26 deals update Latest deals data from across the region
Acturis Group acquires Nordic Insurance Software
Completion Date: 02/2014 Target: Nordic Insurance Software, Copenhagen Acquirer: Acturis Group, London Deal Value: Undisclosed
Details: Acturis Group has bought Nordic Insurance Software (NIS), a provider of insurance software based in Denmark, as part of the technology specialist’s global expansion plans. NIS’s founders and management will continue to be significant shareholders in the enlarged group and will continue to have a major ongoing involvement
Funding: Summit Partners
Corporate Finance Advisers: Nordic M&A, Copenhagen (for vendors), Summit Partners, London (for its portfolio company, purchaser)
Financial Due Diligence: Baker Tilly: David Copley, partner; Peter Vandervelde, partner; Kim Robinson, director; Tom Miller, executive; Kim Larsen, tax partner (Denmark); Morten Kaas Ibsen, executive (Denmark)
Completion Date: 01/02/2014 Target: Crash-worth (CWL) Acquirer: The Innovation Group plc (TIG) Deal Value: £11.75 million
Details: TIG acquired the entire issued share capital of CWL on February 1, with part of the consideration deferred and subject to an earn-out by reference to the two financial periods ending September 30, 2015. TIG is now the second largest manager of vehicle repair claims in the UK
Legal Advisers: Nick Gent and Louise Thompson of Trethowans LLP (for The Innovation Group plc) and Irwin Mitchell LLP (Sheffield office) for the sellers
Financial Due Diligence: Dealt with internally by The Innovation Group Plc
Commercial Due Diligence: Dealt with internally by The Innovation Group Plc
ShockWatch Inc acquires ShockLog Project French
Completion Date: 01/2014 Target: Koh Thai Tapas
Details: Meridian Corporate Finance LLP advised the shareholders of Bournemouth-based Koh Thai on a development capital fundraise
Funding: Thin Cats peer-to-peer funding platform
Corporate Finance Advisers: Michael Barcia and Danielle Spencer of Meridian Corporate Finance LLP
Completion Date: 02/2014 Target: The IMC Group Vendor: ShockWatch Inc Deal Value: Undisclosed
Details: ShockWatch Inc has acquired the ShockLog range of Impact and Environmental Recorders from The IMC Group, a manufacturer of electronic and mechanical instrumentation
Legal Advisers: Acuity Legal: Paul Lowe, partner Financial Due Diligence: Baker Tilly: Nick Williams, partner
Tax Advisory and Tax Due Diligence: Baker Tilly: Robin Thorn, director
Housebuilder Millgate merges with Countryside
Countryside Properties, which was bought by Oaktree Capital last year, is to merge with Millgate Developments.
With funds managed and advised by Oaktree Capital Management, the acquisition of Millgate, a leading premium house builder in the South East, was announced earlier this month.
Millgate’s product range will be offered in new and existing Countryside sites under the Millgate brand. The merger of the two housebuilders will expand the geographic reach and product offering of both groups increasing the overall value of the combined entity while achieving important synergies.
The acquisition is consistent with Countryside’s growth strategy and will allow the Millgate brand to maximise its full potential. David Simpson, managing director of Millgate, will also join the Countryside board.
Millgate builds more than 100 homes a year, chiefly in Berkshire, Surrey and Kent. Prices range from £600,000 to near £5 million. Millgate is focused on seeking
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out the most desirable sites, optimising planning, designing “with passion” and creating value through premium products.
Oaktree is a global investment management firm focused on alternative markets. The firm emphasises a value- oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has more than 800 employees and offices in 16 cities worldwide.
Countryside Properties is a leading residential developer specialising in both greenfield sites as well as the regeneration of urban communities. The Group develops both private and affordable housing with a true sense of community. Headquartered in Essex, the company’s principal areas of operation are in Greater London and the South East.
KPMG acted for Oaktree with Ashurst LLP handling legal matters. Millgate was advised by Rothschild with Osborne Clarke acting as legal adviser.
Project Boomerang
Joint Venture Completion Date: 31/01/2014
Details: Meridian Corporate Finance LLP provided strategic advice on the Joint Venture between Southampton-based Performance Assessment Software (PAS) and Nemisys Enterprises
Corporate Finance Advisers: Joe Jeffers of Meridian Legal Advisers: For PAS – Kate Bradbury Associates
Capita plc acquires Retain International Holdings
Completion Date: 13/02/2014 Target: Retain International Holdings Acquirer: Capita plc Deal Value: Undisclosed
Details: Capita plc has acquired Retain International, a provider of resource planning, scheduling and management software for accounting and professional service firms
Funding: Capita plc Corporate Finance Advisers: Magma Corporate Finance Legal Advisers: Eversheds: Jonathan Cox-Brown
Financial Due Diligence: Baker Tilly: Peter Vandervelde, partner. David Copley, partner. Andrew Choy, executive Commercial Due Diligence: RPL: Geoff Rampton
Next Deadline The next Deals Update will be in our May issue
Deadline for submissions is Monday April 14 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
Penningtons Manches advises on Cytocell acquisition
Penningtons Manches LLP has advised Oxford Gene Technology (OGT) on its acquisition of Cytocell, a leading Cambridge-based European developer and manufacturer of probes for use in routine cytogenetics and in the analysis and classification of cancers.
OGT provides world-class genetics research solutions to leading clinical and academic research institutions and has a strong reputation and increasing share in the large and growing genomic medicine market. Cytocell has focused on developing products for oncology and its products are available through a well-established distributor network, covering more than 60 countries worldwide.
The acquisition was funded through cash augmented with a debt facility provided by Silicon Valley Bank.
The Penningtons Manches team, led by Reading corporate partner Justin Starling, comprised lawyers from the firm’s Oxford, Cambridge and Reading offices including Chris Shelley, IP and commercial partner; Helen Drayton, banking and finance partner; and Elizabeth Yell, corporate associate.
Details:
www.penningtons.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2014
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