Cap10 Partners LLP reached an agreement to acquire Sureserve Group plc from a group of sellers and others for approximately £210 million.
Cap10 has received irrevocable undertakings and a letter of intent from Sureserve Directors, Harwood Capital, Miren Rawlings and Slater Investments in respect of their share holding in Sureserve. As of May 25, 2023, after disposal of 750,000 Sureserve shares, Slater Investments' irrevocable understating has also updated to its remaining shareholding of 25,568,325 shares, representing approximately 15.38% stake in Sureserve. The Sureserve Board unanimously recommended the transaction. The transaction is subject to the Sureserveâ shareholders approval at the Court and General meeting, the sanction of the scheme by the Court, subject to the law of England and Wales and the jurisdiction of the Court and the applicable requirements of the Takeover Code, the Panel, the FCA, the London Stock Exchange. As of July 6, 2023,the Court had sanctioned the scheme on July 5, 2023. The scheme is expected to become effective during late June/early July 2023. As of May 17, 2023, the Scheme is expected to become effective on July 11, 2023.
Dimitrios Georgiou, Wladimir Wallaert, Nirav Amlani and Alex Bennett of Evercore acted as independet financial adviser to Sureserve Board. Stephane Auton and Daniel Bush of Shore Capital acted as nominated adviser to Sureserve. Alistair Allen, Rob McCann and Matt Jaquiss-Ollier of Rothschild & Co acted as financial adviser to Cap10. Proskauer Rose (UK) LLP is legal adviser to Cap10 and Eversheds Sutherland (International) LLP is legal adviser to Sureserve.