17 December 2019
We are proud to have acted as legal adviser to Founders First Limited’s (Founders First) initial public offering (IPO) and listing on the Australian Securities Exchange which completed today. Founders First’s shares floated under the ASX ticker code ‘FFL’ at $0.50 per share after raising approximately $15.8m (before costs).
The listing demonstrates Coghlan Duffy + Co Lawyers’ (CD+Co) expertise in serving entrepreneurial clients anywhere from ‘Idea to IPO’. In this case, the CD+Co team was there each step of the way: having advised Founders First on its formation in late 2017, subsequent equity investment rounds (raising in excess of $24M), its investments in portfolio craft beverage assets and the IPO.
Many of the CD+Co team have supported Founders First to reach this important milestone: John Coghlan, primarily assisted by Sarah Ward, assisted with the acquisition due diligence and legal documentation relating to the multiple investments and acquisitions undertaken pre-IPO, while Charly Duffy, primarily assisted by Laura Morgan, led the prospectus drafting, due diligence and ASX listing workstreams.
Founders First is a proudly independent and Australian-owned craft beverage accelerator established by a group of leading liquor industry professionals. Founders First invests in select craft beverage assets alongside their founders and accelerates their growth through the operation of world class venues, the provision of capital and sales and marketing, supply chain and management expertise. By listing on the ASX, Founders First is offering shareholders a direct interest in a portfolio of high-growth craft beverage businesses which are poised to benefit from the comprehensive sales, marketing and distribution expertise of Founders First’s ‘Indie Collective’ services team.
Charly Duffy commented: “We are really proud to have worked with the Founders First team as it achieved incredible growth in such a short space of time. To have completed a successful ASX listing in challenging market conditions within 2 years of starting its business is an unbelievable achievement. I’m really proud of how our team combined its comprehensive and practical equity capital markets experience with our M&A expertise to help Founders First achieve this significant milestone.”
Managing Director of Founders First, Mark Haysman, commented: “As a young company with bold plans for growth, listing on the ASX has been a strategically important step for Founders First. Partnering with the team at Coghlan Duffy + Co ensured our journey to a successful listing today has been an informed, prepared and engaged one. I'd like to thank the Coghlan Duffy + Co team for their round-the-clock support, expert advice and hands-on approach to providing counsel and input into the Founders First IPO.”
For further information, contact:
Charly Duffy | Director
T: +61 3 9614 2444
E: cduffy@cdandco.com.au
Coghlan Duffy + Co is a boutique corporate and commercial law firm based in Melbourne. The firm is proud to work with an enviable list of clients, including prominent Australian start-ups and ASX-listed companies.
A: Level 42, Rialto South Tower, 525 Collins St VIC 3000
T: +61 3 9614 2444
W: cdandco.com.au