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SCOTLAND M&A REVIEW
negotiations with a number of parties products and the perception that Scottish
vying for the business. Water is the best.”
Notes Les Montgomery, CEO of Speyside is not the CEO’s deal debut as
Highland Spring, “The business was losing back in April 2001 Highland Spring
circa £300,000 a year because the cost base acquired its Blackford neighbour, The
was too high for the turnover. We’re Gleneagles Spring Water Company, from
aiming to get the business into the black Time Group for an undisclosed figure.
within 12 months.” The ambitious CEO says he was able to
Montgomery has plans to revive the steer the company back into the black by
business by swelling volumes, which is “boosting volumes and bringing sales
sold through hotels and restaurants, opportunities to the business through its
through his distribution network. Speyside distribution network”. He is confident
will also benefit from Highland’s that this can also be done with Speyside.
“purchasing synergies”. Gleneagles is sourced from the
Although Montgomery would not Perthshire Gleneagles Estate and had a
discuss the financial terms of the deal, he £1.3 million turnover to July 2000.
Roger White CEO of AG Barr celebrates a 7.7 per
cent increase to the company’s final dividend
said the acquisition had been funded from On whether there are more deals in the
existing cash resources and that a member water pipeline for Highland Spring or any
of the management team had been assigned of the other major bottled water players,
be snapped up by the UK’s number-two to implement a 100-day integration plan. Montgomery observes that there are
bottled water manufacturer, Highland “We couldn’t have it causing a distraction around 400 bottled water companies across
Spring, last month. The deal was written in to our main business.” the UK, but that most of the major players
record time, and not for the superstitious as On the softening UK water market, are multinationals, such as Danone and
it closed on Friday 13th March. The Montgomery comments, “Many businesses Nestlé. “I think they are too small to be of
acquisition was done through Edinburgh are suffering at this current time and water interest to multinationals, but you never
administrator Invocas who was in is no exception, but there is loyalty to UK know, I’m always on the look out.” ■
LATEST UK OIL AND GAS DEALS
Deal value Date Date Deal type Deal financing Acquirer
(£m) announced completed
0.35 20/03/2009 – Minority stake 13.7% Capital increase – placing –
0.30 19/03/2009 _ Minority stake 13.6% Capital increase – placing –
239.4 18/03/2009 18/03/2009 Minority stake 22% – Centrica Resources
8.2 18/03/2009 18/03/2009 Minority stake inc – Legal & General Group Plc
from 4.7% to 5%
1.5 16/03/2009 16/03/2009 Minority stake increased – Gartmore Investment
from 16% to 27%
1.2 16/03/2009 16/03/2009 Minority stake 8.4% – OppenheimerFunds Inc
5.8 12/03/2009 12/03/2009 Minority stake 0.3% – Mrs Bridget Pinchbeck
116.1 11/03/2009 16/03/2009 Minority stake 4.8% Capital increase – private placing Institutional Investors
0.1 10/03/2009 10/03/2009 Minority stake 3.7% – –
24.3 6/03/2009 6/03/2009 Minority stake 1% – –
1.4 – 25/02/2009 Minority stake 0.3% Capital increase –
1.9 23/02/2009 26/02/2009 Minority stake 6.7% Capital increase – private placing –
Source: Zephyr
38 Mergers & Acquisitions
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