Redditch company Gems TVthe brainchild of West Midlands internet entrepreneurs Steve Bryant and Clive Bryant - has merged with Thaigem Holdings, based in Thailand and the Cayman Islands to create a $ 100 million business.
Gems TV, formerly Eagle Road Studios, is a retailer of quality gemstone jewellery via TV shopping channels.
While still in its early stages of the business, its success attracted early interest from Thaigem who supplied Gems TV with substantial quantities of gemstones direct from the producers in the Far East.
From initial discussions, a team of advisers from Dains Corporate Finance and Keelys Solicitors advised the management team of Gems TV on a successful merger, which will see the enlarged group progressing forward to a flotation on the Singapore stock market in the very near future.
Mr Bennett and Mr Bryant were the two partners behind the former Coleshill-based dotcom start- up retailer jungle.com. It was bought five years ago by Great Universal Stores for £37 million.
Mr Bryant, who was responsible for co-ordinating the deal for Gems TV, said "At jungle.com we were used to being agile and working quickly, but I think that this deal was at the extreme of that scale."
He added: "The merger was agreed in principle in January, but it took until the end of March to agree on the final structure.
"It was then a concerted effort between the two parties, under the UK advice of Dains and Keelys, to bring this to completion.
"In that time, a number of complex issues had to be resolved, and we are extremely grateful to David Williams of Keelys, who engineered all of the legal aspects and to Dains who provided the accounting knowledge and structure.
"Special mention also has to be made of the Dains audit team who had to carry out a complicated year end audit on two group companies within three weeks!"
Mr Bennett also said: "This deal with Thaigem marks the beginning of an exciting future for the merged businesses.
"The formal relationship now between the two companies enables even better opportunities for gems retail in
the UK and we are also keen to expand into European and US markets.
"Our business model cuts out the excessive margins earned through the various levels of trading in the gemstones market and results in a better deal for the general public.
"The roll out of the Gems TV shopping model internationally and the increased volumes this will bring will lead to even further efficiencies and savings for our customers."
David Williams of Keelys Solicitors in Lichfield who - together with his colleague Clare Hancock, advised the management team of Gems TV on the merger - explained: "This was a complex deal - involving the laws of six countries, four time-zones and eleven companies to complete.
"From heads of terms to completion took less than ten weeks - and is indicative of the enthusiasm and commitment of all clients to complete the deal, as well as that of the professional advisers involved.
"I congratulate Steve, Clive and their colleagues on the completion of the merger and wish the combined business every success as it trades towards a potential flotation."
The team at Dains was led by tax partner Andy McQuillan corporate tax partner Spencer Wright.
Mr Wright said: "When the management team first came to us to discuss the idea of a formal tie up with Thaigem, various deal structures were considered from an early flotation of the business to that of a merger or acquisition with Thaigem.
"Having taken into account the complex areas of international tax, financial reporting standards and transfer pricing, the advice from ourselves and that of Keelys was to formally merge
the combined businesses prior to seeking a listing of the group."
Clive Bryant added: "The whole project was a fantastic experience for me, not to mention a huge learning curve! I had some previous experience to draw on, but this deal only happened because of the reliance I was allowed to place upon David Williams of Keelys and Andy McQuillan of Dains."
The combined turnover of the merged businesses is in excess of $ 100 million (£56.4 million).
Mr Bennett said: "Having completed this deal with Thaigem, the next phase of the strategic growth is the expansion into Europe and the US with the launch of new channels in these locations later this year."