Hogan Lovells advises on £13.8 million equity fundraising by St Ives plc to finance the acquisition of The App Business Limited
29 January 2016
London, 29 January 2016 – Hogan Lovells London-based corporate team has advised Numis Securities on their placing of £13.8 million of new equity in St Ives plc (St Ives) to institutional investors.
The funds will be used by St Ives, together with its existing cash balances, existing debt facilities and St Ives shares, to acquire 82.16% of the issued share capital of The App Business Limited (TAB), a mobile-led consultancy specialising in strategy, product development and business transformation, for £22.3 million. St Ives intends to acquire the remaining 17.84% of TAB's issued share capital for £3.7 million in cash and the issue of 0.6 million St Ives shares prior to 18 February 2016.
Established in 2009, St Ives currently employs over 100 staff and is headquartered in London. St Ives has a strong blue chip client base with particular strength in the consumer goods, automotive, travel, retail and publishing sectors.
The Hogan Lovells team advising was led by London corporate partner Daniel Simons; with corporate partners Maegen Morrison and John Basnage, and associates Daniel Jackson and Fiona Bantock, also working on the transaction.