Project Helios

    Completion Date: 01/02/18
    Target: the Santon Group via the purchase of its holding company EWAC Holdings BV
    Acquirer: discoverIE Group plc (via its subsidiary, Acal Europe Holding B.V.)
    Deal Value: Initial consideration on closing of €26.0 million (£22.8m) in cash and the issue to the seller of new ordinary shares of 5p each in discoverIE group plc to the value of €1.0m (£0.9m) plus contingent consideration of up to €22.5m (£19.9m) over the next 3 years subject to Santon achieving certain growth targets, the reimbursement of €2.5m (£2.2m) of recent capital expenditure by Santon and the investment of a further €2.5m (£2.2m) over the coming year.
    Details: Catherine Drew of Charles Russell Speechlys led a European legal team advising discoverIE Group plc, a leading international designer, manufacturer and supplier of customised electronics to industry, on the acquisition of the Santon Group. Santon, which operates from Rotterdam in the Netherlands with sales offices in the UK and Germany, is a designer and manufacturer of highly differentiated, patented direct current switches for use in solar, industrial and transportation markets.
    Funding: Existing debt facilities of the discoverIE group.
    Corporate Finance Advisers: Quercus Corporate Finance LLP for discoverIE Group plc. IRIS Corporate Finance for the seller.
    Legal Advisers: Charles Russell Speechlys LLP (UK), NautaDutilh N.V. (Holland) and Noerr LLP (Germany).

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