Midlands Dealmakers Awards 25 Years Ago: 1998–2003 5 the Winners, the Deals, the Trends

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VOL.27 N VOL.27 WAVELENGTH

ON YOUR YOUR ON

THAT’S MORE MORE THAT’S FUNDING FUNDING CONSTRUCTION & MANUFACTURING SKILLS & MANUFACTURING CONSTRUCTION EAST MIDLAND KEY SITES | SITES KEY MIDLAND EAST SOUTH KESTEVEN | KESTEVEN SOUTH | WORKING AGILE TECH 100 | 100 TECH

GIFFGAFF’S MARK STANSFELD | STANSFELD MARK GIFFGAFF’S YEARS OF EXCELLENCE DEALMAKERS 25 | 25 DEALMAKERS

VOL.27 NO.9 £10 £10 NO.9 VOL.27 insider SEPTEMBER 2019 SEPTEMBER PROMOTIONAL COVER PROMOTIONAL ™ midlands business insider business midlands

SEPTEMBER 2019 SEPTEMBER

MIDLANDS BUSINESS INSIDER BUSINESS MIDLANDS www.midlandsbusinessinsider.com The veterans 9 25 years of achievement? The next generation 31 It’s just the start…

How much do you think you are worth? If you are a Midland dealmaker then in review probably a good few hundred million, if you count all the deals done here. The next few pages give just a glimpse of what this community has 1994–1998 3 achieved since the very first Midlands Dealmakers Awards 25 years ago: 1998–2003 5 the winners, the deals, the trends. Over the past 25 years this region 2003–2008 13 has managed to notch up an incredible 18,000 recorded deals, according 2008–2013 19 to my researchers, worth at least – and take a deep breath at this – £421bn. They’re quite astounding figures. 2013–2018 25 And that 18,000 total does not do justice to what the mergers and acquisitions (M&A) sector now regularly achieves outside of the region, because Midland dealmaking has not only grown, it’s evolved. It has matured from a parochial industry to a profession that now operates on a national and international basis, working in well-defined market sectors. And arguably, the best is still to come. While we rightly celebrate the achievements of the past quarter of a decade, there is a new, more inclusive and technologically-aware generation of dealmakers emerging. They’re doing deals in very different ways but are just as hungry for transactions as their predecessors. This supplement is so much more than a historic document detailing past glories: it describes the platform on which one of the Midlands’ most successful professional sectors has been built and still greater achievements will be made.

Kurt Jacobs Editor, Midlands Business Insider

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DM p2-3 1994-1998.indd 2 06/08/2019 13:29 1994-1998 review

MIDLANDS DEALS BY DEAL TYPE 1994–98 PETER NAYLOR DEALMAKER OF THE YEAR 1998 l Acquisition 1,691 l Buyouts & buy-ins 414 Naylor started his working life as a equity house Gresham, he retired in 2004 draughtsman’s assistant in Northampton, and since then he has been “doing what l Divestment 109 earning £2.50 per week. He qualified retired people do” – as well as becoming a l Flotation 97 as a chartered surveyor in 1976 and, qualified gemmologist and horologist. l Startup 75 after completing an MBA, joined Bank of Naylor says the deals were too long ago Scotland’s corporate division in 1991. In to remember. To jog his memory, they were l Development capital 66 1996 he launched the bank’s Midlands a succession of institutional buyouts (IBOs) l Refinancing 45 Structured Finance Office in Birmingham. including £30m for Kidderminster boat- l Minority stake 42 Naylor says he owes his success as a maker Sealine, £86m for Wellingborough dealmaker to being in the right place at dried fruit and nut supplier Whitworths l Merger 38 the right time as well as having a great and £53m for mechanical handling plant l Others 20 team around him. After five years at private business Alstom Automation International.

THE BIG DEALS 1994-1998 25 Years of Dealmaking VALUE (£) DEAL TYPE BIDDER TARGET How we came 5,000,000,000 Demerger National Grid Group to the figures 2,500,000,000 Divestment Department of Transport British Rail All the pie charts and tables on Deal Types, Big Numbers, Big Deals 1,728,342,000 Acquisition Avon Energy Partners Holdings Midlands Electricity and Sectors have been drawn by 1,381,000,000 Divestment At&T Istel AT&T Capital Corp Insider’s research team from ﬁgures and stats derived from Experian’s 1,329,628,045 Acquisition Dominion Resources East Midlands Electricity Market IQ database. We’ve concen- 1,325,388,000 Merger Lucas Industries Varity Corp trated on deals where the vendor, buyer or business being invested in 1,300,000,000 Acquisition Williams Holdings Chubb Security was based in the Midlands. 850,000,000 Acquisition BASF Boots Company 825,000,000 Acquisition Stagecoach Holdings Porterbrook Leasing Company 815,000,000 Acquisition Rjb Mining Central & Northern Mining

insider DEALMAKERS AWARDS 2019 | 3

DM p2-3 1994-1998.indd 3 06/08/2019 13:29 ADVERTISEMENT

CELEBRATING ELAGHMORE

Elaghmore is a private investment partnership specialising in transforming company performance. Over more than a decade, the partners have achieved an average 7.6 times return YEARS OF on capital. Focusing on small to mid-cap companies, 25 Elaghmore aims to create strong growth, working closely with INSIDER DEALMAKERS management teams. In 2016, Elaghmore closed the £60 million Elaghmore 1 LP fund, making seven acquisitions so far.

The team at Smith Cooper Corporate Finance would like to congratulate Insider for 25 years of Dealmakers. Thank you for the support over the years.

Our FY19 deal stats Andy Ducker David Manning Greg Koral David Morley 43 £266m Founding Partner Founding Partner Partner Chairman deals nationally collective deal value

th 11 6 DEALS dedicated advisors Experian Financial Adviser ranking Q1 2019 TVS GROUP acquired and brought together three specialist manufacturing ﬁrms – SB Components, Priden £75m £6m Engineering, McPhee Mixers largest deal average deal size ALUCRAFT GROUP Ireland’s leading designer, Our international member network manufacturer and installer of has completed 300+ deals. architectural glazing HEXCITE GROUP Darren Hodson comprising Kesslers, Gardners and Birmingham SFD, offering design, build and print Partner display propositions to retail 0121 237 6935 [email protected]

Dan Bowtell Nottingham Partner 0115 945 4338 [email protected] Elaghmore John Farnsworth 36 Hamilton Terrace Derby Leamington Spa CV32 4LY Partner Tel: 01926 430077 01332 374419 Email: [email protected] [email protected] Web: www.elaghmore.com LinkedIn: https://www.linkedin.com/ Acquisitions | Disposals | Raising Finance company/elaghmore-partners-llp www.smithcooper.co.uk

MBIDM Sept p4-7 19_For 1998-2003.indd Your Consideration 4 Half Pages.indd 77 05/08/201906/08/2019 16:16 13:29 1998-2003 ELAGHMORE review Elaghmore is a private investment partnership specialising in transforming company performance. Over more than a decade, the partners have achieved an average 7.6 times return on capital. Focusing on small to mid-cap companies, Elaghmore aims to create strong growth, working closely with management teams. In 2016, Elaghmore closed the £60 million MIDLANDS DEALS BY Elaghmore 1 LP fund, making seven acquisitions so far. DEAL TYPE 1998-03

Andy Ducker David Manning Greg Koral David Morley Founding Partner Founding Partner Partner Chairman

l Acquisition 2,247 l Buyouts & buy-ins 489 l Development capital 102 DARRYL EALES DEALMAKER OF THE YEAR 2000 l Share buy-back 99 l Merger 83 DEALS From finance to football to formalities, management teams and is also chairman l Minority stake 81 Eales has had arguably the most eclectic of the Entrepreneurial Exchange. l Startup 70 career of all former dealmakers. Eales has been involved in scores of l Flotation 65 TVS GROUP During his 27 years with LDC, starting in deals, but notable transactions in the l Divestment 63 l Refinancing 51 acquired and brought together Birmingham, he rose to managing director Midlands include the £70m US acquisition l Reverse takeover 20 three specialist manufacturing and then chief executive, overseeing of Birmingham cable maker Dundas firms – SB Components, Priden the private equity (PE) firm’s growth to a Group, the £30m buy-in into Kidderminster Engineering, McPhee Mixers powerhouse investing £2.6bn in more than boatmaker Sealine International and 160 businesses. £27.5m acquisition of Birmingham control MIDLANDS DEALS BY ALUCRAFT GROUP Standing down as chief executive in valves and boiler maker A&J Gummers. Ireland’s leading designer, SECTOR 1998-03 2014, he took control of Oxford United as “With quality advisers and quality investors, manufacturer and installer of majority owner and chairman during the there is no reason why the Midlands architectural glazing club’s rise to League One and two trips to should not be a leading dealmaking hub HEXCITE GROUP Wembley. both in the UK and internationally,” he says. comprising Kesslers, Gardners and After selling to Sumrith “Tiger” “The Midlands remains ideally placed SFD, offering design, build and print Thanakarnjanasuth last year, he became to continue to be both a national and display propositions to retail chairman and co-owner of National international player. League Solihull Moors who promptly “Dealmaking is a state of mind and achieved their highest ever position with needs combinations of people who excel ambitious aspirations to reach the Football together and bring complementary skills League. resulting in better deal assessment and Eales is also joint owner of Debrett’s, negotiation. the venerable guide to etiquette and “This team-based approach was the l Elaghmore style alongside Eddie Jordan, the former bedrock of LDC and we were fortunate to Manufacturing 1,691 l Retail 1,230 36 Hamilton Terrace Formula One team owner. Eales is have an outstanding team. l Others 887 Leamington Spa CV32 4LY co-founder of Wolverhampton-based “The Midlands needs to be regarded l Professional, scientific and technical 615 Tel: 01926 430077 Alycidon Capital, which invests in UK small as a fantastic place to work, driven by l Information and communication 499 Email: [email protected] and medium-sized enterprises (SME’s) relationships, an active can-do dealmaking l Financial and insurance 393 Web: www.elaghmore.com and was one of the region’s fastest- culture and a vibrant social environment. l Administrative and support service 342 LinkedIn: https://www.linkedin.com/ growing companies last year. Regarding working practices, they should l Construction 252 company/elaghmore-partners-llp He has always retained his love of investing always be flexible and relationship orientated l Real estate 224 in entrepreneurial businesses and – but the bottom line is performance.” l Transportation and storage 204

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DM p4-7 1998-2003.indd 6 06/08/2019 13:29 1998-2003 review

KEVIN REYNOLDS DEALMAKER OF THE YEAR 1999

Reynolds joined NatWest Equity Partners – as Bridgepoint Development Capital, as it was then known, in 1987. Some 22 years on he is still there, rising to become joint-managing partner. He currently sits on the board of The Dining Club Group and independent marine and engineering consultancy LOC Group. Notable deals which Reynolds worked on around the time of his dealmakers victory include the £30m management buyout (MBO) of Kidderminster boat maker Sealine, the £20.5m buyout of Walsall’s Trident Alloys and the £11m buy-in management buyout JOHN DILLON DEALMAKER OF THE YEAR 2001 (BIMBO) deal for Nottingham’s Lawrence Automotive. After 25 years in dealmaking, Dillon – who director. He headed RJD’s healthcare notched up service with three private services investments and led deals in equity (PE) houses – retired last year. information technology services. In the Eighties, after working at Ernst Among Dillon’s most notable Midland & Young, he entered private equity by deals were the £422m management The Big Numbers joining Lloyds Development Capital as an buyout (MBO) of Warwick children’s car NUMBER OF DEALS investment executive in the newly-opened seat maker Britax International in 2001 Birmingham ofﬁce. – still a hefty-looking transaction nearly 3,290 In 1998, after ten years with LDC he two decades on – the £92m MBO of TOTAL VALUE moved to Royal Bank Private Equity as a Dudley-based engineering group Wyko in (WHERE KNOWN) director, leading a team of professionals 1999, New York Life’s £73m acquisition of responsible for the English regions. In Telford’s Windsor Life Assurance in 1995 £103bn 2002 he left RBPE to co-found London PE and CMG’s bid for Solihull billing software house RJD Partners, serving as managing house Computer Answers International. TOTAL ACQUISITIONS 2,239 THE BIG DEALS 1998-2003 TOTAL FLOTATIONS 65 VALUE (£) DEAL TYPE BIDDER TARGET 12,840,000,000 Acquisition National Grid Lattice TOTAL BUY-INS/BUYOUTS 3,174,000,000 Acquisition Interbrew Bass Brewers 489 2,750,000,000 Acquisition Punch Taverns Britannia Soft Drinks 2,739,224,009 Acquisition National Grid New England Electric System 2,062,321,038 Acquisition National Grid Niagara Mohawk Power Holdings 2,013,000,000 IBO Cinven, Princes Gate, Legal & General Ventures Voyager Pub 1,850,000,000 Acquisition Ford Motor Company Land Rover 1,442,000,000 Acquisition Abbey National Stagecoach Porterbrook 1,427,783,969 Acquisition UtiliCorp United Avon Energy Partners Punch Taverns 1,240,000,000 IBO Private Led By Candover and Cinven Gala

insider DEALMAKERS AWARDS 2019 | 7

DM p4-7 1998-2003.indd 7 06/08/2019 13:29 Our local team have a long track record of providing tailored structures, which will typically include an element of cash fl ow lending alongside asset and invoice fi nance to facilitate expansion funding, corporate acquisitions and We’re ready for business share reorganisations. The business The Clydesdale and Yorkshire Bank Corporate team in the development team is supported by Midlands have a wealth of experience of providing innovative full a portfolio team that have access banking solutions to corporates, across a wide range of industries. to the full range of corporate We work with existing and potential clients to fully understand their business, so we can tailor the fi nancial package to meet banking products and services. their requirements today and provide fl exibility for the future. We work with our product teams in asset fi nance, invoice fi nance, trade and treasury to provide a complete solution for the client.

Relationship Management Clydesdale and Yorkshire Bank is committed to supportive, long-term James Oliver relationships with its customers based on local, personal points of contact Senior Director from within the Corporate team. James Oliver and Anjali Makwana have [email protected] a wealth of banking experience having collectively worked in Banking for 07917 175519 over 35 years. They work closely with the business development team to ensure a smooth handover at the point of completion and pro-actively Anjali Makwana manage the relationships, dealing directly with requests for follow-on Associate Director funding and extended facilities. They, in turn, are supported by a local [email protected] customer support team. 07767 417431

Completed Transactions A selection of recently completed transactions are shown below, ranging from bilateral to larger multi-bank facilities.

Third largest manufacturer of concrete BBT sell and maintain multi-function Global retailer of luxury roof tiles and related accessories in the printers to businesses nationally. £7.4m fashion. Supported since 1978, UK. Supported their growth in the UK of Senior debt and working capital providing working capital and and overseas markets with a 5 year RCF facilities to fund an acquisition and treasury facilities in support of and Invoice Finance facilities refinance of existing Natwest facilities their day-to-day banking

A diversified group which comprises Midlands based plastic injection surveying, mortgage advisory services, moulder. Supported senior debt and auctions and estate management. We working capital facilities to fund a debt supported their organic growth and only MBO of Midlands based plastic strategic acquisitions with term loan and injection moulder working capital facilities

All lending subject to status and eligibility. Security may be required.

Clydesdale Bank PLC (which also trades as Yorkshire Bank and B) registered in Scotland (No. SC001111). Registered Office: 30 St. Vincent Place, Glasgow G1 2HL. R7955 EXP JUL 20

The Clydesdale and Yorkshire Bank deal team has consistently delivered intelligently structured and commercially focused deals in the Midlands market for over a decade and remain committed to providing DM p8-11 25 years rt.indd 8 the most appropriate financing solution serving the private equity, alternative investor and lead advisory community across the Midlands. 06/08/2019 13:29 Our local team have a long track record of providing tailored structures, which will typically include an element of cash fl ow lending alongside asset and invoice fi nance to facilitate expansion funding, corporate acquisitions and DEALMAKERS 25: THE VETERANS We’re ready for business share reorganisations. The business The Clydesdale and Yorkshire Bank Corporate team in the development team is supported by Midlands have a wealth of experience of providing innovative full a portfolio team that have access banking solutions to corporates, across a wide range of industries. to the full range of corporate We work with existing and potential clients to fully understand banking products and services. their business, so we can tailor the fi nancial package to meet A BACKWARDS GLANCE their requirements today and provide fl exibility for the future. Midlands mergers & acquisitions (M&A) have gone though huge transformations over the We work with our product teams in asset fi nance, invoice fi nance, past 25 years. Here, veteran dealmakers look at how the sector has grown and evolved trade and treasury to provide a complete solution for the client.

Business Development The business development team is led by Senior Directors Ian Fairclough Ian Fairclough and John Stout, who have more than 45 years of combined experience, Senior Director in providing fi nancing solutions for corporates, were they have worked on [email protected] E deals with a value range of between £5m to £500m. S 07736 553778 U L O L R E E The team focus on developing a deep understanding of our clients’ Y H P R E D R E IT D A V H A H businesses, which often allows us to provide very fl exible funding John Stout A W W L L UL TT AU solutions to support the continued growth of our clients. Clydesdale and Senior Director JIM PA MA P Yorkshire Bank has supported a wide range of industries and believes [email protected] 07483 131 042 Jim Lavery other informed. We knew what less likely to see a Birmingham our skills and offering – we that there are good businesses in every industry sector. Lavery Law was going on. As we’ve grown lawyer sitting opposite – but have to be far better because As well as providing traditional bilateral facilities, the team has experience There have been two really big in scale and reach, that sense all that has been replaced by on any reasonably-sized pitch of arranging club funding with other senior lenders and structuring changes in Midlands dealmak- of localness has diminished. a sector which now operates the competition we now have facilities alongside debt funds. ing over the past 25 years. The as well in Europe and North is national and international. It first has been the growth in the Paul Whitehouse America as it does locally. has to be good too, because size of deals: in the Nineties former Lloyds Strategic the cost of doing business – we were typically handling Debt Finance Matt Waddell simply the cost of getting into Relationship Management transactions of £2m-£3m. Now The Midlands, and Birmingham PwC that room to win work – has Clydesdale and Yorkshire Bank is committed to supportive, long-term that’s grown to £20m-£25m for in particular, has become a far In the past, the community was escalated. James Oliver an average-sized transaction. more national and international very much a volume-driven relationships with its customers based on local, personal points of contact Senior Director from within the Corporate team. James Oliver and Anjali Makwana have Back in the day, international market for dealmaking. When I sector: we were doing so many Paul Harper [email protected] clients thought the only good started we’d be trying to sell a deals it was almost like cranking Equistone Partners Europe a wealth of banking experience having collectively worked in Banking for 07917 175519 over 35 years. They work closely with the business development team to lawyers, PE [private equity] transaction to the private equity them out with a handle. Although we’ve all grown, people funds and accountants in the house down the road. Now, not only do we focus still like doing local deals. ensure a smooth handover at the point of completion and pro-actively Anjali Makwana UK were in London. But Now we’re just as likely to be on bigger deals, but we have There may be fewer but there’s manage the relationships, dealing directly with requests for follow-on Associate Director funding and extended facilities. They, in turn, are supported by a local [email protected] internationalisation of the talking, not just to them or even better coverage of transactions. something special about them, customer support team. 07767 417431 industry now means it doesn’t PE guys in London, but inter- If we were focussed on because you know the person matter where we are, as long nationally. And every business £10m-£20m transactions two opposite, you treat each other as we have a UK footprint. on the market is likely to be decades ago it was because with trust and respect and you The other big change has put on the international market the £200m-£300m ones were know you can build something Completed Transactions been in the community: 25 for a potential buyer. Perhaps being done in London. Now on that. years ago everyone knew we have lost something of that we are working at that level, On deals outside of the A selection of recently completed transactions are shown below, ranging from bilateral to larger multi-bank facilities. everyone else’s business. sense of community – we’re it has driven up the quality of Midlands, the mindset – and Typically, there would be a local the rules – change. If it’s a Third largest manufacturer of concrete BBT sell and maintain multi-function Global retailer of luxury roof tiles and related accessories in the printers to businesses nationally. £7.4m fashion. Supported since 1978, bank handling, at least two national or international deal UK. Supported their growth in the UK of Senior debt and working capital providing working capital and and overseas markets with a 5 year RCF facilities to fund an acquisition and treasury facilities in support of local lawyers and two local you probably don’t know the and Invoice Finance facilities refinance of existing Natwest facilities their day-to-day banking accountants. Among the lawyer or accountant sitting

A diversified group which comprises Midlands based plastic injection chit-chat while waiting for opposite from Adam. surveying, mortgage advisory services, moulder. Supported senior debt and a transaction to complete Don’t get me wrong: I auctions and estate management. We working capital facilities to fund a debt supported their organic growth and only MBO of Midlands based plastic – because there is a lot of welcome the diversity and strategic acquisitions with term loan and injection moulder working capital facilities waiting – you’d exchange scale of working on a bigger L G L information, not breaking any N E canvas, which can be vast, but U F O N Y E conﬁdences but keeping each R on a national deal you don’t AM G All lending subject to status and eligibility. Security may be required. H ES GRA JAM Clydesdale Bank PLC (which also trades as Yorkshire Bank and B) registered in Scotland (No. SC001111). Registered Office: 30 St. Vincent Place, Glasgow G1 2HL. R7955 EXP JUL 20 insider DEALMAKERS AWARDS 2019 | 9

Andrew Connors Gareth Owen Regional Head Head of Regional Large Corporates Midlands Strategic Debt Finance Head of Higher Education & Charities [email protected] [email protected] +44 (0)7850 872 141 +44 (0)7850 722 991

£65 Million £ Undisclosed Green Investment Mandated Loan & RCF Co-Arranger December 2018 January 2019

£40 Million £28.3 Million Working Capital Mandated Lead Arranger Solution Agent and Co-ordinator March 2018 June 2019

James Meakin Dene Jones Director Regional Director Midlands, Central & East of England Midlands Lloyds Bank Invoice Finance Mid Corporates [email protected] [email protected] +44 (0)7540 818 864 +44 (0)7801 471 750

DM p8-11 25 years rt.indd 10 06/08/2019 13:29 have the same opportunity to Richard Sanders probably 20-odd compared build something longer term. Alantra with five or six in the Eighties And Birmingham has built itself I’d argue that 20-odd years and early Nineties. And Supporting Midlands Deals up from a low point about ten ago we focussed on what that’s on the back of how we years ago when we seemed to we did here and did not structured our business – not lose our way. A lot of our talent give two hoots about what only were we cheaper but for the Last 25 Years E R moved to London and we were O was happening in London or we offered the same level of M D left wondering where the next R Manchester. But then we all service as London. For a client EA generation of dealmakers was K B opened our eyes to the wider there was more chance of MAR coming from. possibilities and embraced that getting a partner to work on competitive edge. their business here. Graham Young Location is not as important HSBC as it was, as dealmaking is Gareth Iley Andrew Connors Gareth Owen We’ve had to grow with the increasingly driven by sector Clearwater International Regional Head Head of Regional market. For example, 25 specialism rather than It’s true that we lost something Large Corporates Midlands Strategic Debt Finance years ago the private equity geography. The attitude to the when we abandoned the old S Head of Higher Education & Charities sector was minute – now it R city is changing: speak to the ‘Fortress Birmingham’ mentality, E D [email protected] [email protected] has become a huge industry. N students who’ll be our next but what has replaced it is far A S +44 (0)7850 872 141 +44 (0)7850 722 991 As a result, dealmaking has RD generation of talent and they greater. Opportunities for a HA migrated to a far higher level. RIC love it here: they think far more young person are much better HSBC is making a massive about quality of life. than they were 20 years ago. investment in Birmingham and And the quality of what we bringing people to the city. Chris Rawstron do is far superior: back then The big differences dealmak- Irwin Mitchell PowerPoint presentations to ers moving here from London If you look at the corporate potential clients were largely have noticed is how important finance [CF] market here now ‘we’re brilliant – you should £65 Million £ Undisclosed relationships still are here. compared with 25 years ago, appoint us’. Now you wouldn’t N O In addition, junior people get to R it has grown by several orders get through the door without a T Green Investment Mandated S see the whole deal – unlike in W of magnitude. There was a proper documented analysis of RA IS Loan & RCF Co-Arranger London – from start to finish. CHR time when it was led by a few the business and proposals. December 2018 January 2019 When they get that hands-on accountants who dabbled in it. experience, they love it – and Mark Beardmore Compare that with the Sunil Prabhaker grow in confidence and skills. Eversheds Sutherland breadth of expertise we now Clydesdale & The importance of the regional have in lawyers, CF experts Yorkshire Bank Group James Grenfell market is coming back into and accountants: the number I can’t emphasise how Orbis Partners focus. As recently as five of law firms that can credibly important the issue of quality The dealmaking market has years ago, dealmaking here say they do CF work – of life is in attracting younger become far more competitive. grew, despite – not because dealmakers to the Midlands. If you go back 25 years, it of – Birmingham. This was When I finished as a student £40 Million £28.3 Million was a far friendlier, trusting seen as a place where you just I had the choice of moving market that allowed us to get happened to be based, you back home to Manchester or Working Capital Mandated Lead Arranger softer deals away. Almost all did deals all over the place and going to London. I decided Solution Agent and Co-ordinator transactions were sub-£20m. what happened here on your instead to stay in the Midlands: Growth has not only doorstep didn’t really matter. one of the chief criteria was March 2018 June 2019 changed the scale of the But that’s changed a lot be- ‘when will I be able to afford market, but its nature: back cause Birmingham in particular a place in London compared Y E L then our business model was is booming and becoming a far I with Birmingham?’ TH based on working with the more important financial centre RE But what has kept me here GA management on the buy-side, than many of us would have are the opportunities I’ve been representing them in talks with believed was possible. That’s given, the investment made the funder and going out to PE meant those local connections in me by employers and the houses. are becoming more important, network I have built. Working in James Meakin Dene Jones Now it’s very much more particularly for young dealmakers. the middle of the country also Director Regional Director sophisticated, aggressive and We are now doing work that allows me to work on deals in Midlands, Central & East of England Midlands vendor-driven: vendors tend to only five years ago would the North and South. Lloyds Bank Invoice Finance Mid Corporates talk directly to PE and so our have been the preserve of the There is no real reason now R [email protected] [email protected] E business model has moved to ‘Magic Circle’ of senior law K for me to develop my career A H +44 (0)7540 818 864 +44 (0)7801 471 750 the sell-side of dealmaking. firms in London. B elsewhere. RA IL P SUN insider DEALMAKERS AWARDS 2019 | 11

DM p8-11 25 years rt.indd 11 06/08/2019 13:29 DEALS+DEALMAKERS

NORTHEDGE CAPITAL CROWE

NorthEdge Capital manages over £650m of private equity funds Smart decisions. Lasting value. aimed at lower-mid market buy-out and development capital We are mid-market specialists providing corporate ﬁ nance transactions. We invest in like-minded businesses and man- advice and transaction support services to management teams, agement teams who have real ambition and the potential to OMBs, and private companies, including M&A, disposals, shape global markets from the regional powerhouses. Based in MBOs and fundraising. Our level of personal attention and Birmingham, Leeds and Manchester, we understand the engines ﬂ exibility allows us to tailor our advice and services to meet of the regional economy because we are one. the requirements of each situation and client.

Rob Freer Andy Skinner Kevin O’Loughlin Nassim Ahmed Andy Kay Chasz Coulsting Jason Daft Phoebe Turner Head of Midlands Investment Investment Deal Origination Partner Associate Assistant Assistant Director Manager Executive Director Manager Manager

DEALS DEALS

BRIDGE FARM GROUP PET CREMATION SERVICES Successfully exited Bridge Farm Lead advisor for Pet Cremation Services on Group, delivering a 2.3x return and the acquisition of Norfolk Pet Crematorium an IRR of 66%

PHOEBUS SOFTWARE LIMITED MIDCOUNTIES CO-OPERATIVE Backed the MBO of Phoebus Software Transaction support services to Midcounties Limited, marking the second investment Co-operative on its agreement to buy from NorthEdge’s SME Fund Warner’s Budgens

ORBIS PROTECT SUMMA NV Invested in facilities management Transaction support services to Summa NV company Orbis Protect, backing an MBO on its acquisition of CadCam Technology with the existing management team

DIRECT HEALTHCARE GROUP MICRON SPRAYERS Completed DHG’s bolt-on acquisition of Sale of Micron Sprayers to Goizper S.Coop Poshchair Medical, the ﬁ fth acquisition since NorthEdge supported an MBO in 2016

20 Colmore Circus Crowe U.K. LLP, Queensway Black Country House, Birmingham B4 6AT Rounds Green Road, Tel: 0121 312 4660 Oldbury B69 2DG Email: [email protected] Tel: 0121 543 1900 Web: northedgecapital.com Email: [email protected] LinkedIn: www.linkedin.com/ Web: www.crowe.co.uk company/northedge-capital Twitter: @croweUK

DM p12-17 2003-08.indd 12 06/08/2019 13:30 DEALS+DEALMAKERS 2003-2008 NORTHEDGE CAPITAL CROWE review NorthEdge Capital manages over £650m of private equity funds Smart decisions. Lasting value. aimed at lower-mid market buy-out and development capital We are mid-market specialists providing corporate fi nance transactions. We invest in like-minded businesses and man- advice and transaction support services to management teams, agement teams who have real ambition and the potential to OMBs, and private companies, including M&A, disposals, shape global markets from the regional powerhouses. Based in MBOs and fundraising. Our level of personal attention and Birmingham, Leeds and Manchester, we understand the engines fl exibility allows us to tailor our advice and services to meet PHIL BURNS DEALMAKER OF THE YEAR 2002, 2004 of the regional economy because we are one. the requirements of each situation and client. The first dealmaker to score a double, selective acquisitions. Corporates continue Burns has remained one of the Midlands’ to buy: being caught in a low-growth most prolific dealmakers, with more than global economy with a robust balance 100 management buyouts (MBOs) – and sheet has led them to seek acquisition many other transactions – under his belt. opportunities and drive shareholder value. More than 17 years as managing partner, Meanwhile, PE has continued to compete he has led Clearwater International’s hard to invest in high-quality assets. growth from a small East Midlands deals However, to grow dealmaking and the boutique to an international player with Midlands economy generally, Burns feels offices across eight countries. the region needs to focus on developing Rob Freer Andy Skinner Kevin O’Loughlin Nassim Ahmed Andy Kay Chasz Coulsting Jason Daft Phoebe Turner Burns’ career has spanned restructuring, centres of excellence and lead in set Head of Midlands Investment Investment Deal Origination Partner Associate Assistant Assistant banking and corporate finance, starting specialisms such as healthcare, consumer, Director Manager Executive Director Manager Manager as an accountant with Binder Hamlyn, industrial and automotive. and working at NatWest and BDO prior to He is also optimistic about the future founding Clearwater. of the region’s dealmaking industry in Deals have included advising the attracting talent: indeed, he feels the flow management of Partner in Pet Food on for NorthEdge to Sundial, of Canada. to London has not only stopped but been DEALS DEALS three successive MBOs, advising West- “Dealmaking in the Midlands is in great reversed: leigh Partnerships on its £135m sale to shape with a real resurgence of hungry “Our graduate programme, for example, Countryside Properties, advising on the investors like Palatine, NorthEdge and the has been hugely popular. BRIDGE FARM GROUP PET CREMATION SERVICES sale of Vernacare to Palatine Private Equity, BGF to take on the stalwarts of LDC and “The more affordable cost of living is Successfully exited Bridge Farm Lead advisor for Pet Cremation Services on advising Prism Medical on the recent Equistone,” says Burns. “We’ve seen a rise a huge help, but it’s also because the Group, delivering a 2.3x return and the acquisition of Norfolk Pet Crematorium secondary buyout funded by Limerston in private equity (PE)-backed businesses, region has a feeling of vibrancy to it, which an IRR of 66% Capital and the sale of Bridge Farms drawing on support from funders to make attracts recruits.” PHOEBUS SOFTWARE LIMITED MIDCOUNTIES CO-OPERATIVE Backed the MBO of Phoebus Software Transaction support services to Midcounties Westleigh builders on Limited, marking the second investment Co-operative on its agreement to buy THE BIG DEALS 2003–2008 site in Northampton from NorthEdge’s SME Fund Warner’s Budgens VALUE (£) DEAL TYPE BIDDER TARGET ORBIS PROTECT SUMMA NV 8,000,000,000 Acquisition Lehigh UK Hanson Invested in facilities management Transaction support services to Summa NV 2,800,000,000 Acquisition Abbot Group Songa Offshore company Orbis Protect, backing an MBO on its acquisition of CadCam Technology 2,749,000,000 Merger Taylor Woodrow with the existing management team 2,679,000,000 Acquisition Punch Taverns Spirit Group Holdings 2,500,000,000 Acquisition Arqiva National Grid Wireless DIRECT HEALTHCARE GROUP MICRON SPRAYERS 2,200,000,000 Acquisition Barratt Developments Wilson Bowden Completed DHG’s bolt-on acquisition of Sale of Micron Sprayers to Goizper S.Coop 2,180,000,000 Acquisition Gala Group Coral Eurobet Poshchair Medical, the fi fth acquisition since 2,125,000,000 Refinancing Spirit Group NorthEdge supported an MBO in 2016 1,926,000,000 Acquisition Reckitt Benckiser Boots Healthcare 1,822,000,000 IBO Macquarie Bank, EQT Partners Select Service Partner 1,800,000,000 Acquisition Holcim Aggregate Industries 20 Colmore Circus Crowe U.K. LLP, 1,630,000,000 Acquisition PowerGen Midlands Electricity Queensway Black Country House, 1,460,000,000 IBO Providence Equity Partners, Doughty Hanson Caudwell Holdings Birmingham B4 6AT Rounds Green Road, 1,400,000,000 Acquisition Fomento de Construcciones y Contratas Waste Recycling’s waste disposal business Tel: 0121 312 4660 Oldbury B69 2DG 1,200,000,000 Acquisition Ericsson AB Marconi’s telecom business Email: [email protected] Tel: 0121 543 1900 1,198,000,000 Acquisition Punch Taverns Pubmistress Web: northedgecapital.com Email: [email protected] 1,150,000,000 Acquisition Tata Motors Jaguar LinkedIn: www.linkedin.com/ Web: www.crowe.co.uk 1,111,882,256 Acquisition National Grid Transco Crown Castle UK company/northedge-capital Twitter: @croweUK 1,055,000,000 Refinancing Wolverhampton & Dudley Breweries 950,000,000 Acquisition Travis Perkins Wickes

insider DEALMAKERS AWARDS 2019 | 13

DM p12-17 2003-08.indd 13 06/08/2019 13:30 THE GLOBAL MID-MARKET SPECIALIST

Midlands’ success stories across the years Alantra and our clients

2019 2018 2018 2017 2016

DEVELOPMENT SALE SALE TO SMBO SALE TO CAPITAL

n/d n/d n/d n/d n/d

2015 2015 2014 2014 2017/2014/2010

MANAGEMENT GROWTH CAPITAL SALE TO SALE TO SALE TO BUY-OUT INVESTMENTS BY

$220m £300m £50m+ £52m n/d £30m n/d

2010 2010 2009 2004 2003

MANAGEMENT SALE TO SALE TO SALE TO SALE TO BUY-OUT

n/d £64m n/d n/d £100m

Full service offering Global reach Sector expertise

BIRMINGHAM LONDON NOTTINGHAM 16th Floor, Bank House 2nd Floor 21 The Triangle 8 Cherry Street 77 Queen Victoria Street ng2 Business Park Birmingham B2 5AL London EC4V 4AY Nottingham NG2 1AE T +44 (0) 121 654 5000 T +44 (0) 20 7246 0500 T +44 (0) 115 957 8230 alantra.com

DM p12-17 2003-08.indd 14 06/08/2019 13:30 THE GLOBAL MID-MARKET SPECIALIST 2003-2008 Midlands’ success stories across the years review Alantra and our clients

2019 2018 2018 2017 2016 TREVOR FOSTER DEALMAKER OF THE YEAR 2003 Foster’s portfolio does not do his for interesting roles”. Notable says Foster. He claims the arrival of more breadth of experience justice. He deals Foster has worked on growth-funding opportunities chimes with was with Barclays for 23 years include the £53m management the zeitgeist: millennials are moving away DEVELOPMENT SALE SALE TO SMBO SALE TO in a variety of roles, ending up buyout (MBO) of Leicestershire from the idea of a “suited and booted CAPITAL in corporate finance where his specialist handling business career at Canary Wharf” as an aspiration, career flourished, before moving Alstom Automation International, and moving more towards being to HBOS as regional head of cor- the £43m move by Walsall’s T&S entrepreneurs on their home turf. porate banking for seven years, Stores – owner of Dillons and “We are also seeing the emergence of n/d n/d n/d n/d n/d then becoming UK managing director of Supercigs newsagents – for south coast a lot of challenger banks in the Midlands,” Kaupthing. The Icelandic bank’s rival M&W and the £30m buy-in/buyout of he adds. 2015 2015 2014 2014 2017/2014/2010 spectacular demise in 2009 has not Kenning Car & Van Rental from Inchcape. “Actually, I’d argue that Kaupthing in stopped Foster, who has since forged a “The market for funding entrepreneurial Britain was ahead of its time in being a new career in non-executive and chairman businesses has improved massively in smaller, more nimble entrepreneurial bank. posts with property businesses, fashion recent years, but there’s still a shortage The big banks are held back from doing a MANAGEMENT GROWTH CAPITAL retailers, IT companies, insurers and wealth of funding, particularly in the £1m-£5m lot of deals by regulation and compliance: SALE TO SALE TO SALE TO BUY-OUT INVESTMENTS BY managers. He aptly describes himself as range, and that’s holding back a lot of would- they are changing but it takes a long time “a finance professional always looking be world class business from developing,” to turn a tanker around.”

$220m £300m £50m+ £52m n/d £30m n/d

2010 2010 2009 2004 2003

MANAGEMENT SALE TO SALE TO SALE TO SALE TO BUY-OUT

n/d £64m n/d n/d £100m

Full service offering Global reach Sector expertise

insider DEALMAKERS AWARDS 2019 | 15

DM p12-17 2003-08.indd 15 06/08/2019 13:30 We come recommended. Our team of experienced corporate lawyers have expertise across a range of matters, including management buy-outs, employee benefits, mergers and acquisitions.

Robert ee 01926 880 741 [email protected]

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right Hassall Olympus Avenue, Leamington Spa, Warwickshire, C34 6BF T enuirieswrighthassallcouk

Untitled-1 1 25/07/2019 11:45

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The Big Numbers

NUMBER OF TOTAL VALUE TOTAL TOTAL TOTAL BUY-INS DEALS (WHERE KNOWN) ACQUISITIONS FLOTATIONS /BUYOUTS 3,871 £115.7bn 2,582 73 637

ANDY CURRIE DEALMAKER OF THE YEAR 2007 A stalwart of Midland dealmaking including Soreen and Sofa MIDLANDS DEALS BY for more than two decades, Brands International and the SECTOR 2003-2008 Currie has been one of the main buyout of Belfield Furnishings drivers of getting the region’s backed by North Edge. Currie l Manufacturing 1,685 mergers and acquisitions (M&A) has recently concluded the sale l Retail 1,337 community to look beyond of Massachusetts-based Maine l Professional, scientific and technical 811 Fortress Birmingham and Pointe to SGS, of Switzerland. l Financial and insurance 549 position the sector as one that “The community remains l Information and communication 520 thinks nationally, even globally. important and I sense has regained some l Administrative and support 514 After nine years with PwC, Currie left to of its swagger,” says Currie. “Local knowledge l Construction 318 set up Catalyst Corporate Finance 21 years and access will always be important but it l Real estate 312 ago and helped drive it to become one of has to be fused together with deep sector l Accommodation and food 288 the region’s dominant corporate finance insight to ensure the best advice. l Human health and social work 190 specialist houses prior to its merger with “I also sense a new generation: for too l Others 838 Spain’s Alantra in 2017. long it’s the same old names and we need Among his notable deals are a trio of people to move on to create room for the transactions at Foster + Partners over the next generation. The new generation has last 13 years where £1bn of funding has far better developed sector knowledge been raised, the sale of Living Bridge and skills than the old guard had 10 to backed Scriptswitch to United Heath, the 15 years ago and if they can fuse this sale of LDC-backed Aqualisa and VSG to with the right level of relationship Arbonia Forster and Compass respectively, building then they will be a great the sale of a number of Barclays success.” Venture-backed businesses

MIDLANDS DEALS BY DEAL TYPE 2003-2008 l Acquisition 2582 l Buyout & buy-in 637 l Share buy-back 165 l Development capital 143 l Divestment 91 l Merger 81 l Reﬁnancing 75 l Minority stake 74 l Flotation 73 l Others 60

insider DEALMAKERS AWARDS 2019 | 17

COMPLETING DEALS, WITH CONFIDENCE

Specialising in structured ABL facilities up to £35m with exceptional levels of client service. We have built a reputation for our ﬂ exible and personal approach to completing deals.

CASE STUDY: CASE STUDY: LIFESTYLE BRANDS EXPANDED POLYSTYRENE BUSINESS PRODUCTS MANUFACTURER PE owned brands business required Expanded polystyrene products ﬂ exible funding to support rapidly manufacturer required funding expanding international growth to support growth plan

Leumi ABL provided Leumi ABL provided £12.5m structured ABL £12.725m ABL package including CID, + term loan facility stock ﬁ nance + P&M facility

INVOICE FINANCE | STOCK | P&M | TRADE | TERM LOANS

To ﬁ nd out more about the Leumi ABL approach to business call Jason Holland on 07824 486820 or email [email protected] or visit www.leumiabl.co.uk

Asset Based Finance 2017Standards Framework

2008-2013 COMPLETING DEALS, review WITH CONFIDENCE

Specialising in structured ABL facilities up to £35m with exceptional levels of client service. MARTIN DRAPER Kee Safety We have built a reputation for our ﬂ exible DEALMAKER OF THE YEAR 2006, 2009, 2010, 2011, 2012 and personal approach to completing deals.

Easily the most prolific winner of DOTY CASE STUDY: CASE STUDY: with five titles under his belt, Draper’s LIFESTYLE BRANDS EXPANDED POLYSTYRENE reputation as a repeat winner was based BUSINESS PRODUCTS MANUFACTURER on his leadership of LDC – the most active PE owned brands business required Expanded polystyrene products private equity (PE) house in the Midlands. fl exible funding to support rapidly manufacturer required funding After a period at rivals Bridgepoint, Draper expanding international growth to support growth plan joined LDC in 2002, eventually taking the reins of the Midland operation. Leumi ABL provided Leumi ABL provided THE BIG DEALS 2008-2013 He was then appointed chief executive £12.5m structured ABL £12.725m ABL package including CID, in 2014, becoming responsible for LDC’s VALUE (£) DEAL TYPE BIDDER TARGET + term loan facility stock fi nance + P&M facility overall national performance and strategic 4,473,690,170 Minority Stake Walgreen Alliance Boots direction. He also chaired LDC’s investment 1,472,863,163 Acquisition Mintford Elster Group and executive committees. The prize LDC deal under Draper’s 1,259,000,000 Acquisition Banco Santander Alliance & Leicester direction has been the £307m 1,200,000,000 Acquisition Bright Food (Group) Weetabix INVOICE FINANCE | STOCK | P&M | TRADE | TERM LOANS management buyout (MBO) of the NEC 1,000,000,000 Refinancing Center Parcs Group. He also led as the Midland offices backed the £90m MBO of Kee Safety 957,213,808 Acquisition Experian Serasa To fi nd out more about the Leumi ABL approach to business call Jason Holland Group, the £70m acquisition of Birmingham 633,000,000 Acquisition GKN Volvo Aero on 07824 486820 or email [email protected] or visit www.leumiabl.co.uk cable group Cable Management Products by US buyers, the £64m exit from 625,000,000 Refinancing Enterprise Inns Northampton facilities management group 557,600,000 Acquisition Travis Perkins BSS Group VSG and the £40m buyout of American 530,000,000 Refinancing Pendragon Golf Discount Centre. Asset Based Finance 2017Standards Framework insider DEALMAKERS AWARDS 2019 | 19

02680 Leumi ABL Midlands Bus Insider Ad - May 2019.indd 1 30/04/2019 16:43 DM p18-23 2008-13.indd 19 06/08/2019 13:31 FUNDING THAT’S MORE ON YOUR WAVELENGTH

The funding solution for growing SMEs Only by fully understanding a business’s ambitions can we provide a funding solution that’s right for its speciﬁc needs. It’s why we’ve built a team of experts across the UK ready to engage with you and your clients in person. It’s how we’ve helped fund businesses with more than £400 million so far – with a further £800m standing by. Whether your clients are looking to fund growth, an acquisition (including Management Buy Outs or Buy Ins), capital expenditure or reﬁnance existing loans we share the same goal: helping UK entrepreneurs realise their potential.

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DM0004733_Corporate p18-23 2008-13.indd Campaign_Template_Full 20 Page_v2.indd 5 23/05/201906/08/2019 12:02:59 13:31 2008-2013 review

JAMES GRENFELL DEALMAKER OF THE YEAR 2005, 2013

The founder of Birmingham’s the £12m rescue of discount first corporate finance boutique, book retailer The Works in Solihull, Grenfell has more than quarter of the £55m sale of Bromsgrove a century as a dealmaker under paintbrush maker LG Harris Orkla his belt with investments in more and the acquisition of Abacus than 30 private businesses, notably Lighting out of administration. in the healthcare and industrial “We still get plenty of referrals MIDLANDS DEALS BY sectors. He is a founding partner from local advisers but increas- SECTOR 2008-2013 of Orbis Partners and sister ingly we operate across the l Manufacturing 1,685 investment arm Intrinsic Equity. country and even at international l Retail 1,337 FUNDING THAT’S MORE Grenfell started with Deloitte Corporate level. In addition, the range of deals carried l Professional, scientific and technical 811 finance, and set up his corporate finance out by the Midlands has grown: all this is l Financial and insurance 549 boutique in 1999, which was sold to Kroll because the quality of what we provide l Information and communication 520 in 2003 and reacquired as Orbis Partners has risen,” says Grenfell. l Administrative and support 514 ON YOUR WAVELENGTH in 2006. Over the past decade, as well as “Clients are looking more for specialist l Construction 318 continuing in corporate finance, Grenfell knowledge and expertise which has been l Real estate 312 has also been financing and managing healthier for the Midlands dealmaking l Accommodation and food 288 underperforming businesses. He currently community, but it means we are now l Human health and social work 190 The funding solution for growing SMEs sits on six boards. Notable deals include playing in a far more competitive market.” l Others 838 Only by fully understanding a business’s ambitions can we provide a funding solution that’s right for its specific needs. It’s why we’ve built a team of experts across the UK ready to engage with you and your clients in person. It’s how we’ve helped fund businesses with more than £400 million so far – with a further £800m standing by. Whether your clients are looking to fund growth, an acquisition (including Management Buy Outs or Buy Ins), capital expenditure or refinance existing loans we share the same goal: helping UK entrepreneurs realise their potential.

MIDLANDS DEALS BY Bespoke business loans from £250k up to £15m DEAL TYPE 2008-2013 l Acquisition 2,033 l Buyouts & buy-ins 355 l Reconstruction/reﬁnancing 219 Visit thincats.com or l Development capital 177 call 01530 444 061 l Merger 109 l Divestment 86 l Minority stake 59 ThinCats is a trading name of Business Loan Network Limited (BLN). l Startup 32 Registered in England & Wales No. 07248014. BLN is authorised and l Flotation 22 regulated by the Financial Conduct Authority (No. 724062). l Reverse takeover 12

insider DEALMAKERS AWARDS 2019 | 21

0004733_Corporate Campaign_Template_Full Page_v2.indd 5 23/05/2019 12:02:59 DM p18-23 2008-13.indd 21 06/08/2019 13:31 We are Avison Young

Following its merger with GVA, Avison Young For further information, please contact: has the largest national property restructuring Greg Judd Principal, Restructuring Solutions team dedicated to the UK corporate finance, [email protected] turnaround and restructuring marketplaces. 0121 609 8400 Alan Ryall Over the last 12 months, we have worked on some of the markets most significant Principal, Restructuring Solutions property restructuring assignments. Working across all sectors, we are fully supported by our in house sector specialist teams in delivering market leading property advice. [email protected] 0121 609 8012

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The Big Numbers

NUMBER OF TOTAL VALUE TOTAL TOTAL TOTAL BUY-INS DEALS (WHERE KNOWN) ACQUISITIONS FLOTATIONS /BUYOUTS 3,092 £46.4bn 2,033 22 355

DAVID JONES DEALMAKER OF THE YEAR 2008

David is a corporate ﬁnance advisory We are Avison Young partner based in Deloitte’s Nottingham ofﬁce, loyally staying with the accountancy and business adviser for almost 40 years. Following its merger with GVA, Avison Young For further information, please contact: Although an all-rounder he has a particular interest in the healthcare, consumer has the largest national property restructuring Greg Judd business and TMT sectors. Principal, Restructuring Solutions Such long service naturally means that team dedicated to the UK corporate finance, [email protected] David has scores of deals to his name. 0121 609 8400 Among the more notable in the Midlands turnaround and restructuring marketplaces. have been such long service naturally Alan Ryall Over the last 12 months, we have worked on some of the markets most significant means that David has scores of deals to Principal, Restructuring Solutions property restructuring assignments. Working across all sectors, we are fully supported his name. Among the more notable in by our in house sector specialist teams in delivering market leading property advice. [email protected] the Midlands have been the £80m sale 0121 609 8012 of chemists chain WR Evans; advising LDC on its acquisition of NEC; advising Phoenix on its investment in Forest Holidays; £100m plus sale of specialist schools group Kisimul to Five Arrows; and the £85m buyout of gardening hardware Forest Holidays products maker Gardman.

insider DEALMAKERS AWARDS 2019 | 23

DM p18-23 2008-13.indd 23 06/08/2019 13:31 HSBC UK is committed to supporting the growth aspirations of Midlands corporates The Midlands is a region we’re proud to call the home of HSBC UK having been here since 1836 and, with a 250-year lease on our new UK headquarters, we’re here for the long-term.

Across the Midlands, corporates are doing great things; developing new products, entering new markets, providing major employment and driving innovation across a range of sectors from manufacturing and services to technology and healthcare.

Our established Leveraged Finance team is proud to support many of these companies, working exclusively alongside private equity investors to provide the tailored solutions, insight and expertise needed to help them achieve their ambitions. We are proud to support these companies, many of whom have been recognised at the Insider Dealmakers Awards over the past 25 years.

HSBC has consistently been at the centre of growth in the region and by continuing to invest in our people we are committed to helping companies in the region succeed for many years to come.

Graham Young Stuart Grantham Danielle Hook Rob Bradley Tom Fox Head of Leveraged Director Director Associate Director Manager Finance, Midlands [email protected] [email protected] [email protected] [email protected] [email protected] 07786 524 529 07827 354 425 07796 701 025 07747 204 449 07747 249 219

Issued by HSBC UK Bank plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 765112). Registered in England Number 9928412. Registered Office: 1 Centenary Square, Birmingham, B1 1HQ. Member HSBC Group. AC51079. © HSBC UK Bank plc 2019

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JOHN BYRNE DEALMAKER OF THE YEAR 2016 Possibly the most understated of all the can deliver – wherever clients are based. DOTY winners, Byrne has had a quiet but That said, there are fantastic businesses hugely influential role as managing director and owners here in the Midlands. There of Rothschild & Co for more than 20 years. is nothing more satisfying than helping His naming as Dealmaker in 2016 was local businesses grow, whether through widely seen as a public acknowledgment the private equity investment, the of years of discreet success. public markets, recapitalisation or market However, his low profile is in direct consolidation. contrast to the scale of many of the deals “We have to continue to sell the in which he has been involved, regularly attractions of our work – the business running into nine-figure sums. Just some skills we learn and the interactions with of his more notable transactions include talented individuals (both internally and HSBC UK is committed to supporting the growth aspirations the £610m sale of Willenhall discount with clients) but at the same time we are of Midlands corporates retailer Poundland to Steinhoff International, very mindful of the need to promote a the £140m flotation of East Midlands balanced, flexible and inclusive The Midlands is a region we’re proud to call the home of HSBC UK having been here since 1836 and, with a 250-year lease fashion retailer Joules, the £300m sale environment. We have invested heavily in on our new UK headquarters, we’re here for the long-term. of R Griggs Group – maker of Dr Martens technology that means we can work as Across the Midlands, corporates are doing great things; developing new products, entering new markets, providing major boots – to private equity house Permira; effectively at home and “on the road” as in employment and driving innovation across a range of sectors from manufacturing and services to technology and healthcare. Kee Safety’s £280m sale to Investcorp the office – after all this is what is needed and deals with Leamington’s Pattonair with a global client base. Our established Leveraged Finance team is proud to support many of these companies, working exclusively alongside – the supply chain business of Umeco – “Technology is impacting most private equity investors to provide the tailored solutions, insight and expertise needed to help them achieve their ambitions. both its original £145m sale to Exponent businesses at a significant rate and we We are proud to support these companies, many of whom have been recognised at the Insider Dealmakers Awards over the past 25 years. Private Equity and more recent acquisition are no different. When I first started at by Platinum Equity. Rothschild we had to access analyst HSBC has consistently been at the centre of growth in the region and by continuing to invest in our people we are committed “It’s true that dealmaking is becoming research notes from a physical library and to helping companies in the region succeed for many years to come. more global and sector expertise is more hand-deliver documents to the London important,” says Bryne. “When we think Stock Exchange. Technology is increasing about our role in Birmingham we provide the amount of information available to clients with that sector expertise and us – the key is what we do with that to access to the global capital that we and make us more efficient and value-adding colleagues in 50 offices around the world to our clients.”

THE BIG DEALS 2013-2018 VALUE (£) DEAL TYPE BIDDER TARGET 9,057,103,137 Acquisition Walgreen Co Alliance Boots 8,100,000,000 Acquisition Melrose Industries GKN 3,700,000,000 Acquisition Tesco Booker Group 3,300,000,000 Acquisition Honeywell International Melrose’s Elster division 2,400,000,000 Acquisition Brookﬁeld Property Partners Center Parcs Graham Young Stuart Grantham Danielle Hook Rob Bradley Tom Fox Head of Leveraged Director Director Associate Director Manager 2,171,891,628 Reverse Takeover Melrose Industries Nortek Finance, Midlands [email protected] [email protected] [email protected] [email protected] [email protected] 1,770,000,000 IBO L1 Retail Holland & Barrett 07786 524 529 07827 354 425 07796 701 025 07747 204 449 07747 249 219 1,700,000,000 Reﬁnancing Cadent Gas 1,552,870,000 IBO CVC Capital Partners RAC Group 1,400,000,000 Acquisition Post Holdings Weetabix

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Contact Paul Edmeades, ABL Director – Midlands: 07703 107488

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ANDY LYNDON RICHARD THOMAS DEALMAKER OF THE YEAR 2018 DEALMAKER OF THE YEAR Thomas joined Palatine Private impact on dealmaking, 2015, 2017 Equity as senior investment in that there has been a director four years ago, notable improvement in Now heading setting up the business’s first the quality of opportunities LDC’s operations Midlands office. His career has that advisers now bring in Wales and the been built in the Midlands, to market,” says Thomas. South West, beginning as corporate “Advisers now give far more Lyndon cut his finance manager at Grant credence to the quality of teeth in the Thornton, followed by stints deals: they’re no longer Midlands. He with Lloyds and Key Capital interested in signing up a joined LDC’s Partners as a director of acqui- business in the hope of a Birmingham office sition finance in Birmingham. deal and pursuit of fees. in 2001 after a Major deals he’s been And that’s played to our six-year stint involved with include the £65m manage- strengths in driving up quality. within PwC’s corporate finance department, ment buyout (MBO) and subsequent sale “Five years ago we started to see notably making an impact in manufacturing, of East Midland housebuilder Westleigh London dealmakers to fish in what we specialist engineering and financial Partnership, the MBO of Telford-based regarded as our patch, and the response service deals. Lyndon’s name has been road education and compliance services has bene not to retreat but to start moving attached to deals including the buyout of provider TTC, the £15m MBO of Nurse down the sectorial route and play on a the NEC, the management buyout (MBO) Plus and Carer Plus and MBO of Midland national scale. Had the Midlands and subsequent £90m secondary buyout Industrial Glass. “The economic problems community not done that we would have (SBO) of Key Safety – the Coventry-based of 2008 onwards have had one substantial seen even more fees go south.” manufacturer of safety equipment, growth investment in Chesterfield vehicle financing services provider Evolution Funding valuing the business at £110m and LDC’s exit from Wolverhampton water cooler firm Angel Springs in a sale to Castik Capital.

The Big Numbers

NUMBER OF DEALS 4,346

TOTAL VALUE (WHERE KNOWN) £96.3bn

TOTAL ACQUISITIONS 2,961

TOTAL FLOTATIONS 33

TOTAL BUY-INS/BUYOUTS 446 Angel Springs

insider DEALMAKERS AWARDS 2019 | 27

DM p24-31 2013-18.indd 27 06/08/2019 13:31 There’s been so much progress since we opened the original terminal, Elmdon, 80 years ago. We are proud to play a part in the lives of people across the Midlands: creating jobs, helping to drive the economy and connecting the region to far-ﬂung corners of the globe. Whether it’s whisking you away on holiday, taking you to that important business meeting or bringing you together with loved ones, we’re here for your journey.

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RICHARD SANDERS DEALMAKER OF THE YEAR 2014 Across a quarter-of-a-century career, “When I started out in this some 30 Sanders has led more than 100 transactions, years ago, the nature of dealmaking here primarily with Alantra, whose Midland was very different,” says Sanders. team he now leads. He has a particular “The buyout was dominant, typically focus on the technology, media and finance by four-time equity and three telecoms (TMT) and construction sectors times debt – all supported financed and on trade sales and private equity invest- advised by the local dealmaking ments. He also leads the team across the community. That changed in the late Midlands practice. He began his career Nineties. The sector is now dominated by with Grant Thornton, moving to become sales. We have gone down the sectorial a director in Ernst & Young’s corporate route, and deals are far more complex. finance team. “What we have also had though is a Recent transactions include the ten-year skills gap: that is starting management buyouts (MBOs) of Coventry to change but a lot of the same old faces software business PCMS, Cirencester’s are still around. And few equivalents ProLabs, Birmingham’s Westleigh Homes of Catalyst, as we then were, have been (£65m) and the NEC Group (£307m); set up: it is tougher to set up now the huge growth capital investment because of the depth of research and and refinancing deals for online and fast the customer relationship management growing Birmingham marketer Inspired (CRM) systems needed. But as the sector Thinking Group (ITG) and the £25.7m sale matures we will see more consolidation, of Solihull corporate car fleet group Fleet and that will leave room for more regional Hire to Australia’s SG Fleet Group. players to find a niche.”

MIDLANDS DEALS BY DEAL TYPE 2013-2018 l Acquisition 2,961 l Development capital 437 l Buyouts & buy-ins 446 There’s been so much progress since we opened l Divestment 124 the original terminal, Elmdon, 80 years ago. We are l Reﬁnancing 112 proud to play a part in the lives of people across the l Minority stake 90 Midlands: creating jobs, helping to drive the economy l Merger 75 and connecting the region to far-ﬂung corners of the l Flotation 33 l Startup 15 globe. Whether it’s whisking you away on holiday, taking Dr Martens l you to that important business meeting or bringing you Reverse takeover 11 together with loved ones, we’re here for your journey. insider DEALMAKERS AWARDS 2019 | 29

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2013-2018 review

THE YOUNG DEALMAKERS The Young Dealmaker Award is given to the Midlands-based professional, aged under 35. It was re-instated in Celebrating the 2017 after a seven-year break. direction of travel 2018 STEVE NOCK, ASSOCIATE Recent deals from DIRECTOR, ORBIS PARTNERS our Corporate team 2017 MARK GILLINGHAM, in the Midlands CLEARWATER INTERNATIONAL 2011 MATT CAFFREY, ISIS 2010 MATT CAFFREY, ISIS

Advised Rolls-Royce on the sale of Acting for Blackstone on the sale Advised Capita on the sale of its commercial marine business to of its iconic Adelphi building in Parking Eye for £235m Kongsberg Gruppen for £500m London to Amancio Ortega’s 2009 investment vehicle, Pontegadea PAUL HARPER, BARCLAYS PRIVATE EQUITY 2008 PAUL HARPER, Advised Livingbridge on its Advising LDC on its disposal of the Advised Partners in Pet Food Group investment in online travel agent NEC Group on its sale to Cinven Private Equity BARCLAYS PRIVATE EQUITY loveholidays 2007 MITCH TITLEY, GRESHAM PRIVATE EQUITY

Advised the world’s largest building Advised Compass on various Advised the management of solutions manufacturer Wienerberger transactions, including the sale of its Mountain Warehouse on the 2006 on its acquisition of UK-based BPD security business to Mitie investment in the company by CHRIS HURLEY, LDC Holdings Ltd Inﬂexion Private Equity 2005 Birmingham Oce Nottingham Oce Mark Beardmore PAUL FRANKS, 115 Colmore Row Water Court Senior Oce Partner, GRESHAM TRUST Birmingham 116-118 Canal Street Birmingham B3 3AL Nottingham T. +44 (0) 20 7919 4500 2004 MIKE YANNIS, FRIEND 2003 ANDY OATES, BANK OF SCOTLAND eversheds-sutherland.com © Eversheds Sutherland 2019. All rights reserved. Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP are part of a global legal practice, operating through various separate and 2002 distinct legal entities, under Eversheds Sutherland. For a full description of IAN TETSILL, the structure and a list of oces, please visit www.eversheds-sutherland.com DTUK002478_05/19 BARCLAYS LEVERAGED FINANCE

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Entrepreneurs’ Relief – no DEALMAKERS 25: ordinary issue The staggering number of deals The Next Generation completed over the last 25 years are a result of the hard work and sheer determination of entrepreneurs in an ever-changing economic climate. Diverse During a sale, an entrepreneur can realise the value they have created, reaping the rewards of years of work by receiving a ignificant o one tat can e spent or passed on to future generations. thinking Clearly, the business owner will aim to Dealmaking is evolving to meet new opportunities and minimise the tax liability on their sales pro- ceeds. One of the main ways of achieving challenges. What does the next generation of dealmakers this will be through Entrepreneurs’ Relief. think will happen – and in what ways does the sector they Entrepreneurs’ Relief was introduced as an incentive for business owners to take will soon be running need to change? the risks involved in building businesses and generating employment. This incentive takes the form of a 10% tax rate on lifetime gains of up to £10 million. Alex Thompson There is already a shift in many t firt glance te criteria to ali assistant manager, Smith Cooper organisations towards ﬂexible working: for relief look straightforward. One of the Corporate Finance employees want to feel trusted by their conditions is a 5% holding of Ordinary There’s no reason why the Midlands can’t bosses. Share Capital. This means all of the issued be on the map for global M&A [mergers & Ordinary Share Capital, other than share acquisitions]: there are plenty of cross- Andrew Spiers capital that has a right to a dividend at a border transactions completed by Midland corporate solicitor, Freeths fie rate an no oter rigt to profit t advisers and that should continue. There is a clear desire in dealmaking looks simple; case law suggests otherwise. Entrepreneurs’ Relief can be denied because Current mandates and pipe- to embrace technology and of a “simple” misinterpretation of the rules. lines are weighted towards the efﬁciencies it creates, A judge summed this up in a recent the sell side, however, we particularly in due cae concerning te efinition o rinar might see that change diligence and document Share Capital: “There will be deserving depending on sentiment generation. However, as cae tat ail to ali or relie about the UK as a home every transaction poses an noneering one tat o ali for overseas investments. unique challenges, I don’t c a efinition a enale toe

There will be a shift in N see technology replacing who are well-advised to fall within its O S how we create and share P corporate finance experts: terms, whilst leaving a trap for the unwary.” M HO Don’t assume that Entrepreneurs’ information with clients and EX T there will always be a need for AL Relief is easy, it’s not. other advisers to enable an actual advisers. accelerated and efficient deal To retain top talent we Iain Wright process, but it requires buy- need to build better rela- Director in at all levels to change tionships with universities the landscape. and colleges, speaking Tel: 0121 726 1717 Committing to employee directly with students – Email: [email protected] development means a law fairs and open days Web: www.claritastax.co.uk continued investment by are fantastic ways to open S R firms, creating an envi- IE dialogue. P S ronment where employees EW They need to ‘hear our DR remain engaged, challenged and AN story’, understand what we do presented with opportunities. and consider if they wish to do the same. If you have good people it becomes This region not only offers quality deals a self-fulfilling prophecy in that high- but a sensible work-life balance: the quality deal flow will be driven by having latter is important to the new generation, high-calibre, enthusiastic advisers. a deciding factor in what careers people

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PROUDLY SUPPORTING YOUNG DEALMAKERS

Our economy in the Midlands is diverse, innovative and resilient. From automotive to aerospace, construction, finance, food and drink, our regional economy is as unique as every one of the individual businesses behind it. There’s no such thing as your ‘average’ business here.

Out of the Ordinary Uncertainty undoubtedly exists in the face of political and continued economic eain t ignificant inratrctre projects, inward investment and M&A actiit are ignal o confience in te region – fuel for the so-called Midlands Engine.

Making it happen for 25 years With no such thing as an ‘average’ business, a knowledgeable, well connected and dynamic community of Dealmakers has never been so vital to support the continued growth of the Midlands economy. Any community requires great communication and strong networks to thrive, so congratulations to Insider and the team at newsco for delivering 25 years of Dealmakers Awards and celebrating the hard work and success of the corporate finance conit an inee acro the Midlands.

Looking ahead to the next 25 years: Supporting our Young Dealmakers Presenting James McBain Allan with Whilst algorithms and automation are “Our industry is in good the Young Dealmakers Award tranoring te financial erice industry today, what we do is complex hands for as long as and requires both trust in people and we continue to invest in acieeent in ierent citie an human judgment too. People still have a regions across the country, recognising crucial role to play and as a sector we must the next generation” and celebrating the value of local invest in the development of new talent to professional communities and knowledge. ensure we’re here for the businesses of the legal and advisory professionals from At Shawbrook we share the same view, future. This is why we’re extremely proud across the region at our Business Centre which is why we have Business Centres in to have supported the Young Dealmaker of in Birmingham. The discussion was broad, key locations across the country. From our the Year Award category in recent years. insightful and passionate: a demonstration oce in eall treet e can oer te Over the past two years we have that our industry is in good hands for as type of support that really matters – a local presented Steve Nock from Orbis Partners, long as we continue to invest in and team with a deep knowledge of the local Richard Ellis from Clearwater International support the next generation. market we serve and a human approach and most recently James McBain Allan It’s also fresh perspectives that keep our to decision making, which doesn’t rely on from Bishopsgate Corporate Finance with industry innovative as we grapple with anonymous scorecards and automated the Award whilst meeting many other growing complexity and constant change. systems. hugely impressive professionals building We’re proud to be here, proud to be part their careers in this industry. Recently Proudly here in the Midlands of Dealmakers and proud to be supporting we hosted a group of young accountancy, ealaer repreent an reect the dealmakers of the future.

Mark Parsons | Managing Director, Midlands | Shawbrook Bank

DMShawbrook p31-35 nextBank gen Limited rt.indd 12301.indd 32 1 06/08/201902/08/2019 13:4611:53 ADVERTISING PROFILE

choose. Firms need to embrace agile momentum: graduates with business On-the-job support and clearly set out working, allowing flexibility in how and ideas should feel inspired to give progression opportunities will also be key when advisers work while still meeting it a go, knowing they have a dealmaking to enticing high performers. clients’ needs. ecosystem on their doorstep to help turn it Meanwhile, diversity in race, gender and PROUDLY SUPPORTING YOUNG DEALMAKERS into a successful enterprise. academic background is now a real James McBain Allan Diversity will become increasingly key, focal point of recruitment. Guaranteeing partner, Bishopsgate Corporate Finance particularly early-stage investments in that females and individuals from Our economy in the Midlands is diverse, innovative and resilient. From automotive to aerospace, There will be continued focus by overseas companies set to become big things under-represented backgrounds have construction, finance, food and drink, our regional economy is as unique as every one corporates on the Midlands, which we years from now. It may not be something opportunities to pursue a career in the of the individual businesses behind it. There’s no such thing as your ‘average’ business here. expect to increase. Private equity will some individuals personally get, industry will shape a more rounded continue to be a major part of dealmaking, but diversity is becoming a and successful sector. while bank-backed MBOs [management massive issue. Out of the Ordinary buyouts] will prop up dealmaking in In terms of developing Tom Joy Uncertainty undoubtedly exists in the traditionally difficult sectors. talent, venture capital and senior executive, Smith face of political and continued economic While computers will never take over private equity continue Cooper Corporate eain t ignificant inratrctre from dealmakers, AI [artificial intelligence] to be attractive career Finance projects, inward investment and M&A will play an increasingly important part paths. I don’t think there’s N The Midlands has always A L actiit are ignal o confience in te in the assessments of opportunities and a drift towards London – if L been strong in delivering A region – fuel for the so-called Midlands N sectors. anything more businesses AI manufacturing deals; now cB Engine. M It will improve identification of new targets, are considering moving out of JAMES there is an emerging specialism improve the speed of due diligence and London. in professional services devel- Making it happen for 25 years result in quicker dealmaking. oping. We could do more in With no such thing as an ‘average’ There needs to be continued investment the IPO [initial public offer- business, a knowledgeable, well connected Richard Ellis and dynamic community of Dealmakers has in new dealmakers through exposure associate director, ing] space – it clearly has never been so vital to support the continued across all parts of the dealmaking process. Clearwater International expertise given recent growth of the Midlands economy. Any We need to not only reward staff well Birmingham has estab- transactions involving the community requires great communication but also offer lifestyle improvements, such lished itself as a national Watches of Switzerland and strong networks to thrive, so as flexible working and unlimited holidays. hub for dealmaking in the N Group, Alumasc and O S congratulations to Insider and the team N And the sector as a whole, which is still UK: the next phase is to be H Aston Martin Lagonda – but O at newsco for delivering 25 years of J heavily male-dominated, needs to become recognised as a major European EN deal volumes lag significantly STEPH Dealmakers Awards and celebrating the more diverse. player and a viable alternative behind other regions. hard work and success of the corporate to London. The relocation of The importance and finance conit an inee acro HSBC’s UK headquarters adoption of robotics and AI the Midlands. “I don’t see technology to Birmingham shows in professional services is replacing corporate finance Looking ahead to the next 25 years: how financial institutions well documented. Supporting our Young Dealmakers recognise the Midlands We now see software Presenting James McBain Allan with experts: there will always be Whilst algorithms and automation are as the place to be – a robots that are able to “Our industry is in good the Young Dealmakers Award tranoring te financial erice a need for actual advisers.” message which should reliably automate routine hands for as long as industry today, what we do is complex reverberate with institutions IS tasks and financial analysis L Andrew Spiers L and requires both trust in people and acieeent in ierent citie an E we continue to invest in and corporates throughout D which allows professionals corporate solicitor, Freeths AR human judgment too. People still have a regions across the country, recognising CH the next generation” Europe. RI more time to examine the crucial role to play and as a sector we must and celebrating the value of local AI will relieve the burden results and improve turnaround invest in the development of new talent to professional communities and knowledge. Stephen Johnson of manual repetitive work. times. ensure we’re here for the businesses of the legal and advisory professionals from At Shawbrook we share the same view, investment associate, Meanwhile, the use of big Buyers see the site visit future. This is why we’re extremely proud across the region at our Business Centre which is why we have Business Centres in NVM Private Equity data analytics and tools or facilities walk-through to have supported the Young Dealmaker of in Birmingham. The discussion was broad, key locations across the country. From our the Year Award category in recent years. insightful and passionate: a demonstration oce in eall treet e can oer te New innovations and developments in such as PowerBI will as a key element in their Over the past two years we have that our industry is in good hands for as type of support that really matters – a local manufacturing will be an exciting source of become more prevalent assessment of an acqui- presented Steve Nock from Orbis Partners, long as we continue to invest in and team with a deep knowledge of the local deals: as manufacturers such as JLR and across the sector: it will sition opportunity. There Richard Ellis from Clearwater International support the next generation. market we serve and a human approach Aston Martin move towards electrification, play a big part in building may be a place for virtual and most recently James McBain Allan It’s also fresh perspectives that keep our to decision making, which doesn’t rely on there will be a few acquisitions to bring an understanding of buyers’ reality [VR] technologies that Y from Bishopsgate Corporate Finance with industry innovative as we grapple with anonymous scorecards and automated upstream suppliers in-house. On the acquisition criteria. Dealmakers JO allow parties to see a target TOM the Award whilst meeting many other growing complexity and constant change. systems. technology side, a number of startups will need to ensure their skillsets in action. It will give the purchaser hugely impressive professionals building We’re proud to be here, proud to be part founded in recent years have grown to an are up to examining and assimilating large, an opportunity to better understand the their careers in this industry. Recently Proudly here in the Midlands of Dealmakers and proud to be supporting impressive scale, meaning the Midlands complex data sets. target’s culture, product sets and operations we hosted a group of young accountancy, ealaer repreent an reect the dealmakers of the future. now has a critical mass of businesses and An emphasis on flexible working and without the need to travel – and all with people to make it an attractive option. commitment to ensuring a healthy work- the added benefit of confidentiality. Mark Parsons | Managing Director, Midlands | Shawbrook Bank The commercialisation of IP [intellectual life balance will be important in attracting There is a shift in working practices property] from universities is also gaining the next generation of dealmakers. towards flexible and remote working.

insider DEALMAKERS AWARDS 2019 | 33

Shawbrook Bank Limited 12301.indd 1 02/08/2019 11:53 DM p31-35 next gen rt.indd 33 06/08/2019 13:46 DLA Piper – A decade of leadership and still leading the way

As you can see DLA Piper is amongst the most active M&A and transactional law firms in the UK and Worldwide. We use our market intelligence and unrivaled depth of understanding to obtain the best possible terms and outcomes for our clients, no matter what the deal type, transaction process, geography or counter-party. We understand the markets our clients operate in and the commercial challenges they face.

#1 Global M&A deal volume #1 Europe Private #1 European M&A deal for the ninth consecutive year Equity – Exits volume (Mergermarket, 2018) (Mergermarket, 2018) (Mergermarket, 2018)

#1 UK M&A, France M&A, Russia #1 Europe Private Equity – #1 Global M&A M&A, Africa M&A, Middle East & Buyouts & Exits combined by deal volume Africa combined, Denmark and deal volume (Thomson Reuters, 2018) Nordics M&A (Mergermarket, 2018) (Mergermarket 2018)

#1 Global mid-market and #1 Most active law firm in #1 Europe Private Equity – small-cap M&A deal volume Europe private equity deals Buyouts (Mergermarket, 2018) (Thomson Reuters, 2018) (PitchBook, 2018)

Noel Haywood Charles Cook Head of Corporate, Birmingham Head of Corporate, UK T +44 (0)121 262 5953 T +44 (0) 121 265 5808 [email protected] [email protected]

DM p31-35 next gen rt.indd 34 06/08/2019 13:46 New technologies allow us to connect and employers. Those who fail to adapt to opportunities. Firms should focus on with clients and colleagues at any time risk losing out on the top talent. providing mentoring to students, especially across the globe. Flexible working, where to those with fewer connections. appropriate, is brilliant in an industry where Gareth Burge hours are dictated by deal timetables and director, Thursﬁelds Daniel Shilvock are often unpredictable. I see the trend towards international principal associate, investment in Midland companies Eversheds Sutherland Tom Hustler continuing over the next few years: even Machine learning can assist in the investment manager, smaller deals have involvement from understanding and reviewing of a large Palatine Private Equity European, Japanese, US, Chinese quantity of information. An entire data Technology has become a and Australian investors and room can be analysed in moments which DLA Piper – A decade of leadership and vital part of our operations buyers. enables a better understanding of the and will continue to The Midlands will exercise, bringing greater efﬁciencies and play a large role in continue to be an assistance. still leading the way dealmaking, from deal innovative manufacturing This will tie into reporting methods. A sourcing through to and technology centre of number of clients work with us on a ‘live’ As you can see DLA Piper is amongst the most active M&A and transactional law firms in the UK and transacting deals and excellence – our manu- platform to share issues: this increases the

the management of our R facturing and technology speed of response but also helps track Worldwide. We use our market intelligence and unrivaled depth of understanding to obtain the best E portfolio companies. The TL teams are both busy on M&A them more efficiently and is delivered in a US H possible terms and outcomes for our clients, no matter what the deal type, transaction process, geography full impact of AI and ma- TOM and private equity work and I useable format. Typical deal management chine-based learning remains to don’t see any slowdown there. currently relies on emails and documents. or counter-party. We understand the markets our clients operate in and the commercial challenges they face. be seen: human behaviour Automation and AI have and relationships are still at already had some impact, the heart of dealmaking. increasing efficiencies “Human behaviour and Understanding an and data security in the relationships are still at the #1 Global M&A deal volume #1 Europe Private individual’s rationale disclosure/due diligence #1 European M&A deal for the ninth consecutive year Equity – Exits when it comes to selling process and in drafting heart of dealmaking.” volume (Mergermarket, 2018) (Mergermarket, 2018) (Mergermarket, 2018) or not selling a business basic documents. These E Tom Hustler G will always be difficult for a R are likely to advance over U B investment manager, H machine to understand. ET the next few years, so it is GAR The Midlands has a lot to offer going to become important to Palatine Private Equity in attracting the best talent: understand their limitations. #1 UK M&A, France M&A, Russia #1 Europe Private Equity – a great balance between Key skills like negotiation, Over the next few years there will be a shift #1 Global M&A M&A, Africa M&A, Middle East & Buyouts & Exits combined by being large enough to creative and strategic to digital environments and workspaces. deal volume Africa combined, Denmark and deal volume offer the chance to work thinking will always After identifying the fact that static (Thomson Reuters, 2018) Nordics M&A (Mergermarket, 2018) on high-value, high- require human input. documents containing tables of checklists (Mergermarket 2018) profile transactions, while A radical change of were not conducive to deal processes, we affording developing approach is needed launched DealMaster, a digital collaboration K C talent the opportunity O for reaching the next platform for the project management V IL to take on active roles in H generation of dealmakers. of M&A transactions. This has been S EL dealmaking early in their careers. DANI The traditional method of developed as a direct result of working #1 Global mid-market and #1 Most active law firm in #1 Europe Private Equity – Personal development and training is supervisors training new lawyers and on complex, highly-strategic and global small-cap M&A deal volume Europe private equity deals Buyouts (Mergermarket, 2018) a top priority for ambitious young people. ‘serving their time’ by putting in the long transactions to transform the way they can (Thomson Reuters, 2018) (PitchBook, 2018) Individuals want to feel their organisation hours won’t wash, while technology means be delivered. is helping them develop their careers. It the practice of letting lawyers cut their Over the next few years technologies shouldn’t always be up to the employee to teeth in data rooms and simple drafting will provide digital workspaces to manage seek opportunities for additional training: is no longer an option. This will make the document-drafting and negotiation Noel Haywood Charles Cook employers can be proactive too. learning to be a corporate lawyer much processes. Head of Corporate, Birmingham Head of Corporate, UK The current generation of graduates tougher. A different kind of on-the-job We are combining technologies to move expect more from their employers than ever learning is now needed. to paperless completions which will rely on T +44 (0)121 262 5953 T +44 (0) 121 265 5808 before. The demands of corporate finance The focus needs to be on encouraging electronic signatures. [email protected] [email protected] are not for everyone, but in order for the the next generation to develop soft Working practices are clearly changing. Midlands to recruit and retain top talent skills as well as legal ones: learning to When I started it was all about office time we need to show a commitment to agile build networks and develop adaptive and hours. working. With this comes the requirement communication styles should be a priority. There has clearly been a shift towards to invest in technology to give employees Diversity brings broader thinking and flexible working and wellbeing, which increased flexible working opportunities. more innovation to dealmaking. should be an attraction for those coming The benefits are there for both employees Improving diversity depends upon access through now and in the future.

insider DEALMAKERS AWARDS 2019 | 35

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