12 deals update
Latest deals data from across the region Project Sapphire
Project Hardy
Completion Date: 05/2012 Target: Serverstream Acquirer: Six Degrees Technology Group Deal Value: Not disclosed
Details: Six Degrees completed its ninth acquisition in less than a year, acquiring London-based managed hosting and cloud business, Serverstream. The acquisition further enhances Six Degrees‘ managed hosting business via its buy-and-build growth strategy
Funding: Penta Capital
Financial Due Diligence: Crowe Clark Whitehill LLP (Simon Jordan) Legal Advisers: Squire Sanders (UK) LLP
Project Tim
Completion Date: 05/2012 Target: PDI (Europe) Acquirer: Pavilion Print Management Deal Value: Not disclosed
Details: Acquisition of the entire share capital of PDI (Europe), a business providing training manuals to the technology sector, by Pavilion Print Management
Funding: Lloyds Bank
Corporate Financial Advisers: RSM Tenon (Rob Holmes, corporate finance associate director, and David Copley, corporate finance director)
Legal Advisers: Vendors‘ lawyers (Charles Brookes, Penningtons). Buyers‘ lawyers (Richard Buono, Blacks)
IP Integration acquires Micropoint
Completion Date: 15/05/2012 Target: Micropoint Managed Services Acquirer: IP Integration Deal Value: Undisclosed
Details: Unified Communications provider IP Integration has acquired leading technology systems integrator, Micropoint with due diligence and buy-side support provided by BDO LLP. IP Integration has specific expertise in contact centre, computer telephony integration and voice, data and video connectivity. Micropoint is a leading provider of technology-based business solutions, service and support
Funding: IP Integration
Corporate Financial Advisers: BDO (buy-side), Transcend Corporate Finance (sell-side) Legal Advisers: Harrison Clark (buy-side), Pitmans (sell-side) Financial Due Diligence: BDO Commercial Due Diligence: N/A
Group reorganisation and equity investment
Completion Date: 04/2012 Target: Braeforge Group Acquirer: See details below Deal Value: £2.25 million investment
Details: Bernard Plumb of Plumbs Dairy in Cambridgeshire, a longstanding customer and investor of the business, has taken a major stake in the new investment vehicle, Braeforge Investment. The existing management team has transferred its shareholdings into the new parent company together with County Milk Products
Legal Advisers: Richard Swain of Paris Smith LLP
www.businessmag.co.uk
Completion Date: 05/2012 Target: Firstserv Acquirer: Six Degrees Technology Group Deal Value: Not disclosed
Details: This is Six Degrees‘ 10th acquisition on its successful buy and build. Firstserv is a cloud and managed hosting provider based in London, and complements Six Degrees‘ growing data business
Funding: Penta Capital
Financial Due Diligence: Crowe Clark Whitehill LLP (Simon Jordan) Legal Advisers: Squire Sanders (UK) LLP
Project Ultimate
Completion Date: 01/06/2012 Target: The Ultimate Event Company
Acquirer: Events by Appointment (part of The Appointment Group) Deal Value: Undisclosed
Details: Stewart Lambert and Lamport Bassitt advised The Appointment Group on the acquisition of The Ultimate Event Company and subsequent equity investment by management
Corporate Financial Advisers: Stewart Lambert of James Cowper Corporate Finance LLP for the acquirer; Oasis Europe for the sellers
Legal Advisers: Oliver Kelly and Malin Svanberg Larsson of Lamport Bassitt for the acquirer; Speechly Bircham LLP for the sellers
CPA Global
Target: CPA Global Acquirer: Cinven Deal Value: Undisclosed
Details: Private equity firm Cinven has acquired CPA Global, the leading global provider of intellectual property (IP) management services from its current shareholders including Intermediate Capital Group, and the founder shareholders
Funding: Fully underwritten by HSBC (acting through its Southern Corporate Banking Centre) and JP Morgan
Corporate Financial Advisers: For CPA Global, HSBC and DC Advisory Partners
Legal Advisers: For CPA Global, Travers Smith Financial Due Diligence: Buyer‘s – Ernst & Young Commercial Due Diligence: Buyer‘s – Bain
Completion Date: 25/05/2012 Target: Stroud School Acquirer: King Edward VI School Deal Value: Confidential Details: Sale of co-educational preparatory school in Romsey Funding: No
Corporate Financial Advisers: Darren Miller, RSM Tenon (Vendors)
Legal Advisers: Roger Bailey and Jeremy Over, Moore Blatch (vendors). Robert Collier, Veale Wasbrough Vizards (acquirer)
Financial Due Diligence: Richard Weaver, Haysmacintyre (acquirer)
Commercial Due Diligence: Malcolm Barber and Simon Nicholls, Jones Lang LaSalle (acquirer)
Project Finland Project XGS
Completion Date: 15/05/2012 Target: The Instrumentation Solutions business of e2v plc
Acquirer: Management buyin backed by Baird Capital Partners Europe Deal Value: £15 million
Details: Baird Capital Partners Europe has acquired the Instrumentation Solutions business of e2v plc, in a £15m deal. The acquired business has been re-named SGX Sensortech. SGX manufactures environmental, health & safety research and analysis sensors for customers in Europe and Asia including automotive manufacturers
Funding: Baird Capital took equity and provided loan notes, Beechbrook Capital took a small proportion of equity and provided loan notes and a term loan, the existing management team took equity and the buyin CEO and CFO took equity
Corporate Financial Advisers: Grant Thornton (advised the management buyin team)
Legal Advisers: Eversheds (partner: Richard Moulton)
Financial Due Diligence: PwC (engagement leader: Jason Wakelam)
Commercial Due Diligence: CIL (engagement leader: Seb Chambers)
Project Dragon
Completion Date: 10/05/2012 Target: Jeeves Information Systems A.B. (Sweden)
Acquirer: Battery Ventures IX (AIV II) L.P. (USA) via BV Acquisi- tions AB (Sweden) Deal Value: SEK237 million (c. £21m)
Details: Jeeves, the Stockholm-listed provider of ERP systems to the SME market has been acquired by Battery Ventures
Financial Due Diligence: RSM Tenon (David Copley, corporate finance director; Kim Robinson, senior manager corporate finance; Greg Aitken, corporate finance executive)
Project Meja Completion Date: 01/06/2012
Target: Cennox plc Group of companies (including ATM Parts and Mainet)
Deal Value: Not disclosed
Details: Business Growth Fund invested in the Cennox group of companies, a Camberley-based group providing service to the ATM (cash machines) sector. The funding provides the business with funds to expand overseas, in a rapidly-growing market
Funding: Business Growth Fund
Financial Due Diligence: Crowe Clark Whitehill LLP (Simon Jordan)
Legal Advisers: Osborne Clark advised Business Growth Fund; Baker Tilly advised Cennox plc
Next Deadline
The next Deals Update will appear in our September 2012 issue
Deadline for submissions is Monday August 13
If you would like to submit deal information or to advertise on this page contact:
Tanya Thomas • 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 – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2012
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32