deals update
LATEST DEALS DATA FROM ACROSS
THE REGION Sale of Burgon & Ball
Completion Date: 01/18 Target: Burgon & Ball Acquirer: Venanpri Tools
Deal Value: Undisclosed
Details: Spectrum Corporate Finance advised the owners of garden tools manufacturer Burgon & Ball, on the successful sale to Venanpri Tools, the hand tools division of Venanpri Group, and owner of the Bellota and Corona brands. Venanpri tools is a global organisations based in Hamilton, Canada
Corporate Finance Advisers: Spectrum Corporate Finance (sell-side advisers): Clive Hatchard (managing director), Richard Boyden (senior manager) and Robert Chant (manager)
Legal Advisers: Clarke Willmott LLP (sell-side legal advice). Kelvin Balmont, partner, led on the deal. He said: “It was hugely satisfying to act on this international deal for locally headquartered business Burgon & Ball. This was a significant deal for our client, which has gained an enviable reputation for supplying high-quality products within the UK and Europe. I am certain the business will continue to thrive and grow under Venanpri Tools and look forward to hearing of its successes.”
Project California
Completion Date: 21/12/17 Target: Revital Acquirer: BGF Deal Value: Undisclosed
Details: Charles Russell Speechlys advised BGF on its investment in Revital, a London-based multi-channel retailer. Revital retails health and wellness products direct to trade and consumers. BGF is the UK’s most active provider of SME growth capital in, having invested £1.3 billion in over 200 companies since 2011
Funding: BGF investment Legal Advisers: Charles Russell Speechlys advised BGF Financial Due Diligence: Grant Thornton
Acquisition of Mother Goose Nursery
Completion Date: 01/12/17 Target: Mother Goose Nursery Acquirer: Woodside Trading Deal Value: Undisclosed
Details: Freeths LLP advised the acquirer on the acquisition of Mother Goose Nursery, a highly-rated children’s day nursery in Hampshire
Legal Advisers: Freeths, Oxford (team led by Tom Walker) Sale of ICS Cool Energy
Completion Date: 01/18 Target: ICS Cool Energy Acquirer: Ingersoll Rand
Deal Value: Undisclosed
Details: Spectrum Corporate Finance advised the owners of ICS Cool Energy on the successful sale of the company to Ingersoll Rand, a leading manufacturer and supplier of HVAC equipment, headquartered in the USA. ICS Cool Energy will become part of the company’s Commercial Heating, Ventilation and Air Conditioning (HVAC) business
Acquisition of Crabtree PM group
Completion Date: 22/12/17 Target: Crabtree PM and its group of companies Acquirer: Carranview Deal Value: Undisclosed
Details: Freeths LLP advised the acquirer on the purchase of the entire issued share capital of the Crabtree PM group. The group currently manage over 17,000 individual units spread mainly across London and the south of England. The acquisition builds on Carranview’s previous acquisitions in this sector
Legal Advisers: Freeths, Oxford (team led by Malin Svanberg Larsson) for the acquirer; Longmores Solicitors LLP for the sellers
Corporate Finance Advisers: Spectrum Corporate Finance (sell-side advisers): Clive Hatchard (managing director), Darren Miller (director) and James Mines (director)
Legal Advisers: Osborne Clarke and Moore Blatch (sell-side)
Financial Due Diligence: Ernst & Young Commercial Due Diligence: CIL
Investment in The White Rabbit Pizza Co
Completion Date: 11/17 Target: The White Rabbit Pizza Co Deal Value: Undisclosed
Details: Freeths LLP advised on a second round of investment in The White Rabbit Pizza Co, a manufacturer of organic, gluten-free handmade pizzas in Oxfordshire
Acquisitions of TecServ and Reintec
Completion Date: 11/17 Target: TecServ and Reintec Acquirer: Industrial Cleaning Equipment
Deal Value: Undisclosed
Details: Spectrum Corporate Finance advised Industrial Cleaning Equipment through the acquisitions of TecServ and the assets and business of Reintec from HSS plc
Corporate Finance Advisers: Spectrum Corporate Finance (buy-side): Simon Davies (managing director) and Darren Miller (director)
Legal Advisers: Trethowans (buy-side): Mike Watson and Lucy Grey
Financial Due Diligence: Mazars (buy-side): Chris Jackson and Chris Hodge
Legal Advisers: Freeths, Oxford (Malin Svanberg Larsson) Acquisition of Airwave Europe
Completion Date: 30/11/17 Target: Airwave Europe Acquirer: SCCI Alphatrack Deal Value: Undisclosed
Details: Freeths LLP advised the shareholders on the sale of the entire issued share capital in Airwave Europe, Europe’s largest supplier, installer and integrator of hospitality technology and AV equipment to SCCI Alphatrack, leaders in TV, media and security services
Legal Advisers: Freeths, Oxford (team led by Malin Svanberg Larsson); Osborne Clarke LLP for the acquirer
Acquisition of Bell Flow Systems
Completion Date: 30/11/17 Target: Bell Flow Systems Acquirer: Bell Flow Systems Holdings Deal Value: Undisclosed
Details: Freeths LLP advised the majority shareholder on the sale of its shares in Bell Flow Systems. Bell Flow Systems is a leading supplier and stockist of a wide selection of fluid and gas meters
Legal Advisers: Freeths, Oxford (team led by Tom Walker)
MBO of Tempcover
Completion Date: 12/17 Target: Tempcover Investor: Connection Capital LLP
Deal Value: £13.3 million
Details: Crowe Clark Whitehill LLP’s Thames Valley corporate finance team, led by Bob Alsop, provided financial and tax due diligence services to Connection Capital in respect of its investment in Tempcover to support its MBO
Debt Funding: Santander UK Legal Advisers: Gateley plc – Reading office
Financial Due Diligence: Crowe Clark Whitehill, Thames Valley
Investment by BGF in Coopland & Son (Scarborough)
Completion Date: 11/12/17 Deal Value: £8.5 million
Details: Freeths advised Coopland & Son, the UK’s third largest bakery chain, on the £8.5 million investment by BGF to accelerate the rollout of shops across the north of England
Legal Advisers: Freeths LLP, Oxford (Leon Arnold and Malin Svanberg Larsson) for Coopland & Son (Scarborough); Ward Hadaway for BGF
Deal Advisers: BCMS Project Helios
Completion Date: 01/02/18 Target: The Santon Group via the purchase of its holding company EWAC Holdings BV
Acquirer: discoverIE Group plc (via its subsidiary, Acal Europe Holding BV)
Deal Value: Initial consideration on closing of €26 million (£22.8m) in cash and the issue to the seller of new ordinary shares of 5p each in discoverIE group to the value of €1.0m (£0.9m) plus contingent consideration of up to €22.5m (£19.9m) over the next 3 years subject to Santon achieving certain growth targets, the reimbursement of €2.5m (£2.2m) of recent capital expenditure by Santon and the investment of a further €2.5m (£2.2m) over the coming year
Details: Catherine Drew of Charles Russell Speechlys LLP (UK) led a European legal team advising discoverIE Group, a leading international designer, manufacturer and supplier of customised electronics to industry, on the acquisition of the Santon Group. Santon, which operates from Rotterdam in the Netherlands with sales offices in the UK and Germany, is a designer and manufacturer of highly differentiated, patented direct current switches for use in solar, industrial and transportation markets
Funding: Existing debt facilities of the discoverIE group
Corporate Finance Advisers: Quercus Corporate Finance LLP for discoverIE Group. IRIS Corporate Finance for the seller
Legal Advisers: Charles Russell Speechlys, NautaDutilh NV (Holland) and Noerr LLP (Germany)
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businessmag.co.uk
THE BUSINESS MAGAZINE – MARCH/APRIL 2018
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