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126
Transactions
OCTOBER 2013
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LKq coRPoRatIon acqUIRES
IRIS coatInGS and FIvE PaInt dIStRIBUtoRS In UK
LKq corporation, the largest provider of aftermarket and recycled collision replacement parts and the second largest distributor of auto refinish paint in the US and canada, has acquired 5 UK paint distributors from their private owners, representing 26 locations nationwide, via its subsidiary LKq Euro, all effective from 6th august 2013.
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The companies are Bee Bee Refinishing Supplies Halstead Ltd, JCA Coatings Ltd, MKPE, Premier Paints Ltd and Sinemaster Motor Factors Ltd.
As a result of these transactions, LKQ Euro has also gained a 100% shareholding in the sales and marketing specialist for refinishing distribution, iris.
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These transactions extend the company’s footprint significantly across the UK and drive up its expertise to support customers and develop its service at all levels in the industry with the addition of a range of market-leading, pioneering initiatives.
Nick Attwell, Corporate Partner at Attwells Solicitors LLP, led the Attwells’ team on the transaction acting for Bee Bee Refinishing Supplies (Halstead) Limited and Premier Paints Limited.
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The vendors of the companies required careful hand holding as they had not been through an acquisitive process of this nature previously. The vendors and Nick entered the transaction some month after the sellers of the other companies and yet still managed to achieve closing within the desired timescale.
Nick combined his City experience (he was previously a lawyer specialising in real estate acquisitions at Ashursts) with the know-how of a business owner and sensitivity to the clients’ needs. LM
JLIF acqUIRES PoRtFoLIo
aSSEtS FRoM InvEStoRS In tHE coMMUnItY LP
JLIF, the FtSE 250 international PPP investment company, has agreed the acquisition of a portfolio of 11 operational and yielding assets (the ‘Portfolio’), from Investors in the community LP (‘IIc’), for c. £123 million. the total consideration is consistent with the current valuations of similar projects in JLIF’s portfolio and will be satisfied either wholly in cash or partly in cash and partly by the issue of new ordinary shares in JLIF. any cash element of consideration will be funded by JLIF’s existing bank facility.
The acquisition will complete once the customary consent process has concluded. Following the acquisition, the total number of projects in the JLIF portfolio increases to 49, with an approximate aggregate valuation of £697.8 million.
The Portfolio comprises high quality, robust social infrastructure assets in the Education, Healthcare, Social Housing and Street Lighting sectors. The projects are all fully operational and supported by government-backed, inflation linked revenue streams.
Navigant provided the financial due diligence for JLIF, in a team led by Ed Goodall, Associate Director. Navigant reviewed the financial model and relevant aspects of the contract to ensure consistency between the two. A critical analysis of the vendor’s assumptions and an assessment of any other areas where value could be added were also undertaken. As appropriate the financial model was amended, which impacted on valuation. A particular challenge on this transaction was the short timeframe with which to analyse a large amount of information, necessitating a committed approach from Navigant’s consultants. LM
JLIF
Iris Coatings