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Her Majesty Queen Elizabeth II 1926 - 2022

Portrait of Adam Carling
Areas of expertise: Corporate, Equity capital markets


Adam is a partner in the corporate team in London. Adam advises on transactions on the equity capital markets as well as public and private M&A. His main sectors of focus are energy and technology.

His clients include some of the leading mid-market investment banks in London, he also acts for listed and private companies. The deals he works on often have a cross-border element. He has extensive experience of pan-European M&A and regularly advises North American clients on acquisitions and financings. In the last three years, he has advised German investment bank Berenberg and Grant Thornton, as NOMAD and broker, on two of the largest AIM IPOs.

He has advised on a number of public M&A transactions, including takeover offers, schemes of arrangement and class 1 disposals, and he often gives advice to listed companies on the contents of their controlling shareholder agreements.

Described in Chambers UK, where he is ranked as a leading individual, as a “very experienced, solutions-orientated lawyer with strong, deal-making skills”, Adam particularly enjoys working for founders and growth companies on financings, exit transactions and on their broader governance and shareholder arrangements. He is a regular speaker on corporate finance topics.

Adam joined Penningtons Manches Cooper in 2022 from another leading UK firm.

Recent work highlights

  • Advised German investment bank Berenberg and Grant Thornton on the placing and AIM admission of Supreme plc, a licenced manufacturer and supplier of consumer goods. The placing raised £67.5 million for the company and its selling shareholders, with a market capitalisation of £156 million on admission.
  • Also advised Berenberg and Grant Thornton on the placing and admission to AIM market of The Pebble Group plc, a provider of products, services and technology to the global promotional products industry. The IPO raised gross proceeds of approximately £135 million for the company and its selling shareholders, including the private equity house Elysian Capital.
  • Acted for LKAB Minerals (UK) in connection with the acquisition of the business of Francis Flower, a company which recycles blast furnace slag from the steel industry for use in cement production.
  • Advised Hannam & Partners, as broker, on Canadian Overseas Petroleum’s oversubscribed placing by way of an accelerated bookbuild, which raised gross proceeds of USD 13 million. The company is listed on the main market of the London Stock Exchange, standard segment.
  • Acted for two private companies on follow-on equity financings, which involved the conversion of loan notes previously issued to the British Business Bank and other lenders under the government’s Future Fund scheme.

Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority under number 419867.

Penningtons Manches Cooper LLP