20 deals update Latest deals data from across the region Refinancing of Croft Associates
Completion Date: 04/2014 Target: Croft Associates Deal Value: Undisclosed
Details: HMT LLP, led by director Paul Read undertook financial due diligence for Santander Growth Capital on its growth funding for Croft Associates, the UK’s foremost developer of packaging, storage and transportation solutions for radioactive waste
Funding: Santander Growth Capital Legal Advisers: Wragge & Co Financial Due Diligence: HMT
Completion Date: 14/04/2014 Target: Transport and Travel Research Acquirer: TRL (Transport Research Laboratories) Deal Value: Undisclosed
Details: The two organisations share strong track records working in UK government, European and other international markets in fields such as sustainable transport, low-carbon vehicles, air quality and low-emission strategies and freight policy and efficiency. Joint teams have worked in a number of high-profile projects in the UK, including Transport for London’s trials for ‘Out of Hours Delivery Services’ prior to the 2012 Olympics, and its major programme of Safer Cycling Innovation trials in 2013, so an acquisition to join up the dots made sense
Funding: Cash acquisition Corporate Finance Advisers: EC Rabben and Partners Legal Advisers: Richard Swain and Amanda Brockwell
Project Elephant
Completion Date: 16/04/2014 Target: European Wealth Management Group Plc Acquirer: EW Group Deal Value: Undisclosed
Details: James Cowper Corporate Finance was appointed as reporting accountants in respect of the reverse acquisition of European Wealth Management Group Plc into EW Group - an AIM listed company
Corporate Finance Advisers: James Cowper LLP, Daniel Stewart & Company Plc
Legal Advisers: Laytons Solicitors LLP Shareholder restructuring of Orion Electrotech
Completion Date: 05/2014 Deal Value: Undisclosed
Details: HMT LLP, led by partner Andrew Thomson and senior manager Matthew Gordon-Smith, advised Sterling Recruitment (Orion) on its shareholder restructuring. As part of the transaction, shareholder Keith Taylor exits the business which will continue to be led by existing shareholders Chris Benham and John Waters
Corporate Finance Advisers: HMT Legal Advisers: Boyes Turner, Allan Janes
Next Deadline
The next Deals Update will be in our July/ August issue
Deadline for submissions is Monday June 16 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
Bioventix Plc Acquisition of Transport and Travel Research
Completion Date: 30/04/2014 Target: Bioventix Plc Deal Value: Undisclosed
Details: AIM IPO of Farnham-based biotechnology company Bioventix Plc. James Cowper Corporate Finance acted as reporting accountants for the company and the transaction was completed in four weeks
Corporate Finance Advisers: James Cowper LLP, finnCap Legal Advisers: Charles Russell LLP, Wise & Co
Project Birch
Completion Date: 03/2014 Target: Kondor Deal Value: Undisclosed
Details: Spectrum Corporate Finance successfully supported the management buyout of Kondor by the provision of buy-side advice to core sponsor H.I.G. Capital
Funding: HIG Capital, Royal Bank of Scotland and Pricoa Capital Corporate Finance Advisers: Spectrum Corporate Finance
BCMS manages acquisition of Moo by The Hut Group
Moo, the operator of Preloved, one of the largest online classified sites in the UK, has been acquired by The Hut Group in a transaction managed by Newbury-based international adviser BCMS.
Established in 1997, Preloved was launched as a part-time project by its founder Ian Buzer. In little over a decade, the site was achieving 15 million page views per month and was recognised as the number two classifieds site in the UK. Preloved is currently home to 1.7 million active users and has circa 100 million page impressions per month.
Interest proved strong: BCMS researchers profiled 225 potential acquirers of the business located in over 20 countries. Following discreet approaches by the BCMS team, 42 organisations expressed an initial interest in acquiring the business, with 14 of these companies choosing to meet with Moo. Ultimately The Hut Group tabled the most compelling proposal to acquire the company.
The Hut Group is a specialist online retailer and brand owner, selling high-repeat purchase
www.businessmag.co.uk
goods direct to consumers across the Health and Beauty sectors, specifically sports nutrition and vitamins; cycling and endurance; hair and skin care; weight management; and clothing, footwear and accessories. In June 2011, the Group launched a new division (technology services), focused on the provision of business- to-business software and e-commerce platform services with media and brand partners.
BCMS deal leader Steve Marston, who managed the transaction, commented: “Recent high-profile web technology acquisitions by Google, Facebook and other dominant industry players are an indicator of a wider trend towards vibrant M&A activity in digital markets.
“Ultimately we have secured a deal with an excellent acquirer and I am sure that Preloved will continue its outstanding run of growth under the leadership of The Hut Group.”
BCMS has an outstanding track record of technology deals, this being the 17th transaction in the computing and IT space since 2012.
Details:
www.bcmscorporate.com
Williams Grand Prix Engineering sells Williams Hybrid Power to GKN
Williams Grand Prix Holdings PLC (Williams) has announced the sale of Williams Hybrid Power from Williams’ subsidiary, Williams Grand Prix Engineering, to GKN Land Systems in a multi- million pound transaction. This will see Williams Hybrid Power rebranded as GKN Hybrid Power.
GKN has agreed to purchase the whole of the issued share capital of Williams Hybrid Power from Williams Grand Prix Engineering. Under the terms of the transaction, Williams Grand Prix Engineering will also receive additional consideration based on future sales and licences of the flywheel energy storage technology transferred with Williams Hybrid Power to GKN. Global financial advisory firm Lazard acted as adviser to Williams in relation to the transaction.
Williams Hybrid Power has been majority owned by Williams Grand Prix Engineering since 2010, and is a clean technology SME developing electric flywheel energy storage technology.
Details:
www.williamsf1.com THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2014
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