28 corporate finance
Innovative investors bridge the gap for growing businesses
'Successful businesses looking for funding are better off now than they have been in the last 25 years.' Powerful words indeed, and when you know they come from Ken Graham, founder of Henley-based Pace Equity, one of the UK’s leading mid-market independent advisory services firms, you realise these are no idle comments, but are backed up by a solid track record and a lifetime of dealmaking experience
Graham believes that the emergence of new innovative forms of funding, such as peer- to-peer loans, crowd funding, some internet lending services and investment clubs are the key to unlocking investment opportunities and says it’s time businesses reduced their reliance on traditional bank funding.
“A lot of business owners still think it is the bank or nothing, they don’t realise there are different ways of securing funding,” he said. “In reality, there are plenty of other exciting new sources of funding and, more often than not, these are outside the experience of many business owners.
“The emergence of these entrepreneurial funding sources is very encouraging for the economy and industry in general. We have made it our business to link up with those individuals and groups, to understand their objectives and the areas they are interested in. It enables us to help our clients by introducing them to those new sources of funding.”
Graham, who says he has huge confidence in Britain’s future economy and believes the country is doing far better than its European counterparts, built his reputation and expertise as a founding member of windscreen giant Autoglass. He played a key role in its global acquisition strategy which, during the 1980s, saw the organisation rise to become the biggest privately-owned windscreen fitter in the world.
He left to set up Pace Equity in 1989 with the remit of providing strategy and M&A advice to companies and today it is one of the oldest independent M&A firms in the country with a strong reputation for trust and putting its clients first.
Working with businesses across a range of sectors, the close-knit Pace Equity team has particular expertise in technology and IT, digital media, healthcare, oil and gas, professional services, and what Graham calls a “resurgent” manufacturing sector.
Aimed at mid-market clients with average turnovers ranging from £3 million to £50m, the bulk of deals completed by Pace Equity are under £30m.
Some 60% of its clients are in the Thames Valley and wider South East region, while international deals account for up to 20% of its business, thanks to representatives in Paris and New York.
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The team focuses on four key services: selling a business; acquiring a business; identifying funding for a business; and management and growth services.
Although over the past two decades the market has seen more than its fair share of boom and bust, Graham says Pace’s strong links with banks, venture capitalists and private equity firms, as well as new emerging forms of finance, have kept it busy over the past five years.
Indeed, its current portfolio shows that there are many more clients keen to acquire or invest in businesses than there are companies for sale.
“We are very much a full-service advisory corporate finance specialist and we spend a lot of time with our clients,” said Graham. “We add value by working with them on their strategy and development, guiding and advising and making sure there are robust, clear and coherent plans in place to support fundraising activity.
“We look at what part acquisition can play in helping to accelerate their growth plans and, if it’s right for them, we help define an acquisition programme.”
Graham is especially proud of Pace Equity’s research capability, saying “our comprehensive in-house database of acquirers, vendors and institutions provides a real head start for each assignment, and our research team will ensure that the marketplace is systematically scoured for suitable businesses.
THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 12/JANUARY 13
“People come to us because they know we have a huge amount of information available on businesses that are looking to acquire, want funding or want to sell. If a company wants to acquire a widget manufacturer in the Thames Valley, then I am sure we can find them one.
“We define exactly what clients are looking for and are able to identify suitable companies, which invariably leads to a successful deal,” he said. “Acquisitions can be risky, we take a lot of care and attention to ensure the right strategic fit and prevent our clients from making acquisitions which are likely to fail.
“We also know that for people selling a business, especially those who have their entire fortune tied up in it, the sale process is critically important – and we take our responsibilities extremely seriously. We are very proud of our reputation for good service and the grateful accolades we receive from clients.”
Details: Ken Graham 01491-577889
kengraham@paceequity.com www.paceequity.com
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