Business
Proposed Acquisition and Launch of ABB
Proposed Acquisition and Launch of ABB.
About this update from Franchise Brands Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF FRANCHISE BRANDS PLC IN ANY JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.\n \n \n \n \n \n \n \n \n \n UNLESS OTHERWISE INDICATED, CAPITALISED TERMS IN THIS ANNOUNCEMENT HAVE THE MEANINGS GIVEN TO THEM IN THE DEFINITIONS SECTION INCLUDED IN APPENDIX IV.\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). \n \n \n \n \n \n \n 3 April 2023\n \n \n \n \n \n \n Franchise Brands plc\n \n \n \n (\"Franchise Brands\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n Proposed acquisition of Hydraulic Authority I Limited, the owner of Pirtek Europe,\n \n \n \n \n and proposed Placing by way of an accelerated bookbuild\n \n \n \n \n \n \n The Board of Franchise Brands plc, an international multi-brand franchise business, is pleased to announce that it has conditionally agreed to acquire Hydraulic Authority I Limited, the owner of Pirtek Europe, an established European provider of on-site hydraulic hose replacement and associated services, for a consideration of £200 million and £12.2 million for cash, debt and working capital adjustments. The Acquisition is conditional on, inter alia, completion of the Fundraise and the passing of the Resolutions at the General Meeting.\n \n \n \n \n \n The Acquisition and working capital requirements of Pirtek are to be funded by new bank debt facilities of £110 million and a minimum of £110 million in equity issued by the Company. The equity issue will comp...