corporate finance 23 Vittles Foods


Completion Date: 08/11/12 Target: Vittles Foods


Acquirer: Givesco Bakery A/S and Richard Handscombe Deal Value: Confidential


Details: The acquisition of 75% of the share capital of Vittles Foods by Givesco Bakery A/S and a smaller percentage by Richard Handscombe. Vittles Foods retains existing management who will be working with the acquirer to expand and improve the business


Funding: Existing resources Corporate Finance Advisers: N/A


Legal Advisers: Pitmans LLP (Andrew Peddie and Samantha Ladbrook) advising the acquirer and Spearing Waite LLP (Kate Blank) advising the sellers


Financial Due Diligence: N/A Commercial Due Diligence: Richard Handscombe


Investment in InSkin Media


Target: InSkin Media Acquirer: Beringea LLC Deal Value: £2 million


Details: HMT Corporate Finance, led by partner Mark O'Leary, advised Beringea on its investment in InSkin Media, the advertising technology and interactive media specialist


Financial Due Diligence: HMT Corporate Finance iJento Investment


Completion Date: 24/10/12 Target: iJento Acquirer: N/A Deal Value: $8 million


Details: Manches LLP acted for iJento on its $8m equity investment led by MMC Ventures and existing investors Nauta Capital and Oxford Capital Partners. iJento is a technology leader in digital and multichannel customer intelligence and will use the investment to drive its global growth plans


Funding: N/A Corporate Finance Advisers: N/A


Legal Advisers: Manches (Justin Starling, James Went) for iJento. Taylor Wessing for MMC/Nauta Financial Due Diligence: N/A Commercial Due Diligence: N/A


Project Direct


Completion Date: 31/10/12 Target: Comms Direct (Sales) Acquirer: BDR Networks Deal Value: Undisclosed


Details: Venture CF (Drew Mellor) advised BDR Networks on the acquisition of Comms Direct (Sales), an established telecoms and networking specialist company. This deal aligns the BDR group's growth through targeted acquisition strategy alongside VentureCF’s excellent reputation in the telecoms market


Corporate Finance Advisers: VentureCF Tax Advice: HWB (Tracy Jenkins)


THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 12/JANUARY 13


Lloyds Bank reports increase in lending to corporates


Latest figures from Lloyds Bank Wholesale Banking & Markets in the Thames Valley & South highlight an improving regional business landscape. Total committed lending facilities to Thames Valley & South corporates increased by 5% in the 12 months to September 2012.


The Thames Valley & South operation of Lloyds Bank Wholesale Banking & Markets, the division which supports mid-sized companies and large corporates, is encouraging more businesses to take advantage of reduced borrowing costs to kick-start their 2013 growth plans.


The team, which operates from offices in Reading and Southampton, supports businesses across Thames Valley and Hampshire that have a turnover of £15 million and above.


Despite business confidence being affected by concerns in the eurozone economies, Lloyds Bank said total committed facilities increased by 5% during the period, with its relationship teams very active across a number of transactions, a trend which is accelerating into the second half.


The bank said it has received a positive reaction from the new £80 billion Funding for Lending Scheme (FLS), introduced in August, saying it hoped that overall reduced cost of borrowing would compel more businesses to up-scale their growth and investment plans.


At the end of September, cash deposits


from its customers were up 15% on the same period last year as companies continued to focus on strengthening balance sheets amid global economic uncertainty, especially in the eurozone.


The bank said demand for its strategic cash management products had increased in line with this trend, as companies turned to the bank for more innovative ways to make their deposits work harder.


Steve Clark, regional managing director for Lloyds Bank Wholesale Banking & Markets for Thames Valley and South, said: “We see a real picture of strength and stability emerging across the region’s corporate landscape, although continued uncertainty in the global economy and particularly eurozone countries is affecting short-term confidence in many.


“For those businesses focused on growing reserves, we’re helping them develop more innovative cash management strategies to make their deposits work harder.


“For those who are ready to capitalise on new opportunities and up-scale their investment plans, we have the appetite to back them and are working closely with them to support their growth ambitions.


“This is in line with our strategy of working more closely with our customers to understand their challenges and opportunities, and encouraging them to take the next steps towards growth and investment.”


Bailey Employment Services & Driversource


Completion Date: 31/10/12 Target: Bailey Employment Services Acquirer: The Best Connection Group Deal Value: Undisclosed


Details: Sale and purchase of Bailey Employment Services and Driversource, companies specialising in recruitment services particularly in the care and domicilary, industrial and technical, and logistics and driving sectors


Legal Advisers: Thomas Eggar LLP for the vendors. Williamson & Soden for the purchaser


Financial Due Diligence: BDO LLP Next Deadline


The next Deals Update will appear in our February 2013 issue


Deadline for submissions is Monday January 14


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


www.businessmag.co.uk


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