VSA Capital Group Silverwood Brands - Silverwood Brands PLC investment in Lush
12/12/2022 07:05
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RNS Number : 3489J VSA Capital Group PLC 12 December 2022
12 December 2022
VSA Capital Group plc
("VSA Capital Group", or the "Company")
Silverwood Brands PLC investment in Lush
VSA Capital Group notes the announcement today by Silverwood Brands plc
("Silverwood") on its acquisition of a 19.8% stake in Lush Cosmetics Limited
("LCL"), and Cosmetic Warriors Limited ("CWL"), together ("Lush"). Lush is a
manufacturer and seller of fresh handmade skincare goods and cosmetic
products. Lush operates retail outlets in 48 countries and has manufacturing
facilities in 6 nations. It produces a wide range of beauty and personal care
products using only vegetarian or vegan recipes. Lush has championed its ESG
credentials and has continued to push a strong sustainability agenda across
all areas of its business. The Company's regulated subsidiary, VSA Capital
Limited ("VSA") is the Aquis Corporate Advisor to Silverwood.
VSA had been engaged to advise Andrew Gerrie and Alison Hawksley (the "Lush
Vendors") on this transaction for the past two years. To avoid a conflict of
interest and ensure an arms-length independent transaction was undertaken in
compliance with the Articles of Association of LCL and CWL, VSA recused itself
from advising the independent directors of Silverwood Brands on their decision
to acquire the shareholding in Lush. VSA did, however, fulfil its role as a
Corporate Advisor to Silverwood by advising on Aquis regulatory issues and
discussions with the Takeover Panel.
The Lush transaction value amounted to £216.8 million and the fee payable to
VSA will have a materially positive impact on VSA Capital Group's results for
the year ending 31 March 2023.
Andrew Monk, CEO of VSA Capital Group, said "This is a great deal for VSA to
have advised on and it demonstrates the strength and depth of our investment
banking capabilities. This deal will also create long-term value for all
parties. We recognise that there is strong loyalty to Lush and we want to help
all stakeholders, especially customers and employees, reap the benefits of
investing directly in this fast-growing brand by owning shares in Silverwood".
For more information, please contact:
VSA Capital Group plc +44(0)20 3005 5000
Andrew Monk, CEO
Andrew Raca, Head of Corporate Finance
Marcia Manarin, Finance Director
Alfred Henry - AQSE Corporate Adviser +44 (0)20 3772 0021
Nick Michaels & Maya Wassink www.alfredhenry.com (http://www.alfredhenry.com/)
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