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Latham Advises on SIG’s £165 Million Capital Raise

June 24, 2020
Transaction involves one of the first private investments in public equity (PIPEs) into a London listed entity since 2009.

Latham & Watkins has advised Jeffries and Peel Hunt as joint bookrunners and joint sponsors on the strategic investment, firm placing and placing, and open offer (the “capital raise”) of SIG plc. The capital raise comprises a £60 million investment from Clayton, Dubilier & Rice and a £105 million firm placing and placing, and open offer in which Clayton, Dubilier & Rice will also participate. The proceeds will be used to strengthen SIG’s capital structure, provide liquidity, and deliver the group’s new strategy.

SIG is a leading supplier of specialist building materials to trade customers across the UK, Ireland and Mainland Europe, with strong positions in its core markets as a specialist distributor of insulation and interiors products and as a merchant of roofing and exteriors products.

The Latham team was led by London corporate partner Chris Horton with associates Anna Ngo and Frederick Gardner. Partner Ryan Benedict and associate Sarah Youssefi advised on US securities law matters. 

The transaction builds on Latham’s significant equity capital markets activity in London over the past few months, as many London listed companies seek to raise equity.