Law firm Hill Dickinson has advised Hercules plc, a leading technology-enabled labour supply company for the UK infrastructure sector, on its acquisition of Advantage NRG.
The acquisition complements Hercules’ existing business supplying labour to the infrastructure market and marks its entry into the power and energy sector. This strategic deal appears well timed given the National Grid’s £5.8 billion upgrade of the UK’s electricity network. Work on ‘The Great Grid Upgrade’ is already under way, with construction having started earlier this year.
Chorley-based Advantage NRG provides highly skilled linesmen for the construction and maintenance of overhead electrical transmission lines across the United Kingdom. Under the terms of the deal, Hercules will acquire 100% of the share capital of Advantage NRG for a cash consideration of up to approximately £15.7 million.
Corporate partner Jonathan Morris led on the provision of legal advice to Hercules, assisted by Amy Grosvenor and Ellie Hicken (Corporate), Matthew Walsh (Tax), Blair Adams and Laura Marginson (Employment) Aneesha Varma (Immigration), Mariam El Mir (Dispute Resolution) Niké Jacobs (Construction) and Jordan Clarke and Becky Kirkham (Banking).
This a great example of an AIM-listed company using the funds it has raised on the market to deliver on its buy and build strategy. This looks like a very exciting acquisition given the updates that are expected to the National Grid over the next few years. Having advised Hercules on its IPO 2022, it is great to watch it go from strength to strength. I’m delighted to have helped get this deal successfully over the line.Jonathan Morris
Corporate Partner
Jonathan Morris said: “This a great example of an AIM-listed company using the funds it has raised on the market to deliver on its buy and build strategy. This looks like a very exciting acquisition given the updates that are expected to the National Grid over the next few years. Having advised Hercules on its IPO 2022, it is great to watch it go from strength to strength. I’m delighted to have helped get this deal successfully over the line.”
The deal is the fourth M&A that Hill Dickinson have advised Hercules on since its IPO.