We have acted for-AIM listed client, Franchise Brands plc, in a significant transaction that saw it acquire the holding company of industrial services business, Pirtek Europe, for a consideration of £200m.
The deal involved a £92m placing on the Alternative Investment Market (AIM), in what is believed to be one of the largest amounts raised on AIM so far in 2023 and saw a debt facility of £110m across four consortium banks.
The acquisition was led by partner and head of national Equity Capital Markets team, Paul Cliff, with support from Martin Montgomery, Parmjit Singh, Jessica Hopkinson, Hannah Hogarth and Richard Middleton-Androsov. The banking team was led by Chris Jones with support from Karem Al-Dahleh, Lauren Hamer and Drew Wilson. Furthermore, a much wider cross-office team was involved on the due diligence aspects. Gateley Legal also worked alongside lawyers from seven overseas jurisdictions.
“We are pleased to have supported our valued client Franchise Brands plc in what is a significant deal for the company, and sees the group further expand its operations,” explains Paul Cliff. “A deal of this size highlights the strength in depth we have here at Gateley. It was a fantastic team effort across multiple offices and teams that saw us achieve another great result for our client.”