46


OF THE YEAR (UNDER £25m) AWARD


DEAL


SPONSORED BY THE BUSINESS MAGAZINE WINNER Tessella


Above: Alan Gaby of Tessella talks to Mar Durden-Smith


Right: Alan Gaby with the award presented by David Murray (right) of sponsor The Business magazine


With just two awards to go, the category for Deal of the Year (under £25m), sponsored by The Business Magazine, attracted a terrific line-up of entries and a keen interest from the audience voters.


Four deals were shortlisted: the disposal of Reading-based 8el to Selection Services; the management buyin of SGX Sensortech; the disposal of Serco Learning to Advanced Computer Software (ACS); and the MBO of Tessella, already mentioned in dispatches several times during the evening.


The £6 million 8el deal, which saw the disposal of the SME telecommunications provider to a cloud and managed service provider, was described as an “extremely complicated transaction”. It was finally completed after 20 months using a court approved scheme of arrangement by way of transfer of shares, thought to be the first of its type in the country.


Six Thames Valley advisers were involved in the deal, including Grant Thornton, James Cowper, Morgan Cole and RSM Tenon. Funding was provided by Palatine Private Equity and Beechbrook Capital.


The SGX Sensortech deal involved a £14.7m MBI of three divisions of e2v manufacturing a variety of sensor-related products, to create a new group with significant growth potential.


Described as a “complex, cross-border deal”, SGX Sensortech now includes a High Wycombe-based materials analysis


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operation and management headquarters; an industrial safety division based in Essex and an environmental monitoring division in Switzerland.


The deal was backed by Baird Capital with mezzanine funding from Beechbrook Capital. Grant Thornton in Reading advised the incoming management team and PwC Reading performed buy-side financial due diligence.


The £7m Serco Learning deal, which was led by Spectrum CF, was run to a very tight timetable, with contracts exchanged just five weeks after management first presented to the buyer.


The acquisition of Serco Learning, the number two supplier of management information systems to the UK education market, has provided Cobham-based ACS with a strong foothold in the education software sector and will generate significant opportunity within the growing ICT education market.


The £18m MBO of Abingdon’s Tessella, a leading provider of science-powered technology and consulting services to a global blue chip client base, involved a number of local advisers, including HMT, Manches, Osborne Clarke and Grant Thornton in Reading. Funding was provided by Mobeus Equity Partners.


One nomination said the complex deal was an “excellent candidate” for the award, and had been handled so efficiently by HMT that it enabled the management team to keep


THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2013


Tessella’s trading on its growth course and keep momentum in the business.


With just 15 seconds to make their minds up, the audience voted and chose Tessella as the winner to loud cheers from the floor.


Alan Gaby, managing director of Tessella, who collected the award from David Murray, said: “It was a tremendous honour to receive the Business Magazine Deal of the Year Award on behalf of Tessella.


“The MBO of Tessella completed in July 2012 and was the culmination of a number of months dedicated effort. The outcome could not have been achieved without the advisory expertise from HMT, Nabarro, GT, Manches and Osborne Clarke, together with the financial backing of Mobeus Private Equity.


“The award recognises the exemplary support received by the management team and the vendor and acts as a reminder (if one was needed) of the strength and quality of the professional advisory community in the Thames Valley. I'm very grateful to The Business Magazine for hosting such a successful evening and to Mark Durden-Smith for his witty repartee throughout the awards.”


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