Eversheds, has advised UK-based, AIM-quoted client Personal Group, a leading provider of employee benefits packages, employee-related insurance products and financial services to SMEs and large corporates on its acquisition of Lets Connect IT Solutions Limited for a total consideration of up to £12 million.
The consideration will be satisfied by a £6 million cash payment at completion, followed by an earn-out over two years for the remainder of the consideration, dependent on performance.
Incorporated in 2009, Lets Connect is a leader in the home technology salary sacrifice market, focusing on large enterprises in the private and public sector. This high growth business has grown from £1.7 million in sales in 2010 to £20 million in the 12 months to 31 August 2013 with a pre-tax profit of £0.4 million.
The Eversheds team was led by Partner, Steve Nash, assisted by Principal Associate, Mark Roe, and Associate, Phillip Becker.
Steve Nash commented:
“This is the first completed deal on which we have advised our AIM-quoted client, Personal Group, for whom we first began acting in mid-2013. It is an interesting and significant deal for Personal Group in an exciting space as the home technology market continues on a path of strong growth. The largely non-overlapping customer bases of the two companies should create a number of cross-selling opportunities for both businesses going forward. We are delighted to have been able to advise Personal Group on this successful transaction and look forward to continuing to grow our relationship in the future.”
Mark Scanlon, CEO of Personal Group, commented:
“The Board is delighted to announce this Acquisition, which is very much in line with the Group’s stated strategy of driving organic growth, focusing on our technology and also identifying acquisitions that will enhance the Group’s offering to our clients.”
Mike Dugdale, CFO of Personal Group, commented:
“This was an important acquisition for us and it was very reassuring having such a professional, knowledgeable and client-focused legal team working with us.”
