Travers Smith LLP has advised long-standing client Ascential plc, the specialist information, data and analytics company, on the sale of Groundsure, to ATI Global Limited, the global legal technology, software and information services group.
Founded in 2001, Groundsure is a UK location intelligence business and leading supplier of environmental searches, data, mapping and reports for the residential and commercial property markets. Groundsure will continue to operate as an independent standalone business from its headquarters in Brighton under the leadership of its existing senior management team.
The purchase price of £170 million comprises an initial cash consideration of £140 million (subject to customary closing adjustments) plus a £30 million interest-bearing vendor loan note repayable on or prior to 31 December 2023.
The disposal will allow capital to be allocated to core areas of focus for Ascential and, in particular, the fast-growing Digital Commerce segment, including organic investments and potential M&A opportunities.
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Edmund Reed with support from Senior Associate Victoria Bramall, Associates James Sherlock, Vanessa Kitching and Ollie Creamer and Trainee Emma Gittings. The team also included Senior Partner, Kathleen Russ, Tax Senior Associate Joe Sheldrick, Head of Commercial, IP & Technology Dan Reavill and Senior Associate Michael Ross.