International law firm Ashurst advised Stirling Industries plc ('Stirling'), the specialist industrial investment business, in relation to its £8.9 million initial public offering on AIM, a market of the London Stock Exchange. Numis Securities Limited acted as sole bookrunner for the placing and have been appointed as Stirling's Nominated Adviser and Broker.

Stirling intends to use the listing to pursue an "Acquire, Develop and Sell" strategy, with the objective of creating value for shareholders. Its acquisition targets are industrial businesses in the building, engineering and manufacturing sectors operating in the UK, Europe and US with strong fundamentals and enterprise values between £50 million and £750 million. Stirling's board has a strong track record of strategic and operational leadership across a broad range of geographies and industries where they have created value for shareholders. The core team has previous experience working for Melrose plc. New acquisitions will be funded from existing cash resources in conjunction with the proceeds of an equity or debt raise.

The Ashurst team was led by corporate partner Nick Bryans, assisted by senior associate Tara Waters. Tax advice was provided by partner Nicholas Gardner and associate Rebecca Kell. Partner Ruth Buchanan advised on employment matters, assisted by senior associate Tom Kavanagh, with counsel David Baxter advising on the incentives aspects of the transaction.

Nick Bryans commented:

"I am thrilled to have been able to support Stirling and its high quality management team on creating and listing a vehicle to pursue their "acquire, develop and sell" strategy. Working alongside businesses as they progress through their corporate lifecycle is at the core of the Ashurst corporate team's strategy, and we very much look forward to being a part of the Stirling team as it looks to implement its investment strategy."