mergers & acquisitions 55


Thames Valley: M&A activity strengthens


The level of M&A activity seen by leading legal firm Manches LLP in the past 12 months demonstrates that the Thames Valley region remains one of the leading marketplaces for M&A outside of London


From its offices in Oxford and Reading, Manches has advised on and completed around 20 full M&A transactions since January 2013, ranging from joint ventures and mergers, through to complex international transactions. With deals originating both from within and outside of the Thames Valley region, this is considered to be increasingly indicative that Thames Valley law firms are well placed, both strategically and geographically, to advise UK and international clients in light of the expertise they can offer and the geographical proximity to the City.


However, Thames Valley legal practices must continue to differentiate themselves at times where the national legal market is seeing a continued consolidation through law firm mergers. Strength in depth, a commitment to investing for growth, and the ability to provide targeted and expert legal advice across the full range of commercial matters at competitive rates, are all critical factors when it comes to retaining and winning clients.


Manches attributes its continued success to its decision to focus on certain key sectors, including those which underpin the Thames Valley economy, namely technology and life sciences, and now benefits from being widely recognised for its expertise in these sectors. Recent expansion in its Thames Valley corporate, commercial and, most recently, tax offerings, places Manches in an excellent position to consolidate its position as a market leader in M&A.


Manches won the Law Firm of the Year 2013 award at the recent Thames Valley Deals Awards in recognition of the impact made in the region’s corporate finance market in the previous 12 months.


A selection of the firm’s recent M&A transactions are shown below:


1. Sale of Midaz Lasers to Coherent (UK) Holdings – Acting for the shareholders of Midaz Lasers, a spin-out from Imperial College London, on the sale of the company to California based Coherent Inc. Coherent Inc is a leading manufacturer of laser technology.


2. Sale of How to Books to Constable & Robinson – Acted for selling shareholders, Giles Lewis and Nikki Read, on the sale of practical reference publisher How to Books to Constable & Robinson. How to Books was founded in 1985 and publishes a broad range of practical self-help guides.


3. LUP Acquisition of titles from Exeter Press – Acted for Liverpool University Press on the acquisition of titles in the history, medieval history and classics collections from Exeter Press.


4. Nexeon partnership with Wacker Chemie AG – Acted for Nexeon on a strategic collaboration with Wacker Chemie AG. Wacker is a €4.9 billion global chemicals company based in Munich. Nexeon raised £40 million in 2011 to fund the next steps of its development.


5. Haulotte UK Sale of UK Platforms to HSS Hire Service Group – A team from the Thames Valley office of Manches acted for Haulotte UK on the sale of UK Platforms, a leading national rental company, to HSS Hire Services Group.


Details: Justin Starling 0118-9822640 reading@manches.com


Invoice financing – facilitating M&A


As an expert player in the Thames Valley’s active turnaround and recovery markets, Pulse Cashflow Finance understands the positive effect invoice financing can have on a distressed business that’s the target of a merger or acquisition. Here, Tracey Bevis, senior new business manager at Pulse, explains this relationship and shows how an injection of invoice finance into an ailing business can aid recovery and facilitate a successful merger or acquisition


As an invoice finance expert, Pulse Cashflow Finance is often approached by acquisition- hungry investors or corporate financiers to assist in the debt financing of a target business. This is generally a straight- forward process, with Pulse providing the gearing on the assets as part of a structured plan to generate cash for outgoing shareholders.


However, there are times when Pulse is approached by parties advising or acquiring distressed businesses, which need a complement of investors and funders to inject cash to prevent a business failure. In these scenarios, we often work with a number of assorted funders to assist in the complete merger acquisition funding package, focusing our attention solely on the debt element of the deal.


We prefer to concentrate our expertise on putting invoice financing in place to provide the target business with sufficient breathing space for the necessary negotiations to take place without the headache of incumbent lenders or creditors breathing down their necks.


And because we are able to achieve this in a matter of just a few days, it’s a formula that has proven success across the region, as was the case recently when Pulse was approached by a distressed manufacturer seeking a funding partner and equity investor to work with them to stabilise and grow the business. An investor was found that was attracted to the possibility of owning a manufacturer that complemented their existing businesses, utilising products from its operations within the manufacturing process,


THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2013


and five days later, Pulse was able to put in place a £500,000 financing package that prevented the manufacturer going bust and facilitated the change of ownership.


The investor took Pulse on side to refinance the company’s existing invoice finance facility and provide additional funding and management expertise that not only facilitated the change of ownership but also helped to put the company on a stable footing. Today, the business is able to continue trading profitably, has successfully renegotiated its position with HMRC and has the benefit of being part of a larger trading group.


It’s safe to say that invoice financing played an integral role in this particular acquisition and this scenario is by no means unique, so to find out more see details below.


Details: Tracey Bevis 0845-5397003 enquiries@pulsecashflowfinance. com


www.businessmag.co.uk


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