30-01-2009
Mears remains on the acquisition trail with support from BPE Solicitors
BPE Solicitors has advised long-standing client Mears Group Plc on its recent acquisition of social housing provider, 3C for a potential total consideration of £12.5 million, subject to performance.
The entire share capital of 3C was purchased by the Gloucester-based company from owner Caley Limited, bringing social housing maintenance contracts with 18 customers in South East England under the group’s control.
The move is expected to generate £20 million additional turnover in 2009, as well as significant cost and energy savings, and realise an improvement in working capital.
Commenting on the transaction, Bob Holt, Chief Executive of Mears, said: “The acquisition of the 3C business will fit comfortably into our social housing services division and broadens its footprint in southern England. I am delighted to welcome a further 600 employees into the group’s social housing services division which is one of the growth engines of the company alongside our domiciliary care division. We continue to seek businesses with the potential to meet the strategic objectives of the group.”
The 3C acquisition was BPE’s first transaction for Mears since the law firm assisted the group in making the move from AIM to the Official List of the UK Listing Authority.
BPE Corporate Partner Tim Ward advised the social housing repairs and maintenance provider on the acquisition, with support from other team members on due diligence matters. Freshfields Bruckhaus Deringer LLP advised Caley Limited.
Commenting on the transaction Tim Ward said: “Mears continues to go from strength-to-strength. The strategic selection of well-matched businesses has helped the group to further its plans for long-term growth and it shows no signs of slowing down. We are excited to be part of what looks set to be a very promising future.”
The entire share capital of 3C was purchased by the Gloucester-based company from owner Caley Limited, bringing social housing maintenance contracts with 18 customers in South East England under the group’s control.
The move is expected to generate £20 million additional turnover in 2009, as well as significant cost and energy savings, and realise an improvement in working capital.
Commenting on the transaction, Bob Holt, Chief Executive of Mears, said: “The acquisition of the 3C business will fit comfortably into our social housing services division and broadens its footprint in southern England. I am delighted to welcome a further 600 employees into the group’s social housing services division which is one of the growth engines of the company alongside our domiciliary care division. We continue to seek businesses with the potential to meet the strategic objectives of the group.”
The 3C acquisition was BPE’s first transaction for Mears since the law firm assisted the group in making the move from AIM to the Official List of the UK Listing Authority.
BPE Corporate Partner Tim Ward advised the social housing repairs and maintenance provider on the acquisition, with support from other team members on due diligence matters. Freshfields Bruckhaus Deringer LLP advised Caley Limited.
Commenting on the transaction Tim Ward said: “Mears continues to go from strength-to-strength. The strategic selection of well-matched businesses has helped the group to further its plans for long-term growth and it shows no signs of slowing down. We are excited to be part of what looks set to be a very promising future.”
