22 deals update
Latest deals data from across the region Acquisition of C&P Packaging
Investment by BGF into Adestra
Completion Date: 06/01/16 Target: Adestra Deal Value: Undisclosed
Details: Henmans Freeth advised Adestra in the $7.2m private equity investment by BGF (Business Growth Fund) to help Adestra’s significant US and global expansion. Adestra is a leading global provider of one-to-one email and life cycle marketing solutions for global and growing brands such as Oxfam and UBM. Adestra was a winner of the 2014 Customer Focus Award from the Customer Service Institute
Investor: BGF
Legal Advisers: Henmans Freeth (Malcolm Sadler – corporate; Claire Boyce - tax) for Adestra/management and Penningtons Manches LLP for BGF
Financial Due Diligence: BDO Completion Date: 01/02/16
Target: Colebourne & Partners (in administration) (trading as C&P Packaging) Acquirer: Integrity Print Deal Value: Undisclosed
Details: Henmans Freeth acted for the acquirer on its acquisition of the business and assets of C&P Packaging from the administrators. Integrity is the printer behind some of the world’s best known and loved brands, including Tesco, Thatchers Cider, John Lewis and the RNLI
Legal Advisers: Henmans Freeth (Leon Arnold and Malin Svanberg Larsson – corporate; Kevin Pinkerton – insolvency) for the acquirer. Michelmores (Exeter) for the administrators
Administrators: BDO (Exeter) Acquisition of Simply Finance Group by John Charcol
Completion Date: 02/16 Target: Simply Finance Group Acquirer: John Charcol Deal Value: Undisclosed
Details: HMT LLP, led by partners Paul Read and Ian Barton, and senior manager Adrian Howells, undertook financial due diligence on the acquisition of Southampton-based mortgage broker, Simply Finance Group, by John Charcol, backed by Palatine Private Equity
Legal Advisers: Shoosmiths Funding: Palatine Private Equity Financial Due Diligence: HMT
Capita acquires
PayPoint.net and Metacharge
Completion Date: 08/01/16 Target:
PayPoint.net and Metacharge Acquirer: Capita plc Deal Value: £14 million
Nortons Practice sold to Vistra Group Investment in NetPay Solutions
Completion Date: 03/02/16 Target: NetPay Solutions Group Deal Value: Undisclosed
Details: Henmans Freeth advised the private investor on his investment in NetPay Solutions Group Limited, a multi-channel payment service provider that offers a range of online processing, payment terminal and merchant services to the wholesale, indirect reseller and corporate markets
Legal Advisers: Henmans Freeth (Leon Arnold and Malin Svanberg Larsson – corporate) for the investor and Moore Blatch LLP for NetPay
Completion Date: 08/02/16 Target: The Nortons Practice Acquirer: Vistra Group Deal Value: Undisclosed
Details: Transcend Corporate advised the partners of Nortons on its sale to Vistra. Nortons specialises in helping fast-growing businesses expand operations in local markets and internationally by providing outsourced financial services. Vistra, backed by Barings Asia, operates across 39 jurisdictions, and employs 2,200 employees, providing trust, fiduciary, fund, and corporate services
Corporate Finance Advisers: Transcend Corporate (Ian Aldridge, Sabial Hanif, Raj Turna)
Legal Advisers: Moorcrofts LLP (Adrian Phillips, Amrita Bansal, Ian Hylton)
Details: Acquisition of two online payment businesses by Capita plc comprising
PayPoint.net and Metacharge, for a consideration of £14 m
Legal Advisers: DWF LLP
Financial Due Diligence: RSM (David Copley, partner; Jonathan Wade, partner; James Harris, associate)
Next Deadline
The next Deals Update will be in our April issue
Deadline for submissions is Monday March 7 To submit deal information or to advertise on this page contact: Steve Banbury • 0118-9766414 •
steve@elcot.co.uk
Elcot Publications is not responsible for the accuracy of information in the Deals Update section which is supplied by individual firms
C4L Group Holdings acquired by Castle Street Investments
Last month, Edinburgh-based Castle Street Investments plc completed the acquisition of the entire issued share capital of C4L Group Holdings (C4L), a successful and growing network services and data-centre-hosting business, for £20.2 million in cash and shares.
With its head office in Bournemouth and 45 staff, C4L provides services to more than 800 customers. Its trading in the three months to January 31, delivered an annualised turnover of £14m and run rate EBITDA of £2m with further growth expected.
C4L chairman Mathew Hawkins and founder and CEO Simon Mewett both join the board of Castle Street Investments – Hawkins as chief technology officer (CTO) and Mewett as
www.businessmag.co.uk chief operating officer (COO).
The acquisition is a key component in building out Castle Street's platform, bringing a high-quality core network infrastructure with substantial capacity for growth.
Castle Street chief executive Andy Ross said that the C4L acquisition, together with Castle's recent acquisition of Selection Services, demonstrated the progress the group was making towards becoming an integrated IT services and cloud provider.
He said: "C4L has a high-quality, next- generation infrastructure which has been well invested. Allied to a successful business with high levels of recurring revenue, it offers strong growth opportunities."
Trethowans acts on aap3 MBO
The corporate team at Southampton, Poole and Salisbury-based Trethowans Solicitors has advised the management team of aap3 in its management buyout (MBO) from the existing shareholders.
aap3 is an IT services and recruitment company based at Southampton Science Park, Hampshire, but operating in over 30 countries across Europe, the US and the Middle East. It is a specialist in managed IT services, network engineering services, video services and support, flexible resourcing, and permanent and contract IT recruitment.
Lucy Grey, senior associate at Trethowans, led the transaction alongside Meridian Corporate Finance and Lloyds Bank. She commented: “It was a pleasure to work with the MBO team and to see their enthusiasm for the company they were purchasing. I wish them success and very much look forward to working with the MBO team again."
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2016
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