deals update
Acquisition of Sportswear International
Completion Date: 1/07/16 Target: Sportswear International Acquirer: Blue Max Banner Deal Value: Undisclosed
Details: RSM UK’s transaction services team provided financial due diligence to Blue Max Banner, a private
equity backed schoolwear wholesaler, on the acquisition of Sportswear International, a schoolwear and sportswear wholesaler and retailer
Funding: MML Partners. Barclays (debt) Legal Advisers: Pinsent Masons
Financial Due Diligence: RSM: Nick Williams, partner; James Harris, manager; Michelle Harris, tax partner
Trustmarque sold to Capita
Completion Date: 21/06/16 Target: Trustmarque Solutions Acquirer: Capita plc Deal Value: £57 million
Details: Moore Blatch LLP, led by partner Peter Jeffery, advised on the £57m sale of Trustmarque Solutions to Capita. Trustmarque is a Microsoft LSP, and the provider of software and cloud technology solutions for both public and private sector organisations. Moore Blatch provided legal support to significantly streamline the corporate structure, including the removal of dormant companies and simplification of a complex group structure in preparation for the sale. RSM UK’s transaction services team provided financial due diligence.
Legal Advisers: Moore Blatch (for Trustmarque); DWF LLP (for Capita)
Project Baldrick
Completion Date: 07/16 Target: CoralTree Holdings Acquirer: Netcracker Technology Corporation Inc Deal Value: Undisclosed
Details: Meridian Corporate Finance advised the shareholders of Hampshire-based CoralTree Holdings on the sale of its company to Japanese owned, US company Netcracker Technology Corporation Inc, a wholly-owned subsidiary of NEC Corporation
Corporate Finance Advisers: Meridian (Darren Thompson, Philip Mettam and Charlie Jenkins)
Legal Advisers: Shoosmiths LLP (Southampton office: Stephen Porter, Lisa Sigalet and Henry Harding)
Financial Due Diligence: KPMG (Southampton office)
Financial Due Diligence: RSM: Peter Vandervelde, partner; Phil Rossiter, director
Commercial Due Diligence: Credo Consulting
MOORE deals together
In addition to the £57 million sale of Trustmarque Solutions Ltd to Capita Peter Jeffery is currently advising on a number of other deals in the IT sector.
Sale of The Wireless Works (UK)
Completion Date: 2/08/16 Target: The Wireless Works (UK) Acquirer: Avesco Group plc Deal Value: Undisclosed
Details: Transcend Corporate, led by partner Ian Aldridge, and supported by executive Rajbir Turna, has advised on the sale of The Wireless Works, a leading provider of radio frequency and communication services in the broadcast and live events markets, to Avesco. This transaction presents an exciting opportunity for The Wireless Works
MBO of Indigo Telecom
Completion Date: 07/16 Target: Indigo Telecom Acquirer: Management team backed by Maven and YFM Deal Value: £12 million
Details: HMT LLP, led by partner Paul Read and directors Peter Wear and Holly Bedford-Bell undertook financial due diligence for Maven Capital Partners and YFM Equity Partners on their £12m investment in Indigo Telecom Group to support the management buyout
Funding: Maven Capital Partners and YFM Legal Advisers: Capital Partners and YFM Financial Due Diligence: HMT Commercial Due Diligence: CIL
Corporate Finance Advisers: Transcend Corporate Legal Advisers: Barlow Robbins LLP
Commenting on the sale of Trustmarque to Capita, Peter Jeffery said: “Increasingly, organisations are looking to take their legal services support from lawyers based outside of London, in the knowledge that the expertise is as good, and often the terms are much more competitive.
Project Chrono
Completion Date: 26/08/16 Target: Opus Telecom and Phipps Communications Acquirer: NIX Communications Group Deal Value: Undisclosed
Details: NIX Communications Group has purchased Opus Telecom and its subsidiary Phipps Communications in deals which are set to double the size of the company and take its turnover to nearly £12 million a year
Funding: NatWest (Ian Burroughs)
Legal Advisers: Trethowans LLP (Nick Gent/Jamie Earley) for the acquirer; Moore Blatch LLP (Jeremy Over) for the vendor
Sale of The Brand Architekts
Completion Date: 27/06/16 Target: The Brand Architekts Acquirer: Swallowfield plc Deal Value: £11 million
Details: Penningtons Manches LLP, led by corporate partner David Kendall, advised the main shareholders on the sale of the entire share capital in The Brand Architekts to Swallowfield plc, an AIM-listed personal care and beauty products company
Funding: Placing of shares on AIM
Corporate Finance Advisers: BDO LLP, Grant Thornton UK LLP Legal Advisers: Penningtons Manches LLP, Ashfords LLP
Project Poirot
Completion Date: 07/16 Target: Project Poirot Acquirer: Management team Deal Value: Undisclosed
Details: Meridian Corporate Finance advised the shareholders of Project Poirot on the sale of their company to the incumbent management team
Corporate Finance Advisers: Meridian (Darren Thompson and Michael Barcia)
Legal Advisers: Pitmans LLP (Southampton Office: Sean Kelly)
s ol i c i tors
The Trustmarque sale by the Liberata group is a good example of this, being a very large and complex case handled locally, and this is good news for all regional professional services advisers and the local community.”
Next Deadline
The next Deals Update will be in our October issue. Deadline for submissions is Monday September 12
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
THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2016
businessmag.co.uk 33
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