Advena Ltd provides regulatory and quality advice and consultancy to assist clients to bring their medical device and cosmetics products to market. They specialise in lowering the cost and complexity of compliance for small and medium sized enterprises.
When Advena Ltd was referred to Claric, it was already well advanced in negotiations with the owners of Medical Device & QA Services Limited (MDQAS) for the purchase of the entire share capital MDQAS. MDQAS is in a similar business and provides consultancy services in the sector so the two companies fitted well.
In the world of mergers and acquisitions, the size of the deal was relatively small. For this reason, the purchaser did not want the full package from its legal advisers as the costs could not be justified against, firstly, the size of the deal and, secondly, the risk attached thereto.
They simply wanted a share purchase agreement and associated documents drafted along with certain advice. Advena Ltd, understandably, did not want Claric to take on the due diligence work or get involved in prolonged negotiations as they were able to manage such matters internally and it would not have been cost effective to outsource to legal advisers.
We were happy to oblige and produced the relevant paperwork and advice.
From date of receipt of instructions by Claric to completion was less than a month. It just goes to show that buying/selling a business/company does not have to be complicated!