Teachers Media International
Advised Teachers Media International, a dormant delisted public company with cash reserves, on the reverse takeover of Wilshaw plc. Work included being the main point of liaison with the Takeover Panel and advising on a reorganisation of the TMI group, involving debt for equity capitalisations and numerous share acquisitions.
Foot Anstey advised long-standing client Lord Waheed Alli and the company he chairs, Koovs plc, on its admission to trading on the AIM market of the London Stock Exchange and its subscription for shares of the fashion-focused e-commerce business, Koovs India. The placing has raised £22.0 million (before expenses), giving a market capitalisation on Admission of approximately £36.2 million. Dealings commenced on 10 March at 8:00 a.m.
Koovs India was established in May 2010 as a general e-commerce business in India, operating through the website, Koovs.com. Since August 2011 it has been backed by the Nahata family in India.
Koovs.com's focus has been on fashion products and fashion related accessories when, in September 2012, Koovs plc, founded by Lord Waheed Alli (formerly Chairman of ASOS plc) and Robert Bready (formerly Product Director of ASOS plc), began to supply Koovs India with consultancy services in fashion design for an e-commerce business.
In order to establish the proposed Group structure, the Company and Koovs India have entered into a subscription agreement under which the Company has agreed, conditional upon Admission, to subscribe for shares representing 57.5 per cent. of the enlarged share capital of Koovs India using approximately £16.5 million of the new funds raised by the Company pursuant to the Placing.
Lord Waheed Alli, Chairman, commented: "Today's successful fundraising marks an important step in our mission to build Koovs.com into India's leading digital fashion website. Success does not come overnight, but we are confident that with a team that is passionate about fashion and online, offering the best UK and international brands and collaborations, together with exciting own-label collections, we have the right foundations in place to capitalise on the exciting e-commerce opportunity in India. Foot Anstey stood shoulder to shoulder with us throughout the process, participating with us in many of the decisions we have made - we very much view them as an extended member of our executive team"
Matt Stoate, partner, lead the Foot Anstey team on the transaction, added: "It was a pleasure to witness a Company from inception in 2012 to an IPO which valued the business at £36 million after such strong investor interest resulted in the placing being over-subscribed. Joining AIM is a significant step in the growth of this business and it was great for us to be involved with such a key part of the process"
Our corporate team regularly support the UBM in-house team on UBM's merger and acquisition strategy. We advised UBM on the disposal of its UK agriculture and medical general practitioner portfolios, including the Farmers Guardian and Pulse titles, for a total cash consideration of £10m to the founders of Briefing Media Ltd a new business led by the experienced management team of Neil Thackray and Rory Brown and backed by GCP Capital Partners, a mid-market private equity fund.
Foot Anstey advised Succession Group, one of the UK’s largest privately owned wealth management businesses on the sale of 50.1% of the business to private equity group Inflexion.
Founded in 2009 by four Directors, including CEO Simon Chamberlain and Corporate Director Paul Morrish, Succession delivers bespoke financial advice to private and corporate clients alongside operating a client asset custody platform.
Inflexion’s investment will enable the Succession management team to deliver their vision of creating the UK’s largest independent wealth management business through a focused ‘buy & build’ programme.
Further funding will be made available by Inflexion to Succession to fund their continued acquisition of their membership base.
“This was a hugely important transaction for the Succession Group and we were immensely impressed with Foot Anstey’s contribution to making it happen, not just the quality of advice, but also how they invested the time to understand our business and way of working and delivered a highly effective, bespoke, commercially focused service in what was often a complex and fast moving transaction. The team worked seamlessly and provided the level of advice and service one would expect from a City of London firm, working effectively with both the various Succession boards and our team of advisers. We look forward to continuing our relationship with them as we work to deliver our vision of creating the UK’s largest independent wealth management business through a focused ‘buy & build’ programme.” Succession Group
We advised Aareon AG, a wholly-owned subsidiary of Aareal Bank AG, on the acquisition of 1st Touch Limited, the UK's leading developer of mobile systems for the social housing and public sectors.
The deal saw Germany based Aareon AG, the leading consultancy and IT systems house for the European property sector, invest in its belief in the significant opportunities presented by mobile technology in the property sector across Europe. The move also complemented the Group's other software investments in the sector.