BLP advises on acquisition of Zenith Hygiene Group plc by Pinnacle Bidco Holdings plc

Berwin Leighton Paisner (BLP) has advised Pinnacle Bidco Holdings plc (Pinnacle), a company established on behalf of Stanley Fink, on its recommended cash offer for AIM listed Zenith Hygiene Group plc (Zenith).  The offer, which was effected by means of a scheme of arrangement, comprised a recommended cash offer with a share alternative, which was not recommended.

Zenith’s shares were admitted to trading on AIM in 2005.  Upon the scheme becoming effective (26 November 2008), the admission to trading on AIM of Zenith’s shares was cancelled.  Pinnacle was established solely for the purpose of making the offer and its shares are not admitted to trading on any investment exchange. 

The offer placed an enterprise value on Zenith of approximately £20m with a market value, net of debt, of approximately £2.6m.

The BLP team was led by Corporate Finance Partners Daljit Singh and Murdoch Currie, assisted by Senior Associate Nick Watson.

Commenting on the transaction, Daljit Singh said: “Against the backdrop of testing market conditions, both on the debt and the equity side, it has been very satisfying to bring this deal home.”

CMS Cameron McKenna LLP advised Zenith.

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