Hill Dickinson’s London Corporate team has advised Intelligent Safety Electronics, a subsidiary of Siterwell Electronics, on its successful recommended cash takeover of FireAngel Safety Technology Group.
Pursuant to the offer, ISE has paid 7.4 pence per FireAngel share, valuing the issued and to be issued share capital of FireAngel at £27.68 million. The offer closed on 1 July 2024, with ISE acquiring 81.24% of the issued shares of FireAngel which, taken together with the 17.46% of FireAngel shares which it acquired in June 2023, means that ISE now holds 98.70% of the issued shares of FireAngel.
The Hill Dickinson team advising ISE was led by partners Sam Hudson and Shantanu Sinha, with support from associate Cyprien Berlan and paralegal Martha Morrow.
FireAngel is a leading home fire and safety brand that distributes home safety products throughout Europe and which also has research and development capabilities. Its principal products include smoke alarms, carbon monoxide (‘CO’) alarms and accessories sold under the principal brand of FireAngel. FireAngel manufactures CO alarm sensors at its Canadian subsidiary, Pace Sensors. All other manufacturing and product assembly is outsourced to third parties, including Siterwell.
ISE is a Singaporean subsidiary of high-tech manufacturer Siterwell, which focuses on developing and manufacturing various types of sensor alarms, IOT, security industry application solutions and smart home solutions. Siterwell has been a manufacturing partner to FireAngel since 2017 and, through ISE, has held FireAngel shares since June 2023 when it participated in an equity fundraising (by way of an open offer and placing).
We are delighted to have been able to support ISE with this transaction as it expands its footprint in the United Kingdom and looks to integrate FireAngel into the wider Siterwell group. The public M&A market has been incredibly active this year, and our team continues to be busy assisting both bidders and targets on prospective takeover activity.Sam Hudson
Partner
Commenting for Hill Dickinson, Sam Hudson said: “We are delighted to have been able to support ISE with this transaction as it expands its footprint in the United Kingdom and looks to integrate FireAngel into the wider Siterwell group. The public M&A market has been incredibly active this year, and our team continues to be busy assisting both bidders and targets on prospective takeover activity.”