LAW firm Halliwells has advised the shareholders of Saturn Energy Limited on its sale to Spice plc, the provider of total utility support services.
Halliwells’ corporate team was led by Liverpool-based partner Craig Scott.
The acquisition of Saturn is for an initial cash consideration of £3.5 million. Additional contingent consideration will be payable based on Saturn's results for the years ending 30 April 2008 and 30 April 2009 respectively. The additional contingent consideration will be capped at £4.75 million plus interest with the overall consideration capped at a maximum of £9 million.
Saturn Energy, based in Liverpool, is a commercial energy broker focused on the Small and Medium Enterprise ("SME") sector. It acts as agent for SME's to procure gas and electricity from suppliers under medium and long term contracts and employs 11 people. It was established in 1999 by its directors, Thomas McInerney, Michael McInerney and Roger Askew. Following the acquisition, Roger Askew will be remaining as a director and Thomas and Michael McInerney will be retained on a consultancy basis.
Corporate finance advice to Saturn was provided by Langtons (Dan Jackson) and Spice plc was advised by Eversheds (David Strachan).