LAWFUEL – The Law News Network – Arnold & Porter’s London office advised Armour Group plc in the acquisition of Alphason Designs Limited (Alphason), the UK’s brand leading specialist designer and supplier of audio visual furniture to the consumer electronics market.
Representing Armour Group was Arnold & Porter’s London office corporate partner Jeremy Willcocks.
The initial consideration for the acquisition comprised of approximately 1 million new ordinary shares in Armour Group and a cash payment of approximately £9.5 million (US $16.75 million). If Alphason meets certain profit targets, additional payments of up to £10.75 million (US$ 19 million) will be made after completion.
The acquisition was funded by a £6 million (US$ 10.58 million) placing by KBC Peel Hunt with existing and new institutional investors and through new banking facilities with National Westminster Bank plc.
Alphason has been designing, manufacturing, and distributing audio visual furniture for over ten years in the UK market. The market for audio visual furniture is expected to grow over the coming years with a surge in demand for LCD and plasma televisions. The acquisition is expected to strengthen Armour Group’s leading position in the UK consumer electronics market and give the group the ability to reach a wider consumer audience.
Arnold & Porter is an international law firm of approximately 625 attorneys, with eight offices in the US and Europe.