Close Brothers Corporate Finance is pleased to have acted as independent Rule 3 financial adviser on the £190 million (Enterprise Value £222 million) take-private of Civica plc ("Civica") by Cornwall Bidco Limited, a company backed by 3i. The transaction completed on 21 April 2008.
Background
• Close Brothers Corporate Finance advised the independent directors of Civica in connection with an approach the company received from 3i to back the existing management team, led by CEO Simon Downing, in a management buy-out of the company.
• Civica provides software, consultancy and managed services to the public sector. Civica works with more than 1,700 organisations internationally, in local government, criminal justice, social housing, education, healthcare and defence, as well as regulated services. The company employs approximately 1,300 people globally with offices in UK, USA, Australia and Singapore. Civica was admitted to trading on AIM in March 2004.
• 3i is a world leader in private equity and venture capital across Europe, the US and Asia, with over €12.3bn of assets under management.
Process & Outcome
• Close Brothers Corporate Finance provided independent advice to the independent directors on the merits of the deal, moving very quickly following our appointment to work alongside Civica's other advisers and complete the transaction.
• The offer represented a great deal for Civica shareholders, being a 40 per cent. premium to the average closing price per Civica share over the six months prior to the offer.
Testimonial
Simon Willis, a Managing Director at Close Brothers Corporate Finance, commented:
"We are delighted to have advised the independent directors of Civica on this deal and to have helped secure such a great result for the Civica shareholders. We look forward to following Civica's progress as it continues its growth strategy with the backing of 3i."
For more information regarding the transaction, please contact Simon Willis, Paul Lewington or James Craven on +44 (0)20 7655 3100.