National business law firm DWF has advised Zeus Capital in relation to Collagen Solution’s acquisition of New Zealand-based Southern Lights Biomaterials and its £6million share placing. Zeus Capital acted as the nominated adviser and broker on the deal.
The £6million acquisition constitutes a reverse takeover and the net proceeds of the placing will partially fund the initial £2.5million cash element of the consideration and provide working capital.
Southern Lights Biomaterials is a global supplier of bovine collagen and the complementary acquisition provides Collagen Solutions, the developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, with additional security of supply of high grade collagen.
Lisa Stavropoulos, Director in the Corporate team at DWF, led the deal and commented: “Zeus Capital is a longstanding client and it was a pleasure to work with the team again on such an important deal for Collagen Solutions. Southern Lights has strong synergies with Collagen Solutions and the deal will further enable the group to strengthen its proposition to clients.”
Lisa was supported by Katy Philips, solicitor in the Corporate team.
Ross Andrews, business head of plc advisory at Zeus Capital, added: "The acquisition is a logical strategic extension and provides the group with a wider international customer base and access to high grade collagen from a BSE free country. The group raised £6million in an oversubscribed placing to part fund the acquisition and for working capital."
Panmure Gordon & Co acted as joint broker on the deal.