Background
• Close Brothers Corporate Finance had built a strong relationship with Morgan Sindall over a period of 10 years, having previously advised the Company on its acquisition of Lovell social housing in 2000
• The acquisition will create a leading, UK-wide construction services business:
• ADL will operate as standalone division aligned with Morgan Sindall's Affordable Housing division; and
• the construction business of DPS will be merged with Morgan Sindall's Construction division to significantly increase the range of services offered and the geographic footprint over which the services are offered
Process & outcome
• Close Brothers Corporate Finance were responsible for the managing the construction and submission of the Class 1 circular to the UKLA, drafting of the associated announcements and ensuring that all other advisers were performing in accordance to a tight timetable
• As the acquisition of DPS was structured as an asset transaction, Close Brothers Corporate Finance was involved in detailed discussions with the UKLA concerning disclosure requirements and interpretation of the Prospectus Rules and the Listing Rules
Testimonial
John Morgan, Executive Chairman of Morgan Sindall, commented:
“This acquisition is a key strategic next step for Morgan Sindall. It
substantially adds to our existing divisions and opens up significant growth
opportunities in our construction and regeneration markets. Morgan Sindall
represents an excellent home for ADL and DPS and their employees and customers
and we look forward to developing further the enlarged group.”
Peter Alcaraz, a Managing Director at Close Brothers Corporate Finance, commented:
“This is a great acquisition for Morgan Sindall. It will allow the company extend the reach of this talented management group into areas promising strong growth.”
For more information regarding this transaction, please contact, Peter Alcaraz, Jonathan Arrowsmith or Matthew Taylor on +44 (0)20 7655 3100.