Franchise Brands plc (AIM:FRAN) agreed to acquire Hydraulic Authority I Limited for approximately £220 million on April 3, 2023. Under the terms of consideration, it includes £200 million and £12.2 million for cash, debt and working capital adjustments. The issue of up to 10,470,232 Consideration Shares at the Issue Price for a value of up to £18.85 million (which may be reduced subject to the result of the Bookbuild); the Placing of at least £90 million; and the Subscription of approximately £4.8 million.

Transaction was financed through new bank debt facilities of £110 million and at least £110 million of equity. The Acquisition is conditional on, inter alia, completion of the Fundraise and the passing of the Resolutions at the General Meeting. Amrit Nahal, Tony Quirke, Joscelin Pinnington, Jeremy Porter and George Payne of Allenby Capital Limited acted as financial advisor to Franchise Brands plc (AIM:FRAN).