DEAL (UNDER £25M) OF THE YEAR
Sponsored by:
Winner: Lakesmere
Next, came voting on the six nominees for the ‘Under £25m Deal of the Year' category:
23.5 Degrees franchise deal with Starbucks
Meridian advised 23.5 Degrees, Starbucks' first global franchise partner, on its £15.3 million growth funding package from the Solent office of NatWest and private equity firm Connection Capital. This complex deal of Solent-based 23.5 Degrees involved a number of local firms and represents the first time Starbucks has dealt with private equity.
Deal value: £15.3m
Key deal involvements came from: Meridian, NatWest, Connection Capital, PwC, Shoosmiths, Glanvilles, Gateley plc, Smith Cooper, Starbucks. aap3 MBO
Meridian and Trethowans advised the management team of iconic and local brand aap3 (ex-Southampton FC sponsors) on its management buyout. With an office also in the US, the company is a leading IT services and recruitment company. The deal involved a number of local firms.
Deal value: £6m
Key deal involvements came from: Meridian, Trethowans, Lloyds, Shoosmiths, Fiander Tovell. Airsys Communications MBO
MBO of Airsys led by CEO Hans Becker, represented by Pennington Manches, Blake Morgan (acting for HSBC) with HMT providing CF advice, and bank funding from HSBC Southampton. The founders of Airsys were represented by Shoosmiths.
Deal value: £17m
Key deal involvements came from: HSBC, Blake Morgan, HMT, Penningtons Manches, Shoosmiths Bowman Power Group funding
A funding round for Bowman from a combination of sources including alternative lending. UK tech investment company Ombu invested £4m, while £3m came from Boost & Co. Lloyds provided invoice finance.
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – JULY/AUGUST 2016
businessmag.co.uk
Deal value: £8.4m Key deal involvements came from: Ombu, Boost & Co, Lloyds, Innovate UK. Lakesmere MBO
Structured funding, led by Ben Hyslop of HSBC, to back a management buyout at one of the south's leading construction companies. Steve Cole from Blake Morgan provided bank legal advice; Trethowans advised management; Shoosmiths advised vendor.
Deal value: circa £25m
Key deal involvements came from: HSBC, Blake Morgan, Trethowans, Shoosmiths, Grant Thornton, PwC. Westfield Medical MBO
Deal led by Darren Miller and Simon Davies, along with debt advisory from Ian Milne and Simon Sherliker – all Spectrum. Pitmans in Southampton provided legal advice; funding package included an equity raise from Maven Capital Partners and debt facilities from PNC Business Credit; MBO team led by MD Patrick Sparkes.
Deal value: £12m
Key deal involvements came from: Spectrum, Maven Capital Partners, PNC, Pitmans, Gateley plc, Squire Patton Boggs, RSM UK, CIL.
Almost like a race-start, the original ‘Stig' primed the audience. There was a 10-second flurry of voting fingers on the keypads. The audio-visual screens revealed the winner as the Lakesmere MBO
Martyn Begbour, executive director south of category sponsors UBS Wealth Management presented the trophy.
Nick Gent, partner at solicitors Trethowans, commented: “It was a privilege to work with the two Marks (Mark Davey, the former sole owner and now group chairman, and Mark Johnson, now the chief financial officer), and the management team on this transaction. Lakesmere has a fantastic reputation in the sector and with the revised ownership and management structure the Group is well placed to continue to build on its success.”
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