deals update


LATEST DEALS DATA FROM ACROSS


THE REGION Readypower Engineering


Completion Date: 02/17 Target: Readypower Engineering


Acquirer: Primary Capital and the management team – Russell Jack and Tony Hepburn Deal Value: Undisclosed


Details: HW Corporate Finance LLP acted as financial advisers to the shareholders of Readypower Engineering on its disposal to a Primary Capital Partners LLP backed MBO team. HWCF’s team was led by partners Richard Hall and Charles Whelan together with director Stephen Badger. Penningtons Manches LLP, led by Rob Hayes, supported by a team of lawyers across the Thames Valley (Reading, Guildford and Oxford) advised the shareholders


Funding: Primary Capital Partners LLP, PNC Business Credit (debt)


Corporate Finance Advisers: HW Corporate Finance


Legal Advisers: Penningtons Manches LLP (vendors), Eversheds Sutherland LLP (acquirer). Mills & Reeve LLP advised PNC Business Credit and Stevens and Bolton LLP advised management


Financial Due Diligence: BDO Corporate Finance (management)


MBO of ACT Clean Timico Technology Group


Completion Date: 02/17 Target: Timico Technology Group Acquirer: Lyceum Capital Deal Value: £50+ million


Details: Lyceum Capital acquired a majority stake in Timico, a managed cloud service provider in a deal valued at over £50m. Lyceum is backing a strong management team led by CEO Ben Marnham. Will Axtell (Oxford corporate partner) and the Penningtons Manches team acted for the Timico management team


Funding: Ares, Santander


Corporate Finance Advisers: Lyceum: Oakley Advisory; Timico: Lincoln International; and acting for management: Wyvern Partners.


Legal Advisers: Lyceum: Pinsent Masons; acting for Timico: Eversheds and acting for management: Penningtons Manches (Will Axtell)


Financial Due Diligence: Lyceum: PwC Commercial Due Diligence: EY


MBO of Clamason


Completion Date: 01/17 Target: Clamason Industries Acquirer: Management team Deal Value: Undisclosed


Details: HMT LLP led by partner Chris Gow and senior manager Adrian Howells advised on the management buyout of Clamason Industries supported by Connection Capital and Santander


Funding: Connection Capital and Santander Corporate Finance Advisers: HMT Legal Advisers: Gateley plc Financial Due Diligence: Grant Thornton


Completion Date: 09/02/17 Target: ACT Clean Acquirer: Connection Capital


and management Deal Value: £10.2 million


Details: Spectrum Corporate Finance successfully advised Connection Capital and management on a debt raise to support the MBO of ACT Clean, a specialist oursourcing company providing managed services to the luxury hospitality sector


Funding: Santander Growth Capital


Corporate Finance Advisers: Spectrum Corporate Finance – Ian Milne and Simon Sherliker (debt advice to Connection Capital and management)


Legal Advisers: Gateley plc Financial Due Diligence: BDO, London Commercial Due Diligence: Latitude, London


Part acquisition of Resourcing Solutions


Completion Date: 01/02/17 Target: Resourcing Solutions Acquirer: Matchtech Group (Holdings)


Deal Value: 70% of RSL’s issued share capital for £6.9 million, with the remaining 30% subject to a put and call options. The maximum total consideration payable is £15.0m


Details: IBB Solicitors has advised Richard Lawrance, CEO and founding shareholder of Resourcing Solutions (RSL) and Alysoun Stewart (an investor in RSL) on their initial disposal of 70% of the issued share capital of RSL to Matchtech Group (Holdings); a wholly-owned subsidiary of Gattaca plc


Legal Advisers: IBB Solicitors advised the shareholders of RSL.. Matchtech was advised by Shoosmiths LLP


Investment in Rush Hair & Beauty


Completion Date: 23/01/17 Target: Rush Hair & Beauty Acquirer: LDC Deal Value: Undisclosed


Details: Acting as the buy-side adviser, Spectrum Corporate Finance has successfully advised LDC on its investment into Rush, the leading hair and beauty brand. LDC invested £16 million to support a national rollout programme. As part of the deal, LDC will acquire a minority shareholding, which will see investment directors Alastair Weinel and Tanya Thompson join the board of the business


Corporate Finance Advisers: Spectrum Corporate Finance – Clive Hatchard & James Mines (LDC. Deloitte – Rinesh Dookhee & Martyn Gregory (Rush)


Legal Advisers: Shoosmiths – Emma Gibson (LDC). Osborne Clark – Sara Valentine (Rush)


Financial Due Diligence: KPMG – Amanda Myatt Commercial Due Diligence: Pragma Consulting


Investment in My 1st Years


Completion Date: 01/17 Target: My 1st Years


Acquirer: Beringea LLP and Hargreave Hale


Deal Value: £5 million


Details: HMT LLP led by partner Andrew Thomson undertook financial due diligence for Beringea LLP and Hargreave Hale on their £5m growth capital investment in personalisation site for children’s products My 1st Years


Financial Due Diligence: HMT


Blake Morgan advises on Ultima Media sale to German buyer


Law firm Blake Morgan, which has offices in Reading and Southampton, has advised on the sale of London- based publisher Ultima Media.


Ultima Media is a provider of intelligence and networking to the global automotive industry with principle brands Automotive Logistics, Automotive Manufacturing Solutions and Car Design News.


It produces websites, magazines, conferences and other networking events which are read and held in the world’s biggest automotive markets.


The company has been acquired by Süddeutsche Verlag, one of Germany’s leading publishing groups, and part of SWMH group, which publishes newspapers and operates websites in Germany.


The Blake Morgan corporate team advised the owners of Ultima Media on all legal aspects of the transaction including offering specialist advice on what was a complicated structure agreement.


The team was led by partner Stojan Essex and was assisted by corporate lawyer Laura Potemianos and finance partner and shares specialist David Daws.


Simon Timm, founder and principal shareholder of Ultima Media, said: “I would like to thank the team at Blake Morgan who helped secure a successful outcome on what was a very complex transaction. We were impressed by both their professionalism and the quality of advice we received.”


Corporate partner Stojan Essex said: “We are pleased to have been able to support Ultima Media on this important deal and wish both parties every success for the future.”


Next Deadline Monday, April 10 for the next issue


To submit deal data or to advertise on this page contact: 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


18 businessmag.co.uk THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – MARCH/APRIL 2017


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