Business Irish

Monday 26 June 2017

CapVest taps Investec in its bid for One51

One 51 signage
One 51 signage
Donal O'Donovan

Donal O'Donovan

Capvest has hired Investec as its financial adviser on the takeover approach for One51, the Irish Independent has learned.

Investec Bank and law firm A&L Goodbody are understood to be advising Cavan-born Seamus FitzPatrick's UK-based private equity house on the €288m bid for investment firm One51.

Seperately, Investec's share dealing arm is one of five stockbroking firms that administer a so-called grey market in One51 shares.

The brokers' role in the grey market is to match buyers and sellers of shares, which unlike the case for listed companies do not trade on a public exchange.

One51 has yet to appoint a financial adviser to work on the approach and is likely to rely on its current adviser, McCann Fitzgerald, for legal advice, it is understood.

CapVest has lined up a €1.80 a share offer to buy One51 in a deal that would halt plans to float the business on the stock market.

Under the terms of its approach, CapVest would allow current shareholders to retain a stake in the business as long as it becomes the majority owner.

CapVest has yet to table a formal bid for One51 but at least some investors are understood to be holding out for a higher offer.

Irish Independent

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