Eversheds scores Glisten as client over Hammonds

Eversheds has picked up niche food company Glisten as a client after pitching against national rival Hammond Suddards Edge.
The firm is advising on Glisten's float on AIM next month for an expected value of £13m-£14m.
The float will raise capital for the company's acquisition of the Glisten Company, a speciality maker of edible decorations, chocolate and sugar-coated products, and ingredient-orientated products sold to major food manufacturers.
Eversheds corporate partner Robin Skelton won the business for the firm. Skelton is heading the acquisition team while fellow corporate partner Patrick Rawnsley has been brought in to handle the flotation process.
Rawnsley is predicting a successful flotation for the company. “At a time when the press has been full of the woes of the bigger floats, perhaps this is the time for the SME [small to medium-size enterprises] food company to shine,” he said.
The terms of the acquisition are already signed and agreed and will proceed once the finance has been raised.
It seems likely that the company will provide ongoing work for Eversheds. “This is only the start,” said Skelton.
“We foresee more acquisitions before the end of the year, and the company plans to do two to three acquisitions yearly over the next couple of years.”
The company plans to build a food group with a £100m-plus turnover.