Advising Venture Life Group on its Dentyl mouthwash acquisition and equity fundraising
07 Aug 2018
International law firm Simmons & Simmons has advised consumer healthcare company Venture Life Group plc (Venture Life or VLG) on the £4.2m acquisition of the Dentyl Dual action mouthwash product and a related placing led by Cenkos to raise approximately £18.75m, to fund this acquisition, repay VLG’s Convertible Bonds and vendor loan notes relating to the merger of its Italian manufacturing subsidiary, Biokosmes, and to strengthen VLG’s balance sheet to support the continued growth of the business and explore further strategic acquisition opportunities.
VLG is an international self-care group, focused on the development, manufacture and commercialisation of products for the global self-care market. VLG has established a vertically integrated platform, with a manufacturing facility in Italy and a network of over 90 distribution partners in over 40 countries and employs approximately 100 staff between its operations in the UK and Italy. VLG has been a client of the firm since 2010 which has previously advised on its merger with Italian development and manufacturing company Biokosmes, on its 2014 AIM IPO and its acquisition of UltraDEX.
Venture Life CEO Jerry Randall commented: “The Dentyl acquisition and the Placing represents a significant step for Venture Life in our strategy to accelerate growth and build on the success of the UltraDEX acquisition and leverage our operating platform. I’d like to thank Charles Mayo and the Simmons & Simmons team for their continued support and being part of our team. Their sector expertise and collaborative approach works very well for us.”
Commenting on the transaction, Charles Mayo said: “We are very pleased to support Venture Life’s continued growth as an international healthcare business focussed on self-care products.”
The team was led by corporate partner and healthcare & life sciences specialist Charles Mayo, supported by Federica Titon as well as Naoko Adachi and Taylor Souter who assisted with fundraising-related documents. Richard Binns supported by Lydia Torne and Matthew Caley advised on the IP aspects of the transaction, with Zoe Arnautov advising on tax.