Memery Crystal Acts for International Brand Licensing on Reverse Takeover of EKF-diagnostic GmbH
Memery Crystal LLP has acted for International Brand Licensing Plc (“IBL”) on its reverse takeover of EKF-diagnostic GmbH (“EKF”) for a total consideration of €14.32 million. The transaction also involved a placing on AIM to raise approximately £15.06 million before expenses to fund the acquisition and provide additional funds for investment in EIS/VCT qualifying activities. IBL will change its name to EKF Diagnostics Holdings plc on completion of the acquisition.
In November 2009, UK-based IBL announced a change of strategy to divest its portfolio of sports and lifestyle brands in order to focus on building a business within the diagnostic market place through acquisition and organic growth. The company also announced the appointment of a new management team with a proven track record within the diagnostics industry, headed by non-executive chairman David Evans (recipient of the 2010 Non-Executive Director Award in the AIM category) and CEO Julian Baines. Memery Crystal has advised IBL over the past few years on the divestment of its existing business by way of the sale of its rights in the Admiral sports brand in Eastern Europe, Sub-Saharan Africa, Turkey, Greece, Cyprus, Japan, Australia, New Zealand, certain territories in South and South-East Asia, Russia and, more recently, in the UK, Ireland and certain other territories in North Africa and the Middle East.
EKF, based in Germany, focuses on the development, manufacture and selling of diagnostic instruments and reagents to clinical and research laboratories, doctors’ offices and sports medicine testing sites worldwide. At completion of the acquisition, IBL will be the holding company of a group of diagnostic businesses with offices in Germany, Poland and Russia and with sales and distribution channels in over 65 countries.
The Memery Crystal team was led by founding partner Peter Crystal and senior assistant Shantanu Sinha, with assistance from solicitor Fiona Bell and trainee Ryan Lynch.
Peter Crystal commented: “We are extremely pleased to be working with IBL on its exciting global strategy within the diagnostics sector. This particular acquisition was highly complex, involving multiple jurisdictions and close cooperation with German, Russian and Polish law firms. We look forward to continuing to assist IBL in achieving its goals worldwide.”
Memery Crystal is a recognised leader for its corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies. The firm has been highly ranked for its excellence in handling M&A deals by both Chambers UK and The Legal 500. The firm advises corporate and entrepreneurial clients on all aspects of takeovers, mergers, acquisitions and disposals, with experience in private equity transactions, company re-organisation and sales, and purchases of both public and private companies.