thames valley deals awards Small Deal of the Year (under £10m)
WINNERS: Rowan International MBO
Deal details: Connection Capital invested in Rowan International to support a management buyout
Legal: Gateley
Funding: Connection Capital, John Cleland, and Lloyds Bank Financial DD: HMT The right deal at the right time
Pascal Wittet, deal-lead for Connection Capital, explained: “It was a relatively straightforward transaction but still required a fair bit of work to enable the transition to a new but experienced management team.
“The team was doing phenomenally well in the exit run-up – growing EBITDA from around £0.5 million to just nudging £2m – and that facilitated the deal.
“Now they have a new chairman and the business, operating in the growing discount sector, is in a very good position.”
The other finalists
• Acturis Group acquisition of ICE InsureTech
• Indigo Telecom Group acquisition of Belcom247
• LDC investment in IP Solutions Mid-range Deal (£10m to £50m)
WINNER: Roc Technologies growth supported by BGF
Deal details: Roc Technologies partnered with BGF to acquire City Change Management
Adviser: Grant Thornton Legal: Osborne Clarke, Shoosmiths Funding: BGF and HSBC Financial DD: Crowe Clarke Whitehill, KPMG
Creating successful foundations
Chief executive Matt Franklin was delighted with Roc Technologies first TVDA award. “We’ve been finalists before, but to get one is a fantastic achievement, and I’d like to
congratulate all the team for making it happen. The deal has proved critical to boosting our growth. We’ve managed to do our first acquisition, boosted our revenue from £25 million to £40m this year and are budgeting to grow again to £50m this coming year. The deal has provided the foundations to make all that, and more, possible.”
The other finalists
• Lucid Group Communications MBO supported by LDC
• Magal Engineering sale to Arlington Industries
• SecurEnvoy reverse takeover by Shearwater Group
Large Deal of the Year (over £50m)
WINNER: Xtrac acquisition by Inflexion/MBO
Deal details: The sale of Xtrac, the world leader in motorsport transmissions, to Inflexion Private Equity.
Funding: Inflexion PE, HSBC
Advisers: Cavendish Corporate Finance, PwC
Legal: Shoosmiths, Boyes Turner, CMS Cameron McKenna Nabarro Olswang, Hogan Lovells
DD: Deloitte, Roland Berger, Hazelwoods
Winners’ words Stephen Lane, FD of Xtrac spoke proudly about the winning deal – “complex but
THE BUSINESS MAGAZINE – MAY/JUNE 2018
completed smoothly and quite quickly last autumn.
“The culture and DNA of Xtrac is really important to us, so we were extremely careful to find an investor with the right chemistry between us. Inflexion is that partner and we have a very harmonious and good relationship.” Inflexion has already helped Xtrac expand its factory.
The other finalists
• Hogg Robinson Group plc sale to Global Business Travel (Amex) and Visa
• Clifford Thames sale to OE Connection Inc
• Alpha FX Group plc AIM IPO
• Readypower Engineering MBO backed by Primary Capital Partners
• TI Fluid Systems IPO – listing on main market
businessmag.co.uk 51
• Tempcover MBO supported by Connection Capital
• XP Power acquisition of Comdel Inc sponsored by • NVM investment in Knowledgemotion
• Xeretec acquisition of Landscape Holdings
sponsored by
sponsored by
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