DEALS AWARDS 2017
THAMES VALLEY
Mid-Range Deal of the Year (£10m - £50m) sponsored by:
WINNER: Rush Hair Group investment by LDC The winning deal
The other finalists were:
Leading hair and beauty brand Rush received £16 million support from LDC to fund a national rollout. Launched over 22 years ago at a single salon in Wimbledon, Rush now generates sales of £36m. Apart from national expansion, Rush will open a training academy in Covent Garden.
Adviser (target): Deloitte Adviser (acquirer): Spectrum CF
Legal (target): Osborne Clarke Legal (acquirer): Shoosmiths
Financial DD: KPMG
Boyes Turner partner Robert Rice presented the award trophy.
• Box Technologies sale to Flytech Technology – involving PwC, Oasis Europe, Blandy & Blandy and James Cowper Kreston.
• CH&Co acquisition of Brookwood – involving HSBC, RBS, MML Capital, Osborne Clarke, Pinsent Masons and PwC.
• Costain acquisition of SSL – involving Bishop Fleming, Burgess Salmon, Pinsent Masons, and PwC.
A proud winner with plans for growth
Andreas Panteli, CFO at Rush Hair said: “I think we are probably the first ‘proper-sized’ business in our hair sector that has been invested into by a PE house.”
With no precedent for PE investment in the sector, he highlighted that it was also “a big step for LDC to take”.
But the investment for growth deal had won for good reason, he felt. “We’ve grown from 50 salons to nearly 90 in the past two years; the plan is to double that again over the next
Large Deal of the Year (over £50m) WINNER: ByBox MBO funded by LDC
The winning deal
PE firm LDC provided £37.5 m of acquisition and development capital to accelerate the growth of ByBox, headquartered at Harwell. The transaction valued the business at £105m. The investment will allow ByBox to continue UK growth, especially in areas such as smart metering and development of its Click&Collect service.
Equity: LDC Adviser (acquirer): Spectrum CF Debt: RBS
Adviser (target): Liberty, PwC
Legal (acquirer): Shoosmiths Legal (target): Osborne Clarke Legal (funder): Addleshaw Goddard
Financial DD: PwC and BDO
Duncan Lamb, BDO corporate finance M&A partner presented the award trophy.
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businessmag.co.uk The other finalists:
• Micro Focus acquisitions of HP Enterprise software division and Serena Software – involving HSBC, RBS, Barclays, JPM, Morgan Stanley, Numis Securities, PwC, Deloitte, Cahill, Kirkland & Ellis, and Travers Smith.
• Opus Energy sale to Drax Group plc – involving HSBC, Barclays, Rothschild, Osborne Clarke, Slaughter and May, and KPMG.
• Property Software Group exit by LDC – involving Quayle Munro, Shoosmiths, Travers Smith, RBS and Deloitte.
• Ridgeway Group sale to Marshall Motor Holdings – involving Barclays, HSBC, Pitmans, Dentons, and Deloitte.
• Xafinity flotation on the
three years. With the expertise that LDC can bring, we should definitely achieve that.”
The choice of professional advisers for a deal was very important, he added. “You need the right team to guide you along, make progress, and make sure you get the best deal.”
sponsored by:
London stockmarket – involving HSBC, Zeus Capital, Deloitte, Reed Smith and BDO.
Winner’s view
Not all great deals get completed, particularly when something like Brexit arrives.
ByBox co-founder and CEO Stuart Miller was full of praise for this winning deal’s participants,
especially as it was his company’s first foray into PE funding.
“It was great to see that people involved didn’t get spooked by Brexit, nobody hit the deal pause button, which would have been frustrating because our business isn’t really impacted.”
So, the deal was done quickly, competently and at the right time for all concerned.
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2017
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