22 deals update Latest deals data from across the region
MBO of Veritek Global
Completion Date: 26/07/2013 Target: Veritek Global Acquirer: Newco/management Deal Value: £11 million
Details: HMT LLP, led by partner Andrew Thomson, associate director Holly Bedford and manager Matthew Gordon-Smith, advised Newco and a management team led by Jim Edgar (Group MD) and Jonathan Briant (Group FD), on the management buyout of Veritek Global, an Eastbourne-based provider of outsourced technical services
Funding: Mobeus Equity Partners, RBS Corporate Finance Advisers: HMT
Legal Advisers: DLA Piper, ASB Law Financial Due Diligence: Grant Thornton
Sale of Top Attractions
Completion Date: 07/06/2013 Target: Top Attractions Acquirer: Take One media Deal Value: Not disclosed
Details: Whitley Stimpson LLP advised the shareholders of Top Attractions on its sale to Take One Media, specialists in media distribution
Corporate Finance Advisers: Whitley Stimpson Legal Advisers: Oxford Employment Law
Project Trinity
Completion Date: 07/2013 Target: Lab 21 Acquirer: Trinity Biotech (UK) Deal Value: Not disclosed
Details: Sale by Lab 21 of their blood screening business to Trinity Biotech (UK) Corporate Finance Advisers: Livingstone Partners LLP Legal Advisers: Pitmans LLP for Lab 21 Financial Due Diligence: Grant Thornton LLP
Haulotte
Completion Date: 28/06/2013 Target: UK Platforms Acquirer: HSS Hire Services Group Deal Value: N/A
Details: Manches LLP acted for Haulotte, the European leader and largest European manufacturer in the access platform industry, on the sale of UK Platforms, a leading national rental company, to HSS Hire Services Group
Legal Adviser: David Tighe Capital Raising for FinSA Pty
Completion Date: 07/2013 Deal Value: £4 million
Details: HWCF LLP, led by partner Richard Hall, advised Brompton Ventures, a VC Fund investing primarily in Gaming and Technology, on the fundraise of a £4m capital and debt package for Australia based Financial Services Business, FinSA Pty. Finsa is a provider of risk management and technology services to contracts for difference (CFD) retail businesses
Funding: Brompton Ventures
Corporate Finance Advisers: Richard Hall, HW Corporate Finance
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Completion Date: 17/05/2013 Target: Abacus Acquirer: Abacus Insurance Holdings Deal Value: Confidential
Details: Osborne Clarke (Sara Valentine) acted for the management team of Abacus Insurance Holdings on the management buyout of Abacus
Legal Advisers: Osborne Clarke (management) (Sara Valentine) and Pitmans (Philip Weaver)
Corporate Finance and Tax Advisers: Grant Thornton/Baker Tilly
Yongtai and Treadsetters acquisition of Covpress
Completion Date: 23/07/2013 Target: Covpress International Holdings
Acquirer: Shandong Yongtai Chemical Group Company and TIA (GB Deal Value: £30 million
Details: Transcend Corporate, the M&A boutique led by Ian Aldridge, Ian Curtis and Phil Rouse, has originated, brokered and advised the shareholders of major Chinese automotive supplier Shandong Yongtai Chemical Group Company (Yongtai) and TIA (GB), which trades as Treadsetters, on the acquisition of Covpress International Holdings (Covpress). Covpress manufactures body panels for many of the global automotive producers, including Jaguar Land Rover, Nissan and Renualt
Funding: Equity provided by Yongtai and Treadsetters, and debt, from the asset-backed finance division of ABN AMRO and Chinese Bank of Communications
Corporate Finance Advisers: Transcend Corporate Legal Advisers: Squire Sanders (UK) LLP, Linklaters LLP Financial Due Diligence: PwC LLP
Project Jersey
Completion Date: 05/2013 Target: Maple Leaf Bakery UK Acquirer: David Wood Baking Deal Value: Not disclosed
Details: Disposal by Maple Leaf Bakery UK of its Italian speciality breads division in the UK, based at Park Royal, London, to David Wood Baking. The deal allows Maple Leaf to focus on its highly successful retained operations in the UK including The New York Bagel business
Corporate Finance Advisers: KPMG
Legal Advisers: Pitmans LLP acted for Maple Leaf , Blacks Solicitors LLP acted for purchaser
Battery Ventures (US) acquisition of Infocube AB
Completion Date: 07/2013 Target: Infocube AB (Sweden) Acquirer: Battery Ventures (US) Deal Value: Confidential
Details: Battery Ventures, a US PE house, has acquired Infocube AB, a Swedish consultancy which designs, project manages and implements ERP systems on behalf of Jeeves, one of Battery’s existing portfolio companies. RSM Tenon also advised on Battery’s acquisition of Jeeves (ERP provider in Sweden) in 2012
Funding: Battery Ventures (US)
Financial Due Diligence: RSM Tenon: David Copley, partner. Kim Robinson, senior manager. Alex Milne, assistant manager
Project Vobster
Completion Date: 07/2013 Target: Antitope Acquirer: PolyTherics Deal Value: Not disclosed
Details: PolyTherics, a leading provider of technology solutions in biopharmaceuticals, acquired Antitope, Cambridge-based leading antibody engineering and immunogenicity screening services. Up to £13.5 million new equity was raised, with inves- tors including Invesco Perpetual and Imperial Innovations
Funding: Imperial Innovations, Invesco Perpetual, Mercia Fund Management
Legal Advisers: Field Fisher Waterhouse LLP
Financial Due Diligence: Crowe Clark Whitehill (partner Simon Jordan)
Battery Ventures (US) acquisition of IHS GmbH
Completion Date: 17/07/2013 Target: IHS GmbH (Germany) Acquirer: Battery Ventures (US) Deal Value: Confidential
Details: Battery Ventures, a US PE house, has acquired IHS GmbH, a global hospitality services group headquartered in Frankfurt. IHS comprises the Worldhotels group of independent member hotels (over 400 properties worldwide) and Trust, a central reservation booking platform supporting around 20,000 hotels
Funding: Battery Ventures (US), Silicon Valley Bank (London)
Financial Due Diligence: RSM Tenon: David Copley, partner. Kim Robinson, senior manager. Tom Miller, assistant. Patrick Conroy, RSM McGladrey Boston. Christian DeLisio, RSM McGladrey Boston
Tax Advisers: RSM McGladrey Boston: Al Cappeloni and Leanne Collins. RSM Germany (MDS Moele) Hamburg: Jens Scharfenberg and Tanja Muller
Investment in Funding Knight by GLI Finance
Completion Date: 07/2013 Target: Funding Knight Acquirer: GLI Finance Deal Value: £1.5 million investment for at least a 20% stake
Details: Due diligence on investment in leading peer to peer lender Funding Knight on behalf of AIM listed GLI Finance. Funding Knight has an average loan size of £25k – £100k with a typical borrower having a track record of two years trading and typically an average of £2m revenue
Financial Due Diligence: RSM Tenon: Peter Vandervelde, partner. Jonathan Wade, partner. Lee Castledine, partner. Paul Kearney, director
Next Deadline
The next Deals Update will appear in our October 2013 issue
Deadline for submissions is Monday September 17
If you would like to submit deal information or to advertise on this page contact:
David Murray • 0118-9766410 •
david@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 – SEPTEMBER 2013 Project Stingray
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