The Aussie private equity player has snapped up its second public-to-private target and the sixth for the fund since it launched in 2017.
Adamantem Capital today announced the proposed acquisition of 100 per cent of the shares in Legend Corporation Limited. Legend is an ASX-listed designer, manufacturer and distributor of products and accessories to trade specialists across a diversified range of end markets, including electrical, power, rail, mining and telecommunications end markets.
Under the terms of the Scheme Implementation Agreement outlined in Legend’s ASX Announcement released today, Adamantem has agreed to take Legend private at an offer price of $0.365 per share, representing 22.1 per cent premium to the one-month volume-weighted average price. The offer values Legend’s fully diluted equity at approximately $79.6 million, and implies an enterprise value of $100.6 million.
Adamantem Capital managing director Rob Koczkar said that Legend was attractive for its long history of innovation and established position as a leading manufacturer and distributor of components for a variety of end markets including electrical, gas and plumbing, where it is a certified and preferred wholesale supplier.
“We are delighted to have the unanimous support of Legend’s board on our proposal. We are committed to continuing the growth of Legend under private ownership, supporting its people and customers, and building on its history as a leading provider of engineering solutions to a range of industries.”
Adamantem has been working with an experienced industrial products and electronics executive Gary Uren in assessing this opportunity. Mr Uren has over 20 years of relevant industry experience working in similar businesses across Australia, the UK and the USA, most recently in Atkore, a portfolio business of Clayton, Dubillier & Rice.
Luminis Partners and Gilbert + Tobin are advising Adamantem.