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DONE DEALS
Thanks partly to the allure that
technology-based companies still
have for acquisitive corporates,
the Thames Valley retains the
ability to generate more than
its fair share of deals – and
the region’s boast is that its
professional community is up
to the challenge.
Among the most recent was
January’s acquisition of motor
trade insurer Antell Insurance
Associates by BJP, the Thames
Valley-based commercial
broker. Financial details have
not been released.
Another recent transaction
was the acquisition, for an
undisclosed sum, of UK-
headquartered International
Cooling Group (ICG), which
now forms part of GEA’s
Refrigeration Division. GEA
Group AG was advised by law
firm Boyes Turner.
sterling’s poor performance. banking system.
M&A activity will
ICG has operations in France
“In the past few months, we have “It’s going to be a slow, uphill be patchy until and Germany as well as the
been doing work for a number of struggle,” he says. “In the M&A
the clouds of the
banking crisis
UK, and Boyes Turner led the
overseas purchasers, with one business, confidence is an important blow over
transaction, co-ordinating advice
significant transaction involving the ingredient, and no-one knows when it
from lawyers in those countries.
acquisition of a UK-headquartered will return.”
business operating subsidiaries in other Despite that, deals are still being
jurisdictions,” Tranter says. done, thanks to some good
Osborne Clarke has also seen
“The Thames Valley already has a opportunities, particularly in IT
recent activity, being involved
number of US-parented companies technology and niche engineering
in December 2008 in the
£440 million sale of Axon, a
based there, and the region continues sectors, and the continuing but limited
SAP provider, to the Indian
to be attractive.” flow of cash to complete them.
company HCL.
David Fawcus, a corporate finance Transactions will continue, he
partner with accountancy firm James argues, because there is always a supply
Cowper, with offices throughout the of owner-managers who, for whatever
Osborne Clarke also acted for
Thames Valley region, says he and his reason – health or personal
ECI Partners in its £60 million
team were kept busy for most of 2008 considerations – cannot or will not
take-private of the listed
on transactions in the £2 million to delay their exit strategy.
pharmaceutical company
£10 million bracket, but new
Premier Research Group.
instructions slowed in the last quarter. ACQUISITION TRAIL
The collapse of Lehman Brothers in At the same time, many cash-rich
mid-September was the last straw. firms prefer to put their money to Accountant and business
Confidence crumbled, and the pipeline work in an acquisition rather than
adviser James Cowper also
of prospective work – which until then have it lying idle in the bank.
remains active despite the
had seemed robust – was difficult to Law firm Osborne Clarke lays
economic gloom, reporting that
convert. Cowper’s corporate team saw claim to having one of the most
it is starting the year with an
the year out largely progressing and active corporate and banking teams
early-stage transaction in the
completing existing deals. in the Thames Valley. Corporate
£5 million to £10 million range.
Fawcus predicts a sluggish start to head Greg Leyshon breaks activity
No details have been given, but
the companies concerned are
2009, despite government attempts to down into the following six
involved in the food sector.
inject capital and confidence into the key areas:
Mergers & Acquisitions 49
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