King & Spalding and Hogan Lovells lead on Eddie Stobart IPO
Duo advise as UK trucking company announces plans to float on the London Stock Exchange
March 23, 2017 at 07:31 AM
2 minute read
King & Spalding and Hogan Lovells are advising as UK logistics company Eddie Stobart, known for its distinctive green and red lorries, announces plans to float on London's AIM market.
The company, which will be renamed Eddie Stobart Logistics ahead of the IPO, posted revenue of £550m in the year to November 2016. It reportedly hopes to raise around £130m through the junior market listing.
King & Spalding's City office is acting for Eddie Stobart, with a team led by corporate partner William Charnley and M&A counsel Marcus Young.
The pair previously advised private equity firm DouglasBay Capital (DBAY) on its £280.8m purchase of a majority holding in Eddie Stobart in 2014, which left the wider Stobart Group owning a 49% interest.
Fellow King & Spalding partners Kevin Conway in tax and Pulina Whitaker in employment also advised on that deal.
Hogan Lovells is acting for the underwriters on the current planned listing, which is expected to happen next month. Hogan Lovells London corporate partner Daniel Simons is leading the team.
In 2012, Eddie Stobart launched a legal service, Stobart Barristers, to connect businesses to barristers without the need to go through a solicitor. However, the business stopped providing legal services to the public in 2014, following the departure of founder Trevor Howarth to run legal technology company One Legal. In a statement, the company said it would focus instead on internal group legal matters.
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