Advised IBS AB on the $98 million sale of its UK subsidiary, IBS (Public Services) Limited, and admission to AIM
2005
Transaction Summary
Strata Advised IBS AB (STO: IBS B), the Swedish supply chain management company, on the $98 million sale of its UK subsidiary, IBS (Public Services) Limited, and admission to AIM through a ‘Bought IPO’. IBS (Public Services) Ltd is a leading provider of software and services to Local Governments and Housing Associations.
- Strata was mandated by IBS AB, a Swedish publicly listed company specialising in supply chain management software, to sell their non-core UK business, IBS (Public Services) Ltd
- Strata identified IBS (Public Services) Ltd as a highly valuable company which was not recognised in the valuation of the parent company by the Swedish stock market
- Having previously received an informal offer for the non-core UK business, IBS AB mandated Strata as their exclusive financial adviser to assist in the sale of IBS (Public Services)
- Strata maximised value for IBS AB by price tensioning through a dual track trade/accelerated IPO sale process that involved trade and financial buyers
- Multiple offers were received and the auction process (and resulting accelerated IPO of IBS OPENSystems) achieved exit multiples in line with publicly quoted competitors and c. 3x more than the original offer received