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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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