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28 Mar 2019

Stephenson Harwood advises Bowmark on £114 million takeover of AIM-listed Tax Systems plc

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Law firm Stephenson Harwood LLP has advised independent UK private equity firm Bowmark Capital on its public-to-private takeover of AIM-listed Tax Systems plc.

Tax Systems provides corporation tax software and compliance services to businesses in the UK and Ireland. The acquisition values the entire issued share capital of Tax Systems at approximately £114 million on a fully diluted basis.

The deal comprised a recommended, all-cash offer for Tax Systems by Stripes Bidco Limited, a wholly-owned subsidiary of the Bowmark funds and was effected by a Court-sanctioned scheme of arrangement in accordance with the UK Companies Act and the Takeover Code.

Stephenson Harwood also advised on the terms of the rollover and sweet equity arrangements entered into by certain members of Tax Systems management, in respect of their continued participation in the business post-completion.

"This transaction builds on the strong track record of our private equity group and demonstrates the depth of our capabilities by bringing together our public M&A and private equity teams," said Stephenson Harwood partner Jonathan Pittal.

The transaction was led by partners Jonathan Pittal and Andrew Edge, supported by senior associate David Dowding and associates Ciara Stratford, Victoria Silver and Ed Willis. Partner John Meehan advised on tax matters. Senior associate Daniel Margolis and associate Gabriella McCoy advised on the transaction financing and senior associate Anika Chandra advised on incentives matters. Partners Paul Reeves and Purvis Ghani advised on employment matters with associate, Michele Aubertin.

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KEY CONTACT

David Dowding

David Dowding
Partner

T:  +44 20 7809 2162 M:  +44 77 1242 9038 Email David | Vcard Office:  London

Andrew Edge

Andrew Edge
Partner

T:  +44 20 7809 2102 M:  +44 7771 921 780 Email Andrew | Vcard Office:  London

Purvis Ghani

Purvis Ghani
Partner

T:  +44 20 7809 2526 M:  +44 7711 759 926 Email Purvis | Vcard Office:  London

Daniel Margolis

Daniel Margolis
Partner

T:  +44 20 7809 2049 M:  Email Daniel | Vcard Office:  London

John Meehan

John Meehan
Partner

T:  +44 20 7809 2375 M:  + 44 7826 550 699 Email John | Vcard Office:  London

Jonathan Pittal

Jonathan Pittal
Partner

T:  +44 20 7809 2768 M:  Email Jonathan | Vcard Office:  London

Paul Reeves

Paul Reeves
Partner

T:  +44 20 7809 2916 M:  +44 7919 694 135 Email Paul | Vcard Office:  London

Victoria Silver

Victoria Silver
Associate

T:  +44 20 7809 2190 M:  Email Victoria | Vcard Office:  London

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