deals update
LATEST DEALS DATA FROM ACROSS
THE REGION Disposal of QTR Transport
Completion Date: 06/16 Target: QTR Transport Acquirer: Palletforce Deal Value: Undisclosed
Details: HMT LLP advised the shareholders of QTR Transport on the disposal of the business to Palletforce. This is the fourth deal that HMT has recently advised on in the logistics sector following the MBOs of ILG, Dalepak and Whistl, which was awarded Deal of the Year at the 2016 Thames Valley Deals Awards.
Corporate Finance Advisers: HMT Legal Advisers: Blake Morgan (target), Birketts (acquirer) Financial Due Diligence: Tomkinson Teal
Acquisition of Evolve Telecom
Completion Date: 29/07/16 Target: Evolve Telecom Acquirer: OneCom Group Deal Value: Undisclosed
Details: Aaron Brown, chief operating officer of OneCom said: “We enjoyed working with the Clarke Willmott team led by Kelvin Balmont. They were responsive and proactive throughout the transaction and adapted as the deal evolved. We were working to very tight timescales and the Clarke Willmott team ensured that all the different elements of the transaction were synchronised to achieve these.” RSM UK’s transaction services team provided financial due diligence
Funding: Lloyds (debt) Legal Advisers: Clarke Willmott
Financial Due Diligence: RSM: Peter Vandervelde, partner; David Copley, partner; Jenny Warlow, manager
MBO of ByBox, backed by LDC Project Wolf
Completion Date: 06/16 Target: ProcessFlows (UK) Acquirer: Konica Minolta Inc Deal Value: Undisclosed
Details: Meridian Corporate Finance advised the shareholders of Hampshire based ProcessFlows (UK) on the sale of their company to the UK subsidiary of Japanese owned, global technology company Konica Minolta Inc
Project Tenant
Completion Date: 07/16 Target: 5fifteen Acquirer: Ingenta plc Deal Value: Undisclosed
Details: Meridian Corporate Finance advised the shareholders of 5fifteen on the sale of their company to Ingenta plc
Corporate Finance Advisers: Meridian (Darren Thompson and Philip Mettam)
Legal Advisers: For vendor – Gordons LLP. For acquirer – Memery Crystal LLP
Corporate Finance Advisers: Meridian (Darren Thompson and Philip Mettam)
Legal Advisers: Shoosmiths LLP (Southampton office: Stephen Porter, Lisa Sigalet and Sharon Everard)
Completion Date: 4/08/16 Target: ByBox Acquirer: Management and LDC Deal Value: £105 million
Details: Spectrum Corporate Finance has advised LDC on the debt raise to support its investment into ByBox, the UK’s leading field service engineer logistics and supply chain technology solutions provider
Funding: LDC (private equity); RBS (bank)
Corporate Finance Advisers: Ian Milne and Simon Sherliker – Spectrum Legal Advisers: Shoosmiths Financial Due Diligence: BDO Commercial Due Diligence: Hullbrook
Acquisition of Denton Tyre Centre
Completion Date: 25/07/16 Target: Denton Tyre Centre Acquirer: Micheldever Tyre Services Deal Value: Undisclosed
Details: RSM UK’s transaction services team provided financial due diligence to Micheldever Tyre Services on the acquisition of Denton Tyre Centre; a tyre services company operating out of three depots in Carlisle and Dumfries
Funding: Graphite Capital Legal Advisers: Irwin Mitchell
Financial Due Diligence: RSM: Nick Williams, partner; Alex Milne, associate director, Jo Slade, associate; Michelle Harris, corporate tax partner
Investment in MPB by Mobeus
Completion Date: 07/16 Target: MPB Deal Value: £2.1 million
Details: HMT LLP, led by partner Paul Read and senior manager Adrian Howells undertook financial due diligence for Mobeus Equity Partners on its £2.1m investment in the UK’s largest online marketplace for photographic equipment MPB
Raymond Brown Minerals and Recycling
Completion Date: 16/08/16 Target: Raymond Brown Minerals and Recycling Acquirer: Management and Elysian Capital Deal Value: Undisclosed
Details: Acting as the lead adviser, Spectrum Corporate Finance has successfully completed the sale of Raymond Brown Minerals and Recycling (RBMR) to management, backed by Elysian Capital. Based in Chandlers Ford RBMR is a leading regional integrated aggregates and recycling business operating across Hampshire, Dorset, Wiltshire and Oxfordshire
Funding: Elysian Capital (private equity); Lloyds (bank)
Corporate Finance Advisers: Spectrum (shareholders of Raymond Brown Minerals and Recycling)
Legal Advisers: Shoosmiths (shareholders of Raymond Brown Minerals and Recycling); Charles Russell Speechlys (Elysian Capital); Squire Patton Boggs (Lloyds); Osborne Clarke (management)
Financial Due Diligence: Grant Thornton Commercial Due Diligence: CIL Tax Advisers: DSA Prospect (shareholders)
Funding: Mobeus Equity Partners Legal Advisers: Marriott Harrison Financial Due Diligence: HMT
Acquisition of P&R Autocentres
Completion Date: 11/07/16 Target: P&R Autocentres Acquirer: Micheldever Tyre Services Deal Value: Undisclosed
Details: RSM UK’s transaction services team provided financial due diligence to Micheldever Tyre Services on the acquisition of P&R Autocentres, a tyre services company based in Workington
Funding: Graphite Capital Legal Advisers: Irwin Mitchell
Financial Due Diligence: RSM: Nick Williams, partner; Alex Milne, associate director; Dominic Lowbridge, executive; Michelle Harris, corporate tax partner
Project Blackbird
Completion Date: 17/06/16 Target: Brightwater Holidays Acquirer: Specialist Tours Deal Value: Undisclosed
Details: Specialist Tours acquired garden and specialist interest tour company, Brightwater Holidays, as part of its on going buy and build strategy
Funding: Santander
Corporate Finance Advisers: Elman Wall acted for the vendors
Legal Advisers: Sean Kelly, Oliver Kelly and Laurel Knight (corporate/banking) of Pitmans acted for the acquirer. Foot Ansey acted for the bank. Reed Smith acted for the CAA. MB Law acted for the vendors
Financial Due Diligence: HMT Commercial Due Diligence: Travel Trade Consultancy
Project Castle
Completion Date: 07/16 Target: CEGA Group Acquirer: Charles Taylor plc Deal Value: £31 million
Details: Meridian Corporate Finance advised the shareholders of West Sussex and Dorset based CEGA Group on the sale of their company to Charles Taylor plc
Corporate Finance Advisers: Meridian (Michael Barcia)
Legal Advisers: For vendor– Shoosmiths LLP (Southampton and Reading Offices: Stephen Porter, Michael Patterson and Charlie Jenkins) and Blake Morgan LLP (Southampton Office: Simon Treherne). For acquirer – CMS Cameron McKenna LLP
Financial Due Diligence: BDO LLP (Southampton office) Tax Advisers: PwC LLP (Southampton office)
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businessmag.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – SEPTEMBER 2016
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