Deal Profile | Gadens congratulates The Citadel Group on its acquisition of Wellbeing Software Group
19 February 2020
Gadens congratulates, and is pleased
to have advised, The Citadel Group Limited (Citadel) on its £103 million
(A$198 million) acquisition of leading UK radiology and maternity software
solutions provider, Wellbeing Software Group – a transaction which positions
Citadel as a global healthcare software company.
This global expansion comes as part
of Citadel’s strategy of further expansion into high quality software based
recurring revenue streams, with Wellbeing forming part of Citadel’s health
The acquisition is to be funded
through a fully underwritten equity placement to raise approximately A$127
million together with underwritten senior syndicated secured debt facilities of
A$90 million and an A$10 million revolving working capital facility.
Citadel is a leading ASX-listed
software and technology company that specialises in secure enterprise
information management across health, national security, defence and corporate
enterprises. Gadens has a relationship with Citadel that dates back prior to
its IPO in 2014 and is pleased to continue to further develop this, working
with the management team on such a significant milestone.
Gadens was engaged by Citadel to
advise on the overall transaction, including M&A (working in conjunction
with UK law firm Taylor Wessing) and debt and equity capital raises. Herbert
Smith Freehills and UK law firm, Stephenson Harwood, acted for the vendors,
with Gilbert + Tobin advising the Lead Manager and Ashurst the lenders.
Commenting on the transaction, Jeremy
Smith said: “We were delighted to have
worked with The Citadel Group on its acquisition. It marks the next stage of
their phenomenal growth journey – and this time at an international level. It
is an exciting time for Citadel as they branch out into the UK market space,
and we are very pleased to have been able to support them through this
value: £103 million (A$198 million)
groups involved: Corporate and Banking & Finance
Key team members: Corporate partner Jeremy Smith and senior associate Steven Wambeek led the transaction, along with Banking & Finance special counsel, Matt Trinca with support from lawyers, Yoni Baker (Corporate) and Brittany Kluske (Corporate).
Citadel has grown rapidly since its formation in
2007 now boasting over 200 employees across Adelaide, Brisbane, Canberra,
Melbourne and Sydney. Through this acquisition in the UK, Citadel has a
presence outside of Australia for the first time, setting it up for a strong