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Nabarro advises on acquisition of leading fire and rescue service provider
6 March 2007
Nabarro has advised new client, Asfare Group plc (Asfare), on the conditional agreement to acquire AssetCo Group Limited (AssetCo) for £80.2 million and the associated placing, through Hoare Govett, to raise £20 million. The consideration is to be satisfied as to £70.2 million in shares and £10 million in cash. The transaction is subject to shareholder approval at a meeting on 29 March.
AssetCo is the leading provider of services to UK fire and rescue authorities. It is the contractor in relation to the only two contracts for the outsourced management and operation of fire and rescue vehicles in the UK. In 2001, it won the largest outsourced emergency services contract worldwide, the 20-year contract for London Fire Brigade with current estimated contract revenues of £400 million over the life of the contract. Under this contract, AssetCo owns and operates all the London Fire Brigade vehicles. In 2006, it won the 20-year contract with Lincoln Fire & Rescue to provide an outsourced fire and rescue vehicle service.
The acquisition will allow the enlarged group to expand the range of services and products it can provide and allow it to exploit the potential opportunities in the UK fire and rescue and other emergency services markets.
Corporate partner, Iain Newman, led the Nabarro team and was assisted by, Kristy Duane, Alexandra Marsh and Sarah Crick (corporate), Kate Richards and Victoria Lee (pensions), Susan Gordon and Will Santer (employment), Jim Mottram and Ben Tennant (tax), Anna Marshall and Luke Bennett (environment), Tracey Sheehan (IT), Guy Heath and Toby Cummins (IP) and Andrew Kinsey and Sharon Frazer (property). Carson McDowell (Rosemary Carson) advised Asfare on Irish and Northern Irish aspects of the transaction. Belfast-firm Mills Selig (Richard Fulton, Nuala Sheehan, Karyn Hanna and Kathryn Walls) advised Assetco. Simmons & Simmons (Gavin Weir and Flavia Galli) advised Hoare Govett, which acting as nominated adviser, financial adviser and corporate broker exclusively for Asfare.
Corporate partner, Iain Newman said:
“This transaction brings together two experienced and specialist UK fire services companies and should allow the group to exploit the opportunities available in the fire and rescue and other emergency services markets. We look forward to working with John and his team in the future as it continues its growth strategy.”
If you would like any further information or have any queries please contact:
Charlotte Tandy
Lansons
020 7566 9706
Charlottet@lansons.com
Or
Iain Newman
Nabarro
020 7524 6423
i.newman@nabarro.com
