Stirling Industries plc’s £8.9m initial public offering on AIM market of the London Stock Exchange

Ashurst advised Stirling Industries plc, the specialist industrial investment business, in relation to its £8.9 million initial public offering on AIM, a market of the London Stock Exchange.

Numis Securities Limited acted as sole bookrunner for the placing and have been appointed as Stirling’s Nominated Adviser and Broker.

Stirling intends to use the listing to pursue an “Acquire, Develop and Sell” strategy, with the objective of creating value for shareholders. Its acquisition targets are industrial businesses in the building, engineering and manufacturing sectors operating in the UK, Europe and US with strong fundamentals and enterprise values between £50 million and £750 million. Stirling’s board has a strong track record of strategic and operational leadership across a broad range of geographies and industries where they have created value for shareholders. The core team has previous experience working for Melrose plc. New acquisitions will be funded from existing cash resources in conjunction with the proceeds of an equity or debt raise.

The Ashurst team was led by corporate partner Nick Bryans (picture), assisted by senior associate Tara Waters. Tax advice was provided by partner Nicholas Gardner and associate Rebecca Kell. Partner Ruth Buchanan advised on employment matters, assisted by senior associate Tom Kavanagh, with counsel David Baxter advising on the incentives aspects of the transaction.

Involved fees earner: Nick Bryans – Ashurst; Tara Waters – Ashurst; Nicholas Gardner – Ashurst; Rebecca Kell – Ashurst; Ruth Buchanan – Ashurst; Tom Kavanagh – Ashurst; David Baxter – Ashurst;

Law Firms: Ashurst;

Clients: Stirling Industries plc;