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
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 Capita plc acquires Retain International Holdings ShockWatch Inc acquires ShockLog
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
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
Corporate Finance Advisers: Michael Barcia and Danielle Spencer of Meridian Corporate Finance LLP
Project Boomerang 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
Joint Venture
Project French
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
Pukka HSBC finance deal for stationery firm
Poole-headquartered office stationery manufacturer and supplier Pukka Pads has secured a £5.5 million invoice finance facility from HSBC to help support its expansion plans following the recent acquisition of Concord Filing Products
Pukka Pads acquired the Liverpool-based manufacturer of lever arch, ring binder files and index dividers in December last year, safeguarding 120 jobs. It has changed the company’s name to Pukka Filing Products and the new funding package provides the business with a robust financial platform on which to drive growth.
The deal was led by Andy Lear, senior international commercial manager within HSBC’s Dorset commercial centre, with support from Andrea Webber and Simon Jones from HSBC’s invoice finance division.
www.businessmag.co.uk
Founded in 1999, Pukka Pads was acquired by majority shareholder Chris Stott in 2004. Turnover for this financial year will exceed £15m but will increase to over £30m when the recent acquisitions are taken into account for 2014.
Pukka has made a series of strategic acquisitions over the past two years to broaden its product portfolio ahead of planned expansion in both the UK and overseas markets, particularly Europe. The company has a sales and distribution
facility in Poland to serve its European customer base.
Stott said: “This funding package from HSBC puts in place robust working capital facilities to support Pukka Filing Products’ growth plans. This is a strong business which has an excellent reputation and order book; we are using the strength of that book to generate the finance required to help grow the business further. This was a strategically important acquisition as we look to expand the business and drive sales in the UK and overseas.“
Lear added: “Pukka Pads is a great example of a business that benefits from a vibrant brand that distinguishes it from the marketplace. An experienced and skilled management team and a comprehensive range of products place the company in an excellent position for further success and expansion. This invoice finance facility provides the company with a flexible funding option that can adapt as the business grows.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – APRIL 2014
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