Hunters advised EARNZ PLC, a company listed on the Alternative Investment Market (AIM), on a share placing at a 125% premium to its pre-announcement share price, as well as on its acquisition of A&D Carbon Solutions Ltd, for c.£2.8 million in cash and shares – the next step in EARNZ's 'buy and build' strategy.
EARNZ is an energy services company based in the United Kingdom whose objective is to capitalise on the drive for global decarbonisation, which Hunters strongly supports. The fundraise provides EARNZ with additional working capital and part funds its acquisition of A&D Carbon Solutions.
A&D Carbon Solutions is a company based in Wales, delivering whole building solutions for the decarbonisation agenda, including external wall insulation, cavity wall insulation, air source heat pumps and solar panels. The acquisition supports EARNZ's strategic objective to expand its service offering, and enhance cross-selling opportunities across its group companies.
The Hunters team was led by David Wilson (Partner), assisted by Clare Brennan (Partner), Izabella Brooks (Associate), Sam Young (Trainee), and Flora Hipkin (Paralegal).
David Wilson commented: "Rumours of AIM's impending demise appear to have been overstated. A good company, with good management and good products, can still operate – raising capital from institutions and completing acquisitions (for this transition at a significant premium to EARNZ's pre-announcement share price). We are delighted to have advised EARNZ on this transaction and wish EARNZ every success with its important future plans".
Elizabeth Lake, EARNZ PLC CFO, commented: "We received excellent guidance and support from the Hunters team in getting this deal over the line; another significant step in our strategic growth plan, and in advancing the decarbonisation agenda".
This deal follows a number of recent successful transactions for the Corporate and Commercial team, including advising Gresham House on its debt and equity investments in Fischer Farms and Q5D on its Series A Funding Round raising $13.5 million.