Deal Maker of the Year Awards 2012 WINNER - UK
DEAL: GCP Backs Excelsior Technologies MBO
NAME: Jonathan Chocqueel-Mangan COMPANY: Tyler Mangan POSITION: Managing Director TEL: +44 (0)207 492 1969 Email:
jcm@tylermangan.com WEBSITE:
www.tylermangan.com
BIO:
Jonathan Chocqueel-Mangan is the Managing Director of Tyler Mangan, a leadership consultancy that works with organisations in transition. Founded in 2008, with offices in London and Johannesburg, Tyler Mangan has worked on over 40 transactions, from PE backed MBOs to large corporate mergers and acquisitions, across a wide range of sectors. Following a brief career in the military aerospace industry, Jonathan worked at Andersen Consulting (now Accenture) as well as Renaissance Worldwide, where he helped to develop the Balanced Scorecard philosophy and methodology. Jonathan was also a partner at Heidrick & Struggles, in their Leadership Consulting practice, and at KPMG, as a member of the European World Class Finance practice. Jonathan has a degree in mechanical engineering and French from the University of Bath, a master’s in change management from HEC Paris and Oxford University, and a doctorate in organisational behaviour from the University of Surrey. He is also a Trustee of the Rose Theatre, Shakespeare’s first theatre on London’s Bankside.
DEAL OVERVIEW: Q
Please summarise the transaction
Excelsior designs and manufactures a portfolio of innovative packaging products and supplies to a range of blue chip clients across the food and medical packaging sectors, including Birds Eye, Haribo, Premier Foods and SC Johnson. The founder was looking to refocus his business interests and this provided the management team with an opportunity to buy-in to the business they had worked so hard to grow, with backing and support from Growth Capital Partners.
It was a pleasure to work with a high tech manufacturer that operates on a global basis demonstrating excellence and innovation, with two previous Queen's Awards for Export. It is good to know such companies still exist in the UK!
Q
What was your role within the transaction?
Tyler Mangan conducted the management due diligence on behalf of Growth Capital Partners. We combined competency based interviews, selected psychometric profiling and extensive referencing to build up a picture of how the proposed management team would be able to work together to deliver the investment strategy. We provided feedback to all the individual team members and identified improvements in governance, structure and management processes that would help to drive value creation more quickly.
Q
What were the challenges or difficulties presented?
While the MD, David Moorcroft was there to provide continuity, the management team that would take the business forward could have been considered ‘new’: Some members
of the team would be stepping back, others would be stepping up, and one new team member would be stepping in. Working to try and gauge how the management team would respond to the challenges of new ownership and independence required careful analysis and lots of discussion with management team investors and the new chairman.
This was a good investment by Growth Capital Partners and they will bring their expertise in growing companies both organically and through acquisition to create value for all the shareholders.
Q
What other types of clients or transactions have you been involved with?
Over the last 15 years I have been involved in numerous deals, of all shapes and sizes, ranging from the merger of Astra and Zeneca in the pharmaceuticals industry, the creation of Virgin Media in the telecommunications sector, and the creation of Nordea in Scandinavia, bringing together four banks in four countries, as well as numerous PE backed deals in the mid-market, both in the UK and Europe.
Q
What are your thoughts and predictions for 2013 and beyond?
I think 2013 will be another tough year for the PE industry but may be better for the corporate M&A market, as companies look either to take advantage of lower valuations or look to generate growth by entering new products markets or geographies. Opportunities outside Europe will become more attractive and we believe that Africa in particular could provide growth and returns for investors and corporates that won’t be on offer in Europe or North America.
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