46
OF THE YEAR (UNDER £25m) AWARD
DEAL
SPONSORED BY THE BUSINESS MAGAZINE WINNER Krispy Kreme
Right: David Murray (left) of sponsor The Business Magazine, Richard Colclough (Santander), Rebecca Mauleverer, Sean Wright, Emma Gibson, Nina Smith (Shoosmiths) and Peter Vandervelde (RSM Tenon)
Above: Richard Colclough, Rebecca Mauleverer, Sean Wright
Turning to the category for Deal of the Year (under £25m), sponsored by The Business Magazine, the audience was asked to vote for its favourite out of what were called “five superb deals”.
Tempting them on the night was the Krispy Kreme UK deal, an MBO worth £25m which was backed by private equity Alcuin Capital Partners and described as “pretty unusual” because it took place in the mid-market sector in the retail environment. Bank funding was provided by Santander. With its headquarters in Camberley, the deal was supported by advisers Grant Thornton, with legal advice from Shoosmiths, Latimer Corporation and Jones Day, with Macfarlanes acting as other advisers and due diligence by RSM Tenon and PwC.
The disposal of popular website Netmums to Aufeminin Group of France, the number one publisher of women’s websites worldwide for an undisclosed sum was also shortlisted. HMT CF advised on the deal, as did Bryan Garnier & Co, with legal support from Freshfields Bruckhaus Deringer and Nabarro, and due diligence by KPMG.
The MBO plus refinancing of Southampton-based Fibercore also
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attracted attention. The deal was funded by HIG Capital Partners, who acquired the company from Cisco. HSBC also provided funding support. Advisers were Wilkins Kennedy and BDO; Eversheds, Paris Smith and SJ Berwin provided legal services and BDO and Victanis performed due diligence.
The sale of Chilworth Global, also based in Southampton, to DEKRA SE, one of the world’s leading safety service providers, made up the fourth deal. RSM Tenon advised, while legal work was completed by Moore Blatch and McGrigors.
Coming in at £4.2m was a third Southampton deal – development capital funding for Benefex, provided by the Business Growth Fund (BGF). Benefex is a leading providing of online employee reward and benefit schemes and the deal represented the first BGF investment in the UK. Spectrum Corporate Finance was the adviser, with Shoosmiths and Osborne Clarke providing legal support and due diligence by RSM Tenon.
On stage to announce the winner was David Murray, publisher of The Business Magazine, who revealed that after the 15-second vote, the Krispy Kreme deal was the winner.
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2012
One nomination said: “A great deal for a great brand. This was not your usual PE investment and any investment in retail in this climate is brave. However, we British love our doughnuts.”
Commenting on the deal’s success, Rob Hunt, managing director at Krispy Kreme UK, said: “It’s fantastic to receive the award and I think it really highlights the great work that has been done with both the Alcuin and Santander teams over the past six months.
“Krispy Kreme has expanded rapidly in the UK since we launched in 2003, and the MBO has really helped us to build on that by supporting the ambitious growth strategy we have in place to double our store numbers by 2015.”
With a network of branches nationwide, local outlets include a recently opened coffee bar in High Wycombe’s Eden Shopping Centre, as well as Oxford, Reading, Slough, Southampton, Portsmouth and Guildford.
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