28 deals
Corporate deals signal another step forward for Spectrum
The in-depth knowledge and expertise of the team at Spectrum Corporate Finance is proving invaluable as the firm moves steadily into acting for large corporates, writes Alison Dewar of The Business Magazine
The recent disposals of Serco Learning for Serco Group plc, and the outside broadcast division of infrastructure broadcast company Arqiva, have demonstrated the firm’s ability to handle complex corporate divestments, says founding partner Simon Davies, and adds another core skill set.
“We have now established ourselves with some very good quality corporates, these deals show we have the credibility which big companies require in order to trust you to sell their assets,“ he said.
“Our goal in 2013 is to continue to bring our considerable experience to bear on the smaller deals market that has served us so well but, at the same time, gain the trust of larger organisations, reassuring them that we have the skills required to do a great job.“
The successful disposal of Serco Learning to Advanced Computer Software plc (ACS) in a deal worth £7.25 million, was completed by fellow Spectrum partner Clive Hatchard.
Speed was of the essence, having won the mandate in a competitive process, Spectrum had just 11 weeks to complete the transaction to meet financial year-end requirements and signed the deal only five weeks after the first meeting with ACS.
Dean Eldrid, director M&A Serco Group, said: “We were impressed with the service and delivery from Spectrum. Their willingness to resolve difficult due diligence issues with the target was crucial in getting the deal over the line.“
Hatchard added: “It was a very quick deal, requiring a lot of resources and transactional expertise, it showed we could help add real value at a time when the client needed a fast result. The fact that I have worked as a CFO myself and also demerged a business from the ’inside’ proved invaluable in assisting in the divestment of an embedded division.“
The second deal saw Arqiva Broadcast Holdings dispose of its outside broadcast division to two separate corporate acquirers – Cloudbass Multimedia and NEP Visions. Davies says Spectrum added real value by analysing the business and selling to two buyers to achieve the best possible results.
www.businessmag.co.uk The Spectrum Corporate Finance partner team
Stuart Cockburn, group strategy director at Arqiva, said: “Having made the strategic decision to close the AOB business unit, we needed to complete the divestment in a manner that was sensitive to our staff, and customers to ensure continuity of a high- quality service.
“Spectrum worked with us to achieve these aims and ran a fast and efficient process that enabled a smooth transition to Cloudbass Multimedia on key contracts and assets, and the sale of assets to NEP Visions.“
Although the business units of Arqiva Outside Broadcast and Serco Learning are in Nottingham and Derby respectively, the deals were done via their head offices in Winchester and Hook, enabling Spectrum to make the most of its network of contacts across the region.
Looking ahead, Davies believes the deals landscape will be brighter in 2013, although he recognises competition in the corporate finance market is tougher than ever.
“We are definitely seeing the market pick up, there are a lot more deals around and increased activity in terms of buyouts and divestments from both corporates and privately-owned businesses,“ he said.
As well as expanding across the corporate marketplace, Spectrum is also adding to the strength of its team with the arrival of newcomer Michael Holgate.
He recently joined as a manager from PwC, where he was a senior associate in the transaction services advisory team in London, working on a number of buy and sell-side transactions for a variety of corporate and private equity clients, across a
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2013
range of sectors including financial services, industrial products and retail & consumer.
In his new role, Holgate is looking to build his lead advisory skill sets by taking responsibility for deal delivery, financial modelling and report writing.
Ian Milne, partner at Spectrum, added: “Deals are more complex in the current market and Michael’s transaction services background provides a great foundation to assessing, analysing and properly understanding a business’ key characteristics and differentiating factors. These core skills will enable him to add real value to the Spectrum proposition, and provide a great service to our clients.“
On the international field, Davies says Spectrum has been able to introduce an increasing number of UK buyers to businesses in the US, while the firm’s global reach has been boosted still further with the expansion of the Alliance of International Corporate Advisors (AICA) with new members in Asia. Spectrum is the UK’s only AICA member and Davies is currently president and will take the lead at its next meeting in Hong Kong in May.
Details: Simon Davies 0118-9502269
simon.davies@spectrumcf.co.uk www.spectrumcf.co.uk
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