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Go back to basics
BOB HOLT – CEO, MEARS GROUP
✯
It’s always important not to rush into a their homework, researching the sector
deal and be able to walk away if it’s not and conducting due diligence on the
the right one. Like life, sometimes you management. I would recommend staying
get caught up in the moment, but I’ve close to your advisers and giving them
walked away from thousands of deals a clear brief on the requirements.
in order to consider hundreds. In this market, distressed assets are an
“I would recommend staying close to your advisers
and giving them a clear brief on the requirements”
Just because prices have come off, bad option, but I would only buy them in sectors
companies don’t suddenly become good that I know extremely well. We recently
ones. I don’t think people should be bought housing maintenance business 3C
flattered by acquisitions, and often they are on an earn-out. It was a £5 million deal, but
hooked by a cheap price. Buyers need to be I still carried out the same due diligence that
as scrupulous as always and this means doing we would have done on a larger one.
Expand overseas with less risk
PETER MARTIN – CEO, TRIBAL GROUP
✯
The acquisition of a majority stake in integration process. We would not rule
consulting business Helm was driven by out making an acquisition of an overseas
our strategic wish to develop our business business, but it would need to be in a
internationally, having historically been market with which we were already
focused on the UK. familiar. For example, we are likely to
We wanted to grow our overseas
business in order to diversify and
because we felt we had specific skills
“The Helm deal gave us a
and expertise that were exportable.
global footprint as over
Northern Ireland-based Helm works
60 per cent of their
for the major international donor
organisations, such as the World Bank, revenue is derived from
and undertakes public-sector programmes
their international work”
in Asia, Africa and central Eastern
European region. We saw opportunities
not only to grow that core business but open an office shortly in Australia
also to sell in our other capabilities, (around our health and education
particularly in health and education. business) and, once we get to know the
The Helm deal gave us a footprint as market, we may decide to make an
over 60 per cent of their revenue is acquisition out there. However, it is
derived from their international work. highly unlikely that we would go into a
The fact that Helm had a UK country we didn’t know anything about
management team also facilitated the and acquire a business.
Mergers & Acquisitions 21
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