DUE DILIGENCE TEAM OF THE YEAR
Sponsored by: Business THE MA GAZINE TM
Winner: PwC
Due Diligence evaluates, checks and tests the potential deal components and helps underpin the confidence required for a mutually-agreed fair and acceptable transaction.
PwC had won this category two years running. Could its DD team make it a trio of triumphs? They were up against talented and experienced teams from RSM, James Cowper Kreston, and HMT.
Deal involvement in 2015 by PwC’s strong Reading team included Haversham Holdings’ acquisition of BCA; Ricardo’s acquisition of Lloyds Register Rail; the upcoming merger of Hutchison and O2; Equistone’s disposal of Audley Travel; MBO of Access-IS; and Baird Capital’s investment in Clearwater.
HMT successfully completed 16 DD deals in the year. They included Connection Capital’s investment in The Light Cinemas; the MBO of Oxford Cryosystems; Beringea’s investment in D30; Access Intelligence’s divestment of Due North; John Charcol’s purchase of Simply Finance Group; and the MBO of Review Display Systems.
RSM’s Reading-based transaction services team worked on a succession of significant high-value transactions throughout the course of the year. These included LDC’s investment in BOFA International, three separate investments by Channel 4 Growth Fund (Whisper Films, Voltage TV and Renowned Films), and the MBO of Jablite and Styropack backed by Mobeus Equity Partners.
James Cowper Kreston was involved in a total of nine DD deals in the qualifying period – an ‘excellent year’ producing a 50% increase on 2014. Deals included the acquisition of Ferex by Pollet Water Group; and Abzena plc’s latest round of fundraising.
Peter Laurie, head of client relations for award sponsor The Business Magazine, was invited to the stage. The winning team was described as
www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2016
”highly-praised and substantial.” Then, Laurie revealed that PwC had indeed achieved its triple title-winning target.
Afterwards, Jason Wakelam, PwC deals partner in Reading, commented: “There are a number of factors that go into a deal, but truly understanding what you are investing in is critical, whether it’s in initially valuing the business or making the final investment decision. Diligence plays a key part in any deal because of the importance of getting under the skin of the business and understanding what drives it.”
With more deals being done in recent years, and several dealmakers having healthy work pipelines, was there pressure on DD to deliver quicker?
“Not really,” said Wakelam. At any time, the DD process can vary due to the needs, knowledge and experience of the hiring individual or organisation. DD can be flexible enough to cope with different client requirements, but corners can’t be cut, Wakelam noted.
With “a fantastic team” of 30 professionals based in Reading, and a willingness to grow that team – plus Deals Award recognition three years in a row – Wakelam has the confidence of knowing that PwC seems to have the winning formula.
“From our perspective, the Thames Valley is the market to be in within the south-east and being part of the Reading community is pretty key. That’s one of the things that differentiates us from some of the Big Four firms. Being local, working with the business community and focusing on the local market is what we are all about.”
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