47


OF THE YEAR (OVER £25m) AWARD


DEAL


SPONSORED BY UBS Wealth Management WINNER Xafinity


Above: Brian Large of HSBC


Right: Nick Tucker (far right) of sponsor UBS presented the award


For the final award of the evening, three prestigious deals were in with the chance of walking away with the title of Deal of the Year (over £25m).


Sponsored by UBS Wealth Management, the entries were CloserStill – already a winner of Management Team of the Year, Leisure Pass Group, and Xafinity Consulting.


The MBO of CloserStill for an undisclosed sum, which saw NVM Private Equity partially exit as funders and Phoenix Equity Partners providing new funding, was a very popular entry. The deal was advised by Deloitte, whose Reading office was described as “outstanding” in providing “invaluable deal structuring help”, while due diligence was completed by PwC.


The deal was described as a “great example of a local investment from start up to realisation of over £25 million within four years in a period when market conditions have been challenging for early stage ventures.”


The £35m MBO of the Leisure Pass Group saw Spectrum Corporate Finance advise both Primary Capital and the management team with buy-side support and debt advisory.


The deal had already been instrumental in putting Spectrum and Simon Davies onto the shortlist for two other categories on the night and the audience heard it had required


THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2013


“deep transactional and project management experience” and had also included post-deal interim finance director support. Osborne Clarke and Olswang provided legal support, with due diligence by BDO.


Completing the line-up was the Xafinity deal which saw CBPE Capital carve British pensions consultancy firm Xafinity Consulting out from the Advent International-owned Equiniti Group. The move has allowed Xafinity to develop a stronger pension consulting brand and focus on the UK employee benefits market.


Bank funding was provided by HSBC and Lloyds, with PwC and LEK Consulting undertaking due diligence, Reed Smith providing legal and DC Advisory as advisers.


It was heralded as a landmark deal – with high complexity of standalone costs, complicated group structure and tax structure, massive amounts of historical intercompany transactions and a number of regulatory issues to be overcome.


Following on from the deal, which makes Xafinity an independent operation, Xafinity is expected to grow its market share further both organically and by making acquisitions supported by the buyer’s expertise and funding. Headquartered in Reading, Xafinity has over 350 employees operating from six offices across


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the UK, and it will also continue to work with Equiniti.


With the audience voting via their keypads for the final time of the night, it was Nick Tucker, managing director of UBS Wealth Management who revealed that the winner was the Xafinity deal.


Robert Birmingham, Xafinity’s managing director, said: “The acquisition saw Xafinity Consulting, for the first time in its corporate history, be a truly independent operation, enabling it to focus entirely on its markets, further enhancing product offerings and providing an even better service to clients.


“The deal reflected that Xafinity is very well placed to capitalise on the continued evolution in the UK employee benefits and pensions sector in particular. The acquisition by CBPE met the highly selective investment criteria, being a business of scale with a strong track record of revenue and profit growth, combined with a strong management team and long-term client base.”


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