LG helps conduct acquisition of bus manufacturer
12 August 2008
Business law firm LG has advised nominated adviser and broker Cenkos Securities plc on a fundraising to finance the acquisition of Jamesstan Investments by Darwen Holdings Plc (now Optare plc) for an enterprise value of £15.95 million. The acquisition constituted a reverse takeover under the AIM Rules.
Darwen was admitted to AIM in February of this year and by virtue of its acquisition of Jamesstan, the investment holding company for Optare, a bus and coach manufacturer based in Leeds, Darwen, whose clients include Stagecoach, Go -Ahead and First Group, will increase its turnover by approximately £60 million. Optare specialises in the design, assembly and supply of single and double deck buses to service operators in the UK.
The LG corporate team, led by managing partner Hugh Maule, included senior associate Farhod Moghadam.
Hugh said: "We are very pleased to have advised Cenkos on such a successful fundraising in tricky market conditions. This is a significant deal for Darwen in expanding and growing its business in the transport sector. We look forward to continuing our relationship with Cenkos during these testing market times."
The Leeds office of Cobbetts advised Darwen.
LG recently hosted its second annual Nomad conference, which was attended by 60 per cent of all UK Nomads.
Notes to editors:
- LG is ranked leading legal advisor by Client Market Capitalisation and is ranked in second place for FTSE AIM 100 Clients in the Hemscott rankings.
- LG is a business law firm with a particular focus on entrepreneurial and growth market clients seeking to raise capital for their business ventures.
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Hugh Maule
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