Hogan Lovells advises on £74.9m takeover of Proactis Holdings plc
London, 11 June 2021 - Hogan Lovells is advising Houlihan Lokey on the £74.9 million takeover of Proactis Holdings plc (“Proactis”) by Cafe Bidco Limited, a wholly-owned subsidiary of investment funds advised and managed by Pollen Street Capital Limited (“Pollen Street”) and investment funds advised and managed by DBAY Advisors Limited (“DBAY”).
Proactis is an international business spend management solution provider admitted to trading on AIM and operates with a mark-facing presence in the UK, the US, France, Germany and the Netherlands. Proactis enables digital trade by helping organisations around the world to control 100 per cent. of their spend. Its solutions are used in approximately 1,100 buying organisations around the world, with over three million users who Proactis believe have over two million supplier relationships, in over 100 countries across the commercial, public and not-for-profit sectors. In the financial year ended 31 July 2020, the business generated £49.6 million of revenue.
It is intended that the acquisition of Proactis will be implemented by way of a scheme of arrangement, however, Pollen Street and DBAY have reserved the right to elect to implement the acquisition by way of an offer as an alternative to the scheme (subject to the Panel’s consent and the terms of the co-operation agreement).
The Hogan Lovells team is being led by London-based corporate partner Daniel Simons alongside corporate counsel John Holme and associate Claire Macpherson.
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