Travers Smith LLP has advised Mears Group PLC, a leading service partner to the UK social housing and care sectors, on the acquisition from Mitie Group PLC of its maintenance services business. The acquired business provides reactive and planned maintenance services to housing clients in the UK.
Travers Smith also advised on a parallel placing of shares in the capital of Mears to raise approximately £22.5 million to fund the initial cash consideration for the Acquisition.
The consideration for the acquisition comprises initial cash consideration of £22.5 million and deferred consideration of up to £12.5 million. The acquisition is expected to complete on 30 November 2018.
The acquisition involved a cross-practice team led by Corporate Partner Richard Spedding, assisted by Senior Counsel AJ Venter and Associate Becky Dove on M&A and Senior Associate Mark Anderson on ECM. The team also included Commercial, IP & Technology Partner Tom Purton and Senior Associate Rowan Armstrong who advised on mutual transitional services arrangements, and Tax Partner Kathleen Russ and Associate Aimée Hutchinson who advised on taxation matters.