22 deals update Latest deals data from across the region
Project Camion Completion Date: 21/02/2013
Target: Philson Haulage (Southern) Acquirer: Gregory Distribution Deal Value: N/A
Details: Meridian Corporate Finance LLP advised the shareholders of Chichester-based Philson Haulage on their disposal to Gregory Distribution of Exeter. Philson Haulage was founded in 1995 and specialises in the temperature controlled storage and distribution of refrigerated fresh produce both in the UK and Europe
Corporate Finance Advisers: Meridian Corporate Finance (vendor) – Mike Barcia and Joe Jeffers
Legal Advisers: Coffin Mew (vendor) – Nick Gross and Jamie Earley
Tax Adviser: Taylorcocks (vendor) Property Adviser: Jones Lang LaSalle
Nexeon
Completion Date: 21/02/2013 Target: WACKER Chemie AG Acquirer: Nexeon Deal Value: Confidential Details: Partnering/equity venture
Legal Advisers: Rob Hayes, Chris Shelley & Elizabeth Yell, Manches
Disposal of Elmelin
Completion Date: 01/01/2013 Target: Elmelin Acquirer: Newco Deal Value: £4.2 million
Details: HMT LLP, led by partner Andrew Thomson and manager Matthew Gordon-Smith, advised sole shareholder Stephen Weiss on the disposal of Elmelin, a London-based manufacturer of industrial electrical and heat insulation products
Corporate Finance Advisers: HMT Legal Advisers: Boyes Turner LLP
Manroy acquisition of Base Enamellers
Completion Date: 28/02/2013 Target: Base Enamellers Acquirer: Manroy plc Deal Value: Confidential
Details: Manroy acquisition of Base Enamellers with funding provided by Barclays Bank plc. Manroy is primarily an assembler of machine guns for the military market. This acquisition represents the strategic acquisition of a part of Manroy‘s production line for key products. RSM Tenon provided due diligence services in relation to the acquisition of Base Enamellers and carried out an enlarged group forecast review
Funding: Barclays Bank
Financial Due Diligence: RSM Tenon: Peter Vandervelde, David Copley and James Carnegie (partners) Tax Due Diligence: RSM Tenon: Robin Thorn (director)
www.businessmag.co.uk MBO of Teamsport Racing
Completion Date: 02/2013 Target: Teamsport Racing
Acquirer: Newco, backed by Connection Capital and private funders with debt provided by BLME Deal Value: £9 million
Details: Financial due diligence in respect of the MBO of Teamsport on behalf of Connection Capital, Bank of London and The Middle East (BLME), and private funders (led by Neil Taylor, co-founder of Game retail group). Teamsport currently operates 11 indoor karting tracks across nine locations in London and the south. Funding will enable roll out of further tracks across the country
Funding: Connection Capital and private investors Corporate Finance Advisers: Hazlewoods
Financial Due Diligence: RSM Tenon: Rebecca Guerin (partner), James Killing (director), Andy Choy (executive) Tax Due Diligence: RSM Tenon: Ali Sapsford (partner)
Parkers Building Supplies
Target: Three Build Centre branches and one Jewson branch Acquirer: Parker Building Supplies Deal Value: Not disclosed
Capita acquire Northgate Managed Services
Completion Date: Exchanged 14/02/2013 (completion subject to approvals from the relevant competition authorities)
Target: Northgate Managed Services Acquirer: Capita plc Deal Value: Enterprise Value £65 million
Details: Capita has agreed to acquire Northgate Managed Services from Northgate Information Solutions for an enterprise value of £65m. Northgate Managed Services provides cloud- based, infrastructure solutions and specialist managed services to public, private and third sector businesses
Funding: US private equity firm – KKR (Kohlberg Kravis Roberts) are majority shareholders in the Northgate Information Solutions group
Corporate Finance Advisers: Jefferies (M&A adviser to Northgate)
Legal Advisers: Addleshaw Goddards (legal advisers to Capita plc). Pinsent Mason (legal advisers to Northgate)
Financial Due Diligence: RSM Tenon: Jonathan Wade, partner. Peter Vandervelde, partner. Chris Rees, director. Radhika Chokshi, assistant manager
Commercial Due Diligence: RPL (commercial due diligence advisers to Capita plc)
Details: HW Corporate Finance LLP advised on the acquisition of three Build Centre branches and one Jewson branch by Parkers Building Supplies, the South East‘s leading independent builders‘ merchant. The new branches were rebranded, restocked and opened to further extend Parker‘s regional network and to provide even better service to their customers
Funding: Lloyds Bank Commercial Corporate Finance Advisers: HW Corporate Finance
Sales of the lettings portfolio Pike Smith & Kemp Completion Date: 12/2012
Target: Pike Smith & Kemp Lettings
Acquirer: Romans Group (UK) Deal Value: Undisclosed
Details: Romans Group (UK) completed the acquisition of the lettings portfolio of Pike Smith & Kemp based in Maidenhead, thereby bringing the group‘s lettings portfolio to 5,000 plus
Funding: N/A Sale of lettings portfolio of John Mortimer Completion Date: 16/01/2013
Target: John Mortimer Property Management
Acquirer: Romans Group (UK) Deal Value: Undisclosed
Details: Romans Group (UK) completed the acquisition of the lettings portfolio of John Mortimer Property Management based in Bracknell, thereby bringing the Group‘s lettings portfolio to 5,000 plus
Funding: N/A Industrial Safety Technologies acquires Simtronics
Completion Date: 01/03/2013 Target: Simtronics Acquirer: Industrial Safety Technologies Deal Value: Confidential
Details: Industrial Safety Technologies has added Simtronics AS (based in Oslo, Norway) and Simtronics SAS (based in Aubagne, France) to its platform. The companies are being acquired from UTC Climate, Controls & Security, a unit of United Technologies Corp. Simtronics is a world-class provider of sophisticated gas and flame-detection systems for use in applications ranging from plant boiler rooms to offshore petrochemical facilities
Funding: Battery Ventures
Financial Due Diligence: RSM Tenon: David Copley (partner), Kim Robinson (associate director)
Next Deadline
The next Deals Update will appear in our May 2013 issue
Deadline for submissions is Monday April 15
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 – APRIL 2013
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