Wragge Lawrence Graham & Co has advised AIM-traded Staffline on its £34.5 million acquisition of A4e Limited, creating one of the UK's largest Work Programme providers.
Staffline, the staffing services, outsourcing, training, and Employability organisation, has acquired the entire issued share capital of A4e Limited, a leading welfare to work and employment training provider, for £23.5 million and assumed its net debt of £11 million.
The acquisition significantly expands the size and geographic reach of Staffline's Employability offering. The cash consideration is being funded through increased debt facilities provided by Staffline's existing bankers, now totalling £85 million.
A cross-disciplinary team led by partner Jeremy Millington guided Staffline through the legal aspects of the transaction, fielding experts from corporate, banking, due diligence and property.
Working alongside Jeremy in the Corporate team were associate Liam Gasior and Christopher Letters. Director Graham Spalding and Matthew Dorman in Transaction Services dealt with due diligence, while principal associate Angela Rawlins and associates Sandra Juozaitiene and Stephanie Brigham provided banking advice. Associate Caroline Frost advised on the property aspects.
Jeremy said: "We are delighted to have been able to bring our big ticket M&A and finance experience to bear again for Staffline. This acquisition marks another exciting milestone in the group's development and consolidates its reputation as a leading Work Programme provider.
"Having first worked with Staffline on its IPO in 2004, and advised on its acquisition of Avanta last year, we have built a strong relationship with its senior management team. Our understanding of the group's business enables us to provide focused and efficient support."
Andy Hogarth, Chief Executive, Staffline added: "It was a real pleasure completing this transaction, in no small part due to the support from the Corporate team at Wragge Lawrence Graham & Co. Their experts acted as an extension of our team, taking a commercial and tailored approach to ensure the process was smooth and painless."
Wragge Lawrence Graham & Co's 60-strong Corporate team provides the full spectrum of corporate advice, including equity capital markets on AIM and the Official List, investment funds, private equity and both public and private M&A. Its clients range from the world's leading financial institutions and public companies to private businesses and entrepreneurs.
DLA Piper advised the shareholders of A4e and Eversheds LLP advised Staffline's bankers Lloyds and HSBC. Grant Thornton UK LLP carried out financial due diligence for Staffline and Deloitte LLP provided corporate finance advice to the shareholders of A4e.
