36 deals update – latest deals data from across the region Capita acquires GL Hearn
MBO of Blue Max
Completion Date: 07/15 Target: Blue Max Acquirer: MML Capital Deal Value: Undisclosed
Details: Disposal of BlueMax, which is based in Trowbridge and was owned by the Fawcus family, has been sold in a MBO led by managing director, Nigel Plenderleith. The business is the leading supplier of school uniform and sportswear to the independent sector under the Beau Brummel, Banner, Blue Max, Orion and Medallion brands
Funding: MML Capital and Barclays Bank plc Corporate Finance Advisers: Spectrum Corporate Finance
Legal Advisers: Clark Holt (Shareholders), Pinsent Mason (Newco)
Financial Due Diligence: Baker Tilly: Nick Williams, partner; James Killing, director; James Harris, associate, Michelle Harris, tax partner; Beki Matthews, associate director, tax
Commercial Due Diligence: CIL Project Gateway
Completion Date: 30/06/15 Target: The BVG Airflo Group Acquirer: Business Growth Fund Deal Value: £10 million
Details: BVG Airflo Group is a multi-channel retailer based in Wales, and the transaction involved a £10m investment from Business Growth Fund. This represents BGF’s second investment in Wales. The transaction reflects the next phase of BVG’s development, having increased revenues by over 70% and profits by nearly 300% in the past five years through a combination of organic growth and acquisitions
Funding: BGF Corporate Finance Advisers: Grant Thornton Legal Advisers: Coffin Mew LLP (for BVG), Geldards (for BGF) Financial Due Diligence: PwC Commercial Due Diligence: PwC
Growth capital investment in PPS Equipment Holdings Completion Date: 07/15 Target: PPS Equipment Holdings PE Fund: Business Growth Fund Growth Capital Investment Value: £4.9 million
Details: Transcend Corporate, the Reading and Birmingham based M&A boutique, has advised PPS Equipment Holdings, a provider of returnable transit packaging solutions, on a £4.9m growth fund investment from BGF. The investment has helped fund the acquisition of Alison Handling Services, the UK’s largest independent stockist of returnable plastic packaging
Corporate Finance Advisers: Transcend Corporate, Ian Curtis Legal Advisers: The Wilkes Partnership LLP, Rick Smyth
Acquisition of Aston Mead by Leaders
Completion Date: 07/15 Target: Aston Mead Estate Agents Acquirer: Leaders Deal Value: Undisclosed
Details: HMT LLP led by partner Andrew Thomson undertook financial due diligence for independent residential property group Leaders on its acquisition of Home Counties estate agents Aston Mead
Financial Due Diligence: HMT
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Completion Date: 08/07/15 Target: GL Hearn Acquirer: Capita plc Deal Value: £30 million
Details: Baker Tilly’s transaction services team completed financial due diligence in respect of Capita’s £30m acquisition of GL Hearn. GL Hearn is a market-leading UK property consultancy business that provides commercially driven advice to landowners, developers, housebuilders, investors, retailers and the public sector
Corporate Finance Advisers: Equiteq Legal Advisers: Acuity Legal
Financial Due Diligence: Baker Tilly: Peter Vandervelde, partner and Philip Rossiter, associate director
Project Phoebe
Completion Date: 07/15 Target: Lily’s Kitchen Acquirer: Investment by US private equity firm Catterton Deal Value: Undisclosed
Details: Lily’s Kitchen has built up a national reputation since 2008 creating natural, nutritionally balanced, pet food for dogs and cats and is stocked in leading supermarkets across the UK. This investment, by US private-equity firm Catterton, means the company will now be able to expand its distribution across Europe
Corporate Finance Advisers: Stamford Partners
Legal Advisers: Trethowans LLP and Simmons and Simmons LLP
Financial Due Diligence: Deloitte (Reading) and Crowe Clark Whitehill
Fleetway Travel plc
Completion Date: 07/15 Target: Fleetway Travel Acquirer: Synova Capital and Tenzing Private Equity Deal Value: Undisclosed
Details: Spectrum Corporate Finance arranged acquisition debt facilities to support the acquisition of Fleetway Travel in an institutional buyout. Fleetway is a leading UK deals tour operator specialising in bespoke deals
Funding: Synova Capital. Tenzing Private Equity, Lloyds Bank Corporate Finance Advisers: Spectrum Corporate Finance Legal Advisers: Pinsent Masons and CMS Financial Due Diligence: PwC Commercial Due Diligence: PwC
Acquisition of The McIndoe Surgical Centre
Completion Date: 02/07/15 Target: The McIndoe Surgical Centre Acquirer: Horder Healthcare Deal Value: Undisclosed
Details: Baker Tilly’s transaction services team completed financial due diligence for Horder Healthcare on its acquisition of The McIndoe Surgical Centre. The McIndoe Surgical Centre brings specialisms in maxillofacial, plastic reconstruction surgery and ophthalmology to the existing orthopaedic and musculoskeletal services of Horder Healthcare, expanding its respective centres of excellence
Corporate Finance Advisers: Swan Partners, CF advisers to acquirer
Financial Due Diligence: Baker Tilly: David McCulloch, partner; Jerry Hibbs, director; Steve Jacob, partner, corporate tax
MBO of Review Display Systems
Completion Date: 30/06/15 Target: Review Display Systems Deal Value: Undisclosed
Details: HMT LLP led by partner Paul Read and assistant manager Viqas Chohan undertook due diligence on the management buyout of Review Display Systems backed by The Royal Bank of Scotland
Funding: The Royal Bank of Scotland Financial Due Diligence: HMT
Hockley acquires IBA Group
Completion Date: 19/06/15 Target: IBA Group Acquirer: Hockley Investments Deal Value: Undisclosed
Details: Deloitte LLP has advised Hockley Investments, a family- fund, on the acquisition of IBA Group (the International Bureau of Aviation). IBA is involved in the provision of independent expert business analysis and advice to the aviation industry
Corporate Finance Advisers: Deloitte: Martyn Gregory, partner; Rinesh Dookhee, assistant director; Greg Cox, manager
Legal Advisers: Macfarlanes Financial Due Diligence: Deloitte: Sarah Sturt, partner
Fox Linton
Completion Date: 06/15 Target: Fox Linton Acquirer: The Thai Silk Company Deal Value: Undisclosed
Details: Shaw Gibbs helped with the sale of high-class interiors provider Fox Linton. The Chelsea Harbour-based firm was sold to the Thai Silk Company and led by corporate finance manager Paul Wilson who provided specialist advice on certain technical aspects of the translation
Funding: BCMS Legal Advisers: Blake Morgan
Novacyt SA
Completion Date: 17/07/15 Deal Value: €3.5 million
Details: Pitmans LLP has acted on behalf of Novacyt SA in relation to the refinancing of its debt via a bonds issue to Kreos Capital IV (UK). Having acted for longstanding client Lab21 on its merger with Novacyt in 2014 Pitmans advised Novacyt on the English law elements of the refinancing
Legal Advisers: Pitmans and Gatienne Brault & Associes for Novacyt SA. Charles Russell Speechlys LLP and Reinhart Marvill Torre for Kreos Capital IV (UK)
Acquisition of Paul Jones Insurance Services
Completion Date: 01/07/15 Target: Paul Jones Insurance Services Acquirer: Finch Commercial Insurance Brokers Deal Value: Undisclosed
Details: Baker Tilly’s transaction services team completed financial due diligence for Finch Commercial Insurance Brokers on its acquisition of Paul Jones Insurance Services. The integration of Paul Jones Insurance Services increases Finch’s southern network by adding offices in Southampton and Cowes, Isle of Wight
Legal Advisers: Field Seymour Parkes LLP – lawyers to acquirer
Financial Due Diligence: Baker Tilly: David McCulloch, partner; Dominic Woodward, associate; Jo Gibbons, associate director, corporate tax
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – SEPTEMBER 2015
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