deals update
LATEST DEALS DATA FROM ACROSS
THE REGION Project Ignite
Completion Date: 02/17 Target: SPC International Acquirer: TVS Rico Supply Chain Services Deal Value: Undisclosed
Details: Supply chain solution provider TVS Rico Supply Chain Services has acquired more than 60% stake in SPC International, based in Uxbridge. This acquisition in the UK adds repair and parts supply to the company’s list of end- to-end supply chain services for its customers worldwide
Legal Advisers: B P Collins, Gerrard Cross (Simon Deans, partner, corporate and commercial team) for the acquirer. Osborne Clarke for SPC International
Readypower Engineering
Completion Date: 02/17 Target: Readypower Engineering
Acquirer: Primary Capital Partners LLP and the management team – Russell Jack and Tony Hepburn Deal Value: Undisclosed
Details: RSM provided financial due diligence for the shareholders of Readypower Engineering on its disposal to a Primary Capital backed MBO team, and further due diligence for Primary Capital. HW Corporate Finance LLP acted as financial advisers to the shareholders. Penningtons Manches LLP were legal advisers to the shareholders. BDO Corporate Finance advised Primary Capital and the MBO team
Funding: Primary Capital Partners, PNC Business Credit (debt)
Corporate Finance Advisers: HW Corporate Finance (vendors), BDO (acquirers)
Legal Advisers: Penningtons Manches (vendors), Eversheds Sutherland LLP (acquirer). Mills & Reeve LLP advised PNC Business Credit and Stevens and Bolton LLP advised management
Financial Due Diligence: RSM
James Cowper Kreston advises in Scandinavian deal
James Cowper Kreston has announced the acquisition of Sofus Regulatory Affairs AB by Sovereign Capital Partners backed Xendo BV. The corporate finance team provided advisory services to Xendo.
Sofus is a leading Nordic regulatory consultancy based in Stockholm, Sweden. It supplies regulatory affairs services for all stages of pharma and biotech development for multinational corporations and small businesses in the Nordics and in Europe.
Project Liberty
Completion Date: 19/1/17 Target: Variohm Holdings Acquirer: Acal Electronics Holdings Deal Value: Up to £13.85 million
Investment in Xupes by Downing
Completion Date: 02/17 Target: Xupes Deal Value: Undisclosed
Details: HMT LLP led by partner Paul Read undertook financial due diligence for Downing LLP on its investment in leading retailer of pre-owned luxury goods Xupes
Funding: Downing Legal Advisers: Shoosmiths Financial Due Diligence: HMT Commercial Due Diligence: PDB Consulting
Details: Charles Russell Speechlys’ Guildford office advised Acal Electronics Holdings on the acquisition of Variohm Holdings, a provider of motion, sensor and measurement solutions for businesses across Europe
Corporate Finance Advisers: Quercus Corporate Finance LLP
Legal Advisers: Charles Russell Speechlys
André van de Sande, CEO, Xendo, said: “I am delighted to be leading Xendo in this next phase of growth. The addition of Sofus to Xendo will strengthen our position as a trusted adviser in Life Sciences. We operate in an exciting market and this acquisition offers a real opportunity to further develop Xendo’s services and extend our geographic reach. I am looking forward to working with Linda Thunell and her team.”
Acquisition of UV03
Completion Date: 17/02/17 Target: UV03 Acquirer: Pollet Water Group Deal Value: Undisclosed
Acquisition of FR Jones and Son
Completion Date: 17/02/17 Target: FR Jones and Son Acquirer: Investor Group Deal Value: Undisclosed
Details: London-based forestry and garden machinery distributor FR Jones & Son has been acquired by an investment consortium, in a deal advised by BCMS. Existing directors Justin and Eileen Jones will remain at the helm of this family-run supplier of chainsaws, mowers, climbing gear, workwear and tools
Corporate Finance Advisers: BCMS Legal Advisers: Continuum Corporate Lawyers LLP
Details: Belgium’s Pollet Water Group (PWG) has acquired water treatment specialist UVO3 for an undisclosed sum. Founded in 2002 by water industry veteran Peter Wadsworth, UVO3 is a leading supplier of ultra violet disinfection equipment to households and installation contractors, including its own best-selling brand Atlas UV
Corporate Finance Advisers: BCMS Legal Advisers: Continuum Corporate Lawyers LLP
Linda Thunell, CEO, Sofus, added: “This was a natural step for us in the further development of our business. As part of the Xendo group we will be able to strengthen our presence on the international market and at the same time offer a broader range of services to our clients. Our companies are a good match and together we will be able to offer more of the very best services to our clients.”
Stuart Williams, director at James Cowper Kreston, added: “We are very pleased to have advised Xendo on this acquisition. The acquisition of Sofus provides Xendo with an exciting opportunity to develop its offering in the international market. We would like to wish them every success in the future.”
Sale of Oceanair to the Dometic group
Completion Date: 20/02/17 Target: Oceanair Acquirer: Dometic Group Deal Value: £17 million
Details: Oceanair, the South Coast market-leading manufacturer of marine blinds, screens and soft furnishings, was acquired by the Stockholm and NASDAQ-listed Dometic
Corporate Finance Advisers: Stewart Lambert of James Cowper Kreston
Legal Advisers: Sean Kelly, Oliver Kelly, John Newton, Jonathan Gray and Jennifer Evans of Pitmans Law advised Oceanair. Penningtons LLP advised the buyer
Financial Due Diligence: PwC Next Deadline Monday, April 10 for the May 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
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businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2017
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