03 Dec 2013

Stephenson Harwood advises on £122m subsidiairy disposal and London IPO

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International law firm Stephenson Harwood has advised new client, CSE-Global Limited ("CSE-Global"), on the sale of one of its wholly owned subsidiaries, Servelec Group plc ("Servelec"), for £122 million. Contemporaneously with the sale, which completed on 2 December 2013, Servelec was admitted to the Official List and to trading on the premium segment of the main market of the London Stock Exchange. Servelec's market capitalisation on admission was £122 million. Stephenson Harwood advised CSE-Global, Walker Morris advised Servelec and Investec Bank plc ("Investec") acted as sponsor, financial adviser, sole bookrunner and broker to CSE-Global.

CSE-Global is an international technology group listed on the Singapore Stock Exchange. The Servelec group operates two divisions: healthcare and automation. Servelec Healthcare specialises in the design, development and implementation of Electronic Patient Record software within secondary care settings and is a market leader in the Mental Health and Community Health sectors in England. Servelec Automation provides complex, mission-critical control systems to large, blue-chip companies mainly in the UK oil & gas, water, power, utilities and broadcast sectors. Following the IPOs of Fusionex International (December 2012) and Kalibrate Technologies (November 2013) this is the third tech IPO that Stephenson Harwood has advised on in the last 12 months.

Commenting on Servelec’s AIM admission, Matthew Gorman, partner in the corporate finance group at Stephenson Harwood, said "We are pleased to have assisted CSE-Global on what is a significant transaction for the group. To have sold down its entire holding in Servelec to such a strong line up of City institutions is testimony to the excellent work that CSE-Global has put into growing the company over the last 13 years".

The Stephenson Harwood team was led by Singapore corporate finance partner Matthew Gorman, with associate Emma Nicholls assisting.

Stephenson Harwood has also advised on the following IPOs in the last 12 months:

  • IBEX Global Solutions PLC
  • Weiss Korea Opportunity Fund Ltd
  • Kalibrate Technologies PLC
  • GCP Student Living PLC
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