deals update


LATEST DEALS DATA FROM ACROSS


THE REGION Acquisition of Vee Bee


Completion Date: 03/2017 Target: Vee Bee Filtration Acquirer: Signum Technology Group Deal Value: Undisclosed


Details: HMT LLP led by partners Andrew Thomson and Paul Read undertook financial due diligence for private equity backed Signum Technology Group on its acquisition of filtration equipment manufacturer Vee Bee Filtration


Legal Advisers: Travis Smith Financial Due Diligence: HMT Commercial Due Diligence: AMR International


Project Chelsea


Completion Date: 03/17 Target: Thompson & Morgan Group Holdings and its subsidiaries


Acquirer: BVG Group Deal Value: Undisclosed


Details: BVG (a multi-channel retailer of sporting supplements, fishing tackle, footwear and clothing, as well as home and garden products) has acquired 100% of the share capital of Thompson & Morgan. T&M is the leading horticultural brand in the UK, selling young plants, bulbs, nursery stock plants, flower and vegetable seeds, fruit, potatoes and garden accessories. It sells through a variety of channels including catalogue, online, retail, readers offers and promotions and TV shopping


Funding: HSBC Legal Advisers: Coffin Mew LLP Financial Due Diligence: Grant Thornton Commercial Due Diligence: BVG


Refinancing of Sohonet


Completion Date: 06/04/2017 Deal Value: £4.5 million


Details: HMT LLP led by partner Chris Gow and senior manager Adrian Howells advised global cloud solutions provider Sohonet Group and FPE Capital on the refinancing of the business


Funding: Clydesdale Bank Corporate Finance Advisers: HMT Financial Due Diligence: Alvarez & Marsal Commercial Due Diligence: Alvarez & Marsal


Cynergie UK


Completion Date: 31/03/17 Target: Cynergie UK Acquirer: Davies Group Deal Value: Undisclosed


Details: Davies Group, the third party administrator and outsourcing group, has acquired Cynergie, in its first acquisition since HGGC took a majority stake in the business.


Cynergie provides outsourced regulatory and complaints management services across regulated verticals, such as: insurance, financial services, utilities, and to ombudsmen and regulators


Corporate Finance Advisers: BCMS (adviser to target) Legal Advisers: Freeths (legal adviser to target)


James Cowper Kreston advises on acquisition of water treatment specialists


James Cowper Kreston has advised Pollet Water Group’s (PWG) acquisition of UVO3. The corporate finance team provided lead advisory services and financial due diligence to PWG.


UVO3 is a specialist in ultraviolet (UV) light disinfection and water treatment. The company uses UV disinfectant technology, which leaves no taint, chemicals or residues, to eliminate bacteria, viruses and moulds in water. UVO3 will remain a separate operation for PWG in the UK, working alongside existing PWG companies.


Jacques Pollet, president of PWG, said: “Integrating UVO3 into PWG means we can improve our services and deliver more to our customers. The additional resources that we will invest in UVO3 will allow the company to grow and develop new products and new markets for UV technology.”


Nick Rogers, partner and head of corporate finance at James Cowper Kreston, added: “This investment puts PWG in a strong position for continued growth. We are delighted to have advised PWG during this acquisition and we wish them every success for the future.”


Spectrum advises Connection Capital in ACT Clean acquisition


Spectrum Corporate Finance has advised Connection Capital on a debt raise to part-fund the acquisition of ACT Clean in conjunction with Santander Growth Capital and management.


Founded in 2006, Associated Continuity Teams (ACT Clean), is a specialist outsourcing company providing managed services to the luxury hospitality sector. The company has grown swiftly, alongside the expansion of upmarket hotels and restaurants in London, and is now the market leader in its luxury niche. Its long-term client base ranges from Michelin-starred and prestigious restaurant groups such as Caprice Holdings (owner of The Ivy and J. Sheekey) to hotel marques including Claridges, The Ritz, The Savoy, through to the Royal Household.


The £10.2 million MBO puts ACT Clean in a good position to take advantage of future growth opportunities with five-star hotel stock in the capital scheduled to have increased by 22% from 2015 levels by 2018, with all these new properties having high-end restaurants attached.


The Spectrum debt advisory team, of Ian Milne and Simon Sherliker, was engaged by Connection Capital to assist the process of raising funds to support investment into ACT Clean. This involved presenting to potential lenders, deal structuring, securing credit approvals, re-banking, negotiation of terms and handling all of the banking legal documentation.


Miles Otway, partner at Connection Capital, led the transaction and will join the board at ACT Clean.


Next Deadline Monday, May 15 for the June 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


THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2017 businessmag.co.uk 23


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