Cap10 Partners LLP reached an agreement to acquire Sureserve Group plc (AIM:SUR) from a group of sellers and others for approximately £210 million on April 21, 2023. Under the terms of the acquisition, Sureserve shareholders will be entitled to receive 125 pence in cash for each Sureserve share held. The acquisition will be effected by means of a Court-sanctioned scheme of arrangement. The cash consideration will be financed by a combination of equity financing and new debt. Following the effective date, Sureserve will continue to operate as a standalone business group. Cap10 does not intend to make any material change in the conditions of employment, or in the balance of skills and functions, of the employees and management of Sureserve. Each of the non-executive members of the Sureserve Board have agreed to resign as a director of Sureserve with effect from completion of the acquisition. As of June 9, 2023. The Court Meeting sought approval from holders of Scheme Shares for the Scheme.

Cap10 has received irrevocable undertakings and a letter of intent from Sureserve Directors, Harwood Capital, Miren Rawlings and Slater Investments in respect of their share holding in Sureserve. As of May 25, 2023, after disposal of 750,000 Sureserve shares, Slater Investments' irrevocable understating has also updated to its remaining shareholding of 25,568,325 shares, representing approximately 15.38% stake in Sureserve. The Sureserve Board unanimously recommended the transaction. The transaction is subject to the Sureserve’ shareholders approval at the Court and General meeting, the sanction of the scheme by the Court, subject to the law of England and Wales and the jurisdiction of the Court and the applicable requirements of the Takeover Code, the Panel, the FCA, the London Stock Exchange. As of July 6, 2023,the Court had sanctioned the scheme on July 5, 2023. The scheme is expected to become effective during late June/early July 2023. As of May 17, 2023, the Scheme is expected to become effective on July 11, 2023.

Dimitrios Georgiou, Wladimir Wallaert, Nirav Amlani and Alex Bennett of Evercore acted as independet financial adviser to Sureserve Board. Stephane Auton and Daniel Bush of Shore Capital acted as nominated adviser to Sureserve. Alistair Allen, Rob McCann and Matt Jaquiss-Ollier of Rothschild & Co acted as financial adviser to Cap10. Proskauer Rose (UK) LLP is legal adviser to Cap10 and Eversheds Sutherland (International) LLP is legal adviser to Sureserve.

Cap10 Partners LLP completed the acquisition of Sureserve Group plc (AIM:SUR) from a group of sellers and others on July 11, 2023.