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DEAL (OVER £25M) OF THE YEAR


Sponsored by:


Winner: Innovation Group public-to-private


Race-driving host Perry McCarthy announced ‘the final lap' – and invited the concluding peer group decision-making for the last award of the evening.


There were four nominees for the over £25m deal value category: Drilling Systems acquisition by Blue Water Energy


Bournemouth-based Drilling Systems was sold to Blue Water Energy, a private equity firm focused on the energy sector. Deal value: Confidential Key deal involvements came from: Shoosmiths, Blue Water Energy. Innovation Group public-to-private by Carlyle Group


Whiteley-based Innovation Group, listed in London, agreed a buyout by Carlyle Group, the US private-equity firm, in a public-to-private deal. Deal value: £499 million Key deal involvements came from: HSBC, Linklaters, Deloitte, Investec, PwC.


Meggitt plc acquisitions of Cobham composite business and EDAC


Meggitt plc is a FTSE 250 aerospace and defence company based at Bournemouth Airport. In 2015, it completed two separate acquisitions of the composites businesses of Cobham plc and a division of US-based EDAC.


Deal value: $540m Key deal involvements came from: HSBC, Bank of America. Mortgages Made Easy acquisition of Contractor Financials


Mortgages Made Easy of Fareham acquired Alton-based Contractor Financials, with investment for growth from Livingbridge. Deal value: over £25m


Key deal involvements came from: Spectrum, Livingbridge, Shoosmiths, RSM UK, Santander.


businessmag.co.uk


The fate of the finalists lay in their hands, or more accurately their fingers explained McCarthy as he began the countdown to the audience voting via keypads.


Sector knowledge, business experience and dealmaking awareness combined for a few brief seconds as digital dexterity decided deal destiny. The stage screens revealed the popular winner as the Innovation Group deal.


Martyn Begbour of UBS Wealth Management once again undertook the privileged honour of presenting the Deals Awards trophy.


Afterwards, Lewis Miller, group CFO of Innovation Group, explained the importance of the winning deal. “It is a game-changer for us.”


As a public company, the ability of Innovation Group to invest had been impacted by the need to provide a suitable regular return to shareholders.


“The acquisition by Carlyle gives us a chance to differentially invest in our business, whether that be in spending money to optimise our global operating platform, or to support our acquisition strategy. We are now backed by Carlyle, one of the largest private-equity players in the world, with a significant purse, who are very supportive of our desire to invest to grow our business.


“We are in an industry where opportunities are enormous, and smart investment can drive significant value for our business and our investor.”


Organic growth is also a primary objective, explained Miller.


Digitisation of the insurance industry is creating more opportunities for policyholder choice. In turn, insurance companies are re-focusing on winning customers, and whether their claims administration should be outsourced to an expert, like the Innovation Group with its claims technology platform and critical mass.


“With insurers focusing on the policy front, and Innovation's focus on transforming their claims capability, it creates the optimal opportunity for insurance carriers to really accelerate their growth.”


All too soon, the Solent Deals Awards were over for another year . . . although for some the celebrations were just beginning.


THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – JULY/AUGUST 2016


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