Macfarlanes advises Inspecs on £140m IPO

13 February 2020

Macfarlanes has advised designer, manufacturer and distributor of eyewear frames, Inspecs Group plc, on its IPO on the London Stock Exchange’s AIM market.

The transaction values the company at approximately £140m and raises new gross proceeds for the company of approximately £24m as well as allowing existing shareholders to realise gross proceeds of approximately £70m.

Macfarlanes has also advised Inspecs on a new revolving credit facility of $25m provided by HSBC in connection with the IPO.

The transaction was led by corporate M&A partner Harry Coghill, with assistance from senior counsel Mark Slade and solicitors James Wilkes and Tim Wickenden. Commercial advice was provided by partner Will Hedges and solicitor Giles Neoh. Advice on the financing aspects came from partner Jat Bains and solicitor Valery Nformba and tax expertise was provided by partner Jeremy Moncrieff and senior solicitor Laura Foley. Partner Rob Collard and senior counsel Rasmus Berglund provided management incentive input.

Commenting on the transaction, Harry Coghill said: “This transaction marks a key milestone for Inspecs and its founder, Robin Totterman. We are delighted to have helped this well-positioned international business achieve its IPO and look forward to helping the company to implement its post-IPO plans. The transaction demonstrates that, despite strong headwinds over the last year, the capital markets are open for high-quality companies with differentiated equity stories.”