60 deals update
Latest deals data from across the region Investment by Livingbridge into Thomas J Fudge's
Completion Date: 15/04/16
Target: Thomas J Fudge’s Remarkable Bakery
Acquirer: Management backed by Livingbridge Deal Value: Undisclosed
Details: Spectrum Corporate Finance has advised Livingbridge on its investment into premium biscuit, cracker and florentine baker Thomas J Fudge’s. Livingbridge is backing Paul Vita and Vickie Best, currently commercial and operations director respectively, who will be taking an ownership role, and will run the business as joint managing directors. RSM’s transaction services team provided financial and tax due diligence. RSM’s corporate finance modelling team were also engaged to undertake a model review. Livingbridge’s investment will enable Thomas J Fudge’s management team to accelerate its growth plans towards becoming the number one premium biscuit brand in the UK
Funding: Livingbridge
Corporate Finance Advisers: Clive Hatchard and James Mines - Spectrum Corporate Finance Legal Advisers: Olswang (buy-side); Shoosmiths (sell-side)
Financial Due Diligence: RSM UK: Peter Vandervelde, partner; Nick Williams, partner; Alex Milne, associate director; Dom Lowbridge, executive; Alistair Hynd, partner, financial modelling
Commercial Due Diligence: Food Strategy Associates Project Farm
Completion Date: 30/04/16 Target: The global animal and crop health division of GfK Acquirer: Management team and Inflexion Private Equity Deal Value: >£25 million
Details: Management buyout of GfK’s global animal and crop health division by the management team and Inflexion Private Equity. The transaction, which exchanged in November 2015, underwent a carve-out process which completed on April 30, 2016
Funding: Inflexion Private Equity Corporate Finance Advisers: James Cowper Kreston Legal Advisers: Pitmans, Addelshaw Goddard and Jones Day Financial Due Diligence: Alvarez & Marsal Commercial Due Diligence: Plural Strategy
Project Orne
Completion Date: 13/04/16 Target: Octopus HR Acquirer: IRIS Software Group Deal Value: Undisclosed
Details: Penningtons Manches LLP acted for IRIS Software Group on its acquisition of award-winning technology firm Octopus HR. The deal cements IRIS as a leading technology provider within both the UK human capital management and accountancy sectors. Corporate partner Will Axtell led the multidisciplinary team from the firm’s Oxford office
Legal Advisers: Penningtons Manches (for IRIS), Gordons (for Octopus)
Financial Due Diligence: Deloitte
businessmag.co.uk Investment in Little Black Dress
Completion Date: 19/04/16 Target: Little Black Dress Deal Value: £1 million
Details: HMT LLP, led by partner Ian Barton arranged and advised on the development capital investment in Little Black Dress which has just launched its spring/summer collections including exclusive designs from Alesha Dixon
Funding: Greater Manchester Investment Fund Corporate Finance Advisers: HMT Legal Advisers: Gateley plc
Acquisition of Primer Design by Novacyt SA
Completion Date: 13/05/16 Target: Primer Design Acquirer: Novacyt SA Deal Value: Undisclosed
Details: Pitmans LLP, led by partner Philip Weaver and director Jasmine Murphy, successfully advised international leader in the field of cellular diagnostics, Novacyt SA, on its acquisition of UK leading molecular biology specialist Primer Design
Funding: Kreos Capital V (UK)
Legal Advisers: Pitmans – advisers to Novacyt SA; Charles Russell Speechlys LLP – advisers to Kreos Capital V (UK); and, Shoosmiths LLP – advisers to vendors
Investment in Vantage Finance
Completion Date: 06/05/16 Target: Vantage Finance Deal Value: Undisclosed
Details: HMT LLP, led by partner Paul Read, tax director Holly Bedford-Bell and manager Antonia Fernandez, undertook financial due diligence for lower mid-market private-equity firm Chiltern Capital LLP on its investment in Thames Valley- based Vantage Finance
Funding: Chiltern Capital and Williams & Glyn Financial Due Diligence: HMT
Sale of the entire share capital, He-Man Equipment Completion Date: 04/16 Target: HE-MAN Equipment Acquirer: HM Holding Deal Value: Undisclosed
Details: Trethowans Solicitors successfully advised the shareholders of He-Man Equipment on the sale of the entire share capital. Southampton based He-Man Equipment, which trades as He-Man Dual Controls, has been established since 1931 and is now the UK’s leading dual-control supplier
Funding: Royal Bank of Scotland
Legal Advisers: Trethowans LLP for the sellers (Mike Watson, Jamie Earley and Arcadius Gregory); Collyers LLP for the buyer; DMH Stallard for the bank
Financial Due Diligence: Kingston Smith Next Deadline
The next Deals Update will be in our July/ August issue
Deadline for submissions is Monday June 13 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
Management buyout of Strictly Education
Completion Date: 29/04/16 Target: Strictly Education
Acquirer: Management team backed by a private investment firm Deal Value: Undisclosed
Details: Spectrum Corporate Finance has advised on the management buyout of Strictly Education. Strictly Education was owned by Bond International Software plc, which decided to divest of the company following a group strategic review. This was a bilateral deal following a direct approach from the private investment firm which backed the MBO
Funding: Private investment firm
Corporate Finance Advisers: Simon Davies and Richard Boyden – Spectrum Corporate Finance Legal Advisers: Sean Kelly - Pitmans
Pitmans advises on sale of Ridgeway Group
Ridgeway Group, long-standing client of national law firm Pitmans LLP, has been purchased by Marshall Motor Holdings plc, one of the UK’s leading automotive retail and leasing groups. The aggregate turnover of the two businesses will be £2.2 billion.
With centres across the middle and south of England, Ridgeway Group is a multi- franchise dealer, offering leading new and used cars, vans and trucks. Ridgeway has 12 brand partnerships through 30 franchised dealerships, including Audi, BMW and Jaguar. In 2015, the company turned over £722.6 million.
John Hutchinson, managing partner at Pitmans, led the £106.8m deal with corporate partner Stephanie Perry.
He said: “We are delighted to have been able to see this deal through. We have been working with Ridgeway for the past 20 years and have built a fantastic relationship with them.”
With the strong relationship and in-depth knowledge of Ridgeway, Pitmans was able to provide unrivalled advice from across departments to support the Group in every element of the sale.
Daksh Gupta, group chief executive at Marshall, said: “This is a significant strategic and value-enhancing acquisition for MMH which is in line with our stated strategy at IPO to grow scale with existing brand partners.“
Pitmans’ relationship with Ridgeway dates back to 1997, when Hutchinson first acted for David Newman, chairman of the company, in acquiring its first dealership.
Throughout the following 20 years, Pitmans has worked very closely with the company as it has continued to grow across a range of premium brands and new locations through organic growth and strategic acquisitions.
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2016
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