26 deals update
Latest deals data from across the region Plaxica
Disposal of Netmums
Completion Date: 9/2011 Deal Value: £5 million
Details: Advising Plaxica on c.£5m million funding round led by Imperial Innovations alongside existing shareholders Invesco Perpetual and NESTA
Legal Advisers: Manches Imperial Innovations Group invests in Stanmore Implants
Target: Stanmore Implants Acquirer: Imperial Innovations Group Deal Value: £4 million
Details: HMT advised Imperial Innovations, the UK‘s leading technology commercialisation and investment company, on its £4 million investment in Stanmore Implants. Stanmore Implants is a specialist in the design and manufacture of patient specific implants for complex orthopaedic reconstructions
Funding: Imperial Innovations Group Financial Due Diligence: HMT Corporate Finance
Project Brian
Completion Date: 05/10/2011 Target: Martyn Brian Acquirer: Micheldever Tyre Services Deal Value: Not disclosed
Details: Micheldever Tyre Services has acquired Martyn Brian which operates the Tyreland chain of 7 tyre retail and wholesale branches in Dorset, Hampshire and Wiltshire
Funding: Acquisition finance facility Legal Advisers: Thomas Eggar – Leon Arnold and Hayley Bevis
Financial Due Diligence: RSM Tenon Corporate Finance – Nick Williams and Nan Zhu
Project Trekker
Completion Date: 19/09/2011 Target: Woodcote Software Acquirer: Dillistone Group plc Deal Value: £3.8 million
Details: Grant Thornton UK LLP advised Dillistone Group plc on their acquisition of Woodcote Software, a Basingstoke-based provider of HR specialist software to the recruitment industry
Funding: £0.5m placing plus existing cash resources Financial Due Diligence: Grant Thornton UK (Reading)
Project Teal
Completion Date: 30/09/2011 Target: Davies Group Acquirer: Electra Partners + Management Deal Value: £60 million
Details: Electra partners has acquired the Davies Group, a leading provider of claims solutions to the insurance industry, from LDC in a transaction valued at £60m
Funding: Undisclosed. HSBC sole bank Corporate Finance Advisers: KPMG –sell side adviser Legal Advisers: Osborne Clarke Financial Due Diligence: Ernst and Young Commercial Due Diligence: Deloitte
www.businessmag.co.uk
Completion Date: 14/10/2011 Target: TIS Software Holdings Acquirer: Kerridge Commercial Systems Deal Value: £5.5 million including costs
Details: Kerridge has acquired the entire share capital of TIS Software Holdings, a business which develops and implements Enterprise Resource Planning (ERP) software for value-added distributors, resellers and multi-branch operators
Funding: Undisclosed. HSBC sole provider Legal Advisers: Osborne Clarke – business, Shoosmiths – banks Financial Due Diligence: Baker Tilly Commercial Due Diligence: Latitude
Target: Netmums Acquirer: Aufeminin Group Deal Value: Not Disclosed
Details: HMT advised the shareholders of Netmums on the disposal to the Aufeminin Group, the No.1 publisher of women‘s websites worldwide. Established in 2000, London-based
Netmums.com is a parental website “designed for mums by mums“ with its main features being editorial content, discussion forums and chats. The website operates on the basis of contributions from its users which attracted 2.25 million unique users in July 2011
Corporate Finance Advisers: HMT Corporate Finance Legal Advisers: Nabarro LLP
Project Barley
Completion Date: 12/08/2011 Target: Chilworth Global Acquirer: DEKRA SE Deal Value: Not disclosed
Details: Chilworth Global, the Southampton-based explosion protection and process safety services group has recently been acquired by Dekra SE, one of the world‘s leading safety service providers
Funding: N/A
Corporate Finance Advisers: RSM Tenon Corporate Finance, led by Darren Miller Legal Advisers: Moore Blatch, led by Roger Bailey
Devro
Completion Date: 09/2011 Deal Value: £51 million
Details: Refinancing of core debt facility via 4 x £12.75m bilateral RCFs with common documentation Funding: HSBC together with Rabobank, Clydesdale & Barclays Legal Advisers: DLA Piper
Disposal of Ecotech to Climate Energy
Target: Ecotech Acquirer: Climate Energy
Details: HMT advised the shareholders of ecoTECH on their disposal to Climate Energy, a leading carbon reduction management agent. Ecotech designs and builds ecoTECH ZCBS, a UK Zero Carbon off-site manufactured complete building envelope, which complies with the UK‘s new governments building regulations
Corporate Finance Advisers: HMT Corporate Finance Project Cygnet
Completion Date: 09/2011 Deal Value: £10 million RCF
Details: Intersurgical is a global manufacturer & supplier of respiratory care products. It transferred its UK banking from RBS to HSBC with the intent of transferring the international business as well due to its global footprint. HSBC has provided it with an RCF of £10m with an accordion of £10m
Funding: HSBC Legal Advisers: Addleshaw Goddard and Osborne Clarke
Next Deadline
The next Deals Update will appear in our December/January 2011 issue
PLUS: Deals Roundup summaries in a bumper Corporate Finance feature to end the calendar year. Be part of it
Deadline for submissions is Monday Nov 14
If you would like to submit deal information or to advertise on this page contact:
Tanya Liddiard • 0118-9766411 •
tanya@elcot.co.uk Elcot Publications is not responsible for the accuracy of information in the deals update section which is supplied by individual firms
THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2011
Completion Date: 09/2011 Deal Value: £610 million
Details: Refinancing of core bank debt facility, via 5 year RCF. Deal size increased from £500m to £610M due to over subscription
Funding: HSBC Joint MLA with Commerz, DNB Ner Bank, JPMorgan, Lloyds, RBS. There were also 5 other banks acting as arrangers with RBS as agent
Acquisitions of UK Solutions, NetworkFlow and Protel
Target: Network Flow, Protel, UK Solutions
Details: HMT led by partner Simon Jordan were delighted to advise the former management team of SpiriTel plc, led by Alastair Mills and Ronnie Smith, on the formation of a new communications Group focused on managed data services. This new Group has just completed its initial three acquisitions, UK Solutions, NetworkFlow and Protel. These have been funded by Penta Capital, which has led a fundraising round of £60 million for the new Group
Funding: Penta Capital Legal Advisers: Hammonds Financial Due Diligence: HMT Corporate Finance
Intersurgical Group Benefex Completion Date: 10/2011
Deal Value: £4.2 million development capital raised
Details: Spectrum has successfully led the raising of growth capital for Benefex in a deal involving the first ever investment by the Business Growth Fund. The BGF has invested £4.2m of development capital and will take a minority stake
Funding: Business Growth Capital Corporate Finance Advisers: Spectrum Corporate Finance LLP Legal Advisers: Shoosmiths (Company), Osborne Clarke (BGF) Financial Due Diligence: RSM Tenon Corporate Finance Commercial Due Diligence: RPL
DS Smith Plc
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