Walker Morris advise PROACTIS Holdings PLC on acquisition of Millstream
10th November 2016
A multi-disciplinary team of specialist lawyers at Walker Morris has advised PROACTIS, the specialist Spend Control software provider, on its acquisition of the entire issued share capital of Millstream Associates Limited for a consideration of £15.5 million.
Walker Morris is also advising on the proposed cash box placing to raise up to £12.5 million as well on new term and revolving credit facilities of £15.2 million, to fund the acquisition and assist the Company in delivering its growth strategy.
Millstream is a UK technology driven business which provides a range of eProcurement systems and services to purchasers in the public sector as well as offering tailored tender notification information to suppliers looking for new business opportunities.
The acquisition is consistent with PROACTIS’ growth and acquisition strategy and follows its acquisition of Due North Limited at the beginning of the year. The acquisition will broaden the PROACTIS product offering and will further expand its customer base and provide cross-selling opportunities.
The Walker Morris Team comprised Richard Naish, Jo Stephenson from the Corporate Team with support from Michael Taylor and James Crellin from the Banking Team.
Rod Jones, Chief Executive of PROACTIS, commented:
“The acquisition of Millstream represents a significant step in our growth strategy, substantially increasing the scale of the Group. The acquisition broadens both the product offering and the customer base on the buy side of the procurement process whilst also bringing scale of operation on the strategically important supply side of the procurement process. Millstream is a clear complementary fit to the Group and provides some potential upside with cross-selling opportunities into both the PROACTIS and Millstream customer bases.”
Richard Naish, Partner at Walker Morris, said:
“Walker Morris has been delighted to support PROACTIS on its acquisition of Millstream which represents an excellent fit with the PROACTIS portfolio. As a long standing client of the firm we hope that this latest acquisition will provide PROACTIS with a solid platform for future growth.”
