32 DUE DILIGENCE TEAM


OF THE YEAR AWARD


SPONSORED BY THE BUSINESS MAGAZINE WINNER PwC


Above: Paul Read of HMT collects the Outstanding Performer certificate from David Murray (right) of sponsor The Business Magazine


Left: Jason Wakeham holding the award with two of the winning PwC team


The fourth award of the night was another new category introduced following feedback from the dealmaking community.


Due Diligence (DD), that underpinning research and investigation into the components of a potential deal, is not only essential if the parties involved are to make a deal that is viewed as mutually acceptable and fair, but it is also a subtle professional skill.


The best DD, which enhances the amount and quality of information available and covers all the costs, benefits and risks, enables the best decisions to be made – and enables dealmakers to sleep easy at night when due to sign a contract.


Firms showing that DD skill and making the shortlist to contest the award were Baker Tilly, PwC, Grant Thornton, and HMT.


Such was the quality of this category that the judges felt more than one firm should be highlighted. So the judges publicly announced their regard and recognition of Outstanding Performer in 2013 as HMT.


HMT undertook financial DD for LDC and management on the buyout of GMG, and for Mobeus and Connections Capital on the Virgin Wines MBO, as well as the buyout of Procam Television, and a host of other transactions, with more than one nomination calling the


www.businessmag.co.uk


“extremely professional” HMT the “standout team”.


So, what of the other three candidates for the overall DD title? Murmurs of expectation ran around the audience as they were considered.


Headed by Bob Alsop, Grant Thornton’s Thames Valley DD team completed 16 transactions including eight corporate acquisitions and five management buyouts. During the year, the team has grown and demonstrated both global reach and the ability to work across a range of sectors. Top deals included NVM’s acquisition of Kirton Healthcare.


Peter Vandervelde and Rebecca Guerin’s team is now under the Baker Tilly brand following the firm’s purchase of RSM Tenon in August 2013. The DD team is now five-partner and nine-staff strong across the region, and last year completed over 30 DD assignments.


PwC has made a big commitment to the Thames Valley and continues to invest in its regional team. It has provided financial and commercial due diligence for a host of deals in 2013, including the high-profile MBO of Romans Group, the MBO of GMG Property Services, the joint venture between LDC and TNT Post UK, the sale of Choice Care Group and the refinancing of Waterlogic.


The winning team – PwC – was described as THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2014


“responsible for two of the highest-profile deals of 2013; a team growing in stature,” by David Murray of The Business Magazine as he presented the award.


After the on-stage ceremony, Jason Wakelam, PwC Deals partner in Reading, commented: “It’s fantastic for our team to win this inaugural award at an occasion such as this, and get recognition for what goes on in our local market.”


So why did he think PwC had won? “I’d hope it’s about the quality of what we bring to the deal, not only in terms of the day-to-day but our support overall. We have a good quality team with a breadth of industry expertise. Actually, PwC has invested heavily in developing sector specialisms, so, for example, a lot of the work we’ve done on the commercial diligence side with LDC this year has involved finding the right people who know a particular industry and can add real value.”


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