34-39-scotlandM&A.qxp 22/4/09 15:40 Page 41
WWW.MANDADEALS.CO.UK
BRODIES LLP
SHUNA STIRLING – PARTNER
0141 245 6201
shuna.stirling@brodies.co.uk
www.brodies.co.uk
Deal flow remained strong for the first six to nine Corporate recovery work, including security reviews
months of 2008, with a huge spike in M&A activity has, of course, increased and this will continue as a
in the run up to April 2008 as well as a few months theme throughout 2009. We are seeing the M&A
of catch-up in terms of sales from family trusts market still active, whether involving business
post-April. angels/private family investments in deals up to about
The Brodies corporate team was involved in a £5 million, or in larger strategic acquisitions where
number of high-profile deals, including acting for ING these can be self-funded from the buyer’s existing
Direct NV in the transfer of their retail banking deposit cash resources particularly Middle Eastern buyers.
business; for Resolution Property Plc for the purchase More deals are emerging with an international angle
of Great Western Retail Park from The Junction Fund; as European investors seek to take advantage of
and the acquisition of Downhole Products by Bahrain- exchange rates to add complementary UK businesses
based private equity firm Arcapita. to their armoury. Acquisitive organisations becoming
The autumn saw the start of the slowdown with active again may indicate that the market is nearing
deal activity down on previous levels as the lack of the bottom, but we believe leveraged deal activity will
liquidity within banks really started to filter down. remain flat at the top end of the scale for 2009 as
Aberdeen has been the anomaly here, with the market bank funding continues to be extremely difficult and
still very buoyant. banks seek to deleverage still further.
Acquirer Target Target location Target business description
country
– Cairn Energy Plc EDINBURGH Oil and gas exploration and production services
– Scottish & Southern Energy Plc PERTH Gas and electricity utility services
GB Thus Group Plc GLASGOW Voice, data, internet and call centre services provider
BE Artemis Asset Management EDINBURGH Investment management services
– Lloyds TSB Group Plc LONDON Banking services, Bank holding company
FR Christian Salvesen Plc EDINBURGH Distribution and logistics services
GB Venture Production Plc ABERDEEN Oil and gas exploration services
– Standard Life Plc EDINBURGH Life insurance services
GB Kilmartin Property Group EDINBURGH Property development services
AU Forth Ports Plc EDINBURGH Water transportation services, Cargo handling services
GB Halladale Group Plc GLASGOW Real estate inv, development and management services
– Johnston Press Plc EDINBURGH Newspaper publisher
– Scottish & Southern Energy Plc PERTH Gas and electricity utility services
– Venture Production Plc ABERDEEN Oil and gas exploration services
– Dana Petroleum Plc LONDON Oil and gas exploration and production
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