35
OF THE YEAR (UNDER £25m) AWARD
DEAL
SPONSORED BY THE BUSINESS MAGAZINE WINNER Haystack Dryers
Left: Clive Coleman with David Rolfe and the winning team from Haystack Dryers. The trophy was presented by David Murray of The Business Magazine (right)
Above: David Rolfe
The penultimate award, Deal of the Year (under £25 million) was sponsored by The Business Magazine and saw an impressive five deals in the frame.
The audience was told that the disposal of the Coolmation Group to a Swedish company was a significant example of a local business finding an international buyer. Described as a complex deal involving three companies, it was achieved within a tight timeframe.
The deal was led Meridian Corporate Finance, with Blake Lapthorn and Trethowans handling the legal work. Barclays Wealth Management and PwC also advised.
The £19m sale of Portsmouth‘s Cope Allman Jaycare, manufacturers of plastic pharmaceutical packaging and medical devices, to Swedish company Nolato Group, was also a complex cross-border transaction.
Having already advised the business through an MBO from Rexam and acquisition of Jaycare, RSM Tenon completed the sale, which attracted interest from both private equity and trade buyers. Providing legal support was Paris Smith.
The third nomination was for NVM Private Equity‘s investment of development
capital into Dorset‘s Haystack Dryers, a designer and manufacturer of purpose built people dryers for theme parks,water parks, swimming pools and spas worldwide.
The funding will enable the business to take advantage of the rapid growth of theme parks in the Far East and also to support expansion into new sectors. BDO and Moore Blatch advised, with due diligence by PwC among others.
Also in the running was the sale of Winchester company Industry Media to James Grant Group, provider of management and professional services, which is backed by Gresham Private Equity. The deal was advised by Spectrum Corporate Finance, with Blake Lapthorn handling the legal side.
It was the ninth
acquisition by JGG since its own MBO back in 2009.
Rounding off the competition was the acquisition of Andover-based Inventif RMA – winner of Management Team of the Year – by Japanese IT giant NTT DATA. Described as a “culturally difficult“ deal, it involved considerable amounts of cross-party teamwork in order to succeed. Advisers included Meridian and Shoosmiths, together with BDO and PwC.
With five superb deals to choose from the audience had its regulatory 10 seconds to
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2013
www.businessmag.co.uk
make up its mind – choosing Haystack Dryers as the popular winner.
Collecting the award from David Murray, publisher of The Business Magazine, was David Rolfe, director of NVM Private Equity, who led the deal and currently sits on the Haystack Dryers board.
Commenting on the win, he said: “It is nice to be recognised by the Solent community for investing in the region and using a number of local advisers to help us achieve it.“
Paul Thomas, managing director of Haystack Dryers, said: “This was a great deal with a great team behind it. Working with all our advisers made it a very simple and efficient process and we were delighted the success of the deal was recognised at the Awards. Since the investment went through, we have been able to take advantage of a huge number of opportunities in overseas markets, including Taiwan, Thailand and Korea and we‘re continuing to expand our products and services still further, so it‘s a very exciting time for us.“
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