deals Sealing the deals
HMT established its debt advisory business in September 2015. Led by partner Chris Gow and associate director Adrian Howells, the 12 months to July 2017 were excellent for the franchise with nine deals completed and c£60 million debt arranged
In addition, another two deals are close to completing, so a busy summer is anticipated.
HMT has completed deals for a wide range of clients, including plcs, corporates and private equity firms and has sourced funds from both mainstream and challenger banks and also from credit funds. Its recent activity has included a growth capital package for Sohonet, a global media connectivity provider, term debt to support Bestport’s MBO of Nu-Heat, an underfloor heating specialist in Exeter and a new larger and more flexible working capital facility for Porta Communications plc, an international communications and marketing organisation.
A positive feature of the past year has been the spread of lenders supporting HMT’s transactions including mainstream clearers HSBC and RBS along with challenger banks such as Clydesdale, Santander and
OakNorth Bank and credit funds such as Beechbrook Capital. The latter two lender groups frequently display more appetite and pragmatism compared with their more traditional competitors.
Over the past year, HMT has increasingly seen incumbent lenders more actively manage credit risk, particularly in specific markets and sectors. Alongside a possible new wave of restructurings, HMT believes this could lead to a higher volume of refinancings in 2017 and 2018.
Challenges remain and raising debt continues to become even more stringent and complex than it was before. The processes frequently become elongated as business owners have to manage increasingly granular information and data requests from lenders.
Hiring the right debt adviser can help a borrower save money and time by in- sourcing debt and project management
expertise to run a financing process efficiently and effectively.
HMT will continue to differentiate its debt advisory offering by focusing on SME and lower mid-market clients who appreciate its:
• market reputation combined with its established contact base that helps bring borrowers and lenders together efficiently
• unique experience and market position, which enables HMT to offer impartial advice and opinions to guide clients towards the best debt-funding solution
• commercial excellence that means HMT can source and negotiate the best deal for clients, delivering the optimum balance between pricing and commercial terms
• partner-based delivery and execution model.
hmtllp.com
Sale of Variohm Holdings
Completion Date: 19/01/17 Target: Variohm Holdings Acquirer: Acal Electronics Holdings Deal Value: Up to £13.85 million
Details: Freeths advised the shareholders of Variohm Holdings on the sale to Acal Electronics Holdings, a provider of motion, sensor and measurement solutions for businesses across Europe
Legal Advisers: Freeths, Oxford (Leon Arnold and Malin Svanberg Larsson – corporate)
Sale of Monica Healthcare
Completion Date: 10/03/17 Target: Monica Healthcare Acquirer: One GE Healthcare UK Deal Value: Undisclosed
Details: Freeths advised the shareholders of Monica Healthcare, a provider of innovative, maternal-infant care on the sale to GE Healthcare, a provider of transformational technologies and services focused on patient care
Legal Advisers: Freeths, Oxford (Tom Walker, Malin Svanberg Larsson – corporate; Claire Boyce – tax)
Fen-Bay Services
Completion Date: 24/05/17 Target: Fen Bay Services Acquirer: Hockley Capital Deal Value: Undisclosed
Details: Loading bay equipment supplier Fen Bay Services has secured investment via Chelverton Asset Management client Hockley Capital. BCMS led the sale process, and the funds will allow significant growth in product innovation via the current management team.
Corporate Finance Advisers: Target adviser: BCMS (Nick Lankester)
Legal Advisers: Bowsers (for Fen Bay) Harrison Clark Rickerbys (for Chelverton)
Sale of Marco Gearing
Completion Date: 18/05/17 Target: Marco Gearing Acquirer: Atkore International Deal Value: Undisclosed
Details: Freeths advised the shareholders of Marco Gearing, a leading uPVC cable management company and the UK’s largest manufacturer of steel wire cable tray, on the sale to Unistrut, a member of the Atkore International group of companies
Legal Advisers: Freeths, Oxford (Leon Arnold and Malin Svanberg Larsson – corporate; Claire Boyce – tax)
Deal Advisers: BCMS Project Piper
Completion Date: 22/05/17 Target: Autokwik Acquirer: Micheldever Tyre Services Deal Value: Undisclosed
Details: RSM Corporate Finance provided financial and tax due diligence in respect of Micheldever’s acquisition of a tyre service company based in Maidstone
Legal Advisers: Irwin Mitchell
Financial Due Diligence: RSM UK: Nick Williams, partner; David Copley, partner; Michelle Harris, partner, corporate tax; Will Campbell, executive; Liz Cruse, associate, corporate tax
Next Deadline Monday, August 14 for the September 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 – JULY/AUGUST 2017
businessmag.co.uk 19
Financial Due Diligence: Duncan & Toplis (for Fen Bay) RSM (for Chelverton)
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