deals update


LATEST DEALS DATA FROM ACROSS


THE REGION MBO of ProspectSoft


Completion Date: 04/2017 Target: ProspectSoft Acquirer: Management team Deal Value: £6 million


Details: HMT LLP led by partners Paul Read and Andrew Thomson undertook financial due diligence for Maven Capital Partners on its £6m investment in cloud-based technology company ProspectSoft to support the management buyout


Funding: Maven Capital Partners Legal Advisers: Gateley Financial Due Diligence: HMT Commercial Due Diligence: CIL


Project Columbus


Completion Date: 25/04/17 Target: NYS Corporate Acquirer: Capita plc Deal Value: Undisclosed


Details: RSM UK provided financial due diligence on Capita’s acquisition of NYS Corporate Other Advisers: Sentio Partners (advisers to seller)


Financial Due Diligence: RSM: Peter Vandervelde, partner; Jo Slade, supervisor; Alex Coaton, analyst; Adam Cullen, associate director


Commercial Due Diligence: RPL MBO of Nu-Heat


Completion Date: 05/2017 Target: Nu-Heat Acquirer: Management team Deal Value: Undisclosed


Details: HMT LLP led by partners Andrew Thomson and Chris Gow have completed a combined buyside advisory engagement comprising financial due diligence and debt advisory for Bestport Capital on the MBO of underfloor heating specialist, Nu–Heat


Funding: Bestport Capital Corporate Finance Advisers: HMT Legal Advisers: Blake Morgan Financial Due Diligence: HMT Commercial Due Diligence: Latitude


Project Capital


Completion Date: 10/04/17 Target: Coombe Garage Tyres Acquirer: Micheldever Tyre Services Deal Value: Undisclosed


Details: RSM UK provided financial and tax due diligence in respect of Micheldever’s acquisition of a tyre service company based in Bristol


Legal Advisers: Irwin Mitchell


Financial Due Diligence: RSM: Nick Williams, partner; David Copley, partner; Dom Lowbridge, executive; Michelle Harris, partner, corporate tax; Liz Cruse, associate, corporate tax


Project Morse


Completion Date: 06/03/17 Target: Car Tec (GB) Acquirer: Micheldever Tyre Services Deal Value: Undisclosed


Details: RSM UK provided financial and tax due diligence in respect of Micheldever’s acquisition of a tyre service company operating four depots in Oxfordshire


Legal Advisers: Irwin Mitchell


Financial Due Diligence: RSM: Nick Williams, partner; David Copley, partner; Poppy Taylor-Porter, associate; Michelle Harris, partner, corporate tax; Hannah Windsor, manager, corporate tax


Project Valley


Completion Date: 21/03/17 Target: Largedouble, trading as Stoddart Tyres Acquirer: Micheldever Tyre Services Deal Value: Undisclosed


Details: RSM UK provided financial and tax due diligence in respect of Micheldever’s acquisition of a tyre service company with three depots operating in Pembrokeshire, Wales


Legal Advisers: Irwin Mitchell


Financial Due Diligence: RSM: Nick Williams, partner; David Copley, partner; Poppy Taylor-Porter, associate; Michelle Harris, partner, corporate tax; Hannah Windsor, manager, corporate tax


Project Jubilee


Completion Date: 02/03/17 Target: Warwick Estates Property Management Acquirer: RMAI Deal Value: Undisclosed


Details: RSM Corporate Finance provided financial, tax and IT due diligence on Aldridge Wealth’s acquisition of Warwick Estates Property Management, a Harlow-based provider of property management services throughout the UK


Funding: Family office


Financial Due Diligence: RSM: Peter Vandervelde, partner; Alex Milne, associate director; Jo Slade, supervisor; Michelle Harris, partner, corporate tax


Project Style


Completion Date: 08/05/17 Target: In The Style Fashion Deal Value: Undisclosed


Details: Livingbridge has taken a sizeable minority shareholding in online fashion retailer In The Style. The investment will help to fund the company’s international expansion plans.


Funding: Undisclosed Corporate Finance Advisers: Aurelius Advisors


Legal Advisers: Eversheds Sutherland (Livingbridge), Weightmans (In the Style)


Financial Due Diligence: RSM UK: Rebecca Guerin, partner; Maya Panova, associate director; Rajnandan Sangha, associate director, corporate tax


Grant Thornton advises SecureEnvoy sale to Shearwater Group


Grant Thornton’s Thames Valley corporate finance team has advised the shareholders of Basingstoke-based technology firm SecureEnvoy on its £20 million sale to Shearwater Group.


The acquisition (a reverse takeover under AIM rules), will see Shearwater Group plc purchase 100% of the share capital of the business. The founders will stay on to manage day-to-day operations, meaning that customers and staff will have continuity through the business’ next phase of growth.


The Grant Thornton team supported the SecurEnvoy shareholders throughout the sale process to its successful conclusion following approval of the acquisition at Shearwater Group’s general meeting held on May 8, 2017.


Creators of Tokenless Multi Factor Authentication (MFA), SecurEnvoy was founded in 2003 by Andrew Kemshall and Stephen Watts. Following a successful period at one of the world’s leading cyber security companies, the founders were ideally placed to create and launch a pioneering SMS-based multifactor authentication product for enterprise clients.


Innovation is at the core of SecurEnvoy’s business with the patented pre-load technology providing a clear differentiator in the marketplace. Recent developments include a mobile app utilising Push technology. In addition, the business has developed a number of complementary patented products with SecurMail providing unique MFA-based email security. With widespread industry recognition, the business has grown a substantial customer base of more than 1,000 customers, including many UK and international blue-chip companies.


Next Deadline Monday, June 12 for the July/August 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


22 businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2017


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