Fladgate LLP has advised AIM listed LiteBulb Group on a conditional share purchase agreement to acquire Bluwstuff Limited, a global designer, manufacturer and distributor of award winning innovative products, predominantly for the gift and toy markets, together with a proposed issue of up to £1.5m of secured convertible loan notes for expansion capital.
Bluwstuff has offices in the UK and in Hong Kong and has long-established relationships with a large number of blue-chip clients including Tesco, Boots, M&S, Sainsbury’s, Next, WH Smith, Debenhams, Morrisons, Mothercare and Toys ‘R’ Us.
The acquisition is expected to enhance LiteBulb Group’s position as a leading provider of niche innovative consumer brands and products; expand its geographical presence through Bluwstuff’s established presence in Hong Kong; and increase its portfolio of high quality brands and products.
Simon McGivern, LiteBulb Group CEO, commented, “The acquisition of Bluwstuff is a further step in our strategy of expansion both organically and by targeted acquisitions. Given the similarities of the two businesses the addition of Bluwstuff is a natural fit and it further positions LiteBulb Group as a leading developer of innovative branded products that are then distributed through an expanding network of blue-chip retailers and international distributors. The strong support from respected institutional investors for the fundraising is a further endorsement of our strategic plan and growth ambitions”.
Corporate partner David Robinson advised on the deal, assisted by tax senior associate John Forde.