Mills & Reeve advise AIM-listed Nexus Infrastructure on £77.7m sale of two networks

The divisions have been acquired by a new wholly owned subsidiary of funds managed by FitzWalter Capital and its affiliates for cash consideration of £77.7 million.  

TriConnex designs, installs and connects electricity, water, gas, fibre networks and electric vehicle charging infrastructure on new residential developments, while eSmart Networks provides public electric vehicle charging, industrial electrification and renewable energy connections.

Nexus Infrastructure’s principal business is Tamdown, a provider of civil engineering and infrastructure services to the UK housebuilding and commercial sectors. Nexus Infrastructure continues to be listed on AIM.  

A substantial proportion of the net proceeds, which is expected to be around £65 million, will be returned to shareholders by way of a tender offer.

Stephen Hamilton, partner who led the team advising Nexus Infrastructure, said: “We had the pleasure of advising the Nexus team on their IPO in 2017 and so we are delighted to have been able to help them once again with a transformative transaction.”

The Mills & Reeve team also included Emma Plaxton, Tom Samuel, Caitlin Mayers, Megan Watson, Olivia Mechan, Thomas Hurley, Peter McLintock, Kevin Calder, Vyara Yordanova, Vincenzo Maggio, Emma De Meyer, Andrew Secker, John Kahn and Martino Giaquinto. Anthony McGurk leads the firm’s client relationship with Nexus.

Numis Securities provided corporate finance advice to Nexus and is also the Company’s AIM Nominated Adviser.