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The acquisition of New York-listed limestone producer CRH's European limestone businesses will create one of the leading lime producers in Northern Europe.
European law firm Fieldfisher has advised SigmaRoc, the AIM-quoted, lime and limestone group, on its £200 million equity fundraising, reverse takeover and re-admission to AIM in connection with its acquisition of the European lime and limestone businesses of CRH plc, a New York-listed global diversified building materials business for US$1.1 billion.
The targets acquired include businesses located in Germany (Fels), the Czech Republic (Vápenka Vitošov) and the sole limestone producer in Ireland (Clogrennane Lime), with options to acquire further businesses in the UK and Poland.
In the event all targets are acquired, the enlarged SigmaRoc group will have operations in 14 countries with mineral reserves of c.2.7 billion tonnes, positioning SigmaRoc as the largest lime producer in key Northern European markets – namely Finland, Sweden, Norway, the UK and Ireland.
Lime and limestone are key resources in the transition to a more sustainable economy and lime products are natural carbon sinks. New applications for lime and limestone products include the production and recycling of lithium batteries, the decarbonisation of construction including though substitution of cement, new building materials and environmental applications including lake liming, air pollution control and direct air capture.
SigmaRoc was advised by Fieldfisher's Band 1 ranked Equity Capital Markets team in London, led by Corporate Partner Ed Westhead supported by Senior Associate Dana Eyre and Solicitor Jamal Moursy. The acquisition of the target in Ireland was led by Corporate Partner Feilim O’Caoimh and Jamie Woodcock. White & Case acted for the Company in connection with the acquisition of the targets other than in Ireland and Howard Kennedy advised on the senior secured debt financing.
Commenting on the deal, Equity Capital Markets Partner Ed Westhead said:
"We are absolutely delighted for SigmaRoc. They are a long standing and important client of the firm and this is the second reverse takeover we have advised them on in the past two years, having acted for the company on its €470 million acquisition of Finnish limestone producer Nordkalk in 2021 together with their £30 million fundraising in February of this year.
"This is a truly-transformational deal for them, essentially doubling their size and putting them in a leading position in the lime and limestone markets.
"It is also a standout deal in what has been an incredibly tough year for capital markets. Congratulations to SigmaRoc and all involved."
The full cross-jurisdiction Fieldfisher team advising SigmaRoc comprised: Partners Ed Westhead, Oliver Abel Smith and David Gallagher and Director Anna Crosby; Senior Associates Dana Eyre, Lily Searle and Matthew Gregson; Associates Lorna Webb, Caitilín Hepworth, Gurkirat Rehal, Edward Slegg and Oliver Perkins; and Solicitor Sophia Steiger in London; and Partners Elaine Traynor, Barry Walsh and Killian O'Reilly; Directors Joanna Bannon, Neil Dineen, Neil Cahill and Conor Folan; Senior Associate Jamie Woodcock; Senior Associate Jonathan Moore; Associate Stephen Geoghan; and Trainees Declan Meagher and Alice Normoyle in Ireland.