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Eversheds advises Lakehouse plc on Main Market IPO

  • United Kingdom

    31-03-2015

    Law firm Eversheds has advised Lakehouse plc ("Lakehouse"), a leading asset and energy support services company, on its successful initial public offering (“IPO”).

    Founded in 1988 and headquartered in Romford, Essex, Lakehouse, which focuses on customers in the UK outsourced public and regulated services sectors, delivers a range of essential services through a successful model based on long term contractual relationships with local authorities, housing associations and energy companies. It operates through four business Divisions: Regeneration (planned and reactive maintenanceand refurbishment services); Compliance (gas, fire, electric, air and watercompliance services); Energy Services (installation of energy saving measures);and Construction (extension and refurbishment of public buildings, primarily schools).

    The IPO comprises 67.4 millionshares at an offer price of 89 pence per share, split equally between the issue of new shares by Lakehouse and the sale of existing shares by selling shareholders.

    The IPO will raise gross proceeds of £30 million for Lakehouse, which will be used for general working capital purposes and to fund bolt-on acquisitions where suitable opportunities are identified. At admission, Lakehouse will have 157.5 million shares in issue, giving it a market capitalisation of £140.2 million at the offer price.

    Peel Hunt acted as sponsor, financial adviser, sole bookrunner and broker to Lakehouse on the IPO.

    The Eversheds team was led by Partner, Steve Nash, assisted by Principal Associate, Mark Roe, Partners, Mathew Gorringe and Alison Starr, and Associates, Danielle Boland-Brown and Russell Naglis.

    Steve commented:

    “This is an exciting time for Lakehouse as it seeks to capitalise on the growth opportunities in its chosen markets. We are delighted to have been able to assist the Lakehouse team in achieving this important milestone in their history and look forward to continuing to support them as they commence life as a listed company and implement their growth strategy.”

    Commenting on the announcement, Stuart Black, Executive Chairman of Lakehouse, said:

    "We are delighted to announce the successful pricing of our initial public offering on the London Stock Exchange. We believe that Lakehouse represents anattractive investment opportunity, reflecting our compelling growth prospects,and we are pleased to welcome our new shareholders to the Company. Lakehouse looks forward to life as a listed company and continuing its track record oflong term value creation for all its stakeholders. Our legal advisers, Eversheds, assisted us through every step of the process, providing practical solutions and commercial advice, helping to ensure that the IPO was executed smoothly and effectively."

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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