Lawyer Monthly - August 2022

Acted as Advisers to Supreme Acted as Advisers to Liberty Flights Holdings Ltd Lawyer Monthly Transaction Reports - Mergers & Acquisitions 70 WWW.LAWYER-MONTHLY.COM AUG 2022 ABOUT THE DEAL The corporate team in Beyond Law Group’s specialist corporate and commercial practice, Beyond Corporate, has advised Supreme on its acquisition of Liberty Flights Holdings Limited in a deal worth up to £14.75million. Liberty Flights Holdings Limited was founded in Darwen in 2010 and is best known for its Liberty Flights vaping brand and Dot Pro device. The firm specialises in high-quality vaping devices and premium e-liquid, in addition to distributing an expansive catalogue of thirdparty e-liquid brands worldwide. The company generated a revenue of around £9 million and an EBITDA of £1.5 million for the year ending 31 January 2021. Supreme is a manufacturer, supplier and brand owner of fast-moving consumer products based in Manchester and listed on AIM, with a focus on manufacturing and/or importing and supplying vaping products, batteries, lighting and sports nutrition and wellness products. Its major clients include B&M, Poundland, The Range and Home Bargains. As part of the deal, Supreme subsidiary Supreme Imports Limited will acquire 100% of the share capital of Liberty Flights Holdings Limited for a total consideration of up to £14.75 million. This comprises a £7.75 million cash payment upon completion of the acquisition, a £2 million deferred payment payable in 12 months and an earn-out of up to £5 million to be paid, subject to meeting certain performance metrics over a one-year period following the acquisition. Supreme is expected to allow Liberty Flights to operate as a standalone entity for 12 months following the closure of the deal before fully integrating the company. Beyond Law Group advised Supreme in collaboration with Cortus Advisory Group. CapEQ and Harrison Clark Rickerbys advised Liberty Flights. June 2022 Supreme Acquires Liberty Flights Holdings Ltd Lawyer Monthly had the pleasure to speak with Stephen Chadwick, Partner at Beyond Corporate to give us some further insight into this transaction:

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