30 deals update Latest deals data from across the region


Mobeus backed MBO of Jablite and Styropack (UK)


Completion Date: 28/04/15 Target: Synbra UK (Holding Company) Acquirer: Management team/Mobeus Equity Partners LLP Deal Value: £26 million


Details: Baker Tilly provided financial due diligence on the £26m management buyout of Jablite and Styropack (UK) backed by Mobeus Equity Partners. The successful management buyout of two leading UK-based EPS businesses (expanded polystyrene products) was the culmination of detailed negotiations with the parent, Synbra Group


Financial Due Diligence: Baker Tilly: Rebecca Guerin, partner; James Killing, director; Farhan Jaffer, manager; Steve Jacob, tax partner


Project Castle


Completion Date: 04/15 Target: IT security specialist Acquirer: IT services Deal Value: Undisclosed


Details: Disposal of a Berkshire-based IT security specialist. James Cowper Kreston advised the vendor Corporate Finance Advisers: James Cowper Kreston


Legal Advisers: Herrington & Carmichael LLP, Harrison Clark Rickerbys Financial Due Diligence: In-house


Offset Group management buyout


Completion Date: 04/15 Target: Offset Group Acquirer: N/A Deal Value: Undisclosed


Details: HWCF, led by partner Charles Whelan and assistant director David Wrench, originated, led and structured the recent MBO of Kent-based, print and packaging manufacturer, Offset Group. Partial financing for the deal was provided by GE Capital through an ABL facility, with the remainder a mix of vendor and management funding


Funding: GE Capital Corporate Finance Advisers: HW Corporate Finance Legal Advisers: ASB Law, Brachers


Image Analysis Funding


Completion Date: 23/04/15 Target: Image Analysis Acquirer: N/A Deal Value: $5.2 million


Details: Penningtons Manches LLP acted for digital health software and services provider Image Analysis on its $5.2m venture capital financing by Danish Research Foundation and RBV Capital. The new financing will be used to expand Image Analysis‘ global client base and to further develop its proprietary medical imaging analysis software platform


Funding: RBV Capital and Danish Research Foundation


Legal Advisers: Penningtons Manches for Image Analysis, Dechert LLP for RBV Capital


www.businessmag.co.uk Deltaform sells to The Waddington Group


Completion Date: 30/04/15 Target: Deltaform Acquirer: The Waddington Group Deal Value: Undisclosed


Details: Baker Tilly‘s M&A and private equity team successfully advised the shareholders of Deltaform on the sale of its business to The Waddington Group. Deltaform specialises in the bespoke design, development and manufacturing of thermoformed plastic packaging for food and non-food products. Baker Tilly originated, arranged and negotiated the transaction, undertaking a global search for the optimal purchaser. In a closely managed process the deal completed within five weeks of signing Heads of Terms


Corporate Finance Advisers: Baker Tilly: Ian Wherry, partner; Clodagh Muggeridge, associate director


Legal Advisers: Thrings LLP Financial Due Diligence: PwC (vendor DD)


River


Completion Date: 04/15 Target: River Acquirer: N/A Deal Value: Undisclosed


Project Wilbur


Completion Date: 04/15 Target: FLYdocs Systems Acquirer: Management and Growth Capital Partners LLP Deal Value: Undisclosed


Details: Acquisition of FLYdocs Systems by FLYdocs Systems (Midco). The James Cowper Kreston Corporate Finance team advised Growth Capital Partners LLP, providing lead advisory services


Funding: Growth Capital Partners


Corporate Finance Advisers: James Cowper Kreston Corporate Finance Legal Advisers: Squire Patton Boggs (UK) LLP Financial Due Diligence: EY


Details: Refinancing of Oxfordshire-based performance improvement provider River Funding: Santander plc Financial Due Diligence: James Cowper Kreston


Next Deadline


The next Deals Update will be in our July/ August issue


Deadline for submissions is Monday June 15 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 – JUNE 2015


Completion Date: 04/15 Target: Lambert Brothers Holdings Acquirer: Kinaxia Deal Value: Undisclosed


Details: Disposal of one of the South Coast‘s leading haulage companies, Lambert Brothers Holdings, to Kinaxia Funding: Permira Debt Managers


Corporate Finance Advisers: James Cowper Kreston Corporate Finance Legal Advisers: Pitmans LLP, Gateley LLP and Freshfields Financial Due Diligence: KPMG LLP


Completion Date: 08/05/15 Target: Agropharm Holdings Acquirer: Pelgar International Deal Value: £4 million


Details: PelGar International is the leading manufacturer of highly-effective rodenticide and insecticide products, for controlling public health and agricultural (non-crop) pests. It exports all over the globe from its base in Alton, Hampshire and from its four subsidiaries based as far afield as Australia and Eastern Europe. It acquired Agropharm Holdings which has manufacturing and bottling plants in the Midlands and exports globally and particularly to Africa, giving it an opportunity to tap into markets previously not covered by PelGar


Funding: Barclays Bank plc (Chris Collings and Howard Ellard, Southampton)


Corporate Finance Advisers: Menzies Corporate Finance (John Foundling, Solent Office)


Legal Advisers: Coffin Mew (Amanda Brockwell and Jennie Packer)


Financial Due Diligence: Menzies LLP Project Nature


Casa Cuervo acquires Bushmills


Completion Date: Not disclosed Target: Bushmills Brewery Acquirer: Casa Cuervo Deal Value: £500 million


Details: Casa Cuervo, a Mexico-based manufacturer and distributor of tequila, has acquired the Ireland based producer of whiskey, The Old Bushmills Distillery Company, from Diageo Plc. HWCF, led by partner Richard Hall and assistant director David Wrench, carried out valuation and fair value accounting work on Bushmills Brewery for Casa Cuervo


Corporate Finance Advisers: HW Corporate Finance Financial Due Diligence: KPMG LLP


Oxford International AQA Examinations


Completion Date: 06/05/15 Target: N/A Acquirer: N/A Deal Value: Undisclosed


Details: Oxford University Press has entered into a joint venture with AQA to deliver international GCSE and A-Level qualifications to students studying at schools outside the UK that teach a British curriculum


Legal Advisers: David Tighe and Chris Shelley at Penningtons Manches LLP acting for OUP. Eversheds acting for AQA


Project Medusa


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