Blake Lapthorn and RSM Tenon help Quindell onto the market
Fareham-based, Quindell, a
technology-enabled consultancy and leisure focused group of
businesses which is led by Rob Terry, the founder of The Innovation
Group, has been admitted to the Alternative Investment Market of
the London Stock Exchange in a reverse takeover of Mission Capital
Plc.
In 2000, Rob Terry founded Quindell as an
investment opportunity whilst still working at The Innovation
Group. Quindell enables business efficiency and optimisation,
using their expertise and solutions in technology,
telecommunications, utilities and brand leverage. Through
improved business process management they help their clients with
sales, marketing, and cost savings. Quindell, which had a turnover
of £4.15 million last year, went to market on 17 May. The
market capitalisation of the company was £33 million at launch and
increased to £40 million in early trading.
Mission Capital will become 92% owned by
Quindell investors, with the Terry family controlling slightly more
than a 50% stake. Rob will be the Chairman and Chief
Executive of the new business.
RSM Tenon acted as reporting
accountants on the acquisition of Quindell by Mission Capital and
the admission of the enlarged group on to AIM. This
significant transaction and flotation was managed by Peter
Vandervelde from the Southampton Corporate Finance team in
conjunction with Jez Filley from the Reading office of RSM
Tenon.
Peter Vandervelde from RSM Tenon commented:
"We are delighted to have worked with Rob and the Quindell
management team on this transaction. We are seeing a steady
recovery in interest and activity in flotations and for some
businesses and stakeholders, flotation can be the right next
move."
Jef Filley from RSM Tenon also
commented: "This was a great opportunity for us to work with
an exciting business at a key stage in its development".
Mark Hepworth, a
partner in Blake Lapthorn's Corporate team, advised Quindell from the
outset. Mark led the Blake Lapthorn team from the firm’s
Southampton office with assistance from its
Corporate teams in London and Oxford. Mark commented: "The deal,
effected by private treaty between Mission and the selling
shareholders of Quindell, took some four months to
complete. A variety of solicitors from our Corporate
teams across the south east provided a range of legal
advice to the Quindell management team to ensure
the smooth completion of this transaction."
Rob Terry, chief executive said: "The
support and advice provided to us by RSM Tenon for Corporate
Finance, and Blake Lapthorn for Legals in this transaction, in a
very tight timescale, was invaluable."
For more details, please contact Daniel Baber, PR manager at Blake
Lapthorn on 020 7814 5489 or 07771 930 084, or at
daniel.baber@bllaw.co.uk.
