BLP wins second Numerica deal in a month
Legal Week reports
March 27, 2002 at 07:03 PM
2 minute read
Berwin Leighton Paisner (BLP) has scored its second deal in a month for acquisitive business services group Numerica by advising on its £1m acquisition of web marketing company Practice Track.
The firm had advised the company on its acquisition of the non-audit business of Midlands accountants Pole Arnold earlier in March, sealing its position as Numerica's prime UK corporate adviser since handling its AIM flotation last year.
The turnover of Practice Track was £1.5m in the year to September 2001, with Numerica's offer being accepted by the company in new shares and cash.
Corporate partner Simon Pollock led the BLP team with Bristol-based TLT solicitors, led by corporate partner David Pester, advising Practice Track.
Pollock said: "Numerica has made no secret that it intends to use some of the funds raised from its flotation to acquire more businesses.
"The company spends a lot of time identifying targets and doing intensive due diligence and its rising share price indicates that this is the correct approach."
Last year the company acquired the non-audit businesses of accountants Levy Gee, Jayson Newman and NMGW.
However, Tenon – Numerica's fellow consolidator and main rival – has experienced difficulties since its ground-breaking acquisition of West End law firm Statham Gill Davies last year.
The company was subsequently forced to issue a profits warning after seeing one third wiped off its share price since its own AIM flotation.
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