deals update


LATEST DEALS DATA FROM ACROSS


THE REGION


Sale of butters john bee to Spicerhaart


Completion Date: 01/09/17 Target: butters john bee Acquirer: Spicerhaart


Deal Value: Undisclosed


Details: Spectrum Corporate Finance successfully advised butters john bee, the leading estate agency in the Midlands and the North West, on the sale of the business to Spicerhaart. Spectrum acted as lead adviser, completing a thorough marketing and sales process which attracted offers from multiple acquirers with Spicerhaart being chosen as the preferred partner


Corporate Finance Advisers: Clive Hatchard, managing director, Spectrum Corporate Finance and Bilal Hasan, senior manager, Spectrum Corporate Finance (sell-side lead advisory to butters john bee)


Legal Advisers: Knights 1759 Financial Due Diligence: Orbis Partners


Investment in Trade Skills 4U by Palatine


Completion Date: 09/2017 Target: Trade Skills 4U Deal Value: Undisclosed


Details: HMT LLP, led by partner Paul Read and manager Tom Bradbury undertook financial due diligence for Palatine Private Equity on its investment in electrical training courses firm Trade Skills 4U


Funding: Palatine Private Equity Legal Advisers: Gateley plc Financial Due Diligence: HMT Commercial Due Diligence: Cairneagle


Cutting Edge Solutions MBO


Completion Date: 01/09/17 Target: Prion Cutting Edge Acquirer: Management team Deal Value: Undisclosed


Details: The senior management team at Prion Cutting Edge, including the original founder Allan Blackwell, acquired the business from Accenture plc in a management buyout and is now trading under the original name of Cutting Edge Solutions


Corporate Finance Advisers: Harry Cobb from Mirada Corporate Partners advised the management team


Legal Advisers: Rob Wood and his team at Osborne Clarke advised the management team


Sale of Criterion Adjusters


Completion Date: 10/08/17 Target: Criterion Adjusters (a prominent player in the HNW loss adjusting sector which handles a significant share of the UK’s HNW property, fine art and antique-related claims)


Acquirer: Charles Taylor plc (a leading provider of professional services to clients across the global insurance market)


Deal Value: £13.1 million


Details: Penningtons Manches LLP’s corporate team has completed the sale of Criterion Adjusters to international loss adjuster group Charles Taylor for a maximum consideration of £13.1m. The Penningtons Manches’ corporate team was led by Simon Bickerdike, Bryan Park and Hannah McIlwraith with help from colleagues in employment (Liz Cardy), real estate (Becky Marsden), tax (Stephen Goldstraw) and pensions (Clare Coley)


Funding: Royal Bank of Scotland and HSBC Corporate Finance Advisers: BCMS


Sale of Redmayne Engineering


Completion Date: 01/09/17 Target: Redmayne Engineering Acquirer: Mel Aviation Group Deal Value: Undisclosed


Details: Paris Smith LLP has advised in the sale of Lymington- based engineering company, Redmayne Engineering which was sold by Tup and Jan Wickham to the MEL Aviation Group. The company, which manufactures high-quality precision engineered parts for the aviation and aerospace industries supplies to the likes of Honeywell, Boeing and AugustaWestland. Founded in 1963, and originally based in Brockenhurst, but now with over 42,000 sq ft of manufacturing space in Lymington and Romsey, the company has been part of the local business community for many years and has been using Paris Smith for legal services for over a quarter of a century


Legal Advisers: For the sellers – Paris Smith (Amanda Brockwell and Arezou Rezai). For the buyers – Aquabridge Law, Chelmsford


Accountancy Adviser: Rothman Pantall - Chandlers Ford


Legal Advisers: Penningtons Manches for the sellers. CMS Cameron McKenna Nabarro Olswang for the buyer


US firm Smarsh Inc acquires Basingstoke headquartered Cognia Cloud


Completion Date: 08/17 Target: Cognia Cloud Acquirer: Smarsh Inc


Deal Value: Undisclosed


Details: The corporate team at Southampton-based law firm Clarke Willmott LLP acted on behalf of Cognia Legal Advisers: Clarke Willmott


Esti-mate Software


Completion Date: 31/08/17 Target: Esti-mate Software Acquirer: JDM Technology Group Deal Value: Undisclosed


Details: Witney-based construction software Esti-mate Software has been acquired by JDM Technology Group of Vancouver, Canada, for an undisclosed sum


Wireless Innovations


Completion Date: 17/08/17 Target: Wireless Innovations Acquirer: Lyceum Capital Deal Value: N/A


Details: Lyceum Capital has committed £20 million to a new buy-and-build strategy in the M2M and Internet-of-Things market, starting with the acquisition of M2M managed services connectivity provider Wireless Innovation


Funding: Lyceum Capital (Simon Hitchcock, Luke Kingston, Tom Maizels and Geoff Neville)


Corporate Finance Advisers: BCMS (James Pugh) Legal Advisers: Harrison Clark Rickerbys (Rebecca Leask)


Next Deadline Monday, October 16 for the November 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


Management and private equity firm acquire Xtrac


Inflexion Private Equity has announced that with funds managed by Inflexion the buyout of Xtrac, a world leader in the design and manufacture of high performance transmissions for the motorsport and automotive industry, has been agreed.


Xtrac supplies most of the world’s top motorsport teams in both two and four- wheeled formulae across the globe, from MotoGP to Formula 1. The Thatcham-based


32 businessmag.co.uk


business enjoys strong EBITDA growth; over 80% of the British manufacturer’s revenue is generated through exports, particularly for high-performance automotive applications including hybrids and electric vehicles.


Inflexion is backing Xtrac’s established management team, which will remain with the business. Inflexion’s investment will help fuel Xtrac’s future expansion, supporting its rapidly growing high-performance road


car division and increasing Xtrac’s team of 330 in the UK and US. Inflexion will support the extension of Xtrac’s factory and purchase of additional world-class machinery, accelerating the development of the next generation of high-end automotive transmission systems and advancing its capabilities in hybrid and electric vehicles.


The Inflexion deal team comprised John Harper and Henry Arundel, both of whom will join the board at acquisition. Xtrac was advised by Cavendish Corporate Finance LLP.


THE BUSINESS MAGAZINE – OCTOBER 2017


Corporate Finance Advisers: BCMS (Luke Rebettes) Legal Advisers: Freeths LLP


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