22 deals update
Latest deals data from across the region Investment by Livingbridge into Thomas J Fudge's
Completion Date: 15/04/16
Target: Thomas J Fudge’s Remarkable Bakery
Acquirer: Management backed by Livingbridge Deal Value: Undisclosed
Details: Spectrum Corporate Finance has advised Livingbridge on its investment into premium biscuit, cracker and florentine baker Thomas J Fudge’s. Livingbridge is backing Paul Vita and Vickie Best, currently commercial and operations director respectively, who will be taking an ownership role, and will run the business as joint managing directors. RSM’s transaction services team provided financial and tax due diligence. RSM’s corporate finance modelling team were also engaged to undertake a model review. Livingbridge’s investment will enable Thomas J Fudge’s management team to accelerate its growth plans towards becoming the number one premium biscuit brand in the UK
Funding: Livingbridge
Corporate Finance Advisers: Clive Hatchard and James Mines - Spectrum Corporate Finance Legal Advisers: Olswang (buy-side); Shoosmiths (sell-side)
Financial Due Diligence: RSM UK: Peter Vandervelde, partner; Nick Williams, partner; Alex Milne, associate director; Dom Lowbridge, executive; Alistair Hynd, partner, financial modelling
Commercial Due Diligence: Food Strategy Associates
Completion Date: 30/04/16 Target: The global animal and crop health division of GfK Acquirer: Management team and Inflexion Private Equity Deal Value: >£25 million
Details: Management buyout of GfK’s global animal and crop health division by the management team and Inflexion Private Equity. The transaction, which exchanged in November 2015, underwent a carve-out process which completed on April 30, 2016
Funding: Inflexion Private Equity Corporate Finance Advisers: James Cowper Kreston Legal Advisers: Pitmans, Addelshaw Goddard and Jones Day Financial Due Diligence: Alvarez & Marsal Commercial Due Diligence: Plural Strategy
Investment in Vantage Finance
Completion Date: 06/05/16 Target: Vantage Finance Deal Value: Undisclosed
Details: HMT LLP, led by partner Paul Read, tax director Holly Bedford-Bell and manager Antonia Fernandez, undertook financial due diligence for lower mid-market private-equity firm Chiltern Capital LLP on its investment in Thames Valley- based Vantage Finance
Funding: Chiltern Capital and Williams & Glyn Financial Due Diligence: HMT
Acquisition of Primer Design by Novacyt SA
Completion Date: 13/05/16 Target: Primer Design Acquirer: Novacyt SA Deal Value: Undisclosed
Details: Pitmans LLP, led by partner Philip Weaver and director Jasmine Murphy, successfully advised international leader in the field of cellular diagnostics, Novacyt SA, on its acquisition of UK leading molecular biology specialist Primer Design
Funding: Kreos Capital V (UK)
Legal Advisers: Pitmans – advisers to Novacyt SA; Charles Russell Speechlys LLP – advisers to Kreos Capital V (UK); and, Shoosmiths LLP – advisers to vendors
Management buyout of Strictly Education
Completion Date: 29/04/16 Target: Strictly Education
Acquirer: Management team backed by a private investment firm Deal Value: Undisclosed
Details: Spectrum Corporate Finance has advised on the management buyout of Strictly Education. Strictly Education was owned by Bond International Software plc, which decided to divest of the company following a group strategic review. This was a bilateral deal following a direct approach from the private investment firm which backed the MBO
Funding: Private investment firm Project Orne
Completion Date: 13/04/16 Target: Octopus HR Acquirer: IRIS Software Group Deal Value: Undisclosed
Details: Penningtons Manches LLP acted for IRIS Software Group on its acquisition of award-winning technology firm Octopus HR. The deal cements IRIS as a leading technology provider within both the UK human capital management and accountancy sectors. Corporate partner Will Axtell led the multidisciplinary team from the firm’s Oxford office
Legal Advisers: Penningtons Manches (for IRIS), Gordons (for Octopus)
Financial Due Diligence: Deloitte
businessmag.co.uk
Corporate Finance Advisers: Simon Davies and Richard Boyden – Spectrum Corporate Finance Legal Advisers: Sean Kelly - Pitmans
Next Deadline
The next Deals Update will be in our July/ August issue
Deadline for submissions is Monday June 13 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
Investment in Little Black Dress Project Farm
Completion Date: 19/04/16 Target: Little Black Dress Deal Value: £1 million
Details: HMT LLP, led by partner Ian Barton arranged and advised on the development capital investment in Little Black Dress which has just launched its spring/summer collections including exclusive designs from Alesha Dixon
Funding: Greater Manchester Investment Fund Corporate Finance Advisers: HMT Legal Advisers: Gateley plc
Trethowans acts for shareholders of He-Man Equipment
The corporate team at Trethowans solicitors has advised the shareholders of Southampton-based He-Man Equipment on the sale of the entire share capital to HM Holding, an investment vehicle primarily backed by a group of investors including Jon Moulton, one of the UK’s best-known private-equity investors.
He-Man Equipment, which trades as He-Man Dual Controls, has been in existence since 1931. As the dual-controls system of choice for most car manufacturers and driving instructors, it is the UK’s leading dual- control supplier.
Adrian Field, investment director for HM Holding, commented: "We are pleased to back the management buyout of the business and the transaction went very smoothly.”
The corporate aspects of the transaction were dealt with by Trethowans partner Mike Watson, alongside Jamie Earley and Arcadius Gregory. Steve Pittaway, of Taktika Business Solutions, who had previously provided management consultancy services to the company and acted as non-executive chairman, project managed the deal on behalf of the sellers.
Watson commented: “He-Man Dual Controls has built a great reputation in the sector and I wish it and the new shareholders every success in the future.”
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – JUNE 2016
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32