10-11-AIM-Review 3.qxp 22/4/09 17:06 Page 11
AIM REVIEW
AIM Review
A bevy of recent M&A deals could prove significant
with fair winds behind them, writes James Crux
W
hile the buying yet have since perked up to 40p million, driven by strong growth
sprees and easy on positive news flow, such as in the South African market,
takeovers that the turning of £1.3 million losses the P&L incurred increased
characterised the bull market into £1 million of pre-tax profits marketing and selling costs in
run are now just a fading for 2008, on turnover increased North America and Europe in
memory, deals are still being 12 per cent to £15 million. time for a new products launch.
done. Three recent acquisitions,
each international in nature, GOING CHERRY-PICKING AUSSIE DEAL
could prove highly lucrative for Another company to have Finally, 1 April heralded an
those AIM companies involved. struck a deal in the US is acquisitive move from First
Supercart, the bombed-out Derivatives, provider of
US ACTION PLAN designer and distributor of
James Crux, investment
“mission critical” capital market
First up, a canny deal pulled off all-plastic shopping trolleys.
specialist, M&A Magazine
technology, with an £29.87
by Milan-based plastic card Disappointing from an million AIM price tag at 217.5p.
issuing and personalisation investment point of view, The company views potential
equipment maker Matica. Supercart nevertheless is a in its acquisition of Hologram,
Domiciled in Switzerland, the pretty interesting business
“In a deal fans say
an Australian-based technology
company supplies a range of behind “revolutionary” all- company, for a total cash
plastic card personalisation plastic shopping trolleys that
could prove a steal,
consideration of up to AU$2.2
and metal plate embossing and are easier to use, more hygienic
the company has
million, as well as the issue
plans a major assault on the and more durable than their
cherry-picked
of 400,000 share options to
US market this year following metal counterparts.
assets from a
the principals linked
the assumption of 100 per cent In a deal fans say could to performance.
control of US subsidiary Matica prove a steal, the company
failed venture”
Hologram’s expertise lies in
Americas, previously a 50/50 has cherry-picked assets from risk management and stock
joint venture with a US partner. a failed venture, Rehrig, in exchange trading software,
CEO Sandro Camilleri sees a deal capped at US$1.45 and First Derivatives sees the
this deal spearheading a million (£980,000) in cash. support its US expansion by way takeover quickening growth
challenge to Datacard, the Rehrig was formerly one of a loan repayable over two in Asia Pacific and providing
dominant US market leader in of the biggest plastic shopping years. Considering that sales for another channel to market for
this field, as well as opening trolley makers in the US, until the brands acquired in 2007 its Delta range of financial
up growth possibilities in it entered Chapter 7 liquidation were some $27 million, this deal services sector products.
Canada and Latin America. last December. Acquired assets could prove very significant First Derivatives has
In the US market, hopes are include the plastic trolley with fair winds behind it. continued to trade robustly,
high that Matica’s new flexible moulds of Rehrig’s main eight Investors hope so, since despite the storms engulfing
modular machine, twinned models as well as certain stock, Supercart’s latest reported the global financial markets,
with distribution problems at work in progress and the IP numbers – for the six months drawing strength from its
Datacard, will help Matica make rights to certain Rehrig brands. to June 2008 – showed a positioning as a niche supplier of
meaningful market inroads. Supercart’s 37.2 per cent widening of operating losses “mission critical” technologies.
Floated on AIM two years ago shareholder Venture clearly from £578,000 to £725,000. At the interim stage, it reported
at £1, tightly held shares in spies value, having helped the Although turnover grew a 21 per cent rise in pre-tax
Matica fell to 21p last October, company finance the deal and 26 per cent to more than £1 profits to £2.24 million.
Mergers & Acquisitions 11
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