26 deals update
... continued Latest deals data from across the region Sale of Exentra Transport Solutions
Sale of Testbank Holdings to Burgess Marine Completion Date: 11/2012
Target: Exentra Transport Solutions
Acquirer: Descartes Systems UK Deal Value: £10.7 million
Details: Descartes Systems Group has acquired Exentra Transport Solutions, a UK-based provider of software-as-a-service (SaaS) driver compliance solutions, whose cloud-based compliance management platform, Smartanalysis, helps customers leverage the data from a vehicle’s tachograph to comply with EU-wide legislation governing driver compliance
Legal Advisers: Clark Holt, commercial solicitors, Swindon, acted for the shareholders of Exentra Transport Solutions
Acquisition of The Environmental Laboratory
Completion Date: 16/01/2013 Target: The Environmental Laboratory Acquirer: Sigma-HSE Deal Value: Confidential
Details: Following the sale of Chilworth Global, RSM Tenon was retained by one of the shareholders to support him in the search for a suitable acquisition. The Environmental Laboratory, based in Hastings, was a family-owned business specialising in chemical analysis of contaminated soil and water
Corporate Finance Advisers: RSM Tenon: Darren Miller
Legal Advisers: Moore Blatch: Roger Bailey and Jeremy Over (bidder’s legal advisers). Heringtons: Geoff Longmire and Russell Parkes (vendors legal advisers)
Financial Due Diligence: RSM Tenon: Peter Vandervelde and Philip Rossiter
Commercial Due Diligence: Diligencia: Bruce Scott Sale of DMN Sale of The Net Crowd
Completion Date: 31/01/2013 Target: The Net Crowd Acquirer: Daisy Group plc Deal Value: Undisclosed
Details: Sale and purchase of The Net Crowd, a company specialising in technical and professional services to the IT market including field engineering, mass deployment, vendor support and managed services
Legal Advisers: Thomas Eggar LLP for the vendors. Eversheds LLP for the purchaser
Sale of WG Healthcare UK
Completion Date: 01/2013 Target: WG Healthcare UK Acquirer: Wright Medical Technology, Inc Deal Value: Undisclosed
Details: Penningtons Solicitors LLP acted for the shareholders of WG Healthcare UK, which manufactures innovative products for orthopaedic surgery, on the sale of the company to Wright Medical Technology, Inc, a global orthopaedic medical device company. Penningtons previously advised on the separation of part of the WG business into a Newco incorporated by WG Healthcare
Legal Advisers: Penningtons (WG Healthcare UK). Ropes & Gray International LLP (London) (Wright Medical Technology, Inc)
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Completion Date: 11/2012 Target: DMN
Acquirer: The Gores Group, LLC Deal Value: Confidential
Details: The Gores Group, a US global investment firm, completed the acquisition of DMN. DMN, which is headquartered in Swindon, is a mobile communications network engineering support and staffing provider delivering a broad range of high-quality wireless infrastructure services
Legal Advisers: Clark Holt, commercial solicitors, Swindon, acted for the shareholders of DMN
Sale of Uteron Pharma SA
Completion Date: 01/2013 Target: Uteron Pharma SA Acquirer: Watson Pharmaceuticals, Inc Deal Value: $305 million
Details: 100% of Uteron’s securities were sold to Watson for an initial cash price of $150m (subject to adjustment) and a further $155m based on future milestone achievements. The transaction was governed by English law. Uteron is developer and owner of a number of women’s health products
Legal Advisers: Michael Moore and Crispin Dick of Paris Smith LLP led the team acting for Uteron; working alongside niche life sciences firm, Lawford Davies Denoon and Uteron’s Belgian counsel. S J Berwin acted for Watson
TC Communications Completion Date: 06/02/2013
Target: TC Communications group
Deal Value: Confidential
Details: Lamport Bassitt advised the TC Communications group in connection with (i) equity investment by Maven Capital Partners and (ii) a refinancing
Funding: Maven Capital Partners and HSBC
Legal Advisers: Oliver Kelly and Malin Svanberg Larsson of Lamport Bassitt acted for target and Maven Capital Partners. Norton Rose acted for HSBC. Farrer & Co acted for the founders. Lewis Silkin acted for management
Completion Date: 17/01/2013 Target: Testbank Holdings Acquirer: Burgess Marine Deal Value: Confidential
Details: Testbank Ship Repair has operations in Southampton docks, Porchester and Avonmouth. Burgess Marine is based in Dover, and also has sites in Poole and Portsmouth’s naval base
Funding: HSBC: Barry Spicer
Corporate Finance Advisers: RSM Tenon: Darren Miller and David Copley
Legal Advisers: Shoosmiths: Stephen Porter and Jason Hill (vendor’s legal advisers). Brachers: James Bullock and Stephen Bowman (buyers legal advisers)
Financial Due Diligence: Reeves & Co: John Cowie Tax Advisers: RSM Tenon: Michelle Harris, partner
DEALS SNIPPETS
Coolmation sold to Swegon Meridian Corporate Finance LLP has advised the shareholders of the Coolmation group of companies on the cross-border sale to private equity-backed Swegon, a subsidiary of Swegon AB. Coolmation, based in Ringwood, has more than 30 years’ experience in the supply, installation, service and hire of chillers, heat pumps, cooling equipment and systems, for industrial, commercial and HVAC applications. Coolmation has five offices nationwide, employs 70 staff and has a turnover of some £8 million, making it one of the UK’s fastest-growing chiller and air-conditioning companies. Swegon is the UK subsidiary of Swedish ventilation and indoor climate systems manufacturer Swegon AB, which is backed by the Swedish investment company, AB Latour. The Swegon group has 1,350 employees and a turnover of €280m.
Convert-E-Lite ceases to trade
Alexander Kinninmonth and David Green of RSM Tenon have been appointed joint liquidators of Convert-E-Lite, a lighting supply company which has ceased to trade with 18 redundancies a year after its premises and contents were destroyed by fire in 2011. Suffering from cashflow issues due, in part, to delays in receiving the insurance payout, it became apparent that there would not be enough funds available to pay all debts outstanding, which in part was due to the under insuring of assets.
Purvers secures backing
Removals firm Purvers International has its sights on growth in 2013 after securing a new invoice finance package from Santander Corporate & Commercial. The company, based in Gosport, Hampshire, specialises in corporate and domestic removals and also offers document security and shredding services as well as complete disposal and recycling of electrical and industrial equipment. The new funding will support the firm’s three-year growth plan, which includes updating its fleet of removal vans and moving to bigger premises.
Next Deadline
The next Deals Update will appear in our April 2013 issue
Deadline for submissions is Monday March 11
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 – MARCH 2013
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