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Eversheds advises Van Elle on IPO

  • United Kingdom
  • Global


    Eversheds has advised Van Elle Holdings plc, the UK’s largest geotechnical engineering contractor, on its UK AIM initial public offering (IPO).

    The £80m listing on London’s AIM market has raised gross proceeds of approximately £40m. The company was successfully listed on 26 October 2016. It is intended that proceeds receivable by Van Elle from the IPO will in part be used to support further growth and diversification, both organically and via targeted acquisitions.

    The Eversheds team was led by corporate partner Alistair Cree and principal associate Nicola Brookes, with assistance from Annika Unsworth (associate, corporate), Lucie Alker (associate, corporate), Zak Daliri (associate, corporate) and Elizabeth Tindall (senior associate, corporate).

    Eversheds’ tax practice (led by principal associate, David Smith) advised on tax structuring, with Eversheds’ share schemes partner Mat Gorringe providing share schemes advice.

    Van Elle was founded by Non-executive Chairman Michael Ellis and his wife Joan in 1984 and is led by Michael and CEO Jonathan Fenton. The company’s latest results for the year to 30 April 2016 show that revenues climbed from £46.6m to £84.2m over the last two years, with operating profits more than trebling from £3.1m to £11.1m in the same period.

    The significant growth Van Elle has delivered in recent years has been driven both by market share gains and the diversification of its offering into higher value specialist services, well aligned with infrastructure markets.

    Alistair commented:

    “It is great to be involved in such a successful IPO, particularly when there are so few happening in the market at present.

    “We were delighted to provide a full spectrum of corporate, tax and share schemes advice and have received excellent feedback on the manner in which we executed the transaction, despite the intense workload. We look forward to working with Michael, Jon, Tom and the rest of the Van Elle team again in the near future.”

    Founder and non-executive Chairman of Van Elle, Michael Ellis, commented:

    “We are absolutely delighted to have successfully listed Van Elle on the AIM market. We have worked tirelessly over the last thirty-two years to build the company into the established market leader that it is today. I would like to thank Alistair, Nicola and the rest of the Eversheds’ team for their advice on the IPO. They guided us through the process really well, and helped drive the transaction to its successful conclusion. All done with a minimum of fuss and in good humour.”

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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