The corporate team at BPE Solicitors LLP has completed the reverse takeover by AIM-listed Investment Company Verdes Management PLC of REACT SC Holdings Ltd for £1.56 million.
The deal completed on 18th August and, following the acquisition, the business will operate as REACT Group PLC.
REACT is a specialist provider of rapid response deep cleaning and emergency decontamination services, providing a 24 hour 7 days a week fast response service to a range of industries such as Network Rail, HM Prison Service, Local Authorities and a large number of UK Police Services. Verdes said the new strategy for REACT will be to combine organic growth with acquisitions of small specialist companies in the sector.
The team at BPE were responsible for the acquisition and fund raising for Verdes and its subsequent re-admission to AIM, with Willans LLP Solicitors acting for REACT’s shareholders.
REACT was until recently a separate division within Derbyshire car valeting company Autoclenz, which was a division of listed company Autoclenz Holdings plc; back in 2012 BPE’s corporate team supported a management buyout (MBO) of the Autoclenz business, which was led by Grahame Rummery.
The new company's board will comprise Verdes' Gill Leates as non-executive chairman, Stephen Foster as non-executive director, Mark Collingbourne as chief financial officer and Grahame Rummery becoming chief executive.
Commenting on the acquisition BPE’s Anthony Rudge, said “We worked with the Autoclenz Group on their MBO a few years ago and have worked with Verdes for over a year as they looked for a suitable acquisition. We are delighted to be a part of this high-profile deal; we’re an entrepreneurial business and enjoy working with like-minded businesses like Verdes”
Gill Leates, Non-Executive chairman said 'BPE were excellent advisers to the management team, showing great clarity and strength in depth in dealing with a number of difficult issues, and never stinted in their efforts to deliver a top quality service in all areas of documentation, advice and understanding of the transaction'.
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