Eversheds has advised the shareholders of Grass Roots Group Holdings Ltd (Grass Roots), on its sale to California-based Blackhawk Network Holdings, Inc. (Blackhawk Network).

Grass Roots, a leading employee and customer engagement solutions company, was acquired by NASDAQ-listed Blackhawk, a leading prepaid and payments global company, for c£90m.

The Eversheds team, led by partner Keri Rees and principal associate Theresa-Marie Stodell (corporate), comprised: partners Carlos Pemán (corporate, Madrid) and Martin Bechtold (competition, Munich), principal associate Colin Askew (Tax), associates Amy Strettle and Rob Worsfold (corporate) and consultant David Williams (corporate, Madrid).

Previously an affiliate of WPP, Grass Roots will operate as a subsidiary of Blackhawk. Matthew Howe and Jonathan Kenny, co-managing directors of Blackhawk’s UK-based Europe operations, will lead the European operations of Grass Roots. Stewart Rigby, managing director, Blackhawk Asia Pacific, will lead the Asia-Pacific operations of Grass Roots.

Keri Rees said:

“This is a well-considered move by Grass Roots and a transaction we thoroughly enjoyed advising on; the sale complements their plans for future growth, and simultaneously lays the foundations for a number of exciting and significant opportunities for both companies in the process.”

Richard Bandell, CEO of Grass Roots Group Holdings Limited, commented:

"We would like to thank the Eversheds team for their clear and commercial advice and support throughout a complex acquisition, with multiple shareholder interests and across international boundaries.

“The combination of a team clearly experienced in this type of deal and with knowledge of Grass Roots' structure was invaluable to the shareholders and the management team. Eversheds guided us with real care towards the successful conclusion of a transaction that all of the team are delighted with.”