
Since 2010, Obelisk has supported renewable energy development sites and windfarms in South Africa and has become a leading supplier of high-quality maintenance, testing and support services. The company provides wind measurement services, HS&E advisory services, statutory inspections, operational maintenance services and blade and tower services, as part of its product portfolio.

Crowe’s role and team

Crowe acted as lead adviser to the shareholders of Obelisk. The Crowe team was led by Matteo Timpani with support from Hazel Lucian.

Client quote

“Obelisk has developed a sound reputation for providing quality services in South Africa and other countries on the continent. We are very much looking forward to integrating with Swire Renewable Energy and expanding our service range and expanding the business in South Africa, and other African countries, I would like to thank Crowe for the invaluable guidance and support during the M&A process”

Riccardo Buehler, Managing Director, Obelisk

Merger: Cripps and PDT Solicitors

Cripps LLP has completed its merger with PDT Solicitors LLP.

Cripps LLP (Cripps) has taken a significant step towards enhancing its corporate, commercial real estate, insolvency and finance offerings with its merger with PDT Solicitors LLP (PDT). The merger facilitates expansion into the South East of England and opens up greater access to the Gatwick Diamond area, extending from Brighton to Guildford and north of Gatwick.
 
Headquartered in Tunbridge Wells, Cripps is a leading law firm in the South East with offices in Kent and London. The merger further strengthens Cripps’ foothold in the South East, which generates revenues in excess of £45 million.
 
PDT, based in Horsham, West Sussex, has a strong reputation in corporate, insolvency, real estate and dispute resolution services. PDT employs 50 people, of which 29 are fee earners.

Crowe’s role and team

Crowe provided financial and tax due diligence services and buy-side support to Cripps.

The financial due diligence team was led by Dan Nixon, who was supported by Ioanna-Maria Kasinou, Jon Pena and Jake Harrison. The taxation due diligence team was led by Alex Conway, who was supported by Ben Carter and Glen Huxter.

Client quote

“We’ve had a close working relationship with Crowe for many years and they were a natural choice to support us on this transaction. We worked well as a team and got good, sound, commercial advice as well as the detailed analysis we needed. Thank you Dan and your team for working with us to get an important deal for our growth strategy over the line.”

James Beatton, Managing Partner, Cripps LLP

Sale: Altitec Blade Services

Crowe advises Altitec Blade Services on its sale to Swire Renewable Energy

Swire Renewable Energy, is a renewable energy inspection, repair, and maintenance business owned by the Swire Group. It has significantly widened its blade repair and maintenance capabilities with the strategic acquisition of Altitec.

Established in 2008, Altitec is a wind turbine rotor blade inspection, repair and maintenance company operating from offices in the United Kingdom, Germany, Australia and South Africa. Led by co-founder Tom Dyffort Altitec is an expert in its field, with a highly skilled and knowledgeable workforce. The company offers a comprehensive suite of onshore and offshore wind turbine blade services to wind farm owners, turbine OEM’s, insurers and other participants in the wind power generation industry.

Crowe’s role and team

Crowe acted as lead adviser to the shareholders of Altitec. The Crowe team was led by Matteo Timpani with support from Hazel Lucian.

Client quote

"I met Matteo a number of years ago by recommendation to speak about the future of my company, and the pros and cons of a sale to interested parties who wanted to invest in Altitec. Matteo, Hazel and the Crowe team were incredibly hard working alongside our legal advisors and ourselves and guided us through what ended up being a long and complex process. Their commitment to the project and advice throughout was invaluable!"

Tom Dyffort, Founder and Managing Director, Altitec

Acquisition: STS Defence Group Limited

Cicor UK Limited completes the acquisition of STS Defence Group Limited.

Crowe advised Cicor UK Limited (Cicor) on the acquisition of STS Defence Group Limited (STS).

STS is a provider of sustainment, support and modernisation solutions and mission-critical electronics and communications systems for aerospace and defence applications.

Cicor is a globally active provider of full-cycle electronic solutions and a manufacturer of high-reliability electronics for medical, industrial and aerospace and defence applications. Following several recent acquisitions, the acquisition of STS will further extend Cicor’s presence in the target aerospace and defence sector in Europe.

Crowe's role and team

Crowe provided specialist financial and tax due diligence and transaction support services. Dan Nixon led the Corporate Finance team with support from Sacha Alam and Jon PenaTrevor Ling led the team delivering specialist tax due diligence, supported by Chris HoJamie McleodAjay RavalSeb Harding and Reuben Joshua.

Client quotes

"As a key transaction support partner, Crowe delivered a comprehensive financial due diligence report on time, addressing the key risks and relevant points for us to focus our attention on the important issues. Their attentive support and responsiveness throughout the transaction process to completion was effective in enabling us to close the deal successfully."

Peter Neumann, Group Chief Financial Officer, Cicor UK Limited

Acquisition: CloudClevr

Crowe advises CloudClevr on its acquisition of Bamboo Technology Group

Crowe advised CloudClevr, part of Rigby Group PLC, on its acquisition of Bamboo Technology Group, providing financial and tax due diligence advice.

Bamboo Technology Group is a leading communications and IT specialist based in Cheltenham, this acquisition gives CloudClevr increased geographic coverage in the west of England and brings complementary communications and IT capabilities to the group as well as significant additional scale.

Rigby Group PLC is one of Europe’s largest private investors in technology, seeking investments to create a long term sustainable future.

Crowe's role and team

Crowe provided (Vendor) due diligence services to CloudClevr and the Rigby Group PLC to successfully complete the deal. Crowe’s financial due diligence services were led by Geert Struyven and David Payne while Rob Gunn and Joe Krawec provided tax due diligence advice.

Client quotes

"This was our first transaction with Crowe and we were impressed with the quality of their work as well as their responsiveness throughout the process, which enabled us to close the deal successfully and in line with the timetable. We look forward to working with the Crowe team again."

John Taylor, Portfolio Director, Rigby Group PLC

Acquisition: Advanced Certification Ltd and UK Food Certification Ltd

Amtivo completes the acquisition of Advanced Certification Ltd and UK Food Certification Ltd

Amtivo Group (Amtivo), a leading global certification and quality assurance company, completed two acquisitions in December 2023, namely UK Food Certification Limited (The UK Food Certification) swiftly followed by Advanced Certification Limited (The Advanced Certification).

Advanced Certification Limited is a UKAS-accredited provider of ISO certification services based in Bristol. UK Food Certification Limited is a market-leading provider of food certification services based in Cheshire.

These acquisitions support the continued expansion of Amtivo’s tech-enabled and diverse service offering, whilst further strengthening their presence across environmental, health and safety and food safety standards.

Crowe's role and team

Crowe provided financial due diligence and tax due diligence services on both transactions. The Advanced Certification Limited financial due diligence was provided by Geert Struyven, Harry Phipps and Harvir Atwal, with tax support from Emma Reynolds, Peter Bowles and Rebecca Underdown.

The UK Food Certification Limited financial due diligence was provided by Bob Alsop, Edward Elliott and Khagani Abishov, with tax support from Emma Reynolds and David Oliver.

Client quotes

"We approached Crowe with aggressive timelines on two new acquisition projects. They were able to assemble two project teams and get started on the projects quickly and efficiently. Crowe were very helpful and responsive, with significant involvement from the partners leading the teams. Thank you very much."

Leigh Hunter, M&A Director, Amtivo Group

Acquisition: Statom Group

Statom Group Limited completes the acquisition of Trident Lifting Solutions Limited.

Statom Group Limited (Statom Group) has taken a significant step towards sustained growth and enhancement of foothold in the construction sector with the acquisition of Trident Lifting Solutions in December 2023.

Headquartered in West Thurrock, Essex, Statom Group is a leading independent and experienced construction business, providing specialist solutions for remediation, groundworks and RC frames across the country. The business has been trusted to deliver residential and commercial groundworks projects, concrete substructures and superstructures.

Harrow-based Trident Lifting Solutions is a leading tower crane hire specialist, holding exclusive UK dealership rights for Comansa tower crane.

Crowe's role and team

Crowe provided buy-side financial and tax due diligence, alongside buy-side advice and support. Financial due diligence was led by Dan Nixon, who was supported by Ioanna-Maria Kasinou, Sacha Alam and Jon Pena. Buy-side advice and support was led by Matteo Timpani. Tax due diligence team led by Emma Reynolds, who was supported by Elli-ann Tebutt.

Client quotes

"The financial and tax due diligence work, as well as buy-side advice and support provided by Crowe was pivotal in completing this strategic acquisition."

Edward Nixon, CFO, Statom Group Limited

Acquisition: Karnell Group AB (publ)

Karnell Group AB (publ) completes the acquisition of Plalite Limited.

Karnell Group AB (publ) (Karnell) is an investment company based in Sweden, which holds investments in a number of leading Nordic industrial technology companies. Karnell has expanded its business activities into the UK with the acquisition of Plalite Limited (Plalite) which completed on 21 December 2023.

Plalite is a precision engineering manufacturer based in Kent specialising in the machining of complex components for customers is the aerospace and high-performance motorsport industries. Plalite has operated since 1968 and has a number of blue-chip customers throughout the UK.

Crowe's role and team

Crowe provided financial and taxation due diligence services. The transaction services team was led by Peter Varley, George Lawford, Monty Cann and Paddy Milton.

Client quotes

"Being our first acquisition in the UK, we relied heavily on the expertise from Crowe. The cooperation with the team was excellent and we look forward to working together with Crowe again on our ongoing expansion in the UK market."

Anders Elgemark, Investment Director, Karnell Group AB (publ)

Management buyout: Antser Group 

YFM Equity Partners backs Management Buyout of Antser Group.

YFM Equity Partners (YFM) has backed the Management Buyout of Antser Group, a leading tech-driven provider of assessments and social care training, helping to provide better outcomes for children, young people, families, vulnerable adults and communities.

This investment will help to accelerate growth for the Midlands based Antser Group, and support further development of the people, new service offerings along with acquisitions to accelerate growth.

Crowe's role and team

Crowe provided financial due diligence services to YFM Equity Partners, with the Corporate Finance team led by Andy Kay, facilitated by Phoebe Turner and Nick Martin.

Client quotes

"The team at Crowe formed a critical part of our work in acquiring Antser Group. Their work was high quality, timely and provided a clear, commercial view which was key in building our investment thesis. I was particularly pleased with the level of Partner involvement from Andy Kay who provided significant support in difficult negotiations with the vendors. I would whole-heartedly recommend the team at Crowe and will be using them again the future."

Stephen Murray, Investment Director, YFM Equity Partners

Acquisition: Wilmington plc

Wilmington plc completed the acquisition of Astutis Limited for a total consideration of up to £21.5 million.

Wilmington plc (Wilmington), the provider of data, information, education and training services in the global Governance, Risk and Compliance markets, has acquired Astutis Limited (Astutis) for total consideration of up to £21.5 million consisting of initial consideration amounting to £16.8 million and contingent consideration of up to £4.7 million.

Astutis is a training provider for a range of globally recognised and regulated health, safety and environmental qualifications. This acquisition strengthens Wilmington's portfolio of training and education solutions by expanding its capabilities into the health, safety and environmental markets.

Crowe's role and team

Crowe provided financial and tax due diligence advice to Wilmington plc. The Corporate Finance team was led by Mitesh Patelia, Peter Varley, Sacha Alam and James Leyton.

Client quote

“Crowe delivered a comprehensive financial due diligence report on time, addressing the key risks whilst taking a pragmatic and commercial approach to the engagement. Their attentive support and responsiveness throughout the transaction process to completion was effective in enabling us to close the deal successfully.”

Richard Shamsi, Chief Operating Officer, Wilmington plc

Acquisition: Niedax Group

Niedax Group completes the acquisition of Directional Drilling Consultants Limited and its wholly owned subsidiary, Mechanical and Electrical Fixings Limited, trading as MEF.

The Niedax Group (Niedax) has taken a significant step towards expanding its business activities in the UK and Ireland with the acquisition of MEF on 1 November 2023.

Headquartered in Germany, Niedax is a long-established family-owned entity, occupying a leading global position in the supply of cable management systems. This acquisition facilitates Niedax’s distribution capabilities in the UK and Ireland.

MEF is a leading UK distributor with a focus on data centres and semiconductor factories. MEF was founded in 1987 and employs 70 people in Edinburgh, Dublin and Belfast.

Crowe's role and team

Our financial due diligence team was led by Dan Nixon, who was supported by Ioanna-Maria Kasinou, George McMullen, Jon Peña, and David Major, with buy-side support provided by Dan Nixon and Charlie Breese.

Our tax due diligence team was led by Trevor Ling, who was supported by Raveen Somrah, Ajay Raval and Seb Harding.

Client quote

“This is the second transaction we have worked on with Crowe in the last twelve months, who with a quick turnaround provided us with a comprehensive and succinct financial and taxation due diligence report as well as excellent support throughout the transaction.”

Cornelius Steele, Executive Board Member, Niedax Group

Sale: Duncan Print Group

Crowe advises Duncan Print Group on its sale to European packaging company Carton Group.

Crowe has successfully advised the shareholders of Duncan Print Group Limited (Duncan Print), a specialist packaging company, on their sale to Carton Group, an international packaging group with headquarters based in Schwabach, Germany, owned by investment firm Waterland.

Duncan Print was founded in 1889 and serves clients ranging from start-ups to design agencies and blue-chip companies across the health, beauty, personal care, and food and beverage sectors, with an emphasis on promotional products.

Crowe's role and team

Crowe acted as lead advisor to the shareholders of Duncan Print, with the team led by Geert Struyven and Harry Phipps.

Client quotes

“Having spent my life growing the family business, it was important that any potential transaction supported the tradition of quality and the spirit of innovation of the business. The Crowe team were able to communicate this to several interested parties which created a competitive environment.
I recommend Crowe to anyone considering the strategic options for their business – I couldn’t have done it without them.”

Bill Duncan, Chairman, Duncan Print Group

“I enjoyed working with Crowe and was impressed by their introduction to Carton Group, who share the same passion for quality as we do at Duncan Print. Crowe’s proactive support and advice throughout the process was invaluable.”

James Duncan, Managing Director, Duncan Print Group

Acquisition: CubeCold Europe

CubeCold Europe completes the acquisition of J.R. Harding & Sons (Frome) Limited.

CubeCold Europe (CubeCold) has expanded its UK presence through the acquisition of J.R. Harding & Sons (Frome) Limited (J.R. Harding & Sons), a temperature-controlled warehouse and distribution company based in Frome.

CubeCold is a pan-European cold storage platform, focusing on acquiring and developing small to medium-sized cold storage facilities across strategic areas. A special focus on ports and logistics hubs in Europe makes CubeCold one of the key players in Europe.

The platform has already assembled a portfolio of around 270,000 pallets across strategic assets in Benelux UK, and Italy region which is expanding rapidly.

Founded in 1964, J.R. Harding & Sons operates a 17,000 pallet, temperature-controlled, warehouse with a focus on high value, high margin goods. In addition to the warehouse, the company has a fleet of 11 transport units and runs an Iveco truck maintenance business on the 4.3-acre property

Crowe's role and team

Crowe provided financial, tax, and HR due diligence services along with buy-side advisory and support to CubeCold, with the Corporate Finance team led by Andy Kay, facilitated by Chasz Coulsting and Nick Martin.

Client quote

"This acquisition is an excellent strategic fit that strengthens our position in the UK. J.R. Harding & Sons’ reputation and customer relationships complement our own and together we can provide even greater value to customers through an integrated network.”

Gerben Paauwe, CEO, CubeCold Europe

Acquisition: BrightBridge Solutions Limited

FPE Capital LLP (FPE) portfolio company NoBlue2 completes the acquisition of BrightBridge Solutions Limited.

BrightBridge is a leading UK based Enterprise Resource Planning and Customer Relationship Management subscription, implementation and support services provider, primarily across the Oracle NetSuite, Sage and Microsoft Dynamics platforms.

FPE have combined BrightBridge with NoBlue2, a recent merger of Elevate 2 Limited and NoBlue Limited funded by FPE in July 2023, on which Crowe also provided financial and tax due diligence services. The newly combined business is one of Europe’s leading Oracle NetSuite partners and has over 400 customers, approximately 130 employees and revenues of over £16million.

Crowe's role and team

Crowe provided specialist financial due diligence and transaction support services, with Dan Nixon leading the transaction team, supported by Ioanna-Maria Kasinou, Monty Cann and Jack Sargent.

Crowe also provided specialist tax due diligence services, with Emma Reynolds leading the tax team, supported by Rebecca Underdown.

Client quote

"It was great to work with the Crowe team again. Both from a financial and tax perspective they provided a high standard of work, and in this transaction in particular delivered to a challenging timeframe. We look forward to working with them again.”

Dan Walker, Partner, FPE Capital

Acquisition: Coniston Capital I LP

Coniston Capital I LP has completed the investment into Finlayson Media Communications Limited (FMC).

Crowe advised Coniston Capital Management LLP on their investment into FMC, a leading provider of dental communications to industry professionals through a variety of channels including print publications, online continuing professional development (CPD) content, exhibitions, and awards.

The acquisition will reinforce plans to expand the digital and events offerings and build on the subscription service — The Dentistry Club, where industry professionals can access CPD content and other online learning facilities.

Crowe's role and team

Crowe provided financial and tax due diligence advice to Coniston Capital Management LLP. The Corporate Finance team was led by Dan Nixon, Ioanna-Maria Kasinou, Sacha Alam and Alex Slater. The tax due diligence was led by Emma Reynolds.

Client quote

The financial and tax due diligence work carried out by Dan and the wider team at Crowe was crucial in helping us to review and complete the investment."

Amit Hindocha, Managing Partner, Coniston Capital Management LLP

Acquisition: T&RS Engineering Limited

Rendel Limited has completed the acquisition of T&RS Engineering Limited.

Rendel Limited (Rendel), an international engineering consultancy and subsidiary of the French-owned Ingérop Group, has purchased a controlling interest in T&RS Engineering Limited (T&RS). 

T&RS is a railway rolling stock engineering consultancy, specialising in rolling stock maintenance, overhaul, technical support and auditing services to train operators, maintainers and leasing companies.

The acquisition will allow Rendel to enhance its service offering to its clients and extend its reach in the rail and transportation business in the UK and overseas.

Crowe's role and team

Crowe provided financial and tax due diligence advice and transaction support services for Rendel. The Corporate Finance team was led by Peter Varley and Ferdia McCarville. The tax due diligence was led by Simon Warne and Emma Reynolds.

 

Client quote

The Corporate Finance team at Crowe provided valuable advice throughout the acquisition process. We highly recommend Peter and his team to companies that are planning to build their presence in the UK."

Vardaman Jones, Managing Director, Rendel Limited

Acquisition: Bewley’s Tea and Coffee UK Limited

Cafédirect Plc has completed the acquisition of Bewley’s Tea and Coffee UK Limited.

Cafédirect Plc (Cafédirect), a sustainability and fairtrade-focused retailer of coffee, tea and other hot beverages, has completed the acquisition of Dublin-based Bewley’s UK coffee roasting and distribution business, Bewley’s Tea and Coffee UK Limited (Bewley’s UK).

The acquisition will allow Cafédirect to complement and widen its reach in the market as well as providing vertical integration opportunities into its supply chain. The transaction also included a long-term agreement for the exclusive supply of Cafédirect’s retail coffee from Bewley’s.

Bewley’s UK is a leading wholesale solutions provider in the UK tea and coffee market and represents an established brand in the industry.

Crowe's role and team

Crowe provided financial and taxation due diligence advice and transaction support services for Cafédirect Plc. The Corporate Finance team was led by Dan Nixon, supported by Ioanna-Maria Kasinou and Jacob Porter. The taxation due diligence was led by Trevor Ling.

 

Client quote

Crowe responded in excellent fashion to our short notice request for support with its financial due diligence, supporting Cafédirect with what was a very short timescale to completion, being less than two months.

A team was assembled at great pace and were very active in requesting and interrogating relevant data and in their follow up with the seller and delivered a high-quality report in good time for us to address issues prior to completion.

Communication from Crowe was excellent throughout, with regular update meetings. They were a much valued partner in the process."

James Nixon, Finance Director, Cafédirect Plc

Sale: i2 Analytical

Crowe advises i2 Analytical on its sale to Normec

Crowe UK advised the shareholder of i2 Analytical on the sale of the business to Normec. 

Normec, a leading pan-European provider of Testing Inspection Certification and Compliance (TICC) services, and backed by private equity investor Astorg, makes its first investment directly into the UK market through the acquisition of i2. This gives the group immediate scale in the UK and cements its position as a leading European TICC service provider.

Established in 2004, i2 is a remarkable growth and success story. Led by founder Les Jones i2 is an industry leading UK headquartered provider of environmental, site services, construction materials and food testing services. The company has established market leading laboratory testing facilities in the UK and continental Europe and offers a comprehensive suite of testing capabilities and accreditations with a rigorous focus on customer service. 

Crowe's role and team

Crowe acted as lead advisor to the shareholder of i2 Analytical.

Client quote

“Matteo’s advice, support and proactive willingness to be available throughout our sale process has been nothing short of exceptional. Matteo’s balanced approach has created an aligned value proposition with our new owners and one in which myself and our management team are looking forward to with real optimism. Exciting time ahead!”

- Les Jones, Founder and CEO, i2 Analytical

Management buyout: Leading Resolutions Limited

NVM Private Equity LLP support the management buyout of Leading Resolutions Limited.

Crowe advised NVM Private Equity LLP (NVM) with their support in the Management buyout (MBO) of Leading Resolutions Limited (LR). NVM provide between £10 million and £20 million of equity finance to fund MBO’s and provide growth capital, partnering with ambitious UK management teams to accelerate growth both organically and through acquisition. With over 300 investments since 1984, NVM are an experienced and trusted regional investor in the UK.

LR is an independent IT and Technology consultancy helping clients to deliver large-scale transformation and technology change programmes. They have full coverage across the technology landscape with deep expertise advising clients on complex IT transformation and business change programmes. LR’s team of experts advise, shape and successfully deliver programmes and projects across a wide range of connected business disciplines and domains.

Crowe’s role and team

Crowe provided specialist financial and tax due diligence and transaction support services. Dan Nixon led the Corporate Finance team with support from Ioanna-Maria Kasinou and Sacha Alam.

Client quotes

The Crowe team did a great job, clearly addressing the key risks whilst taking a pragmatic and commercial approach to the engagement

Charlie Pidgeon, Investment Partner, NVM Private Equity LLP

Acquisition: Easistore group

Crowe is delighted to announce it advised long standing client Easistore on its sale to Nuveen.

Crowe advised long-standing client, the Easistore group and its shareholders on a substantial group reorganisation and subsequent successful sale of the group to Midco Enterprise Limited — a JVCo of global investment manager, Nuveen Global and self-storage giant, Stor-Age Property REIT. Nuveen will partner with one of the UK’s leading operators, Storage King, to leverage their operational expertise.

Easistore is a successful, high-quality self-storage business with more than 30 years of experience providing storage solutions for households and businesses in addition to office space. The Easistore portfolio comprises of four sites totalling c.240,000 sq. ft, and consist of modern, bespoke, purpose-built properties located across the South East of England including Crawley, Edenbridge, Maidstone and Tunbridge Wells.

Storage King operate secure storage facilities at a huge variety of locations across the UK. Nuveen Real Estate is one of the largest investment managers in the world with over 85 years of real estate investing experience and more than 765 employees located across 30+ cities throughout the United States, Europe and Asia Pacific.

The partnership with Nuveen and Storage King has seen the parties enter into a joint venture, with Storage King taking a minority stake in the joint venture and contributing 10% of the equity capital. The portfolio will be branded and managed by Storage King under its third-party management platform – Management 1st.

This substantial project involved a large legal team from Cripps. The Cripps’ team worked together to project manage the various aspects of this highly complex transaction through to completion. Simon Warne from Crowe, separated the principal trade from non-core assets that Storage King would not be acquiring, by way of a reduction of capital demerger. 

Crowe’s role and team

Crowe provided tax advice from Simon Warne and Corporate finance services led by Geert Struyven and Kieran Lambe to the vendors.

Client quotes

Crowe have been my trusted advisors for many years so I had no hesitation to appoint the Crowe Corporate Finance to assist on the sale of our family business. Geert and Kieran provided us with pro-active advice and guided me and the management team through the potential pitfalls of the various offers for the business. Their insight into the process and deal experience was invaluable and ensured that any potentially contentious points were identified and negotiated early on. I highly recommend them.

Paul Glenister, Managing Director, Easistore(UK) Limited

Acquisition: APCO Worldwide Limited

APCO Worldwide Limited completes the acquisition of Capital Market Communications Limited (Camarco).

APCO Worldwide Limited, a member of APCO Worldwide, which is a leading global advisory and advocacy firm, has completed the complementary acquisition of London-based Camarco, a financial and corporate communications consultancy company.

The acquisition represents an ambitious move by APCO Worldwide, extending its services to firms operating in the capital markets arena as well as its advisory capabilities. This acquisition builds on its other recent acquisition of consultancy firm, Gagen MacDonald.

Camarco is a trusted advisor to its wide-ranging portfolio of clients which includes FTSE 100, FTSE 250 and European-listed companies, multinationals and private companies.

Crowe’s role and team

Crowe provided financial and taxation due diligence advice and transaction support services for APCO Worldwide Limited. The Corporate Finance team was led by Peter Varley, supported by Ioanna-Maria Kasinou and Jacob Porter.

Acquisition: Kiwa Group

Crowe advises Kiwa Group on their acquisition of BASEC Group Ltd

Crowe has successfully advised Kiwa Holdings (UK) Ltd, a subsidiary of Kiwa NV, on its acquisition of BASEC Group Limited, a global leader in cable testing and certification services for power, energy and data products.

Headquartered in The Netherlands, Kiwa Group is a circa €1.2billion revenue global TIC group employing over 10,000 people across 40 countries. It provides certification, inspection, testing, training and technology services in a wide variety of market segments ranging from construction to energy supply. Since 2021, Kiwa has been a member of the SHV Family of Companies.

BASEC Group is an independent accredited certification body for the electrical cable industry worldwide, with headquarters in Milton Keynes and a state-of-the-art laboratory in Dubai. BASEC Group represents an important strategic addition to Kiwa’s portfolio of services.

Crowe’s role and team

Crowe’s integrated M&A team provided lead advisory, transaction support and M&A tax services to Kiwa Group.

Led by Mark Allen and supported by William Thompson and Alex Sowerby, our Lead Advisory team provided financial, commercial and technical advice and coordinated the process from Heads of Terms through to completion.

Financial due diligence was performed by our Transaction Support team, led by Bob Alsop and supported by Tej Jayawardena and Ben Allday, whilst M&A Tax advice was provided by Jane Mackay and David Oliver.

Client quotes

“I am delighted to welcome BASEC Group to Kiwa and it is in no small part thanks to Crowe’s clear, commercial advice throughout a complex deal process. There were many challenges along the way that demanded clear heads and timely problem-solving, which the Crowe team delivered throughout. We’re delighted with the professional support provided by Crowe and we would fully recommend them to other Management teams and business owners.”

Paul Brown, CEO, Kiwa Holdings (UK) Limited

“A BIG thank you to Crowe for your invaluable support throughout the process – without which we would not have achieved our goal – it is greatly appreciated.”

Mark Horwood, CFO, Kiwa Holdings (UK) Limited

Plastic Coatings Ltd moves to employee ownership

A manufacturer based in Kingswinford, West Midlands has moved to employee ownership in a deal supported by prominent advisers.

Plastic Coatings Ltd provides a range of coating materials, including thermoset and thermoplastic polymers, fluoropolymers, electrophoretic or e-coat paint, primers and more.The company services industrial sectors from automotive to aerospace, construction to defence and offshore, to medical.

The move comes as the company celebrates 70 years in business.

Crowe's role and team

Crowe corporate finance partner Andy Kay and tax partner Rob Gunn guided Plastic Coatings Ltd as the company shareholding was sold to an employee ownership trust.

Acquisition: Skerritt Consultants Limited

Skerritt Consultants Limited completes the acquisition of Mercier Allen and Associates Limited.

Crowe advised Skerritt Consultants Limited (Skerritts) on the acquisition of Mercier Allen and Associates Limited, an independent financial advisor, offering services within wealth management, investment management, financial planning and retirement planning through pensions and investments.

Skerritts are Chartered Financial Planners and Wealth Managers with their head office in Brighton and Hove. Following several recent acquisitions, the acquisition of Mercier Allen and Associates Limited will further extend Skerritts’ presence as the group looks to continue to grow Nationwide.

Crowe’s role and team

Crowe provided specialist financial and tax due diligence and transaction support services, with Dan Nixon leading the Corporate Finance team with support from Sacha Alam.

Client quote

“We are delighted with the support from Crowe and the valuable advice they provided throughout the due diligence process to allow us to close the deal successfully. We would highly recommend Dan and his team and look forward to working with them again as we continue with our growth strategy.”

Charles Sparrow, Chief Financial Officer, Skerritt Consultants Limited

Acquisition: LBE business of Immotion Group plc

LBE BidCo, Inc completes the acquisition of the location-based entertainment (LBE) business of Immotion Group plc.

LBE BidCo, Inc has acquired Immotion Studios Limited, Immotion VR Limited and C.2K Entertainment Inc, for a total consideration of approximately USD 25 million.

Immotion is a UK-based immersive entertainment group, providing virtual reality solutions to its customers.

LBE BidCo, Inc. was incorporated by William Luby and James Collis for the purposes of making the acquisition.

Crowe’s role and team

Crowe provided financial and taxation due diligence advice for LBE BidCo, Inc. The Corporate Finance team was led by Mitesh Patelia, George Lawford, Ashley Sofocleous and Alex Slater.

Client quote

Crowe delivered a concise financial and tax due diligence report with the relevant points for us to focus our attention. Additionally, their proactive support in the UK and US throughout the transaction enabled us to close the deal smoothly.

William Luby / James Collis, LBE BidCo, Inc.

Acquisition: Philip Grahame International Ltd by Niedax Group 

Niedax Group completes the acquisition of Philip Grahame International

Niedax Group (Niedax) has further expanded its presence in the UK with the acquisition of Philip Grahame International Limited, and now has eight locations in the UK.

Niedax is a long-established family owned entity, headquartered in Germany, occupying a leading global position in the supply of cable management systems. This acquisition facilitates local production in the UK market and increases manufacturing capabilities to produce quality products for local customers. It also provides Niedax the opportunity to expand upon the existing distribution business with its own products. 

Philip Grahame International is an established market provider of cable management systems from its UK facility in Chelmsford, Essex. The company employs 50 people who serve its customer base in the UK, Middle East and South East Asian markets.

Crowe’s role and team

Crowe provided buy-side financial and tax due diligence, along with buy-side transaction support. Our transaction services team was led by Dan Nixon, Charlie Breese and Jake Harrison.

Client quote

Crowe delivered an excellent financial due diligence report on time and with the relevant points for us to focus our attention. Additionally, their support throughout the transaction process was particularly helpful and enabled us to close the deal successfully.

Cornelius Steele, Executive Board Member, Niedax Group

Acquisition: Protechnic Limited

Engels Handling & Environment Limited completes the acquisition of Protechnic Limited

Crowe advised Engels Handling & Environment Limited (Engels) on the acquisition of Protechnic Limited (Protechnic).

Protechnic is a UK based manufacturer of high-end bespoke cases, flight cases and protective foam inserts with over 25 years of industry expertise.

This acquisition expands the Group’s diverse product offering and provides a firm foothold in the UK market.

Crowe's role and the team 

Crowe provided financial and tax due diligence. The Corporate Finance team was led by Peter Varley, Ferdia McCarville and Jake Harrison. Simon Crookston, Emma Reynolds and Daniela Jarosova led the Tax team.

Client quote

The Corporate Finance team at Crowe provided valuable advice throughout the due diligence process. We highly recommend Peter and his team to companies that are planning to build their presence in the UK.

Harold Van Doorn, CFO, Engels Handling & Environment Limited

Agathos Management LLP completes investment into Targeted Provision

Crowe advised Agathos Management LLP (Agathos) on entering a majority investment into Targeted Provisions, forming a strategic partnership.

Agathos is a growth-focused investor, specialising in partnering with management teams on the development of businesses operating in fast-growing markets.

Targeted Provision was founded in 2018 to address a market need for educational support to vulnerable children. Over the last three years, the team has developed an exceptional proposition and positioned the business well to serve the evolving SEND tutoring and mentoring sector.

Agathos’s investment will provide an exit for a number of existing shareholders, while supporting the senior leadership team in delivering ambitious growth plans over the next few years.

Crowe’s role and team

Crowe provided financial due diligence and tax advice. The Corporate Finance team was led by Geert Struyven, David Payne, Jamie Kerr and Rendani Tshishivhiri. The Tax team that supported was led by Simon Crookston and Peter Bowles.

Client quote

“It was a pleasure working with Crowe during this due diligence engagement. Geert and his team brought clarity, insight and a strong pace of work which enabled an efficient process from start to finish. We’re grateful to all the team members involved.”

John Butterworth, Senior Investment Manager, Agathos

Sale: Ecopac (U.K.) Power Limited

Crowe’s Corporate Finance team has successfully advised the shareholders of Ecopac (U.K.) Power Limited on their £22m sale to TTI, Inc. a US-based distributor of electronic components.

Founded in 1995, Ecopac (U.K.) Power Limited has grown to become a leading distributor of the UK’s largest range of power supplies and LED drivers, successfully delivering over £15m of revenue. Ecopac Power is renowned in the UK for its broad product portfolio, technical solutions and value-added service of power products.

Crowe’s role and team 

Crowe provided lead advisory, transaction support and tax services.

The Lead Advisory team, led by Mark Allen and supported by William Thompson, advised the shareholders through key stages of the process providing a combination of commercial and technical advice. 

The Transaction Support team, led by Bob Alsop and supported by Ed Elliott and Tejal Jayawardena, provided key vendor-assist financial support aiding clear and informative analysis to evidence Ecopac’s strong performance through challenging market conditions.

UK Tax advice was provided on the transaction by Jane Mackay, and David Oliver. Their advice comprised support and guidance in responding to buyer due diligence enquiries and Tax warranty disclosures. Advice and input was also provided in relation to the completion mechanics. 

Crowe provided proactive, commercial advice to help ensure a successful completion for its client.

Client quote

“We were very impressed with the way Crowe competently guided us during a complex and time-pressured deal process, providing us with clear, commercial advice throughout. There were times that demanded a cool head, which Crowe always offered. We wouldn’t hesitate to recommend Crowe to other business owners."

Steve Oxby, Financial Director, Ecopac (U.K.) Power Limited

Acquisition: Facilities by ADF

Facilities by ADF acquires Location One Limited.

Crowe advised Facilities by ADF (ADF), the leading provider of premium serviced production facilities to the UK film and high-end television industry, on the acquisition of Location One Limited (Location One).

ADF and Location One businesses are well known to each other, with a successful history of working together on a wide variety of productions since Location One's conception. Productions that ADF and Location One have worked on together include: The Crown, Top Boy, Lazarus, Becoming Elizabeth and Embankment.

Location One provides integrated equipment hire which is complementary to the services of ADF. Some of its customer base includes, Amazon Studios, Netflix, Warner Brothers and BBC. The service offering includes generators, water bowsers, lighting equipment, environmentally friendly battery-stores/other renewable solutions and other capital light consumables, all highly complementary additional products to the Group's existing premium serviced production facility offering.

Total consideration for the acquisition is £8.86 million, with 50% of the consideration payable in cash on completion, 305 payable in cash equally over three years, subject to EBITDA performance conditions, and 20% payable in ADF ordinary shares and subject to a 12-month lock in. The cash consideration will be funded from ADF's existing cash resources. The acquisition is expected to be immediately earnings accretive.

Crowe's role and the team 

Crowe’s Corporate Finance team was led by Geert Struyven, Simon Crookston, Lewis Clarke, Peter Bowles and Jon Pena. The team provided financial due diligence and transaction support services.

Client quote

“It has been a great pleasure working with the Crowe team of Geert, Lewis, Simon, Jon and Peter. Their guidance and assistance has allowed us to close the deal in a way that was highly satisfactory for all parties at the table. We couldn’t have done this without their support”.

Neil Evans, Chief Financial Officer, ADF

Acquisition: The Original Fit Factory

The Original Fit Factory completes the acquisition of Wolfson Brands.

The Original Fit Factory announced its acquisition of Wolfson Brands, a global end-to-end, e-commerce group, focused on online retail in the sports, nutrition and wellness sector.

The acquisition strengthens The Original Fit Factory’s existing ecosystem of products and services and adds a community of over 10 million customers across 100 countries worldwide.

Crowe's role and the team 

Crowe provided specialist financial and taxation due diligence to The Original Fit Factory, with the Corporate Finance team led by Mitesh Patelia, George Lawford and George McMullen.

Client quote

“We are pleased with the excellent support from Crowe’s Corporate Finance team who provided us with valuable advice throughout the due diligence process. We look forward to working with Mitesh and his team again as we continue with our growth strategy.”

David Weir, CEO, The Original Fit Factory

Acquisition: Kreiss SIA

Kreiss SIA acquires C Neil Dowson Limited.

Crowe’s Midlands Corporate Finance team has advised Kreiss SIA on its acquisition of C Neil Dowson Limited.

Kreiss SIA is a Latvian headquartered European transport and logistics group with a turnover of more than £260 million. Established in 1994, today Kreiss group has more than 200 trucks and trailers and more than 2,400 employees.

C Neil Dowson are a haulage and distribution business based in Immingham Docks and founded in 1990.

Crowe's role and the team

Crowe provided specialist financial and tax due diligence and transaction support services to Kreiss SIA. The Corporate Finance team was led by Director Chasz Coulsting, supported by Nick Martin.

Acquisition: Customs Support Group

Customs Support Group completes the acquisition of Britannia Bureau.

Crowe’s Midlands Corporate Finance team advises Customs Support Group (CSG), the leading digital customs broker in Europe on third UK acquisition this year.

CSG has acquired Britannia Bureau Ltd a customs and international trade process company based in Langdon, Essex, with offices in Liverpool and London.

The deal follows on from Customs Support’s acquisitions of two other UK businesses in May - Osborn Customs Services, the Rochester-based customs clearance experts, and the Dover export agents KSI Portlink, which were also advised by Crowe.

Netherlands-based CSG first expanded its operations into the UK with the acquisition of UK Customs Solutions back in October 2021.

Crowe's role and the team

Crowe’s Corporate Finance team was led by Partner Andy Kay and Director Chasz Coulsting, supported by colleagues Phoebe Turner and Nick Martin. The team provided financial due diligence and transaction support services.

Client quote 

Once again we received excellent support from Crowe’s Corporate Finance Team, enabling us to complete another acquisition in the UK satisfactorily. Andy, Chasz and their colleagues are a key partner to us as we continue to build our presence in the UK.

- Sebastian Ootjers, Mergers & Acquisitions Director, Customs Support Group

Management Buy Out: Wells Plastics Limited 

Wells Plastics Limited completes management buyout with funding from Virgin Money UK Plc.

Virgin Money UK Plc (Virgin Money) provided a funding package which assisted the management team of Wells Plastics Limited (Wells Plastics) to complete a buyout from private equity.

Wells Plastics, formed in 1984, is the largest independent specialist additive masterbatch manufacturer within the UK, offering a wide range of functional additive masterbatches and bespoke compounds with a capacity in excess of 10,000 tons per annum. With an experienced team of technical, sales and production staff, extensive development and manufacturing facilities based in the heart of the United Kingdom, Wells Plastics offers a wide range of products and services to the plastics processing industry both within the UK and internationally.

Crowe's role and the team 

Crowe provided specialist financial and tax due diligence and transaction support services to Virgin Money, with Andy Kay and Phoebe Turner leading the Corporate Finance team.

Debt Package: RSBP Group Limited

RSBP Group Limited secures a £20 million debt package to support growth. 

Shawbrook Bank Plc (Shawbrook) has supported RSBP Group Limited (RSBP), a market leader in B2B washroom manufacturing, completing a £20 million debt package to support the next phase of its development.

This will assist RSBP’s key subsidiaries: Venesta Washrooms Systems, TBS Amwell, Bushboard Limited, The Sanitaryware Company and Venesta Middle East, which provide a comprehensive range of specified commercial building products.

RSBP has a 100+ year heritage in the UK and the RSBP Group has provided washrooms in prominent locations across the world, such as, the ICON Outlet at the 02, the Museum of Modern Art New York and Burj Kalifa Dubai.

Crowe's role and the team

Crowe provided specialist financial and tax due diligence and transaction support services to Shawbrook, with Andy Kay and Chasz Coulsting leading the Corporate Finance team.

Client quote

Crowe provided thorough and thoughtful financial due diligence on this exciting deal. I was pleased with the excellent services provided by Chasz Coulsting and the Crowe team, particularly the proactive and pragmatic approach taken, as well as the valuable advice provided throughout the process. We’re proud to be able to support RSBP Group in the next phase of its growth journey and look forward to seeing what they are able to achieve.

Amy Beasley, Director Corporate Lending, Shawbrook

 

Acquisition: Belimed AG

Belimed AG completes the acquisition of Amity Limited.

Crowe’s London Corporate Finance team has advised Belimed AG with the acquisition of Amity Limited, a speciality chemical manufacturer providing a range of high-level disinfectants to the healthcare, aerospace, food and industrial sectors.

The acquisition expands the reach of Belimed AG into the UK and adds to the group’s portfolio of chemicals, consumables and infection control equipment.

Crowe's role and the team 

Crowe provided specialist financial and taxation due diligence and transaction support to Belimed AG, with Peter Varley and George McMullen leading the Corporate Finance team.

Client quote

We are pleased with the excellent support from Crowe’s Corporate Finance team and they provided us with valuable advice throughout the due diligence process. We can highly recommend Peter and his team to companies that are planning to build their presence in the UK.

Richard Haemmerli, CFO, Belimed AG

Acquisition: Allcures Plc

Allcures Plc completes the acquisition of The Hub Pharmacy Ltd.

Crowe’s Midlands Corporate Finance team has advised Pharmacy group Allcures Plc with the acquisition of a chain with branches across the north of England.

Allcures has purchased the chain of 16 pharmacies built up by The Hub Pharmacy Ltd. The branches are spread across the north of England, including Greater Manchester, Warrington, Halifax and Rochdale.

The acquisition brings the number of branches operated by Allcures to 48, plus an online business.

Crowe's role and the team 

Crowe provided specialist financial due diligence and transaction support to Allcures Plc, with Andy Kay and Phoebe Turner leading the Corporate Finance team.

Client quote

We are delighted to have acquired The Hub Pharmacy Ltd, delivering on our strategy to develop our service offering into the north of England.

Kiran Cheema, managing director of Allcures

Acquisition: Epicor Software Corporation 

Epicor Software Corporation completes the acquisition of Data Interchange Plc.

Epicor Software Corporation (“Epicor”), a global leader of industry-specific enterprise software to promote business growth, announced its acquisition of Data Interchange Plc.

The acquisition expands the reach of Epicor into European markets and adds to the group’s portfolio of B2B integration technologies, empowering customers to connect businesses and trading partners, increase efficiency and drive value in customers' supply chains.

Crowe's role and the team 

Crowe UK provided financial and taxation due diligence support. Peter VarleyGeorge Lawford and Ferdia McCarville led the Crowe UK Corporate Finance team.

Client quote

The Corporate Finance team at Crowe UK provided valuable advice throughout the due diligence process. This acquisition has enabled us to grow our product offering and expand our reach into the European markets.

Vince Castiglione, Global Head of Corporate Development, Epicor Software Corporation

Acquisition: Customs Support Group (CSG)

Customs Support Group (CSG) completes the acquisition of Osborn Customs Services and KSI Portlink.

Crowe corporate finance team in the Midlands has advised a pan-European business that supports exporters and importers on the acquisition of two UK businesses.

Netherlands-based Customs Support Group (CSG) first expanded its operations into the UK with the acquisition of UK Customs Solutions back in October 2021.

Now CSG has also completed the acquisition of two further UK businesses this May: Osborn Customs Services, the Rochester-based customs clearance experts; and the Dover export agents KSI Portlink. The deal values have not been disclosed.

Crowe's role and the team 

Crowe UK acted for CSG internationally assisting CSG with the recent acquisition of two UK businesses and provided financial due diligence and transaction support services on both deals. Our Crowe colleagues in France, Italy and Ireland have also been advising on EU deals.

Crowe’s corporate finance team was led by partner Andy Kay and director Chasz Coulsting, supported by colleagues Phoebe Turner, Jason Daft and Nick Martin.

Client quote

We are pleased with the excellent support from Crowe’s corporate finance Team, as they provided us with vital insights needed to realise these acquisitions. We look forward to working with Andy and his team again, as we continue to build our presence in the UK.

Sebastian Ootjers, mergers & acquisitions director of CSG

Sale: UDL Intellectual Property

The members of UDL Intellectual Property (UDL), a leading intellectual property law firm, have been advised by Crowe on its sale to Murgitroyd & Company Limited (Murgitroyd), a portfolio company of Private Equity investor Sovereign Capital.

UDL specialises in UK and international patent, trade mark, design and copyright law. It oversees the process from strategy and protection to litigation and dispute resolution.

Murgitroyd is one of the largest groups of patent and trade mark attorneys in Europe. With 440 staff in 24 offices worldwide, it offers a breadth of IP legal advice and support services.

Sovereign Capital took Murgitroyd private in December 2019. Since then it has been working with the management team to develop a range of services and expand its global presence through a buy and build strategy. The acquisition of UDL establishes the group as the largest IP practice in the UK.

Crowe's role and team

The Crowe Corporate Finance team was led by Matteo Timpani, supported by Hazel Lucian.

Rebecca Glazebrook led the team from PDT Solicitors who advised on the legal aspects of the sale.

Client quote

“The members of UDL are enormously grateful to the Crowe Corporate Finance team, led by Matteo Timpani and Hazel Lucian, for their comprehensive advice and support in completing this transaction. Crowe were always available to counsel and explain; they steered us through to a very successful conclusion and an exciting future.”

- Dr Neil Pawlyn and Alison Simpson, Managing Partners, UDL Intellectual Property

Acquisition: Moving Intelligence

Crowe helps Dutch business strengthen position in UK market

The Corporate Finance team in the Midlands office, has advised Dutch-based Moving Intelligence on its acquisition of Phantom Tracking Systems in Stockport.

Moving Intelligence is the Dutch market leader in the field of vehicle and equipment security, trip logging and fleet management.

The purchase of Phantom Tracking Systems follows the acquisition earlier this year of PLT Software GmbH in Berlin.

Crowe's role and team 

Crowe provided due diligence and transactional services with Andy Kay, Corporate Finance Partner, leading a team including Chasz Coulsting and Jason Daft.

Client quote

“We are very pleased to be able to acquire Phantom Ltd. The acquisition means that we are making a big step forward in expanding the boundaries of our market. The product range of Phantom Ltd, that distinguishes itself in the leisure vehicle market, is a welcome addition to our Dutch product range. Our automotive solutions are particularly suitable for integration into the UK market."

Patrick Horst, Chief Executive Officer, Moving Intelligence 

Acquisition: Lyca Health

LycaHealth, part of the multi-national Lyca Group, has acquired a majority stake in KIMS Hospital in Kent. KIMS Hospital, the largest independent hospital in Kent, also operates a medical centre in Sevenoaks and orthopaedic clinics in Whitstable, Faversham and Ashford.

LycaHealth was founded in 2015 by Prema Subaskaran. As Chairperson, Prema oversees the operational and strategic development of the business, including expansion into new markets.

LycaHealth already has state-of-the-art health clinics in Canary Wharf and Orpington. This investment is a testament to the company’s commitment to increasing its healthcare portfolio in the UK and supporting the growing demand for fast access to diagnostics and treatment.

The investment from LycaHealth is seven years after KIMS Hospital opened its doors to patients in Maidstone. It follows the acquisition of Sevenoaks Medical Centre by KIMS Hospital in 2020. KIMS Hospital’s focus remains to provide safe, outstanding quality care for people across Kent.

Crowe's role and team 

Crowe provided corporate finance and tax services to LycaHealth. The Corporate Finance team was led by Geert Struyven, with Simon Crookston leading on tax.

Client quote 

“This is an excellent investment for LycaHealth as it takes on the UK healthcare market. The Corporate Finance team at Crowe provided great expertise and efficiency throughout the transaction. They were a pleasure to work with and we appreciated their professional and proactive approach. This marks an important and exciting chapter for LycaHealth. We look forward to working closely with Crowe in the future.”

Richard Schäfer, CFO, Lyca Group

 

Sale: Singular
Crowe and Partis advise Singular on its sale

Crowe UK and Partis Capital advised the shareholders of Singular on the sale of the business to Flutter Entertainment (LSE: FLTR), the world’s largest global online betting, gaming and entertainment provider.

This deal is the latest to emerge from the collaboration of Crowe and Partis. The M&A expertise and unrivalled market access that the combination of Crowe and Partis brings offers enterprises in the Gaming sector a fully supported end to end M&A advisory service from pre-sale preparation through to deal execution and earnout delivery support.  

Crowe and Partis advised the shareholders of Singular, a leading B2B software development company, on the sale of 100% of its shares.

Crowe’s role and team

Justin Edgar and Edon Byrnes led the team from DWF who advised the shareholders on the legal aspects of the sale

The Crowe team was headed by, Corporate Finance Partner, Matteo Timpani and supported by James Smith and Toby Anthony. The Partis team was headed up by, Partners, Stefan Hamann and Daniel Beard.

Client quote

“This deal is a huge recognition of Singular and what we managed to build and it furthermore sets the foundation of an exciting next chapter. We look forward to exploring new challenges and opportunities, now being a part of the largest online betting and gaming company in the World.

Working with Crowe UK, Partis Capital and DWF on the deal has been a really rewarding experience and their help and guidance throughout the process was invaluable in achieving an excellent outcome for the shareholders.”
Darko Gacov, Co-founder and Chief Business Development Officer of Singular 

Sale: Vacuum Furnace Engineering Ltd (VFE)

Crowe advises German-based global group on further UK expansion

Busch (UK) Ltd, part of the global Busch Vacuum Solutions group, has purchased Vacuum Furnace Engineering Ltd (VFE).

Vacuum Furnace Engineering Ltd was founded in 1985 and now has divisions in Halesowen and Poole in the UK and Singapore. It had a turnover of £16 million in 2019, employing 89 staff.

Andy Kay, Corporate Finance Partner at Crowe, said: “This acquisition is strategically important for Busch in the UK, as it enhances the company’s service offering across the UK and internationally.

For Vacuum Furnace Engineering, it opens doors to a much bigger marketplace and they will now be able to tap into Busch’s global customer footprint.

This deal is the result of forward-thinking with an eye to the long term strategy of both companies and we were delighted to be able to advise Busch on this important acquisition.”

Crowe’s role and team 

Advisors to Busch on this acquisition, Andy Kay was the lead.

Client quote

“This is an exciting time for the Busch UK team. 2021 is our 50th anniversary in the UK and the acquisition of VFE marks a significant commitment by the Busch group to the UK market, ensuring we are well positioned for further long term service and growth. “We are stronger together and uniquely positioned to help UK manufacturers become more productive and sustainable through the application of our Busch vacuum solutions."
- Tim Hulbert, Managing Director of Busch (UK) Ltd

Sale: IFC Group

Crowe advises on sale of IFC Group to Kiwa BV

Specialist fire safety consultancy IFC Group (“IFC”) has been acquired by Kiwa NV.  IFC is an internationally recognised fire safety engineering, risk assessment and certification business with 35 years’ experience in the industry and revenue of approximately £10m.  Kiwa NV is a leading testing and inspection, certification, training and consultancy services with global operations and revenue in excess of €0.5bn. Kiwa is privately owned and headquartered in the Netherlands.

Crowe’s Thames Valley Lead Advisory team, led by Mark Allen and supported by Alex Sowerby, managed the sale on behalf of Graham Wiles, IFC’s sole shareholder.  Crowe successfully navigated a challenging process during the pandemic, leading negotiations with the buyer and providing critical advice and support to both the vendor and the target business.  Crowe’s Transaction Services (Bob Alsop, Ed Elliott) and Transaction Tax (Jane Mackay, Tiina Weekes) teams provided specialist advice alongside.

Legal advice was provided by the corporate team at Herrington Carmichael led by Yavan Brar and supported by Emma Roper.

“I am very grateful to the team at Crowe for their invaluable advice during the transaction.  Their calm and pragmatic approach directly led to the successful outcome. Mark and his team provided hands on support where required and they skilfully handled some sensitive issues during the negotiation stages.  I hope there is an opportunity to work together again.”
- Graham Wiles,Managing Director and shareholder of IFC

Sale: Wessex Wood land Management

Investment and restructure of Wessex Woodland Management Ltd assisted by Herrington Carmichael and Crowe

Wessex Woodland Management, a bespoke woodland management services provider, recently instructed Herrington Carmichael LLP and Crowe to advise on structuring a strategic investment from third party investors which resulted in a corporate re-organisation and enabled the shareholders of the business to realise value that they have accrued in the business over the 30 years since its inception in 1993.

Crowe oversaw the tax structuring of the investment and re-organisation, enabling the shareholders to realise the value accrued and to create a structure that will allow employees to invest in the ownership of the business in a tax-efficient manner. The Crowe team was led by Jane Mackay and Tiina Weekes.

Yavan Brar and Chris Gemson from the Corporate Team at Herrington Carmichael provided advice on the legal structure and drafted the tax structure proposed by Crowe, which included advice provided on a complex earn-out structure and advice in structuring an incentivisation plan for employees of the business. Michelle Lamberth assisted with the corporate governance aspects of the transaction.

Both Herrington Carmichael and Crowe provided timely support on the transaction which enabled a completion prior to the 2021 Budget.

The investment received will enable the business to continue its exponential growth over the coming years with the additional support of the third-party investors and the participation of employees as shareholders

“Herrington Carmichael and Crowe provided high-quality advice and support in enabling us to complete the restructure and investment. Jane and Tiina were invaluable in helping explain the tax implications of the structure in a clear and concise manner, and Yavan and Chris guided us smoothly through the transaction providing expert advice and demonstrating great professionalism throughout. We are delighted with the outcome and our thanks go to the Crowe and Herrington Carmichael teams".
David Hunt, Director of Wessex Woodland Management

Sale: BtoBet Ltd

Crowe and Partis advise BtoBet on its sale to Aspire Global.

Crowe UK and Partis Capital have combined to advise the shareholders of BtoBet Ltd, a leading B2B sportsbook and technology provider in the iGaming sector, on the sale of the business to Aspire Global.

The acquisition constitutes a key part of Aspire Global’s growth strategy as it is a significant step towards creating an offering that covers the main elements of the B2B iGaming value chain. The strategic importance of this acquisition ensures Aspire Global is now positioned among the world’s leading iGaming suppliers.

The deal will see the shareholders of BtoBet secure a minimum value of €20 million for the business with a significant upside expected to be delivered through an earnout in two years.

This deal is the latest completion to emerge from the collaboration of Crowe and Partis. The M&A expertise and unrivalled market access that the combination of Crowe and Partis brings offers enterprises in the Gaming sector a fully supported end to end M&A advisory service from pre-sale preparation through to deal execution and earnout delivery support.  

Crowe and Partis advised the shareholders of BtoBet on the sale of 100% of its shares. The Crowe team was headed by Corporate Finance Partner Matteo Timpani. The Partis team was headed up by Managing Partner Rob Dowling.

“The team from Crowe and Partis supported us incredibly throughout this deal process, from the early stages when we were considering a deal, through to the very final moments of signing the agreements, they guided us expertly every step of the way. The team went above and beyond in so many respects for us, making sure the deal was kept on track, even in the midst of a global pandemic. Crowe and Partis have delivered a deal which places BtoBet in a market leading iGaming provider and delivers a great deal for the shareholders. We are excited to continue our journey with Aspire Global. I would not hesitate to recommend Crowe and Partis to anyone looking for advice and support in selling their business.”
- Alessandro Fried, Principal shareholder and CEO of BtoBet

"The iGaming sector is one which continues to show remarkable growth and resilience in an unprecedented market for M&A, and a sector where we are seeing increasing levels of activity. It has been an absolute pleasure to work alongside the Partis team over the last 12 months to steer the BtoBet team through the ups and downs of a global pandemic, and deliver a deal which sees the business come under the ownership of Aspire Global in a significant strategic acquisition. We look forward to working with the BtoBet team going forward to help them secure more value through their earnout.

"A huge thanks to the team at Crowe, James Smith and Hazel Lucian in particular, who worked incredibly hard to get this deal away."
Matteo Timpani, Corporate Finance Partner, Crowe UK

Sale: DMW Group

Crowe advises DMW Group on acquisition by Omnicom Group’s Credera

Crowe is pleased to have advised leading independent technology consultancy business, DMW Group, on the majority stake acquisition by Credera, part of the Omnicom Group.

DMW is a London based leading independent technology consultancy who act for some of the world’s biggest brands and specialise in design, delivery and implementation of data and digital transformation programmes. Credera is a technology consulting firm, and part of the Omnicom Group, and with this acquisition significantly expands its capability in Europe.

The Crowe team was headed by Corporate Finance Partner Matteo Timpani.

“We were extremely happy with the advice provided by Crowe. Matteo was responsive, commercial and pragmatic in his approach and helped us navigate through a rather complex deal, ultimately helping us deliver an excellent result for the shareholders”
- Chris Dean, CEO, DMW Group

Acquisition: Grandeco Wallfashion Group Belgium

Grandeco Wallfashion Group Belgium completes the acquisition of Holden Decor Limited

Crowe has advised Grandeco Wallfashion Group Belgium (Grandeco) on its acquisition of Holden Decor Limited.

Founded in 1978, Grandeco Wallfashion Group - Belgium is one of the world's leading wallpaper manufacturers, it has a dynamic team of more than 300 employees and is represented in more than 80 countries. Holden Decor one of UK’s leading wallcovering companies, founded in 1991, it is a family-owned business designing and creating fine wallpapers in Darwen, England.

Crowe's Corporate Finance team provided financial and tax due diligence, as well as ad hoc deal structuring advice. The Corporate Finance team consisted of Andy Kay, Chasz Coulsting, Jason Daft and Liam Hadfield. Paul Cox, Hayley Hill, and Navin Sharma supported the transaction from a tax advisory side.

"I would really like to thank the whole team at Crowe for the very professional support and work done! It was a great pleasure for us to work together with all of you."
- Herman Van der Plaetsen, CFO, Grandeco

Acquisition: DMC Canotec 

Crowe, has advised on the acqusition of managed print solutions provider, United Carlton by DMC Canotec.

The firm’s Corporate Finance team provided financial and tax due diligence, as well as buy side advice on working capital, review of financial and taxation matters in the sales and purchase agreement and other ad hoc advice. The Corporate Finance team consisted of Geert Struyven, David Payne and Lewis Clarke. Tiina Weekes supported the transaction from a tax advisory side.

Since forming in 1987, United Carlton has developed strong relationships with clients across its three offices in Gateshead, York and Warrington. The combined business will employ 250 staff, supporting 4,500 customers.

The latest acquisition is DMC Canotec’s fifth in six years, further broadening its portfolio of managed services, including document management solutions, managed print services, IT managed services and telecoms.

"Geert and the team at Crowe did a great job supporting DMC Canotec on our latest acquisition and we look forward to working with them again in the future.”
Simon Davey, CEO

Acquisition: Montreux Healthcare Fund

Crowe has advised on two acquisitions for Montreux Healthcare Fund, through its operating company Active Care Group Limited.

The organisation, which invests in the UK specialist care space, acquired both AJ Case Management and Medbank Healthcare Solutions in September 2019. Birmingham based AJ Case Management will enhance the large case management component in their existing portfolio, while specialist recruitment business, Medbank Healthcare Solutions, will grow the operating comany’s staffing strategy, which serves the whole group.

Geert Struyven, David Payne and Lewis Clark formed Crowe’s Corporate Finance team, who provided financial and tax due diligence as well as acquisition advice. This included inter alia advice on the normalised working capital. Emma Reynolds and Tiina Weekes also supported from the firm’s tax team.

This latest activity follows the acquisiton of Independence Homes in January 2019 and the Lane Fox Remeo Respitory Centre in July 2019, bringing the total number of deals which Crowe has advised Montreux Healthcare Care on this year to four. 

“The acquisitons of both AJ Case Management and Medbank Healthcare Services will strategically enhance our service offering and reach.

“AJ Case Management will complement our existing portfolio and add key staff which will have an impact across the whole business. While Medbank Healthcare Solutions will enhance our staffing strategy, filling a geographical gap in the current portfolio.”
- Oliver Harris, CEO, Montreux Capital Management, commented:

Acquisition: Cactus Worldwide Limited 

Crowe has advised on the acquisition of Brighton-based lanuage course provider, Cactus Worldwide Limited (Cactus) by British Study Centres Limited ("BSC").

BSC specialises in the delivery of high quality English language training to adults and young learners, teacher training courses for UK and overseas teachers and University Pathway programmes in partnership with NCUK, a consortium of leading UK universities.

The acquisition of Cactus enables BSC to add to their existing portfolio and take a further step towards their strategy to build a global learning experience group.  

Crowe’s Corporate Finance team consisted of Geert Struyen, David Payne and Oliver Weston. Tiina Weekes and Jack Paine also supported from the firm’s tax team.

"This is a strategic acquisition for BSC as Cactus offers a very complementary service. We look forward to working with the existing management team to support and expand the Cactus business."
- Nick Alexandrou, CEO

Acquisition: Caneda Foods

 The Burden Group is a well-diversified UK food distribution business, headquartered at Five Oak Green, Kent, with revenues of £150 million. It has business locations in London, Fareham and Newcastle. Notably, it is the largest business operating in London’s Smithfield Market.

The acquirer, London based Caneda Foods is a long-term buy-and-build investor in the UK food supply market, which is seeking to invest in strong owner-managed companies with compelling growth potential.

Crowe’s Corporate Finance team advised the shareholders of The Burden Group on the sale and introduced Caneda Foods as potential purchases. James Bullock and Tim Turner from Brachers were legal advisors to the shareholders of the Burden Group, while Caneda Foods were advised by Morrison Foerster.

"The food market is currently undergoing significant and rapid change, which is increasingly challenging existing business models. We wanted to ensure the company was best placed to deal with these changes and considered Caneda Foods the right home for the long term future of the business and its employees. We were immediately impressed with Crowe and the Corporate Finance team’s industry knowledge and understanding of the issues our business and shareholders face. I have worked for The Burden Group for more than 30 years and am delighted that its future is in good hands.”
- Trevor Hussey, CEO of The Burden Food Group

“We are delighted to have completed this acquisition, which is our first. The Burden Group is a strong business with an outstanding reputation and is a great fit with our strategy. We look forward to working with Trevor and his team to grow the business.”
- Desmond Doyle, Chief Executive of Caneda Foods

Private placement: TTS Pharma Limited

TTS Pharma Limited - £10 million private placement

TTS Pharma Limited ("TTS"), a vertically integrated supply chain manager in the cultivation, manufacturing, and development of the emerging ethical cannabis market, announces that it has successfully closed a private placement totalling £10.3 million.

This investment will support TTS in becoming one of the leading global suppliers in this fast-growing industry, allowing it to expand its existing supply chain, develop its own facilities and further strengthen its academic and commercial partnerships.

Leading national audit, tax and advisory firm Crowe has supported TTS during this period of growth, with corporate finance partner Mitesh Patelia leading the team, assisted by Alex Nursey

“Crowe has been an extremely trusted advisor during this exciting period of growth. We would recommend them to any emerging company that require the skillset of a full service accountancy firm."
- Mark Tucker, CEO, TTS Pharma Limited

Acquisition: Summa NV

Crowe, has provided due diligence advice on the acquisition of a Nottingham-based laser technology company by Summa NV, a print finishing technology business, headquartered in Belgium.

CadCam Technology ("CCT"), an expert in innovative laser technologies for the textile industry, and its subsidiary GS UK Ltd, has been acquired by Summa.

The Summa product portfolio will be enhanced with a cutting edge laser product line and we are pleased to have been able to provide professional advice in enabling this deal to happen. For nearly 30 years, Summa has been producing the world’s highest quality vinyl and contour cutters and finishing flatbeds. CCT’s main markets are soft signage, garment and garment embellishment and it has customers in the automotive, solar panels, sportswear and footwear industries.

Working in close collaboration with CCT, its subsidiary GS is an important UK distributor and test centre of CCT equipment.

The specialisation of CCT is offering customised solutions based on their product range and core technologies, while Summa has proven to develop and produce a high-quality product series. By combining both teams, the organisation has experts on all levels.

Crowe acted as financial due diligence advisors on the transaction. Our corporate finance team was led by Andy Kay.

Sale: Micron Group

A Bromyard manufacturer of specialist sprayers and weed control equipment has been bought by a Spanish company in a deal advised by the Crowe Midlands office.

Corporate Finance Partner Andy Kay advised the shareholders of Micron Group in the sale for an undisclosed sum to Goizper, a spraying and biotechnology business based in northern Spain.

Andy Kay said: "Micron was originally founded in 1954 by Edward Bals because of his concern then about the indiscriminate way in which pesticides were being applied, following first-hand experience in tropical agriculture.

Since that time this family business has continued to grow under the stewardship of the Bals family, acquiring Micron Air in 2000 and Enviromist Industries in 2004. The sale to Goizper was the next natural step in the Group's evolution and we were delighted to have assisted the shareholders in realising their plans."

Today, Micron Group incorporates Micron Sprayers, Micron Air and Micron Enviro divisions, serving a broad range of industries worldwide.

Based at Bromyard Industrial Estate, near Hereford, the group now employs 46 and had a turnover of £3.6 million in its last financial year to December 2017.

Goizper Group specialises in hand-held and pressure sprayers, offering brands including Matabi, Osatu, Inter and IK.

A spokesman for Goizper Group said:

“Both Goizper and Micron will retain their identities, with no significant change in organisation or commercial policies.

I have nothing but praise for Andy – easy to work with, worked hard and diligently on the issues and gave very good advice at critical points in our negotiations." 

Sale: Mecmesin Limited

We are delighted to have advised the shareholders of Mecmesin Limited, a designer and manufacturer of force and torque measurement and testing systems, on its sale to Physical Testing Properties Limited, a portfolio company of US Private Equity investor Battery Ventures.

Established in 1977 and based in Slinfold, Mecmesin is a leader in its field with a reputation, established over 40 years, for exceptional quality, service and value. The Company is an innovator in its field and has invested heavily over recent years in the development of its own transformational technology platform, Vector.

Battery Ventures is a global, technology focused investment firm. Founded in 1983, the firm makes venture-capital and private-equity investments from offices in Boston, the San Francisco Bay Area, London, New York and Israel.

The shareholders of Mecmesin were advised by our corporate finance team led by Matteo Timpani, supported by James Smith.

Mark Tasker led the team from Bates Wells Braithwaite who advised the majority shareholders on the legal aspects of the sale.

"Anyone looking for a corporate finance adviser to deliver what, for me, was the most important deal of my life, would struggle to find anyone more capable than Matteo and his team. Crowe’s professionalism and marketing approach delivered what I considered to be an exceptional number of high quality offers from UK and overseas buyers. Crowe superbly managed negotiations and the entire deal process through to final offers and ultimately completion. Without doubt this transaction has been one of the most stressful, emotional, and tiring events I have ever experienced. However, the constant support and obsessive vigilance from Matteo and James and their interaction with my team and the legal advisers, ensured a complex sale resulted in a positive outcome for all concerned."
Rob Oakley, Principal shareholder, Mecmesin

Acquisition: Montreux Healthcare Fund

Crowe has provided acquisition advice to a national healthcare fund, supporting their purchase of a leading care provider.

The Montreux Healthcare Fund has acquired Active Assistance, based in Sevenoaks, with the deal supported by Crowe’s specialist advisors, Geert Struyven and David Payne. Additional tax advisory services were also provided by Tiina Weekes and Emma Haggarty, allowing the deal to be completed smoothly.

Active Assistance, who are based in Sevenoaks, Kent, provides specialist care to individuals with acquired brain injury (ABI) and spinal cord injury (SCI) in domiciliary and residential settings. With annual revenues exceeding £50 million, the organisation also owns the UK’s largest Case Management Group, serving clients with an acquired brain injury and other neurological conditions, throughout the care pathway.

The deal constitutes the second major transaction completed by Montreux in recent months, having sold The Regard Group in January 2018.

"The acquisition of Active Assistance was part of a competitive process and Crowe expertise and flexibility enabled us to meet a tight deadline. The deal will enable us to move to the next stage of our strategy, delivering more investment into the healthcare industry."

- Oliver Harris, CEO, Montreux Capital Management

Sale: Mountain Warehouse

Our Corporate Finance team advised on the sale of an outdoor clothing and equipment company to Mountain Warehouse. AL & ID Fox Ltd, trading as Fox&'s Outdoor, has been acquired by Mountain Warehouse Ltd, the nationwide outdoor equipment retailer.

Crowe UK acted as lead advisors to the vendors and the team included Andy Kay, Corporate Finance Partner in the Midlands; Richard Baker, Thames Valley Audit Partner and Jane Mackay, Thames Valley Tax Partner. Reading law firm Boyes Turner advised the vendors.

Fox's Outdoor, a family business based in Amersham, was founded over 60 years ago.

Andy Kay said: "This was a real team effort involving our Midlands office in Oldbury and our Thames Valley office in Reading. "Mountain Warehouse was a natural choice for a buyer for the Fox family business."

Kevin Fox, former Managing Director of Fox’s Outdoor, said: "The Fox family would like to thank Crowe UK for all of their hard work and professionalism over the last year in completing the successful sale of our business in Old Amersham.

"Without the support and advice from Andy Kay and Richard Baker, in particular, the family would not have secured the sale to Mountain Warehouse and we thank them wholeheartedly for all their time and effort spent, especially in the final frantic days leading up to completion."

In May 2017, Mountain Warehouse reported 20 years of uninterrupted growth, with sales up 30.8% in the year to February 2017. From a first shop in Swindon in 1997, the firm now has 262 in the UK with plans for a further 40.

Andy Kay added: "The mid-tier UK corporate finance market is strong and, despite warnings of economic uncertainty, there are still buyers for good businesses.

"We are pleased to have advised the Fox family on the sale of a long-established company into the hands of one of the UK’s most entrepreneurial and fast growing outdoor clothing and equipment retailers."

Icon-CreditGuidance-PLM_Exit

Capital Markets

View our services  
Admission: MicroSalt plc

MicroSalt plc and its subsidiary MicroSalt Inc. has announced its successful fundraising of £3.1 million and admission to trading on AIM.

MicroSalt plc and its subsidiary MicroSalt Inc. (together, the Group or MicroSalt) has announced its successful fundraising of £3.1 million and admission to AIM.

MicroSalt, a spin-out from parent company Tekcapital plc, is a US-based business who, with the use of their patented technology, produce full flavour, low-sodium salt which aims to reduce excess sodium consumption by up to 50%, helping reduce cardiovascular disease globally.

Demand for reduced sodium products across both B2B and B2C has increased significantly with The World Health Organisation stating ambitions to reduce sodium intake by 30% by 2025. MicroSalt are seeking to partner with brands aiming to reduce the sodium content in both their existing and new product lines. 

The proceeds of the fundraising will be used to provide the Group with the capital required to support its growth strategy and to capitalise on its pipeline of commercial opportunities with existing and potential customers.

Crowe’s role and team

Crowe acted as reporting accountant on the transaction, with the capital markets team led by Mitesh Patelia, George Lawford and Jake Harrison.

Client quote

“We greatly appreciated the assistance of Mitesh and his team at Crowe in providing invaluable support and advice to help us with our successful admission to AIM. Crowe’s ability to support US companies looking to list on AIM was a key consideration for us. This marks an important step in our development and provides an excellent platform for future growth.”

Rick Guiney, Chief Executive Officer, MicroSalt, Inc

Reverse takeover and admission: EnergyPathways plc (AIM)

Dial Square Investments plc has successfully completed the acquisition of EnergyPathways Ltd by way of reverse takeover and has completed a placing of £2 million and admission to AIM.

On 10 March 2023, Dial Square Investments plc (Dial Square) has announced it had entered into an agreement to acquire the entire share capital and existing warrants of EnergyPathways Ltd (EnergyPathways). EnergyPathways is a UK-based integrated energy transition company, initially targeting UK gas assets, who hold a 100% interest in the Marram gas field located in the Irish Sea Basin.

The Acquisition was satisfied by the issue of 68,013,885 new ordinary shares at an issue price of 0.04 pence per ordinary share.

Dial Square has announced its successful fundraising of £2 million through the issue of 50,000,000 new ordinary shares at an issue price of 0.04 pence per ordinary shares and will be used to develop the Marram gas field. Following Admission, Dial Square changed its name to EnergyPathways plc.

Crowe’s role and team

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by Jake Harrison.

Client quote

“We were very pleased with the support we received from the team in Crowe. Their experience in the both the capital markets process and the energy sector were clearly demonstrated during the admission process.”

Ben Hodges, Chief Financial Officer, EnergyPathways plc

Re-Admission: Afentra plc (AIM)

Afentra plc announces its successful readmission onto AIM

 Afentra plc (Afentra), an upstream oil and gas company listed on AIM, has announced the successful completion of the acquisition of working interests in Block 3/05 and Block 23 from Sonangol, together with the publication of an AIM supplementary admission document and the re-admission of the Company’s shares to trading on AIM.

This acquisition increases Afentra’s working interest in Block 3/05 to 18%. Afentra’s working interest in Block 3/05 will further increase to 30% following the completion of the Azule acquisition, which is expected to complete later in 1Q 2024 following government approval.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by Ferdia McCarvilleMonty Cann and Jacob Porter.

Client quote

“We appreciate Crowe’s Capital Markets team ongoing support as we continue our acquisition pathway in Angola. Crowe have been a pleasure to work with throughout the process, we would recommend Crowe to companies looking to perform Capital Markets transactions.”

Anastasia Deulina, Chief Financial Officer, Afentra plc

Disposal: Learning Technologies Group plc (AIM)

Crowe supported Learning Technologies Group plc (LTG) on its sale of Lorien Engineering Solutions (Lorien) to NIRAS Gruppen (NIRAS) for a cash consideration of $21.4 million. Completion is expected to take place in January 2024, subject to the satisfaction of closing conditions.

Lorien is a full-range engineering consultancy with offices in the UK, Poland and South Africa, providing services ranging from conceptual and predesign all the way through to project management and commissioning within the food and beverage, life science and advanced manufacturing industries. The sale will allow LTG to allocate capital to areas of the business that are more aligned with its core proposition of digital learning and talent management, and to fund future value-enhancing acquisitions.

NIRAS is an engineering consulting firm, headquartered in Denmark, which provides technical design, engineering and project management services for development projects across multiple industrial sectors including food and beverage, life sciences, infrastructure, building, environment, water and utilities. NIRAS has 2,600 employees in 34 countries with 59 offices.

Crowe's role and team

Crowe provided vendor due diligence to Learning Technologies Group plc. The Corporate Finance team was led by Mitesh Patelia, George Lawford, George McMullen and Edward Elliot.

Client quote

“The Crowe team provided excellent service, in-depth insight and support from start to finish. The vendor due diligence process that they delivered allowed us to navigate any issues that arose – and their support and guidance throughout the process was invaluable.”

Jonathan Satchell, Chief Executive Officer, Learning Technologies Group plc

Admission: Chapel Down Group plc (AIM)

Chapel Down Group plc and its subsidiary (Chapel Down or the Group) announced, on 9 November 2023, its move from the Aquis Stock Exchange to trading on AIM. Admission is expected to take place on 7 December 2023.

Chapel Down is England’s leading winemaker with a mission to change the way the world thinks about English wine. The Group has developed an award-winning range of sparkling and still wines, sourcing from more than 1000 acres of vineyards throughout South-East England. In building Chapel Down into the leading English wine brand, the Group has developed partnerships with some of England’s most recognisable institutions, including The England and Wales Cricket Board, Ascot Racecourse and the Oxford and Cambridge Boat Race.

The board of directors believe that Chapel Down Group plc's admission to AIM will help support its ambitious growth plan and offers a more appropriate market for the company to attract a wider pool of investors and to improve the future liquidity of the Group.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Mitesh Patelia, Jacob Porter and Alex Slater.

Client quote

“We valued the assistance of the capital markets team at Crowe in helping us with our successful move to AIM. They were a pleasure to work with and we appreciated their professional and efficient approach. This marks an important and exciting chapter for Chapel Down.”

Andrew Carter, Chief Executive Officer, Chapel Down Group plc

Acquisition: Belluscura PLC (AIM)

Belluscura PLC announced that it has reached an agreement on the terms of a recommended all share offer for TMT Acquisition PLC.

Belluscura PLC (Belluscura) is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies for global markets.

TMT Acquisition PLC (TMT) was established to pursue opportunities in the technology, media and telecom sectors.

In conjunction with Belluscura’s fundraising in October 2023, the acquisition adds a significant injection of working capital into Belluscura, which the Board believes will be sufficient to meet the planned future growth plans of the company.

Crowe's role and team

Crowe provided transactional support to Belluscura on the acquisition, with the Corporate Finance team led by Mitesh Patelia and Ferdia McCarville.

Client quote

“Crowe delivered a high quality report and on time. In particular we appreciated their constructive approach to help ensure that the deal was closed successfully.”

Robert Rauker, Chief Executive Officer, Belluscura PLC

Acquisition and admission: abrdn Japan Investment Trust plc and Atlantis Japan Growth Fund Limited

Nippon Active Value Fund plc has completed the separate acquisitions of net assets from abrdn Japan Investment trust plc and Atlantis Japan Growth Fund Limited for the issue of new ordinary shares and admission to the premium segment of the Main Market of the London Stock Exchange plc.

Nippon Active Value Fund plc (NAVF) completed the separate acquisitions of £61.6 million net assets from abrdn Japan Investment trust plc (AJIT) and £56.8 million of net assets from Atlantis Japan Growth Fund Limited (AJGF) for 39,616,423 and 36,503,848 new ordinary shares respectively in NAVF. Immediately following the acquisitions, NAVF had total net assets of approximately £293.8 million.

NAVF is an investment trust listed on the premium segment of the London Stock Exchange's Main Market which was admitted to trading on 11 October 2023, targeting attractive levels of capital growth for shareholders from the active management of a focused portfolio of quoted small and mid-cap Japanese equity investments. 

The rollover of assets from AJIT and AJGF into NAVF will allow for a larger fund with a more diverse shareholder base and access to greater assets. This is expected to improve liquidity for shareholders while spreading the fixed costs over a larger pool of assets reducing ongoing costs for shareholders.

Crowe's role and team

Crowe provided advisory and assurance services with the Corporate Finance team led by Paul Blythe, George Lawford and Jake Harrison

Resumption of Trade: Afentra plc (AIM)

Afentra plc (Afentra) announces the successful resumption of trading in its shares on AIM.

Afentra plc (Afentra), an upstream oil and gas company listed on AIM, has announced its successful resumption of trading in its shares on AIM and the publication of an admission document relating to one completed acquisition and two proposed acquisitions of interests in Angolan oil blocks, as follows:

  • the completed acquisition from INA-Industrija d.d. of a 4% participating interest in Block 3/05 and a 4% (potentially rising to 5.33%) participating interest in Block 3/05A, for net upfront consideration of US$17 million
  • the proposed acquisition from Sonangol P&P of a 14% participating interest in Block 3/05 and a 40% participating interest in Block 23 for a firm consideration of US$56.5 million and potential further payments of US$35 million
  • the proposed acquisition from Azule Energy Angola Production B.V. of a 12% participating interest in Block 3/05 and a 12% (potentially rising to 16%) participating interest in Block 3/05A for a firm consideration of US$48.5 million and potential further payments of US$36 million.

The proposed acquisitions are expected to complete in Q4 2023 and are to be financed through cash reserves and a senior RBL debt facility. In addition, Afentra has entered into a prepayment facility. Both of these facilities have been provided by Trafigura PTE Ltd and The Mauritius Commercial Bank Limited.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, supported by Ferdia McCarvilleMonty Cann and Jacob Porter

Client quote

"We were pleased to work with Crowe’s Capital Markets team once again, who were able to provide an efficient service throughout, enabling us to meet tight deadlines on this important transaction. We would recommend Crowe to companies looking to perform Capital Markets transactions."

Anastasia Duelina, Chief Financial Officer, Afentra plc

Admission: Fadel Partners, Inc. (AIM)

Fadel Partners, Inc. - placing and admission to trading on AIM

Fadel Partners, Inc. (Fadel or the Group) has successfully raised £8 million on its admission to trading on AIM (£7.5 million placing and £0.5 million shareholder loan). 

Fadel was founded in 2003 and is a leading developer of cloud-based brand compliance, and rights and royalty management software. Fadel’s client base includes some of the world’s leading licensors and licensees across media, entertainment, publishing, consumer brands, hi-tech or gaming companies. 

The use of Fadel’s products span across:

  • marketers and advertisers to accelerate campaign creation, eliminate content misuse and maximise asset reuse
  • finance teams to generate and precisely manage royalty calculations, statements and audit reports and
  • licensing professionals to identify licensing violations, optimise revenue and avoid over/under royalty payments.

The proceeds of the funding will be used to invest in new sales growth opportunities, increased marketing, conduct R&D to further develop Fadel’s current products and provide general working capital to Fadel.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, George Lawford and Conor Monaghan.

Client quote

We greatly appreciate the assistance of Paul and his team at Crowe in helping us with our successful admission to AIM. The team provided invaluable support and advice and were critical in helping to deliver the successful outcome achieved. Crowe’s ability to support US companies looking to list on AIM was also a key consideration for us. This marks a crucial milestone for Fadel and our growth aspirations.

Vicary Gibbs, Chief Financial Officer, Fadel Partners, Inc.

Admission: Onward Opportunities Limited (AIM)

Onward Opportunities Limited - placing and admission to trading on AIM.

Onward Opportunities Limited (Onward Opportunities) has successfully raised £12.75 million on its admission to trading on AIM.

Onward Opportunities' investment objective is to seek to generate risk-adjusted absolute returns for shareholders through investments in UK smaller companies. Returns are expected to be principally derived from capital growth over a target three to five-year holding period with an appropriate diversification of investment risk.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe and supported by Ferdia McCarville and Alex Slater.

Client quote

Crowe’s Capital Markets team provided valuable assistance throughout the IPO process. They were a pleasure to work with and we appreciated their professional approach. We would certainly recommend Crowe to any companies considering a transaction on London’s capital markets.

Andrew Henton, Chairman, Onward Opportunities Limited

Admission: Medcaw Investments Plc (Main Market)

Medcaw Investments Plc has announced its admission to the Main Market of the London Stock Exchange.

Medcaw Investments Plc (Medcaw) has successfully raised £637,082 through a direct subscription to the Official List by way of a Standard Listing on the Main Market of the London Stock Exchange.
 
Medcaw was incorporated on 11 December 2020 to pursue opportunities to acquire businesses in the life sciences sector. The directors will consider those companies focused on developing medical and/or wellness technologies and/or therapies, in particular those that are focused on enabling and delivering better health and longevity.
 
The proceeds of the fundraising will be used to pursue the company’s objective of acquiring suitable companies, business or assets and providing working capital to cover ongoing annual operating costs.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, supported by Conor Monaghan and Jake Harrison 

Client quote 

We appreciated the assistance of the Corporate Finance team at Crowe in helping us with our successful admission to the Main Market. This marks an important milestone for Medcaw and our growth aspirations. We would certainly recommend Crowe to other companies looking to admit to the Standard List in London.

Sarah Cope, Executive Chairperson, Medcaw Investments Plc

Acquisition: Savannah Energy PLC (AIM)

Savannah Energy Plc (Savannah) has announced that it has completed the acquisition of ExxonMobil's interests in the Doba Oil Project and the Chad-Cameroon export transportation system for consideration of US$407 million.

In aggregate, Savannah has acquired:

  • a 40% participating interest in the Doba Oil Project, which comprises seven producing oil fields with 142.3 MMstb of 2P Reserves and expected 2022 gross production of 29 Kbopd
  • a 40% equity interest in the company which owns the Chad-Cameron export transportation system that comprises a 1,081km pipeline and the Kome Kribi 1 floating storage and offloading facility, offshore Cameroon along with all associated facilities. The Chad-Cameroon pipeline is 30” in diameter with a nameplate capacity of 250 Kbopd and an estimated pipeline throughput in 2022 of 124 Kbopd, from more than 15 fields.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by Monty Cann, Jacob Porter and Jake Harrison.

Client quote 

We were pleased to once again work with the Capital Markets team at Crowe who were able to provide an efficient service throughout, which enabled us to meet tight deadlines on this important transaction. We would certainly recommend them to other companies looking to list in London.

Nick Beattie, CFO, Savannah Energy Plc

Acquisition: Strix Group plc (AIM)

Strix Group plc announced that it has entered into conditional agreements to acquire Billi (Australia, New Zealand and UK), for an aggregate cash consideration of approximately £38 million, funded through a new term loan and an equity placing.

Strix Group plc is the AIM quoted global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components.

Billi operates in the high growth and strategically important hot tap and water filtration markets. Established in 1989 and headquartered in Melbourne, with distribution channels located across Australia, and internationally in New Zealand, UK, Hong Kong, Singapore and China, Billi is renowned for its premium filtered and temperature-controlled water systems and manufacturing innovation.

Completion of the acquisition is expected before the end of the calendar year, subject to regulatory approvals.

Crowe's role and team

Crowe provided transactional support to Strix on the acquisition, with the Corporate Finance team led by Mitesh Patelia and George Lawford.

Client quote

We were very keen to work with the team at Crowe as they have extensive experience in working on international acquisitions and were able to provide diligence services in the UK, Australia and New Zealand.

Mark Bartlett, Chief Executive Officer, Strix Group plc

Admission: Fintech Asia Limited (Main Market)

Fintech Asia Limited has announced its successful fundraising of £1.455 million and admission to trading on the Standard Segment of the Main Market of the London Stock Exchange.

Fintech Asia Limited (Fintech Asia) has successfully raised £1.455 million on its admission and placing on the Standard Segment of the Main Market of the London Stock Exchange.

Fintech Asia was incorporated on 28 May 2021. Its principal activity is to undertake the acquisition of one or more companies or businesses, in the financial technology sector that offer new technologies that seek to improve and automate the delivery and use of financial services, primarily targeting the Asia-Pacific region.

The proceeds of the fundraising will be used to pursue the Company’s objective of acquiring suitable companies, businesses or assets and providing working capital to cover ongoing annual operating costs.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Mitesh Patelia, supported by Conor Monaghan and Jake Harrison.

Client quote 

To assist us with our admission to the Standard List, the Board looked for an experienced Reporting Accountant to work with our other advisers to deliver an efficient admission. We found that with Crowe and look forward to continuing to work with them in the future.

Oliver Fox, Chief Executive Officer, Fintech Asia Limited

Admission: Ikigai Ventures Limited (Main Market)

Ikigai Ventures Limited has announced its successful fundraising and admission to trading on the Standard Segment of the Main Market of the London Stock Exchange.

Ikigai Ventures Limited (Ikigai) has successfully raised £2.09 million on its admission and placing on the Standard Segment of the Main Market of the London Stock Exchange.

Ikigai was incorporated on 28 May 2021. Its principal activity is to undertake the acquisition of one or more companies or businesses that have a strong positive social impact and/or environmental, social and governance (ESG) strategy as part of its core business, primarily targeting the Asia-Pacific region.

The proceeds of the fundraising will be used to pursue the Company’s objective of acquiring suitable companies, business or assets and providing working capital to cover ongoing annual operating costs.

Crowe's role and the team 

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Mitesh Patelia, supported by Conor Monaghan and Jake Harrison.

Client quote

For our admission to the Standard List, we were looking for a reporting accountant with experience of the Standard List admission process to support and guide us. We would certainly recommend Crowe to other companies looking to list in London.

Nicholas Bryan Brown, Chief Executive Officer, Ikigai Ventures Limited

Acquisition: Roquefort Therapeutics plc

Roquefort Therapeutics plc – placing and acquisition of Oncogeni Limited

Roquefort Therapeutics plc (“Roquefort”) has successfully completed the acquisition of Oncogeni Limited (“Oncogeni”) for an aggregate purchase price of £5.5 million, which was satisfied by the issue of shares. Roquefort also undertook a placing, raising gross proceeds of £1.015 million which shall be used to fund ongoing drug development programs and contribute towards the working capital of the enlarged group.

Oncogeni is a UK private biotechnology company founded in 2019, with an experienced leadership team that is developing cell and RNA based cancer medicines which the Board believes is very complementary to Roquefort’s existing pre-clinical drug development business.

Roquefort was established to pursue opportunities in early stage biotechnology businesses and listed on the Standard List of the London Stock Exchange on 22 March 2021. Since its IPO, Roquefort acquired Lyramid Pty Limited on 21 December 2021, thereby becoming a leader in the development of medicines for a promising new therapeutic target, Midkine.

The acquisition of Oncogeni transforms Roquefort into a material oncology focused biotech company with a complementary portfolio of four novel cancer programs. This expanded product portfolio provides greater upside potential and development risk mitigation for Roquefort.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, supported by Conor Monaghan.

Client quote

We were keen to collaborate with Crowe again due to their wealth of experience working with companies who are listed on the Main Market. They were a delight to work with again and we were particularly pleased with their ability to assist our growth aspirations, allowing us to implement our plan efficiently.

- Stephen West, Executive Chairman, Roquefort Therapeutics plc

Admission: Cloudbreak Discovery Plc 

Cloudbreak Discovery Plc (Cloudbreak) has announced its successful fundraising of £585,625 (comprising a placing of £60,000 and a subscription of £525,625) and subsequent placement to trading on the Standard segment of the London Stock Exchange’s Main Market.

Cloudbreak is a natural resource project generator which holds equity positions and royalties in a variety of projects in the natural resources sectors across multiple jurisdictions, primarily in North America and Africa.

Cloudbreak provides European investors with a business model and range of assets which to date has been a largely untapped opportunity in Europe. The company has the ability to pivot between commodities for the best prospects and opportunities but has a core focus on bulk, industrial and base materials and metals with an early focus on critical metals for the ongoing electrification revolution.

The proceeds of the Fundraise will be used to support Cloudbreak's immediate objective of developing its existing portfolio of assets and interests and acquiring suitable additions including lithium assets and bauxite projects globally, as well as cover operational costs generally.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction, with the capital markets team led by Paul Blythe.

Client quote

We were eager to work with Crowe again as our trusted advisor, to provide support for this funding round. They have extensive experience in working with companies operating in the natural resources sector. We would certainly continue to recommend them to other companies in the industry in need for reporting accountant services.

- Kyler Hardy, CEO, Cloudbreak Discovery Plc

Resumption of Trade: Afentra plc (AIM)

Afentra plc (Afentra), an upstream oil and gas company listed on AIM, has announced the resumption of trading in its shares on AIM and the publication of an admission document relating to two proposed acquisitions of interests in Angolan oil blocks, as follows:

  • the acquisition from Sonangol P&P of a 20% participating interest in Block 3/05 and a 40% participating interest in Block 23, for an initial consideration of US$80 million, subject to certain adjustments, and potential further contingent payments of up to US$50 million
  • the acquisition from Industrija Nafte, d.d. of a 4% participating interest in Block 3/05 and a 5.33% participating interest in Block 3/05A, for an initial consideration of US$12 million, subject to certain adjustments, and potential further contingent payments of up to US$21 million.

These acquisitions are expected to complete in Q4 2022 and are to be financed through cash reserves, a senior RBL debt facility of up to US$110 million (of which up to US$75milion is available for these transactions). In addition, Afentra has entered into a prepayment facility for up to US$30 million. Both of these facilities have been provided by Trafigura PTE Ltd.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction, with the capital markets team led by Paul Blythe with support from Ferdia McCarville, Monty Cann and Jacob Porter.

Reverse Takeover: Silverwood Brands PLC (AQSE Growth Market, Access Segment)

Silverwood Brands PLC (“Silverwood”) has successfully completed the acquisition of Balmonds Skincare Ltd (“Balmonds”) and its subsidiary (together the “Balmonds Group”) by way of reverse takeover, placing and re-admission to the Access Segment of the AQSE Growth Market.

Silverwood announced it has acquired the entire share capital of Balmonds (the “Acquisition”), a UK-based skincare company. Balmonds manufactures cosmetic skincare products primarily for consumers who suffer from conditions such as eczema, psoriasis and dermatitis. Its product line is made completely from natural ingredients that protect and hydrate sore and inflamed skin. The Acquisition was satisfied through the issue of 9,441,764 consideration and loan shares at 85p per share, amounting to a total consideration of approximately £8,000,000. Silverwood was established to acquire businesses focused on consumer-facing brands in, but not limited to, the food, organic food, wellness, lifestyle and leisure sectors. Following the Acquisition of the Balmonds Group, the principal activity of Silverwood will be to act as a holding company while looking for complementary acquisition opportunities.

Crowe's role and the team 

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by Conor Monaghan and James Leyton.

 

Reverse Takeover: BSF Enterprise plc (Main Market)

BSF Enterprise plc (“BSF”) has successfully completed the acquisition of 3D Bio-Tissues Limited (“3DBT”) (together, forming the “Enlarged Group”) by way of reverse takeover, placing and re-admission to the Main Market.

BSF announced on 24 December 2021 that it had entered into an agreement to acquire the entire issued share capital of 3DBT (the “Acquisition”). 3DBT is a biotechnology start-up that has developed a propriety platform that facilitates the production of a variety of animal tissue types for multiple uses, commonly known as “tissue engineering”.

The Acquisition was satisfied by the issue of 23,744,912‎ new ordinary shares at an issue price of 7.37 pence per ordinary share, raising gross proceeds of approximately £1.75 million (before expenses). The proceeds of the placing will be used to support the growth of the Enlarged Group, including additional lab space, employing additional professional and technical people, and exploring marketing and sales avenues.

BSF was established with the purpose of acquiring businesses focused on early stage opportunities in the biotechnology, innovative marketing and e-commerce sectors. Following the Acquisition of 3DBT, the principal activity of BSF will be to act as a holding company for early-stage biotechnology businesses specialising in serum-free media, skin care and tissue engineering.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Paul Blythe led our Capital Markets team, supported by Conor Monaghan and Ferdia McCarville.

 

Client quote

 

“The assistance of the Capital Markets team at Crowe was highly valued in helping us close our successful transaction. They were a pleasure to work with and we appreciated their very commercial and professional approach which allowed the transaction to proceed smoothly.”

Geoff Baker, Non-Executive Director, BSF Enterprise plc

Acquisition, placing and admission: Kendrick Resources PLC (Main Market)

Kendrick Resources PLC (“Kendrick”) has successfully completed the acquisitions of Northern X Finland Oy, Northern X Scandinavia AB and the assignment of an option agreement from Pursuit Minerals Limited. It completed a placing of £3.25 million and admission to trading to the Standard segment of the London Stock Exchange's Main Market.

Northern X Finland Oy owns the Koitelainen vanadium projects and the Karhujupukka vanadium-magnetite exploration project, both located in Finland.

Northern X Scandinavia AB owns the Airijoki and vanadium project and the Kramsta, Kullberget, Simesvallen and Sumåssjön exploration projects, all located in Sweden.

The assignment of the exploration and option agreement provides the Company with the option to acquire from Eurasian Minerals Sweden AB the Espedalen, Hosanger and Sigdal exploration nickel-copper-cobalt projects in Norway.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Paul Blythe led our Capital Markets team, supported by James Leyton.

 

Client quote

 

To assist us with our admission to the Main Market, the Board looked for an experienced reporting accountant to work with our other advisors to deliver an efficient transaction. We are delighted with the outcome and look forward to working closely with Crowe in the future.

Colin Bird, Executive Chairman, Kendrick Resources PLC

First Tin PLC (Main Market)

First Tin PLC (“First Tin”) has announced its successful acquisition of Taronga Mines Pty Ltd, placing of £20 million and admission to trading on the Standard Segment of the Main Market of the London Stock Exchange.

First Tin owns two advanced tin projects in Germany and Australia. It aims to bring both projects into production to deliver a sustainable solution for material supply issues faced by industrial tin consumers.

According to the International Tin Association’s Global Resources and Reserves report 2020, First Tin will have the world’s seventh-largest CRIRSCO-compliant undeveloped tin resource (outside of Russia, Kazakhstan and the Democratic Republic of Congo, it will be the second largest).

First Tin's goal is to become a global tin producer, supplying fully traceable and verifiable tin units to global industries with high tin usage. Industries that currently have strong demand growth include the electric vehicle, renewable energy, energy storage, mobile telephony and semi-conductor sectors.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Paul Blythe led our Capital Markets team, supported by George McMullen.

 

Client quote

 

We appreciate the assistance of the Corporate Finance team at Crowe to help us with our admission to the Standard Segment of the London Stock Exchange's Main Market. Crowe's service was very efficient and supportive. I would certainly recommend them to other companies looking to admit to the Standard List in London.

 

Martyn Knight, CFO, First Tin PLC

Admission: CleanTech Lithium PLC (AIM)

CleanTech Lithium PLC placing and admission to trading on AIM

CleanTech Lithium PLC (“CleanTech”) has successfully raised £5.6 million on its admission to trading on AIM.

CleanTech is an exploration and development company that intends to develop the next generation of sustainable lithium projects in Chile. CleanTech aims to extract lithium from brines with a low environmental impact and close to zero carbon dioxide emissions.

CleanTech holds two licences for its lithium projects, Laguna Verde and Francisco Basin, both located within the southern tip of the lithium triangle in Chile.

The proceeds of the funding will be used for key exploration activities and direct lithium extraction test work across the two basins.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by  Paul Blythe, supported by Monty Cann.

Client quote

We valued the assistance of the Capital Markets team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach.

This marks an important event for CleanTech Lithium and our growth aspirations.”

- Gordon Stein, CFO,CleanTech Lithium PLC

Admission: Artemis Resources Limited (AIM)

Artemis Resources Limited placing and admission to trading on AIM

ASX-listed Artemis Resources Limited (“Artemis”) has successfully raised £5.0 million on its admission to trading on AIM. Artemis will retain its ASX-listing and trading symbol, ARV, for both markets.

Artemis is a Perth-based mining exploration and development company. It focuses on two mineral projects in Western Australia; the Greater Carlow Gold-Copper-Cobalt Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara. The proceeds of the fundraising will be used to continue the drill programmes at both project sites.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by James Leyton.

Client quote

We are delighted to commence trading on AIM. Offering UK and European investors an efficient way of owning our stock has been a goal of this management team.

Artemis offers an attractive investment opportunity with our Paterson Central and Greater Carlow gold and copper projects located in the safe, tier one mining jurisdiction of Western Australia. With an expansive exploration programme planned and funded for 2022, we look forward to a busy and productive year.”

Mark Potter, Chairman, Artemis Resources Limited

Savannah Energy PLC (AIM)

Savannah Energy PLC (“Savannah”) has announced its successful placing, subscription raising of USD 65 million and restoration to trading on AIM.

In addition, Savannah has entered into agreements to acquire ExxonMobil's and PETRONAS's upstream and midstream assets in Chad and Cameroon for considerations of USD 360 million and USD 266 million, respectively. In aggregate, Savannah has agreed to acquire:

  • a 75.00% participating interest in the Doba Oil Project in Chad, which comprises seven producing oil fields with 186.5 million stock tank barrels of 2P reserves and 2C resources. These produced an average gross daily production of 33.7 thousand barrels of oil per day (Kbopd), net 25.3 Kbopd in 2020
  • a 70.34% equity interest in the company which owns the 178 km section of the Chad-Cameroon export transport system (ETS), that runs from the Doba Oil Project in Chad to the Cameroon border
  • a 70.83% equity interest in the company which owns the 903 km section of the Chad-Cameroon ETS, that runs from the Cameroon border through to the export facilities, including the Kome Kribi 1 floating storage and offloading unit.

Due to their size and nature, both the Exxon and the PETRONAS acquisitions individually constitute as reverse takeover transactions under AIM Rule 14.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by Monty Cann and Ashley Sofocleous.

Client quote

The Capital Markets team at Crowe used their sector expertise to produce an efficient service throughout the transaction, enabling us to meet the tight deadlines stipulated for a successful restoration to trading onto AIM. We would certainly recommend them to other companies looking to list in London.

Nick Beattie, Deputy Chief Financial Officer, Savannah Energy PLC

Facilitiesby ADF Plc (AIM)

Facilities by ADF Plc: placing and admission to trading on AIM

Facilities by ADF Plc (“ADF”), a leading provider of premium serviced production facilities to the UK film and high-end TV industry, announces its successful placing of £18.4 million and admission to trading on AIM.

ADF hires its facilities to productions throughout the UK and Europe, providing services to some of the world’s largest traditional and on-demand content production companies such as Netflix, Sky, BBC, ITV and Disney. ADF’s portfolio includes popular UK television series “The Crown” and “Peaky Blinders”.

ADF’s business was established in 1992 in Bridgend, Wales. It has grown to provide services with a fleet of over 500 trailers and vehicles, which includes premium mobile make-up, costume and artiste trailers, production offices and technical vehicles.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by Will SmithConor Monaghan and George McMullen.

Client quote

The Capital Markets team at Crowe provided great expertise and efficiency throughout the transaction, enabling us to meet tight deadlines for a successful listing onto AIM. We would certainly recommend them to other companies looking to list in London.

Neil Evans, CFO, Facilities by ADF Plc

Admission: ATOME Energy Plc

ATOME Energy Plc: fundraising and admission to trading on AIM

ATOME Energy Plc (“ATOME”) was successfully spun off from AIM-traded President Energy to produce, market and distribute green hydrogen and ammonia. Hydrogen is widely considered a key part of the matrix of renewable power sources necessary to meet net zero carbon emissions targets by 2050.

ATOME currently has two operating subsidiaries in Paraguay and Iceland. Both subsidiaries have commenced operational planning, sourcing and negotiations with green electricity suppliers, equipment providers and offtake partners.

ATOME has completed its fundraising through its brokers and PrimaryBid, raising up to £9 million at 80p per Atome Share.

It has received London Stock Exchange’s Green Economy Mark, with the market capitalisation of the company at commencement of dealings being £26 million.

The net proceeds from the fundraising will be used to progress detailed planning, engineering, and development activities in Paraguay and Iceland. These will proceed ahead of the formal commitments on plant procurement and infrastructure investment.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, Conor Monaghan and James Leyton.

Client quote

We valued the assistance of the capital markets team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach. This marks an important event for ATOME and our growth aspirations.

Olivier Mussat, Chief Executive Officer, ATOME Energy Plc

Admission: Public Policy Holding Company, Inc. (AIM)

Public Policy Holding Company, Inc.: placing and admission to trading on AIM

Public Policy Holding Company, Inc. ("PPHC"), a leading bi-partisan, full-service US government affairs business has raised gross proceeds of £30.7 million, represented by £11.1 million for the company and £19.6 million for selling shareholders. The market capitalisation of the company at commencement of dealings will be £146.1 million. PPHC is a full-service business with an ambitious growth strategy to become the preeminent public and government affairs business, in the US and globally. Since its inception in 2014, PPHC has acquired and integrated eight businesses that now operate as five independent companies and established a strong platform, incorporating three of the top twenty US federally registered lobbying firms in the group.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Mitesh Patelia, George Lawford and Ferdia McCarville.

Client quote

“Crowe were an integral part of the transaction. Their expertise and proactive support enabled us to meet tight deadlines for a successful listing. We are impressed with Crowe’s ability to support US companies looking to list on AIM.

-Stewart Hall, Chief Executive Officer, PPHC

Acquisition: Likewise Group Plc (AIM)

Likewise Group plc announces the conditional acquisition of Valley Wholesale Carpets (2004) Limited and the proposed placing and open offer of £14 million.

Likewise Group plc ("Likewise"), a UK distributor of residential and commercial flooring to retailers and contractors, announces that it has entered into a conditional agreement to acquire the entire issued share capital of Valley Wholesale Carpets (2004) Limited ("Valley"), a UK-based distributor and wholesaler of carpets, for a maximum consideration of £30 million.

Valley, founded in 1982, is a distributor and wholesaler of carpets to independent retailers across the UK. It has a strong presence in the South East of England and the Midlands, with two principal distribution centres in Erith and Derby.

The acquisition will increase Likewise’s share of the UK flooring market to approximately 5.6% of the £1.9 billion UK industry, boosting Likewise’s position as one of the leaders in the UK market.

Crowe's role and team

Crowe acted as the financial and tax due diligence advisors on the transaction. Our transaction services team was led by Mitesh Patelia, Peter Varley, Will Smith and Ashley Sofocleous.

Client quote

Once again, the Crowe team provided proactive and invaluable advice - and enabled us to execute our M&A strategy efficiently.

-Tony Brewer, Chief Executive Officer, Likewise Group Plc

4GLOBAL plc: placing and admission to trading on AIM

4GLOBAL plc (“4GLOBAL”) has announced its successful listing on AIM, raising £4 million, by way of a placing and subscription.

4GLOBAL is a London based software, data and services sport and health company. It delivers its proprietary software and data platform, Sport Intelligence, as a key service.

The business licenses its Sport Intelligence platform to provide actionable insight for clients to improve the health and social benefits that accelerate the return on investment in sport and health. 4GLOBAL generates recurring revenues from licensing the platform to its clients and related service revenues.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction with the Capital Markets team led by Mitesh PateliaGeorge Lawford, and Conor Monaghan.

Client quote

We valued the assistance of the Capital Markets team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach. This deal marks an important step in our growth strategy, in particular for our Sport Intelligence data platform."

Keith Sadler, Chief Financial Officer, 4GLOBAL plc

Admission: Skillcast Group plc (AIM)

Skillcast Group plc announces its successful placing of £3.5 million and admission to trading on AIM

Skillcast Group plc (“Skillcast”), a provider of compliance e-learning technology and related professional services, announced the admission of its ordinary shares to trading on the AIM market of the London Stock Exchange.

Skillcast has raised £3.5 million on admission, giving it a market capitalisation of £33.1 million at the placing price of 37p per ordinary share. In addition, a further £1.0 million of existing ordinary shares were sold on behalf of selling shareholders.

Operating from its two bases in London and Malta, Skillcast helps companies across a broad spectrum of industry sectors in the UK, EU and Rest of World. The e-learning company assists staff training and compliance with various laws, regulations and standards. Skillcast offers technology, content and services to assist companies to fulfil staff compliance obligations with considerable depth in each of its product lines.

The company is positioned as a potential leader in the UK in staff compliance technology with its Skillcast Portal, which brings e-learning, policy attestations, declarations/disclosures, surveys and compliance registers into a single SaaS application.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, Will Smith and Ashley Sofocleous.

Client quote

We appreciated Crowe’s help, not only for getting us across the line in our IPO but also for advising on our processes, KPIs and standards that will serve us well in the journey ahead. It’s been a real value-add.

Vivek Dodd, CEO, Skillcast Group plc

Admission: Hydrogen Future Industries PLC (AQSE Growth Market (Access Segment))

Hydrogen Future Industries PLC - placing and admission to the AQSE Growth Market (Access Segment).

Hydrogen Future Industries has announced its successful placing of £2.23 million and admission to trading on the Access Segment of the AQSE Growth Market.

Hydrogen Future Industries was incorporated on 13 July 2021 as a special purpose acquisition company (SPAC) to identify investment opportunities or acquisitions in the hydrogen sector.

The company believes that the strong fundamentals of the hydrogen sector and the acceleration of global decarbonisation (long-term reduction of hydrocarbon associated CO2) provide an opportunity to seek out projects and companies focused on the ‘Hydrogen Economy’.

Hydrogen Economy refers to the vision of using hydrogen as a clean, low-carbon energy resource to meet the world’s energy needs, replacing traditional fossil fuels and forming a substantial part of a clean energy portfolio.

On admission, Hydrogen Future Industries will have a market capitalisation of £2.98 million.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe

Client quote

“For our admission to the AQSE Growth Market, we were looking for an experienced reporting accountant to work alongside ourselves and our advisor team to provide an efficient and timely admission. Having worked with the team at Crowe, I would certainly recommend them to other companies looking to admit to the AQSE in London.”

Fungai Ndoro, Non-Executive Director, Hydrogen Future Industries

Acquisition: Revolution Beauty Group plc

Revolution Beauty Group plc (“Revolution Beauty”) announced that it acquired the entire issued share capital of Medichem Manufacturing Ltd (“Medichem”) for £23 million.

Revolution Beauty is an AIM quoted, global mass beauty and personal care business. The company operates a multi-brand and multi-category strategy to sell its products through e-commerce operations and, both physical and digital, retailers with wholesale relationships.

This is Revolution Beauty’s first acquisition and provides the group with its own manufacturing business.

Medichem is a long-standing supplier of haircare and skincare products to Revolution Beauty, manufacturing all products from its UK facility. Medichem's operations include an R&D laboratory, bulk manufacturing, warehousing and distribution, and it employs more than 170 people.

Crowe's role and team 

Crowe acted as the financial and tax due diligence advisors on the transaction. Our Transaction Services team was led by Peter VarleyGeorge Lawford and Conor Monaghan.

Client quote

"Crowe delivered a good due diligence report on time and with the salient points for us to focus our attention on. Their support with the negotiations was particularly helpful and enabled us to close the deal successfully."

- Derek Zissman, Deputy Chairman and Senior Independent Non-Executive Director, Revolution Beauty

Admission: Silverwood Brands PLC (AQSE Growth Market (Access Segment)

Silverwood Brands has announced its successful placing of £1.03 million and admission to trading on the Access Segment of the AQSE Growth Market.

Silverwood Brands was incorporated on 10 August 2021, as a special purpose acquisition company (SPAC). Through their global network of contacts, the directors will target consumer-facing brands that complement their expertise. Some of these include wellness, lifestyle and leisure sectors; which the directors believe will provide significant opportunities for growth.

The company has raised approximately £961,000 through the founders’ subscription and a further £1,031,000 through the placing on admission.

On admission, Silverwood Brands will have a market capitalisation of £2.1 million.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by George McMullen.

Client quote

“For our admission to the AQSE Growth Market, we were looking for an experienced reporting accountant to work alongside ourselves and our advisor team to provide an efficient and timely admission. Having worked with the team at Crowe, I would certainly recommend them to other companies looking to admit to the AQSE in London.”

- Andrew Gerrie, Executive Director, Silverwood Brands PLC

Admission: Big Technologies plc (AIM)

Big Technologies plc: placing and admission to trading on AIM.

Big Technologies plc and its subsidiaries (the “Group”) has successfully completed its Initial Public Offering on AIM, raising £202 million, achieving a market capitalisation of £577 million.

The Group provides products and services to the remote and personal monitoring industry, with a focus on the criminal justice market, principally under the brand name 'Buddi’. The Group’s criminal justice solution involves proprietary monitoring software combined with modular monitoring hardware being used to accurately track the location of tag wearers. Buddi was founded in 2005 by Sara Murray OBE, since which she has led the business to develop its technologies and enter new related markets. The Group has a number of core technologies that the directors believe could be deployed into additional large markets, such as the health and care markets. The Group generates revenue across the world, with operations across the United Kingdom, Australia, United States and Colombia.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction with the  capital market team led by Mitesh PateliaGeorge Lawford, Will Smith and Ed Beddows.

Client quote

“We valued the assistance of the capital markets team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach. This marks an important and exciting chapter for Buddi and we look forward to working closely with Crowe in the future.”

Sara Murray OBE, Chief Executive Officer, Big Technologies plc

Admission: TMT Acquisition Plc (Main Market)

TMT Acquisition has announced its successful placing of £5.0 million and admission to trading on the Standard Segment of the Main Market of the London Stock Exchange. Net placing proceeds were £4.7m and the company had a market capitalisation on admission of £5.5m.

TMT Acquisition was incorporated on 25 March 2021 and was formed to pursue opportunities to acquire businesses in the technology, media, and telecom sector‎. The Directors will consider making an acquisition of the following types of businesses:

  • Platform and marketplace businesses;
  • Tech-enabled disruptive businesses;
  • E-Commerce businesses; and
  • On-line B2B and enterprise solutions businesses.

Crowe's role and team

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team.

Client quote

To assist us with the our admission to the Standard List, the Board looked for an experienced Reporting Accountant to work with our other advisers to deliver an efficient admission. Crowe also delivered a useful network of contacts which greatly assisted with the formation of the Company, particularly with banking relationships. We are delighted with the outcome.

James Serjeant, Non-Executive Director

Admission: Alkemy Capital Investments PLC (Main Market)

Alkemy Capital Investments PLC - placing and admission to the Main Market of the London Stock Exchange. 

Alkemy Capital Investments has announced its successful placing of £1.5 million and admission to trading on the Standard Segment of the Main Market of the London Stock Exchange.

Alkemy Capital Investments was incorporated on 21 January 2021 and was formed to undertake an acquisition of a controlling interest in a company or business. Given their experience, the Board will focus on the mining and technology metals sectors.

Crowe's role and team

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team.

Client quote

“For our admission to the Standard List, we were looking for an experienced Reporting Accountant to support and guide us through the admission process. The service they provided was very efficient and I would certainly recommend them to other companies looking to admit to the Standard List in London.”

- Sam Quinn, Non-Executive Director

Admission: Made Tech Group plc (AIM)

Made Tech Group plc announced its successful placing of £15.0 million and admission to trading on AIM.

Made Tech Group plc (“Made Tech”), a provider of digital, data and technology services to the UK public sector, has raised gross proceeds of £15.0 million on its admission to AIM. Alongside the gross proceeds, existing shareholders sold £70.4 million of sale shares. On admission, Made Tech had a market capitalisation of £180.66 million.

Founded in 2008 and now with a headcount of over 240 across four UK locations (London, Manchester, Bristol and Swansea), Made Tech provides services that enable central government, healthcare and local government organisations to digitally transform.

Made Tech has a history of delivering high-profile and complex projects at speed in the public sector and previously within the private sector. As a result, the Directors consider that Made Tech has firmly established itself within the public sector market and that this provides Made Tech with solid foundations to deliver continued growth and expansion.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, Will Smith and Ashley Sofocleous.

Client quote

“We were looking for a team to deliver on our admission timetable and Crowe delivered. We would certainly recommend them to other companies looking to list in London.”

- Rory MacDonald, CEO, Made Tech Group plc

Admission: Citius Resources Plc (Main Market)

Citius Resources Plc placing and admission to the Main Market of the London Stock Exchange.

Citius Resources has announced its successful placing of £0.6 million and admission to trading on the Standard Segment of the Main Market of the London Stock Exchange.

Citius Resources was incorporated on 15 April 2020 and was formed to undertake an acquisition of a target company or business.

The Company’s efforts in identifying a prospective target company or business will not be limited to a particular industry or geographic region. However, given the experience of the Directors, Citius Resources expects to focus on acquiring an exploration or production company or business in the precious and base metals sector, with either all or a substantial portion of its operations in Europe, Africa, and the Middle East.

Crowe's role and team

Crowe acted as reporting accountant on the transaction. With our Capital Markets team led by Paul Blythe and supported by James Richardson.

Client quote

“For our admission to the Standard List, we were looking for a reporting accountant with experience of the Standard List admission process to support and guide us. The service they provided was very efficient and I would certainly recommend them to other companies looking to admit to the Standard List in London.”
Cameron Pearce, Chief Executive Officer, Citius Resources

Admission: Likewise Group plc (AIM)

Likewise Group plc: Successful placing of £10 million and admission to trading on AIM.

Likewise Group plc ("Likewise"), a UK distributor of domestic and commercial floorcoverings and matting, has announced its successful listing on AIM, raising gross proceeds of £10 million.

Likewise has rapidly developed during the last two years through a number of strategic acquisitions to build a substantial business in the UK flooring industry.

The placing proceeds will help accelerate the Group's growth aspirations, including the two key priorities of expanding the customer base and optimising the distribution network.

Crowe's role and the team

Crowe acted as reporting accountant to the transaction, with our Capital Markets team led by Mitesh Patelia and supported by James Richardson.

Client quote

"Once again, the Crowe team were an integral part of the transaction, providing proactive support and expertise which resulted in a successful listing."

Tony Brewer, Chief Executive Officer, Likewise Group plc

Admission: BiVictriX Therapeutics Plc (AIM)

BiVictriX Therapeutics Plc announced its successful placing of £7.5m and admission to trading on AIM.

BiVictriX Therapeutics Plc (“BiVictriX”) announced its successful IPO and admission to trading on AIM, raising £7.5m.

BiVictriX has successfully raised gross proceeds of £7.5 million by way of a placing and subscription at a market capitalisation of approximately £13.2 million. The funds will enable BiVictriX to accelerate its growth and expedite the development and delivery of its next-generation, highly selective cancer therapeutics.

Founded in 2017, BiVictriX is a drug discovery and development company that is applying a novel approach, derived from frontline clinical experience from within the NHS, to create safer, more effective cancer therapeutics. BiVictriX has developed a proprietary platform and the resulting Bi-Cygni® therapeutics are uniquely selective for the specific cancers, potentially enabling higher dosing and more aggressive tumour eradication, while reducing life-threatening treatment-related side effects.

Crowe's role and the team

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh Patelia and Will Smith.

Client quote

"The Capital Markets team at Crowe provided great expertise and efficiency throughout the transaction, enabling us to meet tight deadlines for a successful listing onto AIM. This deal marks an important step to accelerate growth, in particular for the lead asset BVX001, an antibody-drug conjugate that has generated encouraging preclinical data compared to similar drugs already on the market, including potential anti-cancer activity”

Tiffany Thorn, Chief Executive Officer, BiVictriX Therapeutics Plc

Acquisition: Learning Technologies Group plc (AIM)

Learning Technologies Group plc: Proposed Acquisition of GP Strategies for $394 million

Learning Technologies Group plc (“LTG”) announced it has entered into a conditional agreement to acquire the entire issued and outstanding share capital of GP Strategies for $20.85 per GP Strategies share, representing a market capitalisation of $394 million and an enterprise value of $343 million.

GP Strategies is a leading provider of managed learning services and workforce transformation. The proposed acquisition brings new capabilities and deep sector expertise in high-value industries. It provides LTG with a significant opportunity to expand on its long-term recurring customer relationships, while bringing a large new base of blue-chip customers from GP Strategies.

The consideration and transaction costs for the acquisition are intended to be part-funded by a conditional underwritten placing of new ordinary shares raising approximately £82 million. The balance is part-funded by up to c.$305 million in incremental debt financing (of which $40 million is to be repaid from GP Strategies' cash shortly after the acquisition) and out of existing cash resources.

Crowe acted as the financial and tax due diligence advisors on the transaction. Our transaction services team was led by Mitesh Patelia, George Lawford and Ferdia McCarville.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. The capital markets team was led by Mitesh Patelia, George Lawford and Ferdia McCarville.

Client quote

"We are delighted with the team at Crowe and are especially impressed with their ability to support our growth aspirations globally - the team provided proactive and commercial advice and enabled us to execute our strategy efficiently."

Jonathan Satchell, Chief Executive, Learning Technologies Group plc

Re-Admission: East Imperial plc (Main Market)

East Imperial plc (formerly Bermele plc): acquisition, placing and re-admission to the main market of the London Stock Exchange.

Bermele plc completes the acquisition of East Imperial Pte. Ltd and its subsidiaries for £24.5 million by the way of reverse takeover, placing of £3 million and re-admission to the main market of the London Stock Exchange.

East Imperial was founded in New Zealand in 2012, producing and marketing a line of branded ultra-premium beverages that are currently sold throughout Asia-Pacific and the United States of America. East Imperial’s range utilises all-natural authentic Asian ingredients, low natural sugar content and a genuine 1903 East African family recipe.

East Imperial targets a fast-growing segment of the beverage industry and the Directors believe that its success is driven by its commitment to using high-quality ingredients and its dedication to building an authentic and premium brand, with the strategy of sharing this brand with more of the world. The acquisition, placing and re-admission by Bermele plc is the first step to towards achieving these goals .

Crowe's role and the team

Crowe acted as reporting accountant on the transaction with the corporate finance team led by Paul Blythe, George Lawford and Ed Beddows.

Client quote

"We appreciated the assistance of the Corporate Finance team at Crowe in helping us with our successful acquisition of East Imperial and re-admission onto to the Main Market of the London Stock Exchange. This deal marks an important step in East Imperial’s future growth strategy, in particular supporting the expansion into key territories around the world."

Anthony Burt, Chief Executive Officer, East Imperial plc

Admission: GENinCode plc (AIM)

GENinCode plc: £17 million placing and admission to AIM

GENinCode plc (“GENinCode”) is engaged in the risk assessment, prediction and prevention of cardiovascular disease ("CVD"). Which is the leading cause of death worldwide, accounting for approximately 18 million deaths annually.

GENinCode's products and technology have been developed since 2008 and clinically tested on over 75,000 patients with the aim of predicting the onset of CVD and providing a personalised treatment pathway for patient management.

The company was incorporated in September 2018 following the acquisition of the assets and know-how of the Ferrer inCode and Gendiag.exe businesses, including the current product portfolio, Cardio inCode®, LiPID inCode®, SuDD inCode® and Thrombo inCode®. It then became a part of Grupo Ferrer Internacional S.A., a large Spanish multinational private pharma and healthcare company.

The group's operations are predominantly based in the UK, Europe and, following regulatory clearance, the United States.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. The capital markets team was led by Mitesh Patelia, George Lawford and Ed Beddows.

Client quote

"We valued the assistance of the Capital Markets team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach. This deal marks an important step to accelerate growth, particularly the roll-out into the United States.”

Matthew Walls, Chief Executive Officer, GENinCode plc

Admission: LungLife AI Inc. (AIM)

LungLife AI Inc. announced its successful placing of £17 million and admission to trading on AIM.

LungLife AI Inc. (“LungLife”) is a developer of clinical diagnostic solutions. These are designed to make significant improvements in the early detection of lung cancer.

LungLife’s diagnostic solution, the LungLB® test, is an AI-enhanced, blood-based test to stratify cancerous and benign lung nodules identified by CT scans. The test is intended to provide doctors with additional information to help the decision-making process for patients’ treatment.

LungLife has completed a pilot study to evaluate the LungLB® test and is now gearing up to proceed to a larger, multi-centre validation study ahead of seeking FDA approval. Through collaboration with major cancer medical centres, the directors believe that LungLife can effectively commercialise its tests for sale in the United States during 2023.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. The capital markets team was led by Mitesh Patelia, George Lawford and James Leyton.

Client quote

"We were delighted to work with Crowe as part of our listing process. Their knowledge of both our sector and US companies was beneficial.”

Paul Pagano, Chief Executive Officer, LungLife AI Inc.

Admission: Silver Bullet Data Services Group Plc (AIM)

Silver Bullet Data Services Group plc announced its successful placing of £9.5 million and admission to trading on AIM.

Silver Bullet Data Services Group plc (“Silverbullet”) is a digital transformation services and product company that assists brands and advertisers to deploy their digital marketing spend, with a focus on the use of technology and data.

To date, Silverbullet’s revenues have been derived predominantly from data and strategic services to brands and agencies, assisting clients to establish and develop their data and media deployment systems for marketing purposes and effect media activation (the deployment of digital advertising media).

In 2020, Silverbullet completed the development of its own proprietary software product known as '4D', which aims to facilitate the effective deployment of marketing campaigns using first-party data and contextual intelligence, providing effective targeting without reliance on third party data or cookies.

Crowe's role and the team

Crowe acted as the reporting accountant on the transaction. The capital markets team was led by Mitesh PateliaGeorge Lawford and Conor Monaghan.

Client quote

"The Capital Markets team at Crowe were extremely professional and efficient throughout the transaction. This deal marks an important step to accelerate growth, in particular through supporting the upcoming roll-out of the Group’s 4D product."

Darren Poynton, Chief Financial Officer, Silver Bullet Data Services Group Plc

Admission: Spectral MD Holdings Ltd (AIM)

Spectral MD Holdings, Ltd (“Spectral”) announced its successful placing of £11.25 million and admission to trading on AIM.

Spectral is a predictive analytics group that develops proprietary AI algorithms and optical technology. It helps clinicians make more accurate and faster treatment decisions in the wound care sector. Spectral is able to distinguish between damaged and healthy human tissue invisible to the naked eye, providing 'Day One' healing assessments for burn wounds and diabetic foot ulcers. This is aided by its internally developed DeepView® Wound Imaging Solution, an AI technology and multispectral imaging system which has designated FDA Breakthrough Device. Spectral has received substantial support from the U.S. government with contracts from institutions such as Biomedical Advanced Research and Development Authority, National Science Foundation and Defense Health Agency in support of the burns application for its DeepView® system.

Crowe's role and the team

Crowe acted as the reporting accountant on the transaction. The capital markets team was led by Mitesh Patelia, George Lawford and Conor Monaghan.

Client quote

"The Capital Markets team at Crowe were extremely professional and efficient throughout the transaction. This deal marks an important step in our growth strategy and would certainly recommend them to other US companies looking to list on AIM."

Wensheng Fan, Chief Executive Officer, Spectral MD Holdings, Ltd

Admission: Cloudbreak Discovery PLC (Main Market)

Cloudbreak Discovery has announced its successful fundraising of £2 million (comprising a placing of £612,000 and a subscription of £1,388,000) and admission to trading on the Standard List.

Cloudbreak Discovery is a natural resource project generator. With effect from Admission, the Company will hold equity positions and royalties in a variety of projects in the natural resources sectors across multiple jurisdictions, primarily in North America and Africa.

Cloudbreak Discovery provides European investors with a business model and range of assets which to date has been a largely untapped opportunity in Europe. The Company has the ability to pivot between commodities for the best prospects and opportunities but has a core focus on bulk, industrial and base materials and metals with an early focus on critical metals for the ongoing electrification revolution.

The proceeds of the fundraising will be used to pursue the Company’s immediate objective of developing its existing portfolio of assets and interests, acquiring suitable additions and providing working capital to cover ongoing annual operating costs.

Crowe's role and the team

Crowe acted as the reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team.

Client quote

“We were very keen to work with Paul and the team at Crowe as they have extensive experience in working with international companies operating in the natural resources sector. We would certainly recommend them to other companies in the sector looking to IPO in London.”

Kyler Hardy, Chief Executive Officer, Cloudbreak Discovery

Admission: Trellus Health plc (AIM)

Trellus Health plc announced its successful placing of £28.5 million and admission to trading on AIM.

Trellus Health plc (“Trellus”) is commercialising its resilience-driven connected health solution. It will leverage expert whole-person care, data science and technology to deliver personalised and more cost-effective care for people living with chronic conditions. Trellus empowers people with chronic conditions, starting with Inflammatory Bowel Diseases (IBD), to make sustainable behaviour change that leads to better health outcomes and lower costs.

The firm will utilise the GRITT™ methodology and multidisciplinary care model, which have been scientifically validated at the Mount Sinai IBD Center to demonstrate significant improvements in patient outcomes, and over 85% reduction in emergency department visits and hospitalisations.

Crowe's role and the team

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Mitesh Patelia, George Lawford and Ed Beddows.

Client quote

“We valued the assistance of the capital markets team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach. We look forward to our journey as a public company and transforming the way complex chronic conditions are managed through our resilience-driven connected health solution that coordinates personalised clinical and behavioural care.” Monique Fayad, CEO, Trellus Health plc

Admission: National World plc (Main Market)

National World plc completes the acquisition of JPI Media Publishing Limited and its subsidiaries by way of a reverse takeover and re-admission to trading on the main market of the London Stock Exchange plc

National World plc announced on 7 May 2021, that its entire issued share capital of 259,432,801 Ordinary Shares has been admitted to listing on the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange plc. Prior to admission, National World had in issue 54,000,000 Ordinary Shares and at admission issued a further 205,432,801 Ordinary Shares on conversion of all of the £20 million of 10% Convertible Secured Loan Notes that National World had in issue.

National World’s objective is to create a modern platform for news publishing through the implementation of a new operating model across multiple brands and platforms, by acquiring a number of media and digital technology assets, and leveraging its portfolio to launch new media brands across the UK.

National World intends to assemble a group of news publishing assets and acquire or license the technology to address: online applications, content and multi-platform sales management. Where possible, cash generated from the reduction of duplicated costs will be invested to grow the online audience to a greatly increased scale.

Crowe acted as reporting accountant on the transaction, with Corporate Finance Partner Paul Blythe leading the Capital Markets team, supported by Will Smith.

“We were very pleased with the work performed by the Capital Markets Team at Crowe who were able to guide us though this transaction. We look forward to working with them again in the future.”
- Vijay Vaghela, Chief Operating Officer


Admission: Catena Group Plc (AIM)

Catena Group Plc completes the reverse takeover of Insight Capital Partners.

Catena Group Plc (“Catena”) announced its successful acquisition of Insight Capital Partners (“Insight”), placing of £6.1 million and readmission to trading on AIM.

Insight is an artificial intelligence company that combines quantitative research, data engineering and machine learning to deliver bespoke analytical tools to financial services clients. This allows them to extract data from outdated platforms and improve the accessibility and knowledge locked within.

Catena’s acquisition of Insight is a first step to a broader strategy to capitalise on growth opportunities in AI and machine learning. It represents the beginning of a new and exciting chapter for the company

Crowe acted as reporting accountant on the transaction, with Corporate Finance Partner Mitesh Patelia leading the Capital Markets team, supported by Ed Beddows and Chris Archer.

"The Capital Markets team at Crowe were extremely professional and efficient throughout the transaction. This deal marks an important step in our growth strategy and we are impressed by Crowe’s ability to support our growth aspirations."
- Matthew Farnum-Schneider, Executive Chairman, Catena

Admission: Roquefort Investments plc (Main Market)

Roquefort Investments plc placing and admission to the Main Market of the London Stock Exchange.

Roquefort Investments announces its successful placing of £1.0 million and admission to trading on the Standard Segment of the Main Market in the London Stock Exchange.

Roquefort Investments was incorporated on 17 August 2020, it was established to acquire businesses focused on early stage opportunities in the medical biotechnology sector. This includes, but not limited to, drug and vaccine development, diagnostics, immuno-therapy and cell and gene therapies.

The investment company is opportunity focused rather than geographically. Any potential acquisition opportunities will not be limited by jurisdiction or geography.

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by James Richardson.

“For our admission to the Standard List, we were looking for an experienced Reporting Accountant to support and guide us through the admission process. The service they provided was very efficient and I would certainly recommend them to other companies looking to admit to the Standard List in London.”
- Stephen West, Executive Chairman

Admission: Samark and Global plc (AQSE)

Samarkand Global plc placing, subscription and admission to the AQSE Growth Market

Samarkand Global has announced its successful fundraising of £17.0 million (by way of a £11.9 million placing and £5.1 million subscription) and admission to trading on the AQSE Growth Market.

The oversubscribed fundraising was scaled up from £10m to satisfy strong demand from institutional and private investors.

Samarkand Global, headquartered in London, UK, was established to enable third‐party consumer brands to access Chinese consumers through cross‐border eCommerce. The incumbent model for Western brands to enter this market has been through wholesale distribution relationships which can lead to lack of control and margin sacrifice for brands. The Samarkand Group has developed a proprietary software platform – the Nomad platform – which is integrated with Chinese eCommerce and social media platforms, as well as payment, logistics and customs systems to provide a direct‐to‐consumer alternative.

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by James Richardson.

“We were looking for an experienced Reporting Accountant and Auditor to help us through the admission process to the AQSE Growth Market and we were very pleased with the support that they provided during the process. We would certainly recommend them to other companies looking to IPO in London.”     
David Hampstead, Chief Executive Officer

“We were delighted to work with David and the team at Samarkand to help them with their fundraising and admission to the AQSE Growth Market. The group’s technology and business model is very innovative and we look forward to working with the company on its growth journey.”
Paul Blythe, Partner

Admission: TEAM plc (AIM)

TEAM plc - Successful placing of £7.5m and admission to trading on AIM

TEAM plc wholly owns Theta Enhanced Asset Management Limited, trading as TEAM Asset Management (“TEAM Jersey”) (together, the “Group”). TEAM Jersey is a Jersey based specialist, investment-led active fund manager currently providing discretionary and advisory portfolio management services to private clients, trusts and charities.

The Group intends to target both professional and retail clients through its key discretionary and advisory investment management services. The Directors intend, through both organic growth and a buy-and-build strategy, for the Group to become an internationally recognised wealth and asset management group, driven by an investment process seeking to offer clients positive risk-adjusted returns over the long-term.

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh Patelia and George Lawford.

“Crowe’s AIM expertise enabled us to meet tight deadlines for a successful listing. We were very impressed with Crowe’s ability to support us in our growth phase with our admission to trading on AIM”.
Mark Clubb, Chief Executive Officer, TEAM plc

Admission: 4basebio UK Societas (AIM) 

4basebio UK Societas has announced its successful admission to trading on AIM

4basebio UK Societas (“4bb”) is a specialist life sciences company focused on supplying therapeutic DNA for gene therapies and DNA vaccines and also for providing solutions for effective and safe delivery of these DNA based products to patients.

The principal objective of 4bb is to validate and scale its DNA synthesis process with a view to manufacturing GMP grade DNA, suitable for use in gene therapies and DNA vaccines. 4bb intends to collaborate with partners to facilitate the functional validation of its DNA based products and gene delivery solutions and, in doing so, aspires to develop a pipeline of promising gene therapy candidates.

Crowe acted as reporting accountant on the transaction, with Corporate Finance Partner Mitesh Patelia leading the Capital Markets team, supported by Chris Archer and Ed Beddows.

"The Capital Markets team at Crowe were extremely professional and efficient throughout the transaction. We would certainly recommend them to other life science companies looking to list in London."
- Heikki Lanckriet, Chief Executive Officer, 4basebio UK Societas 

Admission: Cornish Metals Inc. (AIM)

Cornish Metals Inc. placing and admission to AIM

Cornish Metals has announced its successful fundraising of £8.2 million (by way of a £8.0 million placing and £0.2 million subscription) and admission to trading on AIM.

Cornish Metals is a mineral exploration and development company focused on its mineral projects in Cornwall, United Kingdom. The proceeds of the fundraising will be used to conduct a drill programme at its United Downs copper-tin project. Cornish Metals expects to commence the drilling programme at United Downs in late March or early April 2021.

Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team.

"The mining team at Crowe provided timely and pro-active advice to our team throughout the AIM admission process. We highly recommend them to other junior miners looking to IPO in London."
- Richard Williams, Chief Executive Officer

Acquisition: Learning Technologies Group plc (AIM)

Acquisition: Learning Technologies Group plc (AIM)

Learning Technologies Group plc (“LTG”), the provider of services and technologies for digital learning and talent management, has agreed to acquire Reflektive Inc ("Reflektive"), a leading performance management software provider, for a cash consideration of $14.2 million.

Reflektive is headquartered in San Francisco and specialises in engagement and analytics tools. Reflektive offers a collaborative goal-setting, continuous feedback and analytics platform which is used by organisations ranging from SMEs to large corporate entities, providing them with measurable results for boosting productivity, engagement, and retention. Reflektive’s platform will be integrated with LTG’s existing talent management portfolio, providing opportunities for upsell-led growth.

Crowe acted as the financial and tax due diligence advisors to the transaction. Our transaction services team was led by Mitesh Patelia and supported by James Richardson and James Leyton.

“We were once again very impressed with the team at Crowe and their ability to support our growth aspirations globally. Mitesh and his team were able to deliver to a tight deadline and provide proactive and commercial advice, which enabled us to execute the transaction successfully.”
Jonathan Satchell, CEO, Learning Technologies Group plc

Reverse Takeover: DP Poland plc (AIM)

DP Poland plc (“DP Poland”) has successfully completed the acquisition of Dominium S.A. ("Dominium") (together, forming the “Enlarged Group”) by way of reverse takeover, placing and re-admission to AIM.

DP Poland announced on 6 August 2020 that it had made an application to the Polish Competition Authority to acquire the entire issued (and to be issued) share capital of Dominium (the “Acquisition”). Dominium is a chain of Polish pizza restaurants, catering to both the dine-in and takeaway markets, with restaurants located across towns and cities in Poland, including Warsaw and Krakow.

The acquisition was satisfied by the issue of 283,766,661 new shares in DP Poland and an unsecured loan note of €1.3 million (approximately £1.2 million) to Malaccan Holdings Limited; the ultimate equity holder of Dominium. Additionally, the outstanding debt due from Dominium to Malaccan Holdings Limited was converted into a further unsecured loan note of €6.2 million (approximately £5.6 million).

In addition to the acquisition, DP Poland completed a placing of 19,965,361 new shares, with a subscription of 23,784,639 new shares taking place, at an issue price of 8 pence per ordinary share, raising approximately £3.5 million (before expenses). Additionally, 21,824,204 sale shares have been placed at the Issue Price. The proceeds of the placing will be used to support the growth of the Enlarged Group.

Crowe acted as reporting accountant on the transaction, with corporate finance partner, Paul Blythe leading the capital markets team, supported by James Richardson.

Acquisition: Learning Technologies Group plc (AIM)

Learning Technologies Group plc completes the acquisition of eThink Education LLC

Learning Technologies Group plc, the provider of services and technologies for digital learning and talent management, has acquired eThink Education LLC ('eThink'), a leading provider of Moodle-based learning management systems (LMS), for an initial cash consideration of $20.0 million (c.£14.8 million). Further performance payments capped at $16.0 million (c.£11.9 million) are payable in cash, based on revenue growth targets.

eThink is renowned in the industry for outstanding customer service and high-quality professional services and has market strength in North America, building out a greater global footprint between Open LMS, eThink and Australia-based eCreators.

Crowe acted as the financial and tax due diligence advisors on the transaction. Our transaction services team was led by Mitesh PateliaChris Archer and Ed Beddows.

“We have again been very impressed with the team at Crowe and their ability to support our growth aspirations globally with the acquisition of eThink – they also supported us on the acquisition of Open LMS business in April 2020 and eCreators in September 2020 and marks a further step in LTG's strategic goal of consolidating the Moodle market, building further complementary expertise and geographical reach into Open LMS.”
- Jonathan Satchell, Chief Executive Officer, Learning Technologies Group plc

Reverse Takeover: Auctus Growth plc (Main Market)

Reverse Takeover: Auctus Growth plc (Main Market)

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 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.

"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

Admission: Verici Dxplc (AIM)

Verici Dx plc (“Verici”) has announced its successful raise of £14.5 million (by way of a £12 million placing, £2.1 million subscription and £0.4 million restricted offer) and admission to trading on AIM.

Verici is an immuno-diagnostics development company, initially focussed on the kidney transplantation market. Verici develops tests to understand how a patient is likely and may be responding to kidney transplant. There are two leading products for clinical validation and commercialisation:  

  • Clarava™, which is a pre-transplant prognosis for the risk of early acute rejection
  • Tuteva™, a post-transplant diagnostic focused upon acute cellular rejection, including sub-clinical rejection not being diagnosed through the current standard of care of rising serum creatine levels. 

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh PateliaGeorge Lawford and James Leyton.

“We valued the assistance of the Capital Markets Team at Crowe in helping us with our successful IPO. They were a pleasure to work with and we appreciated their professional and efficient approach.”
-  
Sara Barrington, Chief Executive Officer, Verici Dx plc

Acquisition: Strix Group plc (AIM)

Strix Group Plc, the AIM quoted global leader in the design, manufacture and supply of kettle safety controls, has entered into a conditional agreement to acquire LAICA S.p.A (“LAICA”). The proposed acquisition is subject to regulatory approval.

LAICA is based in Vicenza, Italy and has been operating for over 40 years. The business has developed from a small domestic appliances business (predominately kitchen scales in the earlier years) in Italy, into an internationally renowned water treatment and small appliances group.

The acquisition will expand Strix's water category, enhance its presence in the health and wellness market and provide some consolidation of the water treatment range, driving efficiencies and providing a comprehensive portfolio of products for the enlarged group.

Initial consideration at completion of approximately €19.6 million, comprising approximately €11.6 million in cash and €8.0 million in Strix ordinary shares, with up to a further €12.0 million payable in cash subject to certain conditions being met.

Crowe acted as the financial and tax due diligence advisors on the transaction. Our transaction services team was led by Mitesh Patelia, Peter Varley and James Richardson.

“The team at Crowe was an integral part of the successful acquisition of LAICA and diligently managing the complexities of their operations in Italy, Spain, Taiwan and China. The team delivered efficient and proactive support, advice and commitment throughout the transaction. These deals mark another important step in Strix’s global strategy - and we are impressed with Crowe’s ability to support our growth aspirations globally.”
Mark Bartlett, Chief Executive Officer, Strix Group plc
Acquisition: Learning Technologies Group plc (AIM) 

Learning Technologies Group plc (LTG), a global leader in the high-growth workplace learning and talent industry, has entered into an agreement to acquire E-Creators Pty Ltd (eCreators). The proposed acquisition is subject to regulatory approval and is expected to complete before the end of October 2020.

eCreators, established in 2007, is a content development and SaaS business that focuses on online education and all forms of learning technology. The business is based in Melbourne, Victoria and is Australia’s largest regional Moodle provider. eCreators aims to produce measurable learning outcomes structured around clients achieving organisational goals, through building educational technology platforms that are easy to use for learners and content that is easily absorbed.

The business will be integrated into LTG’s market-leading Moodle business, Open LMS. The addition enhances LTG’s position within the Australian market, adding significant corporate and further education clients.

Cash consideration at completion will be A$5.5 million (c.£3.1 million). Further performance payments, capped at A$6.5 million (c.£3.7 million) are payable in cash based on future growth targets.

Crowe acted as the financial and tax due diligence advisors on the transaction. Our transaction services team was led by Mitesh Patelia and George Lawford.

“Crowe delivered efficient and proactive support in a very timely manner during the eCreators transaction. We have been impressed with Crowe's ability to support our aspirations globally, having also supported us with the acquisition of Open LMS."
Jonathan Satchell, Chief Executive Officer, Learning Technologies Group plc

Admission: Elixirr International Plc (AIM)

Elixirr International Plc - £25 million placing and admission to AIM.

Elixirr International Plc (“Elixirr”) announced its successful placing of £25 million, including a secondary placing of £5 million, and admission to trading on AIM.

Elixirr is an established global award-winning management consultancy business, challenging the larger consultancies by delivering innovative and bespoke solutions to a repeat, globally-recognised client base. Elixirr, which was founded in 2009, offers a wide range of expertise and capabilities, including defining strategy and driving business improvement with the aim of solving the challenges experienced by its clients.
 
Elixirr has worked with over 150 clients across 25 countries spanning Europe, North America, Africa, Asia and Australia, with offices in the UK and permanent presence (and employees) in the US and South Africa.

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh Patelia, George Lawford and James Leyton.

“Crowe’s expertise and proactive support enabled us to meet tight deadlines for a successful listing. We were very impressed with Crowe’s ability to support us in our growth phase with our admission to trading on AIM."
- Stephen Newton, Chief Executive Officer, Elixirr International Plc

Reverse takeover: Contango Holdings plc (Main Market)

Contango Holdings plc (“Contango”) – acquisition of 70% of Monaf Investments (Private) Limited (“Monaf”), placing and re-admission to the standard segment of the Main Market of the London Stock Exchange.

On 22 December 2017, Contango announced it had signed a memorandum of understanding and entered into an exclusivity period with regards to the possible acquisition of Monaf, which holds a potential asset in Zimbabwe, the Lubu Coalfield. 

Contango today announced its readmission to trading on the Standard Segment following completion of the £6.8 million acquisition and gross placing of £1.4 million. The objective of the Company will be to prepare the site for mining operations and commence production of coking and thermal coals from the open pit in Block B2 of the Lubu Coalfield.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by Will Smith.

“We were aware of Crowe’s extensive mining and capital markets experience when we were appointing our advisors for the transaction. Having worked with the team, we would certainly recommend them to other mining companies."
- Oliver Stansfield, Non-Executive Director, Contango Holdings plc

 

Admission: Diversified Gas & Oil PLC (Main Market)

Diversified Gas & Oil PLC (“Diversified Gas & Oil”) – introduction to the premium listing segment of the Official List and admission to trading on the main market of the London Stock Exchange.

Diversified Gas & Oil is an independent owner and operator of producing natural gas and oil wells concentrated in the Appalachian Basin, the oldest hydrocarbon producing region within the United States. The group’s operations are located throughout the neighbouring states of Tennessee, Kentucky, Virginia, West Virginia, Ohio, and Pennsylvania. Since 2017, Diversified Gas & Oil has carried out 11 asset and business acquisitions for a combined purchase consideration of approximately $1.5 billion. For the three months ended 31 March 2020, Diversified Gas & Oil’s total net daily production was 94,011 boepd from 59,818 wells.

Leading national audit, tax and advisory firm Crowe 1) acted as reporting accountant on the transaction with respect to the historical financial information of Alliance Petroleum Corporation and 2) supported Diversified Gas & Oil’s in-house finance team to prepare and deliver the wider transaction documentation. Corporate finance partner Paul Blythe led the capital markets team, supported by Will Smith.

"We have been working with the team from Crowe since our admission to AIM in February 2017 and were very pleased to once again have them support us with our move from AIM to the Official List."
- Eric Williams, Executive Vice President & Chief Financial Officer, Diversified Gas & Oil PLC

Reverse takeover: Blencowe Resources plc (Main Market)

Blencowe Resources plc (“Blencowe”) – acquisition of Consolidated African Resources (Uganda) Limited (“CARU”), placing, subscription and re-admission to the standard segment of the Main Market of the London Stock Exchange.

Blencowe was formed as a natural resources sector focused special purpose acquisition company to undertake an acquisition of a target company or business and was admitted to the Standard Segment on 18 April 2019. On 28 October 2019, Blencowe entered into a conditional share purchase agreement for 100% of the issued share capital of CARU, the holder of the Orom graphite project in northern Uganda. On 28 April 2020, Blencowe announced the completion of the acquisition, together with a £1,500,000 placing, a £500,000 subscription and the re-admission of its shares to trading on the London Stock Exchange’s Main Market for listed securities.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by Will Smith.

“In order to acquire a mining asset in central Africa, we needed the support of an experienced mining team with the ability to support us locally in Uganda. Crowe were an ideal fit for us and were very supportive during the process."
- Sam Quinn, Non-Executive Director, Blencowe Resources plc

Prospectus issuance: Iconic Labs plc (Main Market)

Iconic Labs (LSE: ICON) is focussed on providing online marketing, content and technology driven products. On 25 March 2020, Iconic Labs issued a prospectus in relation to its new financing agreement with European High Growth Opportunities Securitization Fund, the terms of which include a minimum facility of £2,000,000 and a maximum facility of £5,000,000

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, supported by George Lawford and James Leyton.

“We were very pleased to have Crowe work with us on our financing transaction as we needed a responsive, experienced team to work alongside our wider adviser group. We were not disappointed."
John Quinlan, Chief Executive Officer and Interim Chairman, Iconic Labs plc

Acquisition: Learning Technologies Group plc (AIM)

Learning Technologies Group plc (“LTG”), the provider of services and technologies for digital learning and talent management has entered into an agreement to acquire all intellectual property and assets relating to Blackboard’s Open LMS platform for $31.7 million (subject to customary price adjustments). Open LMS will be acquired by way of a combined asset carve-out and entity acquisition from Blackboard.

Open LMS offers significant synergies across the LTG’s portfolio of businesses, enhancing LTG’s current offering of learning platforms and meeting the needs of existing clients seeking open-source solutions. LTG will commit dedicated resources to Open LMS as a unique operation, encouraging organic and synergistic growth.

Crowe acted as the financial and tax due diligence advisors to the transaction. Our transaction services team was led by Mitesh Patelia and supported by Chris Archer.

“Crowe was an integral part of the successful acquisition and delivered efficient and proactive support, advice and commitment during the transactions. We continue to be impressed with Crowe’s ability to support our growth aspirations globally.”
- Jonathan Satchell, Chief Executive, Learning Technologies Group plc

Admission: Mining, Minerals & Metals plc (Main Market)

Mining, Minerals & Metals plc ("MMM") has been formed to undertake an acquisition of one or more businesses (either shares or assets) that has operations focused on the natural resources sector. Crowe has advised MMM on the admission to the standard segment of the Main Market of the London Stock Exchange. Following admission, MMM will have net cash resources of approximately £515,000 to be used to seek opportunities in the mining and oil and gas segments of the natural resources sector.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team.

“Given our chosen sector focus, we wanted to work with a reporting accountant with significant experience in the mining and Oil & Gas sector. Crowe were an ideal fit for us and were very supportive during our admission process."
Matthew Bonner, Non-Executive Chairman, Mining, Minerals & Metals plc

Acquisition: Toople Plc (Main Market)

Toople Plc, a telecoms services provider primarily targeted at the UK SME market, has acquired DMS Holding, a holding company for Direct Marketing Services Limited ("DMSL") which provides broadband connectivity, mobile and fixed voice and cloud services in the UK.
 
The consideration for the acquisition is £1.56 million, subject to a post completion adjustment. Crowe acted as reporting accountant to the transaction, with our Capital Markets team led by Mitesh Patelia.

“We were very happy with the Capital Markets team at Crowe on this transformational acquisition for Toople. They provided efficient advice and we would be happy to recommend them to other companies requiring reporting accountant services on London's public markets."
- Andy Hollingworth, CEO, Toople Plc

Acquisition: CentralNic Group Plc (AIM)
CentralNic Group PLC, one of the world’s pioneering domain name services providers has announced the completion of three acquisitions, TPP Wholesale, Hexonet Group and Ideegeo Group.

TPP Wholesale is a carve out of certain trade and assets from ARQ Group Limited, a company listed on the Australian Securities Exchange. The business is the leading platform for resellers of domain names and hosting in Australasia, with around 14,000 reseller customers and 840,000 domains under management. The consideration for the acquisition was $24 million AUD. 

Hexonet Group, with operations in Canada and Germany, sells domain name subscriptions directly and via more than a thousand resellers in over 110 countries, managing over 3.8 million domains on its proprietary software platforms. The acquisition increases CentralNic's domains under management by c.28%. CentralNic has acquired the shares on completion for €7 million, with a further deferred payment of up to €3 million.

Ideegeo, a privately owned domain name retailer based in New Zealand, is the operator of the retail website iwantmyname.com - a leading innovator in the application of User Centered Design to the retailing of domain names with 180,000 domains under management. CentralNic has acquired the business for $5.2 million NZD.

The three acquisitions are the next step in CentralNic's strategy of consolidating the global domain name industry.

Leading national audit, tax and advisory firm, Crowe UK, acted as the financial due diligence advisors on all three transactions, with corporate finance partner Mitesh Patelia leading the transaction services team alongside James Swan, assisted by George Lawford and Will Smith.

The team at Crowe was an integral part of the successful acquisitions of TPP Wholesale, Hexonet and Ideegeo. The three transactions all had their separate complexities, whilst occurring  concurrently, and the team led by Mitesh and James delivered efficient and proactive support, advice and commitment during the transactions. These deals mark another important step in CentralNic’s global strategy. We continue to be impressed with Crowe’s ability to support our growth aspirations globally.”
- Don Baladasan, Managing Director, CentralNic Group 

Admission: Entertainment AI Plc (AIM)  

Entertainment AI Plc ("EAI") announced its successful acquisition of GTChannel, Inc. (GTC) and Tagasauris, Inc. ("Tag"), placing of £8.6 million and admission to trading on AIM.

EAI is a technology and media group, headquartered in Los Angeles, California. The group’s mission is to be a first mover in a video-first world or what is seen to be the coming Third Wave of TV following the broadcast and cable eras.

GTC creates its own video content, focused on automotive interests, and owns a Multi-Channel Network with approximately 10,000 content creator partners. 6.3 billion videos were viewed on GTC’s Multi-Channel Network in the six-month period ended 30 June 2019, amounting to $8.7 million gross advertising revenue.

Tag is an AI and machine-learning technology company that has historically served its technology to large media companies. Tag has a process for enriching videos and then serving video-based opportunities to audiences, such as GTC's, while they are watching videos.
 
Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh Patelia and George Lawford.

“This is the second AIM transaction that I have completed with the Crowe team and, once again, the Crowe capital markets team were an integral part of the transaction. Their expertise and proactive support enabled us to meet tight deadlines for a successful listing. We are impressed with Crowe’s ability to support US growth companies looking to list on AIM."
- Dr Patrick DeSouza, Non-Execuive Chairman, EAI

Admission: National World plc (Main Market) 

National World plc ("National World") has been formed to acquire companies in the news publishing and digital media sector and/or in associated complementary technologies. Crowe has advised National World on the £5 million placing and admission to the standard segment of the Main Market of the London Stock Exchange. Following admission, National World will seek to create a leading position in the UK news publishing and digital media sector by implementing a strategy of consolidation of audience reach, digital focus and modernisation.

Leading national audit, tax, advisory and risk firm Crowe acted as reporting accountant on the transaction, with corporate finance partner me Paul Blythe leading the capital markets team, assisted by Chris Archer.

For our admission to the Standard List, we wanted to work with an experienced reporting accountant who could support our wider advisory team in an efficient manner. We were very pleased with the work and support Crowe provided."
Vijay Vaghela, Chief Operating Officer, National World plc

Admission: BSF Enterprise Plc (Main Market)

BSF Enterprise Plc ("BSF") has been created to consider opportunities within the innovation marketing and technology sector. Crowe has advised BSF on the £767,000 placing and admission to the standard segment of the Main Market of the London Stock Exchange. The placing allows BSF to seek a target that focuses on trade innovation, data-driven analytics and technology to maximise sales and assist companies enter new markets.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, assisted by James Richardson.

"For our admission, we required a Reporting Accountant with relevant market and geographic experience. We were very pleased with the work performed by the Capital Markets Team at Crowe and we look forward to working with them as our business grows."
- Geoff Baker, Non-Executive Director, BSF Enterprise Plc

Admission: Fashion on Screen Plc (Direct Market) 

Fashion on Screen PLC ("FOS"), the London-based film production company, has completed a placing and the admission of its securities to trading on the Direct Market, operated by the Wiener Börse (Vienna).

FOS is a film production company which aims to produce prestigious, inspiring, commercial films for theatrical release to the global market. The FOS management team has significant film industry experience and has acquired rights to produce what it believes to be commercially desirable film and entertainment opportunities.

Leading national audit, tax and advisory firm, Crowe, acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, assisted by James Richardson.   

"I would like to thank Crowe for all their work on our listing on the Direct Market. This is a new market for everyone involved and the Crowe team were able to use their extensive capital markets’ experience to ensure our listing process ran smoothly.”                                                             Nevern Johns, Chief Executive Officer, Fashion on Screen PLC

Admission: Blencowe Resources plc (Main Market) 

Blencowe Resources Plc (“Blencowe”) - placing and admission to the standard segment of the Main Market of the London Stock Exchange

Blencowe Resources plc ("Blencowe") has been formed to acquire an exploration and/or production company in the natural resources sector in South East Asia, Africa, and the Middle East. The target acquisition will have a minimum net present value of £5 million up to £100 million. Crowe has advised Blencowe on the placing and admission to the standard segment of the Main Market of the London Stock Exchange.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, assisted by Chris Archer.

"Blencowe is on the start of its journey and we appreciated the guidance and support offered by the Capital Markets Team at Crowe. We look forward to working with them going forward as we continue our journey."
- Sam Quinn, Non-Executive Director, Blencowe Resources plc

Admission: Bermele Plc (Main Market)

Bermele Plc ("Bermele") has been formed to acquire companies in the pharmaceutical and biotechnology sector. Crowe has advised Bermele, on the £1million placing and admission to the standard segment of the Main Market of the London Stock Exchange. The placing allows Bermele to acquire target companies with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, assisted by James Richardson.   

“We were very pleased with the work performed by the Capital Markets Team at Crowe who were able to guide us though this transaction. We look forward to working with them again in the future."
- Jamie Bligh, Head of Development, Bermele Plc

Acquisition: Likewise Group Plc (TISE)

Likewise Group Plc (Likewise), a UK distributor of domestic and commercial floorcoverings and matting, has today announced its successful acquisition of Heatseam Limited (Heatseam) and its re-admission to TISE, raising a total of £7.5 million.

Heatseam is a wholesale supplier of flooring to the English and Scottish markets, primarily focused on independent retailers in the residential sector. The acquisition of Heatseam provides Likewise scale and a distribution infrastructure to develop its floorcovering business in both the residential and commercial markets throughout England and Scotland.

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh Patelia and supported by James Swan and James Richardson.

"Once again, the Crowe team provided invaluable advice and support which provided a smooth journey through the acquisition and subsequent re-admission."
- Tony Brewer, CEO, Likewise Group Plc

Acquisition: Learning Technologies Group plc (AIM)

Learning Technologies Group plc ("LTG"), the integrated digital learning and talent management services and technologies provider, announced that it has completed the acquisition of Breezy HR Inc. (Breezy) for an initial cash consideration of $12 million (£9.2 million).

Breezy is a fast-growing talent acquisition software business, providing small to medium sized businesses with an intuitive and user-friendly recruitment software to optimise their recruitment processes and maximise productivity. Breezy will become part of LTG’s Software & Platforms division. Since its founding in 2014, Breezy's software has managed the recruitment of 15 million candidates across 10,000 companies in 72 countries. The transaction builds on LTG's acquisition of PeopleFluent in 2018, which introduced a transformational talent management capability to LTG. LTG expect to leverage Breezy's software suite to support new feature releases to PeopleFluent's Talent Acquisition enterprise customers.

The acquisition will support LTG's strategic goal to achieve run-rate EBIT of at least £55 million by the end of 2021.

Crowe acted as the financial and tax due diligence advisors to the transaction. Crowe has now supported LTG on eight acquisitions since its IPO in 2013. Our transaction services team was led by Mitesh Patelia and supported by James Swan.

“We have again been very impressed with the team at Crowe and their ability to support our growth aspirations globally. Mitesh and his team have assisted us on multiple recent transactions, and the team continues to provide proactive and commercial advice, enabling us to execute the transactions efficiently.”
- Jonathan Satchell, CEO, Learning Technologies Group

Admission: Likewise Group Plc (TISE) 
Likewise Group Plc ("Likewise"), a UK distributor of domestic and commercial floorcoverings and matting, has today announced its successful listing to TISE, raising a total of £7 million.

Prior to listing, Likewise acquired William Armes Limited and the trade and assets of Bruce Starke & Co. Limited, both of which have been fully integrated into the group. Likewise intends to utilise the expertise and industry knowledge of the board of directors to deliver organic growth, operational leverage and further strategic acquisitions.

Leading national audit, tax, advisory and risk firm Crowe acted as reporting accountant to the transaction, with our capital markets team led by Mitesh Patelia and supported by James Swan and James Richardson.

"The Crowe team were an integral part of our listing process. Their expertise and proactive support enabled us to meet tight deadlines for a successful listing."
- Tony Brewer, CEO, Likewise Group Plc said: 

Admission: Bruce Pubs Plc (Aquis Stock Exchange) 

Bruce Pubs Plc ("Bruce" or the "Company") has announced its successful issue of up to £20 million sterling denominated secured 7.2% bonds due 2022.

Bruce owns and/or operates 19 bars in Scotland on a tenanted or managed basis. The majority of the bars are located in Edinburgh, with the remainder located in Bathgate, Falkland, Stirling, and Glenrothes. The bars vary from traditional Scottish pubs to late night clubs. The proceeds from the bonds will be utilised to acquire new properties, develop existing properties as well as provide excess working capital.

Leading national audit, tax, advisory and risk firm Crowe acted as reporting accountant to the transaction, with our capital markets team led by Paul Blythe and assisted by Will Smith.

"The issue of up to £20 million sterling bonds will provide Bruce with a tremendous opportunity to make strategic property acquisitions as well as develop already successful bars. Crowe provided support throughout the transaction to ensure it reached a successful conclusion and we would not hesitate to recommend them to other companies requiring reporting accountant services".

- Kevan Fullerton, Director, Bruce Pubs

Admission: Toople Plc (Main Market)

Toople Plc £2.2 million placing on the Standard List

Toople Plc provide a range of telecoms services, primarily targeted at the UK SME market. Services offered by the company include business broadband, fibre, EFM and ethernet data services, business mobile phones, cloud PBX and SIP trunking and traditional services, all of which are delivered and managed through the company’s proprietary software platform.

Crowe acted as reporting accountant to the transaction, with our Capital Markets team led by Mitesh Patelia and Will Smith.

“We were very happy with the Capital Markets team at Crowe. They provided efficient advice and we would be happy to recommend them to other companies requiring reporting accountant services on London's public markets."
- Andy Hollingworth, CEO, Toople Plc

Acquisition: CentralNic Group Plc (AIM)

CentralNic Group plc, has acquired the business assets of Delaware-based GlobeHosting Inc. a leading registrar and domain hosting provider in multiple markets including Romania and Brazil. The total consideration of €2.56 million comprises an initial consideration of €1.5 million, coupled with a deferred payment of €608k due on the first anniversary of completion and €450k due on the second anniversary of completion.

This transaction is CentralNic's third acquisition in nine months, as it continues its industry consolidation strategy, expanding into key markets that offer significant growth opportunities. CentralNic is a London-based AIM-listed internet platform company that derives revenue from the worldwide sales of internet domain names and associated web presence services. CentralNic operates globally with customers in over 200 countries.

GlobeHosting is a recurring revenue business operating as a registrar and retailer of domain names and SSL certificates, and a hosting provider servicing principally the Romanian and Brazilian markets.  Its businesses fit comfortably into CentralNic's Retail and Reseller divisions, two of the four key industry channels alongside Corporate and Registry, all of which are well-served by CentralNic following its August acquisition of KeyDrive S.A.

Crowe acted as financial due diligence advisors on the transaction. Our corporate finance team was led by Mitesh Patelia and supported by James Swan.

"Once again, the team at Crowe was an integral part of the successful acquisition of GlobeHosting. Mitesh and James delivered efficient and proactive support in a very timely manner during the Transaction. We have been impressed with Crowe's ability to support our aspirations globally, having also supported us recently with the transformational acquisition of KeyDrive."
- Ben Crawford, CEO, CentralNic

Acquisition: CentralNic Group Plc (AIM)

CentralNic Group Plc (AIM: "CNIC"), has announced that it has entered into a conditional agreement to acquire the entire share capital of KeyDrive S.A. and its subsidiaries for an initial enterprise value of $44.5 million, plus a performance based earn out of up to $10.5 million. The transaction represents a reverse takeover under the AIM rules and will be funded in part through a placing of £24 million.

CentralNic is a London-based AIM-listed internet platform company that derives revenue from the worldwide sales of internet domain names and associated web presence services. CentralNic operates globally with customers in over 200 countries.

KeyDrive is a global technology business that operates in the domain name services industry. KeyDrive develops and operates software platforms used for selling subscription-based tools for businesses to operate online, including domain names, hosting, email, domain portfolio management and online advertising services. In the year to 31 December 2017, KeyDrive generated revenues of $58 million and adjusted EBITDA of $5.9 million.

Crowe acted as reporting accountants on the transaction. Our Capital Markets team was led by Mitesh Patelia and supported by James Swan.

"The team at Crowe was an integral part of the successful transaction with KeyDrive. This was a complex and transformational transaction for CentralNic, and the team delivered efficient and proactive support, advice and commitment during the Transaction. We have been impressed with Crowe's ability to support our growth aspirations globally."
- Ben Crawford, CEO, CentralNic

Reverse takeover: Diversified Gas & Oil PLC (AIM) 

Diversified Gas & Oil PLC, operator of over 40,000 primarily conventional gas and oil producing wells across Ohio, Pennsylvania, West Virginia and northeast Tennessee, announced on 29 June 2018 that it had entered into a conditional sale and purchase agreement with EQT Corporation to acquire certain producing gas, NGL and oil assets (the "EQT Assets").

The EQT Assets are located in the states of Kentucky, West Virginia and Virginia and are comprised of approximately 11,250 producing wells. Daily net gas production from the EQT Assets is approximately 24,165 boepd, NGL production is 219 boepd and oil production is 7,649 bopd.

The EQT acquisition will nearly double DGO’s net gas production, to approximately 51,151 boepd. Overall, including gas, NGL and oil net production will increase from approximately 28,070 boepd to 60,103 boepd.
 
The agreed consideration for the EQT Assets is $575 million (subject to adjustment according to the terms of the acquisition agreement), to be satisfied in cash at completion following shareholder approval. The acquisition will be funded using gross proceeds of $250 million, from the placing of new ordinary shares to trading on AIM, and a new revolving debt facility of up-to $1 billion.

Crowe acted as reporting accountant to the transaction. Our capital markets team was led by Paul Blythe who was supported by Tom Taylor and Will Smith.

"As with our recent Titan acquisition, we were very confident that the team at Crowe would be able to deliver their work to a tight deadline and enable us to conclude this reverse acquisition within the timetable. We were not disappointed.
- Brad Gray, Chief Financial Officer, Diversified Gas & Oil PLC

Admission: The Barkby Group Plc (Aquis Stock Exchange)

The Barkby Group Plc ("Barkby") has announced that it has completed its acquisition of three gastropubs and 38 hotel rooms from a boutique hospitality group in Gloucestershire and admission to the NEX Exchange Growth Market.

The boutique hospitality group acquired the lease for their first gastropub, The Five Alls, in August 2012 before buying the freehold of The Plough in March 2015. The tenancy lease for The Bull Hotel was entered into in August 2016 and, following a major refurbishment, reopened for trading in July 2017.

Crowe acted as reporting accountants on the transaction. Our Capital Markets team was led by Mitesh Patelia and supported by George Lawford and Will Smith.

"We were extremely happy with the work and support from the Capital Markets Team at Crowe. We have worked with the team on previous transactions and would have no hesitation in recommending them to companies seeking to access the UK stock markets."
- Giles Clarke, Chairman, The Barkby Group Plc

Acquisition: Learning Technologies Group plc (AIM)

Learning Technologies Group plc ("LTG"), the integrated e-learning services and technologies provider, today announced that it has completed the acquisition of PeopleFluent Holdings Corp. (PeopleFluent) for a cash consideration of $150 million (£107 million). The acquisition was funded by a placing which raised £85 million and up to c.£35 million in incremental debt financing.

PeopleFluent is a leading independent provider of cloud based integrated recruiting, talent management, and compensation management solutions in the United States. PeopleFluent generated over $100 million of revenue in 2017, providing solutions to 2,200 customers (including 50% of the Fortune 100 companies in the US), with a high recurring revenue base. LTG believes that PeopleFluent provides a compelling strategic fit to its existing platforms and will generate numerous operational and financial benefits.

Crowe acted as the financial and tax due diligence advisors to the transaction. Our transaction services team was led by Mitesh Patelia and supported by James Swan and Yaroslav Magnus-Hamblett.

"We have been very impressed with the team at Crowe and are especially impressed with their ability to support our growth aspirations globally - the team provided proactive and commercial advice and enabled us to execute the transaction efficiently."
- Jonathan Satchell, CEO, Learning Technologies Group

Reverse takeover: Emmerson Plc (Main Market)

Crowe has advised Emmerson Plc ("Emmerson") on its acquisition of Moroccan Salts Limited ('MSL'), £6 million placing and re-admission to the Standard List of the Main Market of the London Stock Exchange on 4 June 2018.

MSL is the beneficial owner of 100% of the Khemisset Potash Project ('Khemisset') located in northern Morocco. Khemisset is a development stage potash project with a significant inferred JORC resource. Khemisset comprises one mining licence and 39 research permits in the Rabat/Sale/Zemmour region of Morocco, which are held by MSL's Moroccan incorporated subsidiaries, MSL Minerals SARL and Mine de Centre SARL.

Crowe acted as reporting accountant on the transaction, with Corporate Finance Partner Paul Blythe leading the Capital Markets team, assisted by George Lawford.

"We were extremely happy with the work performed by the Capital Markets Team at Crowe. We have worked with the team on previous transactions and would have no hesitation in recommending them."
- Ed McDermott, Director, Emmerson plc

Admission: Polarean Imaging Plc (AIM)

Polarean Imaging Plc is a medical drug-device combination company operating in the high resolution medical imaging market which develops equipment that enables existing MRI systems to achieve an improved level of pulmonary functional imaging.

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Stephen Bullock and Mitesh Patelia.

"The Capital Markets team at Crowe were extremely professional and efficient throughout the transaction. We would certainly recommend them to other companies looking to list in London."
- Richard Hullihen, CEO, Polarean Imaging Plc

Admission: VI Mining (Aquis Stock Exchange)

VI Mining Plc has raised £5.4 million from a placing of 106,950,731 ordinary shares on admission to trading on the NEX Exchange Growth Market. The Company is the parent of an emerging gold and silver mining business focused on the operation and development of two high quality gold mining assets.

In February 2018, the Company entered into an agreement to acquire the Minaspampa Project and the Rosario Project for an aggregate consideration of $51.3 million payable in cash and £10 million to be satisfied by the issue of Shares at the Placing Price on Admission. The two projects are located in the La Libertad region in the north west of Peru. This area has been explored and exploited since the seventeenth century and is home to some of Peru’s most significant gold and silver mines, operated by some of the world's largest mining companies. The geographical region is known as the Batholite of the Coast and hosts hundreds of gold deposits, with very similar geological characteristics.

The Minaspampa Project is comprised of 3,500 Has. The project already has the necessary mine infrastructure and processing plant built, as well as having the majority of permits and licences in place.

The Board believes that the Minaspampa project has been inefficiently explored and mined and that there is significant geological and metallurgical upside potential, which it believes the Company is well positioned to exploit considering the resources and expertise available. The Company will spend approximately six to nine months carrying out exploration, rebuilding the plant and new mining plans and obtaining relevant licenses before re-starting production.

The Rosario Project is comprised of a former working silver/gold open pit, heap leach operation with a Merrill Crowe plant and a 13,000 Has concession. The project was temporarily suspended in December 2013 after five years of operation, and has been in care and maintenance since.

Under Peruvian law, mining operations may be temporarily suspended for a maximum of three consecutive years before they are considered to be fully suspended. Accordingly, the Company must re-apply to the Ministry of Energy and Mines to re-commence mining activities.

The Company’s intention is that the Rosario Project will come out of care and maintenance within the 12-month period following Admission.

Crowe acted as reporting accountant to the transaction, with our capital markets team led by Robin Stevens and Yaroslav Magnus-Hamblett.

"Our admission to the NEX Growth Market represents a significant transition for the Company. Throughout the process we required the services of experienced and committed advisors used to dealing with the requirements of emerging international groups and we were delighted with the level of pro-active service provided. We would recommend the Crowe team to other companies looking to join NEX Exchange Growth Market."
- David Sumner, Chief Executive Officer, VI Mining Plc

Re-domicile: Bacanora Lithium Ltd (AIM)

Bacanora Minerals Ltd (AIM: "BCN"), the London and Canadian-listed lithium company, has recently announced that it intends to re-commence the process of changing the domicile of jurisdiction from Canada to the UK (the Re-domicile).

Given the geographic spread of the Bacanora’s production, development and exploration licences, the Board believes that a UK domiciled company would be more appropriate operationally and from an investor standpoint for the reasons set out below:

  • Bacanora intends to move its headquarters and senior management to the UK, so that it can be closer to where the majority of its shareholders reside and where its potential debt providers are located
  • Bacanora is one of the very few, and the most advanced, of the pure-lithium investment opportunities on AIM and therefore achieves a higher investor profile through its listing in the UK. Whereas in Canada, there are a large number of listed lithium companies all vying for a limited pool of equity capital
  • since listing on AIM in 2014, Bacanora has been successful in raising funding from the UK capital markets. Bacanora now intends to raise a significant amount of new debt and equity financing to fund its growth as an international lithium company with new projects in Mexico and Germany and believes that a UK domiciled company with its primary listing on AIM is the best way to achieve this
  • the Board believes that the Canadian shareholder base may continue to decrease and as a result having a single listing on AIM would allow Bacanora Canada to be more cost efficient without material downside
  • Bacanora currently have less liquidity on the TSX-V compared to AIM. The liquidity of Bacanora has increased significantly since it dual listed for trading on AIM

Crowe acted as reporting accountant to the transaction. Our capital markets team was led by Paul Blythe who was supported by James Richardson.

"To affect the planned re-domicile, we needed an international advisor team that was capable of working together to the agreed timetable. Crowe were certainly able to fulfil their role within this team efficiently and to budget."
- Cherif Rifaat, Company Secretary

Acquisition: Diversified Gas & Oil PLC (AIM)

Diversified Gas & Oil PLC raises US$ 189 million to fund two acquisitions.

Diversified Gas & Oil PLC (AIM: "DGOC"), a US-based gas and oil producer, has confirmed that following approval by Shareholders, 166,400,000 new ordinary shares have been issued and allotted, raising gross proceeds of US$189.0 million (£133.1 million).

As detailed in the announcement dated 31 January 2018, DGO has entered into a conditional sale and purchase agreement to acquire Alliance Petroleum Corporation for total consideration of US$95.0 million (£66.9 million), to be satisfied in cash at closing. The acquisition is scheduled to be completed on 7 March 2018.

In addition, as announced on 9 February 2018, DGO has entered into a conditional sale and purchase agreement with CNX Gas Company LLC for the acquisition of certain oil and gas leaseholds, wells, working interests, licenses, related equipment and other assets for a total cash consideration of US$85.0 million (approximately £59.9 million), which will be payable in cash on completion. The Company anticipates that the transaction will complete on 30 March 2018.

On completion of the above two acquisitions, the Company anticipates that its total net working interest production will increase by 173% to approximately 28,133 boed, that its net working interest proved, developed and producing reserves will grow by 217% to 173.2 MMboe,  and that its annualised EBITDA will be approximately US$70-75 million.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant to the transaction. Our capital markets team was led by Paul Blythe.

"As with our recent placing and acquisition of the Titan assets, the team at Crowe were again able to provide effective support to allow us to complete our latest placing and proposed acquisitions."
- Rusty Hutson Jr, Chief Executive, Diversified Gas & Oil PLC

Admission: HRC World PLC (Nasdaq First North)

HRC World Plc has completed a successful Euro 1.5 million placing and admission to Nasdaq First North, Copenhagen. HRC World Plc is the UK holding company of the Group which holds a franchise to develop and operate more than 30 Hard Rock Cafes in China. The Group has signed a development agreement to build, develop and operate Hard Rock restaurants and RockShop merchandise outlets in Shanghai; Chengdu; Nanjing; Xiamen; Fuzhou; Chongqing; Hangzhou; Wuhan; Xi’an; Guilin and Suzhou.

In addition, the Group has a first right of refusal to develop a cafe in Shanghai Disneyland Park and to establish cafes in additional 20 cities across North and South China.

The Group has already successfully opened Hard Rock Cafes in Hangzhou and Shanghai and is in the process of establishing the Hard Rock Cafe in Chengdu.

Hard Rock Cafe Inc. is a chain of themed restaurants founded in London in 1971 by Isaac Tigrett and Peter Morton. In 1979, the original cafe began covering its walls with rock and roll memorabilia from artists such as Eric Clapton and Pete Townshend, a tradition which expanded to others in the chain. In 2007, Hard Rock was sold to the Seminole Tribe of Florida, and there are now around 190 Hard Rock locations in 60 countries.

Leading audit, tax and advisory firm Crowe acted as reporting accountants to the transaction, with our capital markets team led by Robin Stevens and Simon Keeling.

"Our admission to Nasdaq First North Copenhagen represents an important transition for the Group as its business continues is expansion. Throughout the process we required the services of an experienced firm used to dealing with the requirements of emerging international group and we were delighted with the level of pro-active service provided. We would have no hesitation in recommending the Crowe team to other companies looking to join the Nasdaq First North markets."
- Shailen Gajera, Group Executive Director

Reverse takeover: Echo Energy plc (AIM)

Echo Energy plc ("Echo"), the South and Central American focused upstream gas company, has today published and posted an admission document detailing the proposed farm-in to 50% interests in each of the Fraccion C, Fraccion D and Laguna De Los Capones concessions (the Concessions) and to a 50% interest in the Tapi Aike exploration permit (the Exploration Permit), each located in the Austral basin of Santa Cruz province, onshore in Argentina (the Transaction). The Concessions have existing gross production of a total of approximately 11.2 mmscfe/d (5.6 mmscfe/d net to Echo, pre-royalty) with, the Directors believe, potential to significantly increase current gross production across the Concessions to over 80 mmscfe/d over a five-year period. The acquisition is expected to provide Echo with a compelling blend of multi tcf exploration potential, appraisal and production. Completion of the acquisition is conditional on the passing of Resolution 1 at the General Meeting.

In addition, Echo has conditionally raised £6.4 million, before expenses (£4.7 million net of expenses relating to both the placing and the admission) through the placing of 36,391,412 placing Shares at 17.5 pence per Placing Share. This is equal to the closing mid-market price per Ordinary Share on 27 October 2017, being the last date prior to the Ordinary Shares being suspended from trading on AIM pending publication of the admission document.

Following admission, Echo intends to deploy its existing cash balances and net proceeds of the placing towards the development of the Concessions and Exploration Permit, and towards Echo’s working capital requirements.

Crowe acted as reporting accountant on the transaction. Our capital markets team was led by Paul Blythe, assisted by Chris Archer and James Richardson.

"The team at Crowe provided timely and pro-active advice throughout the transaction. The timetable was tight and we needed an experienced reporting accountant ensure we reached a successful conclusion."
- Fiona MacAulay, CEO, Echo Energy Plc

Reverse takeover: EQTEC plc (AIM)

Crowe has advised Ireland-based EQTEC plc on its acquisition of Eqtec Iberia SL ("Eqtec Iberia"), £1.6 million placing and re-admission to AIM on 28 December 2017.

The acquisition allows the refocusing of EQTEC's strategy into the Energy from Waste (EfW) market in the UK and Europe combining Eqtec Iberia's patented gasification technology along with a strong pipeline of projects and solid relationships with some of the global market leaders in the energy sector.

Leading national audit, tax and advisory firm Crowe acted as reporting accountant on the transaction, with corporate finance partner Paul Blythe leading the capital markets team, assisted by George Lawford.

The total consideration of the acquisition was £14 million, satisfied by the issue of ordinary shares in EQTEC.

"We were extremely happy with the work performed by the Capital Markets Team at Crowe. We needed the services of an experienced reporting accountant with relevant experience and would have no hesitation in recommending them."
- Gerry Madden, Finance Director, EQTEC plc