Channel Islands law firm Carey Olsen has advised existing AIM company client Breedon Aggregates Limited (formerly Marwyn Materials Limited) in the £50million reverse acquisition of Breedon Holdings Limited.
Breedon Aggregates Limited, which is a Jersey incorporated company whose shares are admitted to trading on AIM, was established to acquire controlling interests in profitable building material businesses in the UK, Europe and US, creating shareholder value through market consolidation. The company has acquired the entire issued share capital of Breedon Holdings Limited and has raised £50million with the issue of 416,666,667 placing shares at 12.0 per share.
Breedon Aggregates Limited will use approximately £44 million to pay off some of the Breedon Group’s existing debt and provide approximately £25 million to fund the ongoing working capital of the enlarged group and to finance potential future acquisitions. Breedon Holdings Limited is the largest independent UK aggregates producers with 29 quarries, 19 asphalt plants and 27 concrete plants in England and Scotland.
Carey Olsen partner Mike Jeffrey led the team advising Breedon Aggregates Limited in Jersey and was assisted by James Fox and Matthew Ecobichon.
“The reverse acquisition of Breedon Holdings Limited by Breedon Aggregates Limited demonstrates that Jersey remains a popular jurisdiction for publicly listed companies and M&A acquisition vehicles,” said Advocate Jeffrey.