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NORTH WEST INSIDER DEALMAKERS GUIDE 2017 04/11/2015 11:50 and Refinancing sale) for (including preparing Fraud/Forensic Accounting Fraud/Forensic • Restructuring • Disposals Business • and Regeneration Manchester 832 4901 0161 [email protected] 8400 478 0203 [email protected] Blackburn 686 600 01254 [email protected] www.beeverstruthers.co.uk • Raising Finance Advice Start-up • Business Planning • Business/Strategic Recovery Turnaround, • Many areas of specialism. areas Many business. Your One focus. Share Valuations Share Our areas of expertise are: of expertise Our areas and Aquisitions Mergers • • MBOs/MBIs • Due Diligence and Company • Beever and Struthers has a dedicated and Struthers Beever Department Services Corporate high quality which provides and just are Whether you advice. bespoke raise up and looking to starting business your grow to want finance, its value or realise acquisition through an experienced have we exit, through closely with who will work team suit to advice tailored and offer you specific needs. your Corp Services Advert_178x250mm.indd 1 NW DMG 17 Cover.indd 1 EDITOR’S INTRODUCTION

Welcome to the North West Philip Cunliffe 19 October 2017 Regional business editor Dealmakers Guide 2017. Manchester Central

For any business owner, making decisions is part of everyday life. Decisions need to be made on workforce issues, on sales and marketing INSIDER NORTH WEST strategies, on new equipment or property – the list goes on. Making the right decisions can be the difference between success DEALMAKERS AWARDS and failure, between increasing turnover and having profits nosedive. WINNER Dealmaker of the Year 2016 But getting this right can be made far easier if you are armed with knowledge, and have the benefit of experience and the advice of experts. GRANT BERRY This guide provides an ideal starting point for any business owner NorthEdge Capital looking to make essential decisions. It provides information on the options that businesses have when it comes to growth, the different strategies that should be considered by business owners and senior For tickets call Laura Davies on management teams, and some of the funding options available. In addition, we detail the key processes that go into making a successful 0161 907 9753 business sale. No deal – be it a sale, an acquisition, an or flotation – can Or email [email protected] be completed successfully without the guidance and support of expert www.insidermedia.com/event/ advisers. The guide contains in-depth advice on various aspects of the northwest-dealmakers-awards-2017 deal process, as well as reviews of how successful deals were structured, from professional advisers from across the North West. I would like to thank all those who have contributed to this guide and hope you find it useful, informative and a helpful reference source.

For sponsorship and commercial opportunities, please call Adrian Simcox on 0161 907 9745 INTRODUCTION

NW DMG 17 Cover.indd 2 NWDM 2017 ad.indd 1 20/12/201614/12/2016 15:5115:20 Price: Clare Power Business development manager Carol White Account manager Neil Mason Sales director Bob Stoney Production director Stacie Broderick Martin Bain Designers Rob Mayfield Senior researcher Philip Cunliffe Regional businesseditor Contributors department on0161 907 9733 the subscriptions/membership To order your copy contact ISSN: 1751-4117 £45.00 Email: [email protected] www.insidermedia.com Tel: +44 (0)161 907 9711 Fax:+44 (0)161 236 9862 Boulton House,17-21 Chorlton Street, Manchester M1 3HY, accepts noresponsibility for anyinaccuraciesor misrepresentations. reasonableevery effort hasbeenmadeto provide adequate information inthis publication,newsco-insider © newsco-insider 2016. of Nopart thispublicationmay bereproduced without written permission. Whilst Part 1:Growingyourbusiness Deals tables Advisers listbyspeciality Professional listings Dealmak P P art 3:Lifeafterthesale art 2:Sellingyourbusiness Growth strategies Investment inSynexus–casestudy T P T Acquisition strategies F tafs niern ae–casestudy Steadfast Engineeringsale– W T Sambro Internationalsale–casestudy MBOs intheNorthW IT MBO strategies V Seller P Funding growthstrategies Business funding op IPOandotherdealsintheNorthWest op privateequitydealsintheNorthWest op acquisitiondealsintheNorthWest unds availableintheNorthWest reparing abusinessforsale rivate equitystrategies aluations andmultiples C LuxuryTravel MBO–casestudy ealth managementstrategies ’s duediligence ers Awards

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CONTENTS 13 12 10 67 40 39 36 34 33 32 30 29 28 27 24 22 17 16 14 37 2 9 8 6 4 3

CONTENTS 1 GROWING YOUR BUSINESS 2 PART 1: INTRODUCTION company that isbeingacquired. of coursesome these issueswill concern the many factors that need to beconsidered. And a successfulacquisition to beachieved there are means ofgrowing Butinorderthe business. for acquisition canbeafaster andmore sustainable of the features ofasuccessfulgrowth strategy. need to begone through andanalysedmany a business. We haveoutlined the processes that nomatterstrategies, what the size or scaleof might consider. and specific techniques thatallbusinessowners the processesby which these dealsare done, on the various deal types that canaidgrowth, through a Itcontainsfeaturesvariety ofmeans. Guide focuses onstrategies to growbusinesses The openingsectionof the North West Dealmakers Growing yourbusiness Many companiesrealise that makingan There are manycommonfeatures ingrowth the business’ premises. toproducts, improveefficiency or to expand made to buynewmachinery, to developnew needs to make. Investmentsmightneed to be most importantdecisions that anybusiness and how to fund them, are someof the helps it to grow. Butwhatinvestments to make, to fund the growthstrategy. Investinginabusiness options that businessownershave to consider attractive for potential investors. in abusinessandhowbest to make the business whatprivate equityfirmslookequity works, for bring to the business. This includeshowprivate a private equityfirmandwhatbenefitsitmight is involvedindecidingwhyandhow to work with We therefore providedetailedanalysisofall that are increasingly popular modesoffundinggrowth. The final feature of thissection focuses on the Private equityand venture capitalinvestment ©shutterstock.com

GROWTH STRATEGIES 3

Getting to the next stage Starting a business is one thing; getting it to the next stage is quite another – it takes ingenuity, clear direction and strong leadership. Some North West business leaders give us the value of their experience

s any startup business knows, Business owners must therefore be the question ‘what’s the next clear about what they want to achieve Astep?’ is one which takes quite and be prepared for hard work. Accord- a bit of answering. Having a strong ing to Dr Sue Smith, director of the brand identity certainly helps, because Centre for SME Development at the it means new customers will be attracted University of Central Lancashire, it’s about and be more confident that you and being passionate and committed. She your company can deliver the product adds: “Universities are a huge source or service you are selling. of mentoring and advice – or finding Dan Nolan’s theEword is a digital someone who has been there and DR SUE SMITH marketing agency specialising in prop- done it. I’d really encourage mentoring erty and leisure that helps clients grow and coaching.” brands and engage with audiences Phil Foster, managing director of Love online. “Brand is much more than a logo,” Energy Savings, says he is keen to help he says. “I wouldn’t dream of branding business leaders who want to keep or rebranding a business without the costs down. He uses the rule: if you involvement of directors or founders, pay cheap, you pay twice. “It’s scary because they are the culture. I would to pay good money, but it’s worth it,” advise starting with the basics: who he says. “Surround yourself with better do you work with, what do you do for people than you.” them, how does it help them.” Richard Storah’s Qualtex, based in Restaurateur James Hitchen has Denton near Manchester, is a worldwide restaurants in Spinningfields and Hale, distributor of domestic appliance spare and secured funding from private equity parts. Storah said it was about quality firm NorthEdge to expand nationally. people: “Recruit the best people you can He says: “We had a strong brand and afford and have strong HR and build were doing well, but we needed help. the culture.” We believe there are good things about Should you look at the competition our brands’ concepts, atmosphere and to make your product better? Foster’s value for money.” strategy was to “look at other people’s Hitchen’s advice to business owners ideas and make it better”. But Hitchen is to set your business up, from day one, cares less about rivals. “Stick to your for somebody to buy. He says: “If your own benchmark,” he says. “If you spend team is creating a business they would too long looking at the competition, you want to buy, someone else will, too. can become reactive. People assumed Keep things in order from day one. Get our refurb was because of the compe- the talent in from day one. If you don’t tition. No, it’s because the customers JAMES HITCHEN

have the cash, incentivise them.” evolved, so we evolved.” GROWTH STRATEGIES 4 FUNDING OPTIONS

A funding friend for businesses One of the government organisations that is aiming to provide a smooth flow of funds for SMEs is the British Business Bank

KEITH MORGAN

he British Business Bank, formed crowdfunders, alternative lenders and e-cigarette supplier Totally Wicked, by the government in 2013 to asset finance companies. moved into the industry from a profes- Tincrease provision of finance to Morgan said: “We are here because sional services background. He says: businesses with a turnover up to £25m, markets don’t always work effectively. “There is a wall of money ready to be has launched a programme designed If you run a smaller company, with a invested in the right type of opportunities. to meet the need for scale-up finance. short track record or even an ambitious That’s the key: ‘right opportunities’. Keith Morgan, the bank’s chief exec- growth plan, it’s relatively harder to get “You need to be speaking to a suitable utive, says: “It starts with angel finance the finance you need. funding partner for the investment and but goes on to “We have focused our resources proposition you offer. If you are doing provision of debt-based finance, too. around pieces of the market where that and the answer is still ‘no’, there That could be £500,000 or £2m. we feel we could make a difference. is probably something fundamentally “It takes it from being a bank-lending We operate at the very early stage wrong with your business model. decision with conversations about of start-up, and in scaling up, making “First, assess the asset base available security to one about believing in the finance available through delivery to secure against for debt funding. business plan. That kind of scale-up partners.” Property and debtors are the easiest finance is available above a certain The bank has also produced the to raise finance against. Inventory, level, but if you go down below £2m Business Finance Guide in association plant and machinery are sometimes of funding, it’s much less prevalent.” with the Institute of Directors and the a possibility, and then intangibles such The British Business Bank provides Institute of Chartered Accountants in as trademarks and patents, if investors finance indirectly through 80 lending England and Wales, to help inform believe they have realisable value in and investment institutions in the UK. businesses looking to access capital. the worst-case scenario.”

GROWING YOUR GROWING YOUR BUSINESS It works with the main banks and Ben Williamson, finance director at Q&A 5

Could asset-based lending be the right financing choice for your company?

There is no doubt that asset-based lending (ABL) has evolved into a more widely used debt product, with more companies in the UK turning to ABL to support their working capital needs and overall growth, whether organic or through acquisition.

In fact, many companies that would qualify for traditional bank financing may prefer ABL based on a number of factors: • Flexibility - ABL provides flexibility as it traditionally carries fewer financial covenants, therefore supports businesses throughout changing economic cycles. • Improved Liquidity - ABL can support business growth with increased availability Tom Weedall as asset values rise and help smooth out tight cash-flow periods or seasonal spikes. director of • Strong Relationship - The nature of the relationship engenders a close and loan originations open connection between borrower and lender. This gives the lender a strong Email: understanding of the business and its sector, which can help the lender remain Tom.Weedall@ comfortable through periods of transition. wellsfargo.com • Creditworthiness - Eligibility for an ABL structure can often be greater, with less Disclosures: The opinions expressed in this emphasis on historic financial performance. document are general in nature and not intended to provide specific • Structure - An ABL structure involves a revolving funding rather than a fixed advice or recommendations for any individual or association. The amortised term loan. This can help provide both overall flexibility and greater opinions of the author do not necessarily reflect those of Wells credit availability during seasonal cycles. Fargo Capital Finance or any other Wells Fargo entity. • Complementary – ABL can work alongside a second lien or junior lender to provide Wells Fargo Capital Finance is the an enhanced and offer a compelling alternative to traditional trade name for certain asset-based lending and senior secured lending services of Wells Fargo Capital cash-flow lenders. Finance (UK) Limited and Wells Fargo Bank, National Association (WFBNA). • Price - ABL can deliver economic benefits to borrowers given the collateralised Wells Fargo Capital Finance (UK) Limited is a wholly-owned indirect nature of funding. subsidiary of WFBNA, and a private limited company incorporated under • Speed of decision - Businesses that meet the qualification criteria can often the laws of England and Wales with its head office and registered office obtain an ABL facility fairly quickly. Assuming the business is profitable and at 90 Long Acre, London WC2E 9RA. Wells Fargo Capital Finance has reasonable financial controls, the application and underwriting process (UK) Limited is registered with the UK’s Companies House under company number 02656007. can be less onerous than traditional facilities. WFBNA is a national banking association organised under the • Covenants – As ABL facilities are in the very nature secured against the companies’ laws of the United States with its head office at 420 Montgomery assets, the requirement to control and monitor the business via financial covenants Street, San Francisco, CA 94104, USA. WFBNA is registered with the remains minimal. This allows the business to focus on driving the business forward. U.S. Office of the Comptroller of the Currency. WFBNA is registered with the UK’s Companies House under number FC026633. WFBNA So, while ABL is on the rise in the UK, opportunity still exists to help companies is subject to regulation by the Financial Conduct Authority in the of varying sizes understand the benefits of ABL and how it is a flexible option that UK and limited regulation by the Prudential Regulation Authority. can be used to support both short-term working capital needs and long-term goals. Details about WFBNA’s regulation by the Prudential Regulation Authority

are available from WFBNA on request. Q&A 6 FUNDING OPTIONS

Power for growth Businesses are driven by finance. Making the right investments at the right time can power a business forward. But what investments should be made? And how can they be funded? We look at some of the options available

ccess to capital to fund expan- while there has also been a surge in more funds. They are also far less sion, operations and projects private equity and peer-to-peer finance expensive than equity/mezzanine Ais critical to a company’s ability for businesses, especially for smaller funding and allow management to to meet its short- and long-term companies. retain their existing level of control. objectives. Investments might need But can a lender change the terms to be made to buy new machinery, ASSET-BASED LENDING of the ABL facility overnight? No, says to develop new products, to improve Asset-based lending (ABL) is when a Ian Steward: “Committed facilities tend efficiency or to expand premises. All provider lends money to a business to be covenant-heavy and open to these require capital expenditure, against its assets – property, plant, change. With ABL the lender can react working capital finance and careful machinery, stock. This type of finance positively and quickly to changing consideration. is typically used to fund growth, but can circumstances of the borrower – by There is a bewildering patchwork also be used for a range of deal sce- increasing facility limits if the company of funding options to tap into and narios such as management , is growing, and changing advance rates choosing the right one is not easy. buy-ins, , on either a temporary or permanent basis Businesses can raise funds from its refinancing and restructuring (although were cash requirements to dictate. In own resources (profits) or through these type of deal will have other forms short, they are flexible.” divesting or carving out non-core parts of finance involved at the same time). of your business. Alternatively you can Cash flow lending to businesses that INVOICE FINANCE seek investment from third parties. have a track record of healthy cash Allowing customers to pay you under generation has become more common. terms of credit is standard practice BANK LENDING Ian Steward, UK managing director for in most businesses today. It is good Following the financial downturn in Close Brothers Invoice Finance, explains: customer management and means 2008, and the subsequent recession, “The term ‘ABL’ suggests we will only large payments can be managed more increased bank regulation has had a fund against hard assets, but cash flow efficiently. Invoice finance extends direct impact on the availability of bank loans (essentially unsecured and reliant this a little further by freeing up cash funding. Banks are beginning to lend on healthy business performance and by selling the invoice to a dedicated more to businesses, but alternative profitability) are a growing aspect of invoice financier. The invoice finance funding options have increased. In what we are able to provide for the firm will provide an advance (up to fact, the British Business Bank reported right customers.” 90 per cent of the invoice value) that the availability of bank debt has ABL facilities are often cheaper than immediately, easing cash flow and increased for the first time since 2008, other forms of lending, while generating allowing easier purchasing and 7

CROWDFUNDING PROS ■ A quick and straightforward means of raising funds with little or no upfront costs. ■ An alternative source of funding when traditional routes have failed. ■ A good way to market the product or service you are looking to crowdfund. ©shutterstock.com ■ A good online system of investment decisions. And the value of companies raise finance by offering sharing ideas with, and getting invoice finance can be increased, the a range of tax reliefs to investors. Along feedback from, investors in the more invoices a business has (as the with the Seed Enterprise Investment business. business grows). It is a proven method Scheme (SEIS), aimed at supporting ■ A way of engaging with the of finance for growing businesses. startups, it is becoming a growing route wider networks that investors to accessing cash. inevitably have. FACTORING Financing SMEs through EIS hit a new This is typically used by businesses record in the north of England of nearly CONS with slow-paying customers, a shortage £1.7bn in 2014/15. Nationally, more ■ Not an easy process. It can take of working capital or where it needs than 3,000 companies raised finance a long time, a lot of work and protection against bad debt losses. through the scheme. Angels can also a precious resources to build the The lender pays an agreed percentage invest in companies with big ambitions platform, then build the interest of approved debts and the balance is at the ground floor. Others look at before the crowdfunding can start. paid when customers pay. distressed companies going through a bad time. ■ Not guaranteed to succeed. ASSET FINANCE Not all crowdfunding projects Most prominently used in the man- CROWDFUNDING reach the required target, in ufacturing, agricultural and catering This is a way of raising finance by which case money pledged needs to returned to the industries, asset financing is a means asking a large number of people each investors. of buying new machinery or upgrading for a small amount of money. This is existing equipment. There are a number generally managed online and there ■ If the project fails, this can of asset finance options such as leasing, is an ever-expanding list of organisations have severe reputational damage to the business and hire purchase or sale and leaseback. offering this service. The two most will put investors off any future All these options allow a company to common types are equity and debt. crowdfunding exercises that upgrade or purchase new machinery might be considered. or equipment pay for itself. The ultimate Equity crowdfunding ■ There are patent and copyright goal is for the machinery to have made Where individuals invest in a company issues to consider. The concept the necessary improvements or effi- or a venture in exchange for shares of the product or business idea ciencies to increase turnover and build or a stake in the business or venture. can potentially be stolen if not growth. The value of the individual’s stake will protected. increase if the business or venture is ■ Investors want a return on the ANGEL INVESTMENT successful, but will fall if unsuccessful. investment, and this may eat It can be tough for early-stage com- into any future profits that may panies and entrepreneurs to find the Debt crowdfunding accrue from the crowdfunding investment to help turn their ideas into (or peer-to-peer lending) project. world-beaters. So the arrival of an angel Investors receive their money back investor can be a godsend. with interest. Initially created to provide small loans, there has been a significant The Enterprise Investment Scheme (EIS) increase in businesses using peer-to-

is designed to help smaller higher-risk peer lending. FUNDING OPTIONS 8

THE NORTH WEST THE NORTH WEST THE NORTH WEST FUND FOR FUND FOR FUND FOR VENTURE CAPITAL MICRO LOANS BIOMEDICAL

Finance from £50,000 to £2m Finance from £25,000 to £50,000 Finance from £50,000 to £1.5m

Fund manager will require an equity A source of debt/quasi-debt invest- Capital structures can include a share in the business. Capital struc- ment to assist entrepreneurs wishing combination of equity, quasi-equity tures can include a combination of to start their own business and or and loan sup- equity and loan support as best suits existing SMEs looking to grow. port as best suits the needs of the the needs of the company. company. Fund managers: Fund manager: Enterprise Ventures Business Finance Solutions Fund manager: SPARK Impact www.evgroup.uk.com/ www.businessfinancesolutions.org. www.sparkimpact.co.uk/ uk/ and MSIF www.msif.co.uk/ THE NORTH WEST THE NORTH WEST FUND FOR THE NORTH WEST FUND FOR MEZZANINE FUND FOR ENERGY & DIGITAL & CREATIVE ENVIRONMENTAL Finance from £750,000 to £2m Finance from £50,000 to £2m Finance from £200,000 to £1.2m Fund manager will require an equity Available to start-ups and early-stage share in the business. Capital struc- Combination of equity or quasi-equity development companies. Fund tures can include a combination of to support a broad range of needs manager will require an equity share equity, quasi-equity or mezzanine from startup and early-stage devel- in the business. capital and loans. opment through to expansion plans for trading businesses. Fund manager: AXM Venture Capital Fund manager: Enterprise Ventures www.axmvc.co.uk/ www.evgroup.uk.com/ Fund manager: 350 Investment www.350ip.co.uk/ THE NORTH WEST FUND FOR LOANS PLUS

Finance from £50,000 to £750,000

A source of debt/quasi-debt invest- ment for growing SMEs. Loans can be repaid over 3.5 to 7 years.

Fund manager: FW Capital www.fwcapital.co.uk/

This page lists the firms that manage the key funds that are available to support businesses in the North West

FUNDING OPTIONS NORTH WEST FUNDS ACQUISITION STRATEGIES 9

When does an acquisition make sense? Acquiring other businesses, or parts of other businesses, is one of the ways companies can grow. And it’s not just large companies eating up smaller ones. It is becoming a much more common scenario for acquisitions to be made by relatively small companies

any small businesses are realising that making an Macquisition can be a faster and more sustainable means of growing. A takeover by another business in the sector or close location will combine resources to reduce costs, eliminate duplicated facilities or departments and increase revenue in the long term. A business can grow either through its organic sales and marketing strategy or through acquiring other businesses. With the more traditional organic sales and marketing route it can take quite a long time to achieve the growth ac- celeration that is required. Having a clear acquisition strategy can be a much quicker and arguably less risky route. The business that is being acquired will have an existing client base to tap into with existing contracts in place. It may also cover a wider geographical in getting the acquisition right. Bringing Industry expertise is vital to getting this spread, which should mean the company on board relevant stakeholders and ex- right and sector specialists should be has ready access to new and lucrative ternal advisers will also reap rewards. brought in to advise wherever possible. markets. Investing in an acquisition Many advisers will suggest that the Another consideration is how the may well be cheaper, too – the length business creates an advisory board cultures of the two businesses can be of time it takes to grow organically will to build the strategy and direction and brought together. This should be easier inevitably eat up management and to oversee the implementation. when they operate in the same sector, workforce costs. Employee engagement is also im- but a smooth merger can never be portant. People are naturally cautious guaranteed and a lot of work during the THE FOCUS and nervous about change. They will planning stage needs to be done to need to be reassured about the safety ensure the transition works. Firstly, it is important to have a vision of their jobs or any changes to their A clear PR strategy must also be in for why you are considering an acqui- working conditions that it may involve. place. Communication matters both sition, what it will bring to the business The acquisition team must be clear internally and externally. and how the best outcome can be about how the organisations’ internal And, as with any deal, the corporate achieved. And this strategy must be systems can be rationalised. This is finance adviser should pull the strings carefully led and managed from the usually a difficult, time-consuming pro- in the acquisition. They will be crucial business owner or chief executive. cess and the team should have a clear in setting its timescales, finding poten- Strong leadership, backed by an en- programme of integration mapped out tial targets and setting the milestones

gaged management team, are crucial well before the acquisition takes place. in the process. STRATEGIES ACQUISITION

10 ACQUISITION STRATEGIES

Date Deal xxxx Advisers

18 Aug 2016 (Pending) £2403.59m acquisition of valves and controls business of Pentair (finance: cash) Bidder: Emerson Electric Co Vendor: Pentair FA - Citigroup - Pentair, Goldman Sachs - Pentair, L - Davis Polk & Wardwell - Emerson Electric Co, Foley & Lardner - Pentair, Sullivan & Cromwell 1 Jun 2016 (Pending) £397.85m acquisition of AdeS Soy beverage business in Latin America (finance: existing / not disclosed) Bidder: Coca-Cola FEMSA SA de CV Vendor: Unilever FA - Lazard - Unilever, L - Baker & McKenzie - Unilever, - Coca-Cola Co, Clifford Chance - Coca-Cola FEMSA SA de CV 5 Jul 2016 £209m acquisition of Energy Assets (finance: cash, bank debt, venture capital) Bidder: Euston BidCo C - Alinda Capital Partners - Euston BidCo, Henderson Global. Investors - Energy Assets, Macquarie Capital - Energy Assets, Marlborough Fund. Managers - Energy Assets, Old Mutual - Energy Assets, FA - EY, Evercore. Partners - Euston BidCo, Numis Securities - Energy Assets, L - , - Euston BidCo 16 May 2016 £145m acquisition of ENER-G Cogen International L - Foot Anstey - Centrica, Linklaters - Centrica Bidder: Centrica Vendor: ENER-G 22 Apr 2016 £140.65m acquisition of Putney Inc (finance: cash, bank debt) D - Barclays Bank - Dechra Pharmaceuticals, HSBC - Dechra Pharmaceuticals, Royal Bank of Bidder: Dechra Pharmaceuticals Scotland - Dechra Pharmaceuticals, FA - Investec Bank - Dechra Pharmaceuticals, Jefferies - Putney Inc, L - DLA Piper - Dechra Pharmaceuticals, Latham & Watkins - Putney Inc, - Dechra Pharmaceuticals 10 Mar 2016 £125.57m acquisition of three car parks in Manchester (finance: cash) L - Latham & Watkins - Bouwfonds Investment Management BV Bidder: Bouwfonds Investment Management BV 10 Aug 2016 (Pending) £120m acquisition of Parts Business of Lookers B - Numis Securities - Lookers, Peel Hunt - Lookers, FA - Peel Hunt - Lookers, L - Clifford Bidder: Alliance Automotive UK Vendor: Lookers Chance - Lookers 14 Jul 2016 (Pending) £117m acquisition of portfolio of 298 convenience stores (finance: cash, company share issue) Bidder: Martin McColl Vendor: Co-operative B - Numis Securities - McColl’s Retail, FA - Numis Securities - McColl’s Retail, Rothschild - Co-operative, L - - Co-operative, Travers Smith - McColl’s Retail NORTH WEST 18 Jul 2016 (Pending) £110m acquisition of Greengate private rented sector scheme (PRS) in Manchester (finance: existing / not disclosed) Bidder: LaSalle Investment Management Inc Vendor: Renaker Build 30 Jun 2016 £102.2m acquisition of BDP (finance: cash, bank debt) FA - KPMG - BDP, L - Clifford Chance - Nippon Koei Co, - BDP Bidder: Nippon Koei Co 1 Feb 2016 (Pending) £98.7m acquisition of Clippers Quay (finance: cash) Bidder: Grainger Vendor: Amstone Developments 18 Jan 2016 £96.46m acquisition of E-L Financial Services (finance: existing / not disclosed) Bidder: E-L Financial Corp Vendor: Guardian Assurance L - McCarthy Tetrault - E-L Financial Services, Stikeman Elliott - Guardian Assurance 27 Nov 2015 £93.85m acquisition of Fox-IT Holding BV (finance: cash, company share issue, vendor placing, bank debt) Bidder: NCC D - HSBC - NCC, Lloyds Banking - NCC, Royal Bank of Scotland - NCC, B - Peel Hunt, Peel Hunt - NCC, FA - Boston Meridian - NCC, Peel Hunt, Peel Hunt - NCC, Rickitt Mitchell & Partners - NCC, L - De Brauw Blackstone Westbroek - Fox-IT Holding BV, Eversheds - NCC, Travers Smith, Travers Smith 26 Aug 2016 £83.1m acquisition of PHS Data Solutions (finance: cash, bank debt, company share issue) Bidder: Restore Vendor: PHS Investments D - Barclays Bank - Restore, Royal Bank of Scotland - Restore, B - Cenkos Securities, Cenkos Securities - Restore, FA - Rothschild - PHS Investments, L - , Berwin Leighton Paisner, Blake Morgan - PHS Data Solutions, Brabners - Restore, Memery Crystal, Travers Smith - PHS Data Solutions 5 May 2016 £82m acquisition of Towers Business Park (finance: existing / not disclosed) Bidder: Kennedy Wilson Europe Real Estate C - Lone Star Funds - Towers Business Park 17 Feb 2016 (Pending) £80m acquisition of WR Evans (Chemist) (finance: cash, bank debt) Bidder: PCT Healthcare A - BDO - PCT Healthcare, Deloitte - WR Evans (Chemist), D - Royal Bank of Scotland - PCT Healthcare, FA - Abrams Ashton - PCT Healthcare, BDO - PCT Healthcare, Deloitte - WR Evans (Chemist), Springboard Corporate Finance - WR Evans (Chemist), L - - PCT Healthcare, Eversheds - WR Evans (Chemist), Shoosmiths 1 Jun 2016 £78.59m acquisition of LeanLogistics Inc (finance: existing / not disclosed) Bidder: Kewill Topco Vendor: Brambles L - Fried Frank Harris Shriver & Jacobson - Kewill Topco, Hughes Hubbard & Reed - Brambles, McCarthy Tetrault - Kewill Topco 4 May 2016 £78.5m acquisition of InVesting BV (finance: cash, bank debt) C - HAL Holding NV - Arrow Global, L - - Arrow Global Bidder: Arrow Global 23 Jun 2016 (Pending) £74.24m acquisition of safety business of Wilhelmsen Maritime Services (finance: existing / not disclosed) Bidder: Survitec Vendor: Wilh Wilhelmsen Holding ASA L - Bird & Bird - Wilhelmsen Maritime Services AS, Latham & Watkins - Survitec 27 Jun 2016 (Pending) £70m acquisition of UK operations of Fitness First (finance: cash) Bidder: Dave Whelan Sports C - Oaktree Capital Management - UK operations of Fitness First, FA - HSBC Bank, Harris Vendor: Fitness First Luxembourg SCA Williams & Co, L - - Fitness First 20 May 2016 £65m acquisition of ANS (finance: cash, bank debt) D - Royal Bank of Scotland - Project Daytona Bidco, FA - Ballard Evans Corporate Finance - Bidder: Project Daytona Bidco Project Daytona Bidco, Peterhouse Corporate Finance - ANS, L - Addleshaw Goddard - Project Daytona Bidco, Slater Heelis - ANS, Weightmans - Project Daytona Bidco TOP ACQUISITION DEALS ACQUISITION TOP

8 Jun2016 12 May2016 10 Feb2016 6 Apr2016 15 Apr2016 9 Aug2016 5 Jul2016 3 Jun2016 26 Apr2016 4 Aug2016 1 Dec2015 22 Aug2016 10 Mar2016 24 May2016 29 Jul2016 16 Sep2016 7 Apr2016 16 Jun2016 5 Sep2016 1 Sep2016 7 Mar2016 9 Dec2015 31 May2016 29 Jun2016 29 Apr 2016 Apr 29 20 May2016 15 Aug2016 Date Deal

Bidder: Real EstateInvestorsVendor: LloydsBanking £20m acquisitionofMarket ShoppingCentre(finance: cash) Bidder: IndustrialsUKLP Vendor: NetworkSpace £20m acquisitionofCompass IndustrialPark andLeaGreenBusinessPark (finance:existing/notdisclosed) Bidder: CountryCourtCareHomesVendor: LNT £20m acquisitionoffoursitesacrosstheSouthEngland (finance:existing/notdisclosed) Bidder: Rockspring Property InvestmentManagersVendor: MinervaTrust £21m acquisitionofthreeindustrialpropertiesinNewcastle-under-Lyme (finance:existing/notdisclosed) Bidder: VistaFund Vendor: Rowlinson Constructions (Pending) £23macquisitionofManchesterWaters inTrafford (finance:existing/notdisclosed) Bidder: Tritax BigBoxREIT £23.5m acquisitionofdistributionfacility(finance:bankdebt) Bidder: DelphProperty Vendor: FortisDevelopments £25m acquisitionofa15storeyapartmentbuildingintheGreenQuarterManchester(finance: existing/notdisclosed) Bidder: HexpolAB £25m acquisitionofBerwin(finance:cash) Bidder: WilliamPears Vendor: Home £25m acquisitionofprivaterentedsector(PRS)portfoliointheNorthEastEngland(finance: existing /notdisclosed) Bidder: SGFleetUK £25.7m acquisitionofFleetHire(finance:bankdebt,cash,vendorplacing) Bidder: Hotelplan(UK)Vendor: Cox&Kings £25.8m acquisitionofRegal DivingandTours (finance:existing/notdisclosed) Bidder: Lookers £27.2m acquisitionofKnightsNorthWest (finance:cash) Vendor: Restore Bidder: OffsiteArchiveStorageandIntegratedServices(Ireland) £27.9m acquisitionofRestore DocumentManagementIreland (finance:cash) Bidder: Scapa £28.86m acquisitionofEuroMedInc(finance:cash) Bidder: StrideGaming (Pending) £30macquisitionof8BallGames(finance:cash,vendorplacing) Bidder: DechraPharmaceuticals (Pending) £31.34macquisitionofApexLaboratoriesPty(finance:cash) Bidder: HindustanUnileverVendor: MosonsExtractionsPvt £32.93m acquisitionofIndulekhaoperationsMosonsExtractionsPvt(finance:existing/not disclosed) Vendor:Bidder: HANSAINVESTHanseatischeInvestment-GmbH PK2Holding £34.8m acquisitionofdistributionwarehouseatAirportCity(finance:existing/notdisclosed) Bidder: WhitworthVendor: Carr’s FlourMills(finance:cash) £36m acquisitionofCarr’s Bidder: ApriroseVendor: StandardLife £36m acquisitionofGreyhoundRetail Park (finance:existing/notdisclosed) Vendor: InfraredCapitalPartners Bidder: Rockspring Property InvestmentManagers £38.4m acquisitionofClaytonSquareShoppingCentre(finance:existing/notdisclosed) Bidder: Tritax BigBoxREIT £42.38m acquisitionofMatalanDistributionCentre Bidder: DignityVendor: Co-operative (Pending) £43macquisitionofportfoliofivecrematoria(finance:cash) Bidder: GB (Pending) £45macquisitionofIDScanBiometrics(finance:cash,companyshareissue) Bidder: JohnsonService £52.6m acquisition of Portgrade (finance: cash, bank debt) bank cash, (finance: Portgrade of acquisition £52.6m Bidder: Lookers £55.4m acquisitionofWarwick (finance:cash) Bidder: ConvivialityBrands £60m acquisitionofBibendumPLB(Topco) (finance:cash,companyshareissue)

B -InvestecBankJohnsonService,FA -InvestecBankJohnsonService,MitchellCharlesworth Investors, L-MillichipsReal EstateInvestors FA -Liberum Capital-Real EstateInvestors,Smith&Williamson CorporateFinance-Real Estate L -WinckworthSherwoodVistaFund FA -AkurPartners -Tritax BigBoxREIT, JefferiesInternational-Tritax BigBoxREIT Addleshaw Goddard-HexpolAB,MannheimerSwartlingTLT -Berwin FA -DeloitteHexpolAB,DowSchofield Watts -Berwin,GrantThorntonHexpolAB, L -MuckleHome ThinkingLegal-FleetHire Mallesons -SGFleetUK, FA -CatalystCorporateFinanceFleetHire,SentioPartners -SGFleet,LKing&Wood FA -BDOCox&Kings FA -Cenkos Securities-Restore, L-ArthurCoxRestore, Brabners-Restore B -NumisSecuritiesScapa,FA -NumisSecuritiesScapa 8Ball Games,HowardKennedy-StrideGaming FA -AkurPartners -8BallGames,CanaccordGenuityHawkpointStrideGaming, L-HillDickinson B -CanaccordGenuityHawkpointStrideGaming, ShoreCapitalStockbrokers -StrideGaming, FA -LazardHindustanUnilever L -OlswangInfraredCapitalPartners, OsborneClarke -InfraredCapitalPartners FA -AkurPartners -Tritax BigBoxREIT, Jefferies-Tritax BigBoxREIT Gordon CorporateFinance-Dignity, PwC-Dignity, L-Pinsent Masons-Co-operative B -InvestecBankDignity, Panmure Gordon-Dignity, FA -InvestecBankDignity, Panmure Squire Patton Boggs-GB B -Peel Hunt-GB,FA -Peel Hunt-GB,LIrwinMitchell,OsborneClarke -IDScanBiometrics, Corporate Finance-Portgrade, L-HillDickinsonJohnsonService,Weightmans -Portgrade FA -UHYHacker Young -Warwick DLA Piper -Conviviality, Eversheds,-BibendumPLB(Topco) B -InvestecBankConviviality, FA -InvestecBankConviviality, ZeusCapital-Conviviality, L- Advisers

ACQUISITION STRATEGIES

Source: ExperianMIQ 2016 L -

TOP ACQUISITION DEALS NORTH WEST 11 12 PRIVATE EQUITY & VENTURE CAPITAL

How to get the most out of private equity investment

Private equity firms can bring much-needed cash into a business and also provide invaluable expertise, knowledge and skill into the boardroom. We take a look at how and why this can be transformational for a business

rivate equity finance has been ©Shutterstock.com sorts of companies, and in all sorts of firmly on the map for a number sectors and stages of development. Pof years, with businesses receiving Sometimes it is there at the startup funding from private equity firms in all stage but the majority of investments regions of the UK. This resurgence are in management buyouts and continues to this day with private equity buy-ins, ranging in value from more firms providing not only cash, but than £100m to £1m (although these expertise in getting companies’ growth are rare). going in the right direction. For many businesses in the UK, HOW SHOULD A BUSINESS especially small ones, private equity OWNER APPROACH PRI- remains off the radar of many owners VATE EQUITY INVESTMENT? who are looking for investment. True, banks are beginning to lend more Before entering into a deal with a pri- readily, but most analysts will say the vate equity investor, businesses need UK is still over-reliant on traditional to do their research on the investor first. bank debt. All the private equity firms will have Many entrepreneurs may well information about other investments be wary of giving up equity in their they have made and how these invest- business, fearing a loss of control over ments are performing. The portfolio decisions. But there a many others companies, as they are called, will give who have taken on equity investment a good indication of whether the private and know their business would never equity firm is a good ‘fit’. have achieved the scale and vision A business owner should look for without it. investors who would not only support it, but help them take the business WHAT DO PRIVATE EQUITY to next level. Some owners will feel FIRMS INVEST IN? uncomfortable with the private equity business and what the investment will investor taking too much control, so Private equity finance is provided in bring to the company in terms of restruc- the level of responsibility and control return for an equity stake in potentially turing the management team, investing needs to be carefully considered by high-growth companies. Firms typically in new equipment or in targeting new all parties. look to invest majority stakes in under- markets. A common strategy that a pri- Private equity and venture capital performing companies that have the vate equity firm will bring to a business is strongly represented in the North potential for high growth. is growth through acquisitions. West: many nationally focused firms The private equity investor will often Growth is achieved by working with have regional offices in Manchester or have a very strong track record in particu- the company’s management team to Liverpool. Among those with a strong lar sectors and will therefore be able to improve performance and strategic presences in the North West are LDC, see very clearly the relative strengths direction, making complementary invest- ECI Partners, Palatine Private Equity, and weaknesses of the business. It will ments and driving operational improve- Seneca Partners, Inflexion, Livingbridge

PRIVATE EQUITY & VENTURE CAPITAL & EQUITY PRIVATE also look at how it can improve the ments. Private equity firms invest in all and NVM Private Equity. PRIVATE EQUITY & VENTURE CAPITAL 13

Date Deal Advisers xxxx

5 Jul 2016 £209m acquisition of Energy Assets (finance: cash, bank debt, venture capital) Bidder: Euston BidCo C - Alinda Capital Partners - Euston BidCo, Henderson Global. Investors - Energy Assets, Macquarie Capital - Energy Assets, Marlborough Fund. Managers - Energy Assets, Old Mutual - Energy Assets, FA - EY, Evercore. Partners - Euston BidCo, Numis Securities - Energy Assets, L - Linklaters, Pinsent Masons - Euston BidCo 15 Feb 2016 £185m secondary at Citation (finance: cash, venture capital) Bidder: HG Capital Vendor: Caesar Topco C - ECI Partners - Citation, HG Capital, FA - DC Advisory, Dean Street Advisers, Deloitte, Rothschild & Co, L - Addleshaw Goddard, Weil Gotshal & Manges 20 Jun 2016 £60m of development capital for F2G (finance: cash, venture capital) C - Advent Life Sciences - F2G, Aisling Capital - F2G, Brace Pharma Capital - F2G, Merifin Capital - F2G, Novartis Venture Fund - F2G, Novo A/S - F2G, Sectoral Asset Management Inc - F2G, Sunstone Capital A/S - F2G 18 Mar 2016 £50m investor buyout at MPM Products (finance: cash, venture capital, bank debt) Bidder: ECI Partners C - ECI Partners, D - HSBC, FA - KPMG, PwC - MPM Products, L - Addleshaw Goddard - MPM Products, Gordons - MPM Products, Squire Patton Boggs 9 Jun 2016 £50m secondary buyout at New World Trading (UK) (finance: cash, venture capital) Bidder: Graphite Capital C - Graphite Capital, LDC - New World Trading (UK), FA - AlixPartners - New World Trading (UK), Dow Schofield Watts - New World Trading (UK), L - DWF - Graphite Capital 4 Apr 2016 £40m secondary buyout at Morecambe Leisure 1 (finance: cash, venture capital, bank debt) Bidder: Project Rock Bidco C - Palatine Private Equity - Project Rock Bidco, RJD Partners - Morecambe Leisure 1, D - NORTH WEST Toscafund - Verdant Leisure, Yorkshire Bank - Verdant Leisure, FA - Clearwater International, KPMG, L - DWF - Verdant Leisure, Gateley, - Morecambe Leisure 1 2 Dec 2015 £32.61m of development capital for Avecto (finance: cash, venture capital) C - JMI Equity Inc - Avecto, FA - Results International - Avecto 30 Nov 2015 £20m of development capital for Raphael Health Care (finance: cash, venture capital) Vendor: RHC (2012) C - HSBC - Raphael Health Care, L - Browne Jacobson - Raphael Health Care 15 Jul 2016 £18m investor buyout at Seafood Pub (finance: cash, venture capital, bank debt) Bidder: Penta Capital A - Mazars, C - Penta Capital - Seafood Pub, D - Royal Bank of Scotland 16 Feb 2016 £15m of development capital for Akarna Therapeutics (finance: cash, venture capital) C - Forbion Capital Partners - Akarna Therapeutics, New Science. Ventures - Akarna Therapeutics, Third Point Ventures - Akarna Therapeutics 14 Dec 2015 £11.37m of development capital for Realitymine (finance: venture capital, cash) C - GP Bullhound Sidecar - Realitymine, Kennet Partners - Realitymine, Greater Manchester Combined Authority - Realitymine, FA - GP Bullhound - Realitymine, L - Weightmans - Realitymine 4 May 2016 £10m of development capital for Sofology (finance: cash, venture capital) C - Business Growth Fund - Sofology, L - Addleshaw Goddard, Brabners - Sofology, DWF - Sofology 8 Aug 2016 £10m of development capital for Kids Planet Day Nurseries (finance: cash, venture capital) C - Business Growth Fund - Kids Planet Day Nurseries, L - HRC. Law - Kids Planet Day Nurseries, Pinsent Masons 13 Jan 2016 £8.65m of development capital for Digital Blurb (finance: venture capital, cash) C - Accel Partners - Digital Blurb, Balderton Capital - Digital Blurb, Episode 1. Partners - Digital Blurb, Samos Investments - Digital Blurb 4 Mar 2016 £8m investor buyout at Douglas Gillespie Plant (finance: bank debt, cash, venture capital) Bidder: Douglas Gillespie C - CorpAcq - Douglas Gillespie, D - PNC Financial Services Inc - Douglas Gillespie, L - , - Douglas Gillespie, Fieldfisher - Douglas Gillespie, Mills & Reeve 23 Jun 2016 £6.5m of development capital for EpiStem (finance: cash, venture capital) C - Calculus Capital - EpiStem, FA - Peel Hunt - EpiStem 30 Jun 2016 (Pending) £5.35m of development capital for eMoneyHub (finance: cash, venture capital) C - Crowdcube Ventures - eMoneyHub, L - Fieldfisher - eMoneyHub 9 Jul 2016 £4m of development capital for Better Bathrooms (UK) (finance: cash, venture capital) C - Business Growth Fund - Better Bathrooms (UK) 13 Sep 2016 £4m of development capital for Customs Connect (finance: cash, venture capital) C - NVM Private Equity - Customs Connect, FA - Convex Capital - Customs Connect, RSM, L - Myerson - Customs Connect, Shoosmiths - Customs Connect 5 May 2016 £3.85m of development capital for MyParcelDelivery (finance: cash, venture capital, bank debt) C - NVM Private Equity - MyParcelDelivery, Praetura Capital - MyParcelDelivery, Seneca Partners - MyParcelDelivery, D - Greater Manchester Combined Authority - MyParcelDelivery, FA - Grant Thornton, L - Gateley - MyParcelDelivery, - MyParcelDelivery, gunnercooke 8 Jul 2016 £3.3m of development capital for High Access Maintenance (finance: cash, venture capital) C - Business Growth Fund - High Access Maintenance, L - Brabners, Nexus - High Access Maintenance 4 May 2016 £3m of development capital for Blueberry Therapeutics (finance: cash, venture capital) C - Greater Manchester and Cheshire Life Sciences Fund - Blueberry Therapeutics, InClin Investments - Blueberry Therapeutics, L - Slater Heelis - Blueberry Therapeutics, Ward Hadaway TOP PRIVATE EQUITY DEALS EQUITY PRIVATE TOP Qualification: £3m value or above Source: Experian MIQ 2016 PRIVATE EQUITY 14 Lyceum CapitalandLDC Investment inSynexusby to capitalise fully on opportunities. to capitalisefully onopportunities. infrastructure andoperationalstrategy Lyceum believedit lacked thescale, in agrowing market. However, it wasacompanywithgreat potential Capital invested in Synexus because Capitalin an£18m deal. Lyceum AIM, wasacquired by Lyceum organisations. biotechnology andcontract research of severalinternational pharmaceutical, large, complexclinicaltrialsonbehalf It enrols andmanagespatientsfor agement organisation basedinChorley. enrolment andinvestigator site man- investment in Synexus, thepatient In 2007 Lyceum Capitalmadean NOVEMBER 2007 Insider hearshowprivateequityinvestmentfuelledthegrowthofasuccessfulNorthWest company The business,whichwaslisted on bolt-on acquisitions. Duringthistime new therapy areas and makingseveral grew thecompany rapidly, pushinginto in 2014. depreciation hit £7.8m andamortisation And earningsbefore interest, taxes, increased revenues from £17m to £41m. end of 2011 to 2014. £125m to more than£140m from the order book by more than contracted The companyalsoincreased its eight countriesby theendof 2014. had 13 sites but had25 sites in cialists intheworld. one of theleadingclinicaltrialsspe- was transformed into unquestionably Over eight thenext years, Lyceum Over thesameperiod, Synexus has At thetimeof theinvestment, Synexus With Lyceum’s backing,thebusiness the organic growth of the business. strategy, LDC’s investment supported addition to atargeted buy-and-build and achieveexceptionalgrowth. In forefront of clinicaltrialresearch services it to consolidate itspositionat the infrastructure andIT, which enabled long-term investment inresources, in March 2016. buyout withLDC. The dealcompleted the companyinan£83msecondary 2015,In February Lyceum Capitalexited FEBRUARY 2015 a ‘hyper-growth’ business. as business growth service, advisory Accelerator, theUK government’s Synexus wasrecognised by Growth LDC supported thecompanywith LDC supported of Research Across America(RAA). tenure of Synexus wasthe acquisition at £178m. lowing thedeal Synexus wasvalued generated a2.3x multiplefor LDC.Fol- transaction LuxembourgSARL. The the businessto Jaguar HoldingCompany Less than18 monthslater, LDCsold JUNE 2016 drug development for patients.” thattrial support canhelpaccelerate of businessesoffering clinical expert Synexus isleadinganewgeneration an excitingarea for investment and research anddevelopment. This is ageing populationsandincreasing is set for significant growth, driven by the rapidlyexpandingbiotech sector, said: “Thepharmaindustry, alongside operations.” of investment inour infrastructure and significantto take opportunity advantage biotech businesses,whichprovide a of theworld’s leadingpharmaand to therapy development withinsome acquisition: “Our are services critical tive of Synexus, saidat thetimeof the market-leading positioninEurope. and Romania,strengthening its research centres inBulgaria,Poland Synexus openednewdedicated ADVISERS 2015 support thetransaction. support provided debtfacilitiesto Bluebay andHSBC n LEK n KPMG n n n n n EY n Deloitte One of thekey elementsto LDC’s Ged Gould,wholedtheLDCteam, Dr chief Christophe Berthoux, execu- Travers Smith Fairmount Partners DLA Piper Dr. RegenoldGmbH moving forward.” created astrong platform to buildon Our timeworkingwithLDChas and thisiswhere Synexus canhelp. quickly andcost-effectively aspossible, to bringnewdrugsto market as support. islooking The pharmaindustry also provided invaluable strategic only global SMOs, andtheteam has extremely strong positionasoneof the Europe, puttingthebusinessinan us to drivegrowth across theUSand financial backingof LDChasenabled substantial growth.” a company’s proposition anddrive with private equitycanstrengthen strates howworkinginpartnership unique positionandthisexit demon- organisationSynexus isinatruly (SMO), world’s leadingsite management of intheUSearlier RAA this year. Asthe areas of withtheacquisition expertise geographical presence andtherapeutic organic growth andexpandingits form expectations,deliveringstrong the businesshascontinuedto outper said: “Sinceour investment in Synexus, customers. tial patientsworldwideonbehalf of its to accessmore than79 millionpoten- by Synexus. This enablesthebusiness research centres, 25 of whichare owned international network of 92 dedicated than 850staff andoperates viaan dermatology andgenetics. inareasadditional expertise suchas the USaswellproviding it with March 2016, enabled Synexus to enter This deal,whichwascompleted in ADVISERS 2016 n n Berthoux ofBerthoux Synexus added:“The Draper,Martin chief executive of LDC, Today thebusinessemploys more DLA Piper NM Rothschild

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CASE STUDY CASE TIMELINE: Company Luxembourg Sale to Jaguar Holding £83m LDC secondary £83m LDCsecondary £18m Lyceum Capital SARL (LDCexits) buyout (Lyceum Capital exits) 2007 2016 2015 November acquisition February June

CASE STUDY 15 16 PART 2: INTRODUCTION

Selling your business

There is a great deal more to selling your business We look at some of the common pitfalls to avoid than just advertising it. Making sure your business when preparing to sell. One of the most important is in the best possible shape takes skill, attention aspects of this is the due diligence process, a deep to detail and good professional advice. look into the financial trading history and financial Any prospective buyer or investor in a business stability of a company. The aim is to expose any will need to be convinced that they are not taking unseen elements of the company’s balance sheet a risky punt and that their money is being invested that might affect the valuation of the business. in a well-managed, efficient and growing company. It is designed to satisfy the buyer that the business Getting a business ready for sale takes time, effort isin the healthy state that it claims to be in. and a well-thought-out strategy. Being properly The final part of this section is devoted to the prepared means following some tried-and-tested valuation of the business. This is never an exact rules that will ultimately make the difference between science – a business will only be worth what a a ‘good’ or a ‘bad’ sale. purchaser is willing to pay for it – but there are ways We highlight some of the important elements of determining an accurate and reliable valuation to preparing a business for sale. Once the decision and a realistically achievable multiple. to sell has been made, there is a clear sale process We focus on how businesses are valued, how that business owners and management teams need valuations across different sectors are made and to go through – how to plan, prepare, negotiate and what owners can do to maximise the value of their complete the deal. businesses.

©shutterstock.com SELLING YOUR SELLING YOUR BUSINESS SELLING A BUSINESS 17

It’s all in the preparation ©Shutterstock.com Selling a business sounds easy in principle but there are many critical factors that determine whether a sale will be a success or not. We look at some of these factors and point to some important must-do’s for all business owners who are looking to sell

aking sure your business is in TYPES OF SALE owners do not want to keep all their the best possible position eggs in one basket. Mfor sale takes skill, attention First, let’s look at some options for what to detail and good advice. And knowing kinds of sale are available. (MBO) when to sell is just as important as MBOs are when management teams knowing how. TRADE SALE buy ownership of the business. This Of course, the choice of timing may A trade sale involves the business (or can make sense because the man- well be dictated by personal circum- parts of the business) being sold to agement team should fundamentally stances, but whether it’s a snap decision another company, generally one that understand the business and know how or something that you’ve been operates in the same sector. It is the it can be taken to the next phase of its considering for a while, the principles most common type of sale, and for many development. Although this might well and ground rules for success are the is the best way of getting a good price. provide the selling owner with comfort same, and it all needs careful, detailed The business might be a potential that the business is in safe hands, the thought and preparation. target for a takeover by a larger com- highest price is not always realised in The key is to ensure that your petitor or a company that sees it as a this type of sale. (For further details of business is an attractive proposition means to advance its own sales and MBOs, see page 28.) for potential buyers, so getting your growth by tapping into your company’s business in the best possible shape client base. PRIVATE EQUITY BUY-IN in order to attract the best possible Owners of businesses considering OR BUYOUT sale price is critical. a sale should reflect on where their Private equity firms typically look to invest It also takes time, so preparation potential buyers will come from. It is in companies that have the potential should be started well in advance. common for buyers to come from the for high growth. The private equity firm Good planning is essential to achieve same sector, where the synergies of the will aim to deliver growth by working a successful sale. It sounds obvious two businesses are clear and where with the company’s management team but it’s surprising how many potential the core competencies and skills of the to improve performance, strategic sales fail through a combination of business being sold can be applied direction and so on. poor planning and ill-judged manage- to the new company to aid its expan- A private equity deal might involve ment decisions. sion. These synergies will make the the owner selling only a share (majority Any prospective buyer or investor business an attractive proposition for or minority) of the business, and may in a business – be it an outright the buyer. include them being retained in, for acquisition, management buyout or There may also be potential buyers instance, a chairman role, so selling joint venture – needs to be convinced who operate in other sectors but who to private equity may be the preferred that they are not taking a risky punt but see the business as a good way of option for those not wishing to cut and are putting their money into a well-man- diversifying into a new sector. It’s worth run completely. (See the Private Equity

aged, efficient and ‘clean’ company. remembering that some business feature on page 12.) BUSINESSSELLING A 18 SELLING A BUSINESS

FLOTATIONS For firms that have achieved high growth over a short period of time, flotation on the London Stock Exchange can be an attractive option. It is a more complex and time-consuming process, and is typically part of a strategy for raising funds to grow the business, rather than simply selling out.

THE SALE PROCESS

There are four key stages in the sale process: Preparation – grooming the business for sale, ensuring the timing is right and drafting an information memorandum about the business. The preparation for this should start well in advance, ideally something like a year before the anticipated sale. The owner should display clear leadership with of the business will want to be regularly EMPLOYMENT this, and ensure that a strong manage- informed of progress and be able CONSIDERATIONS ment team is in place to continue the to influence and intervene where day-to-day running of the business. necessary. One of the most challenging aspects Once both personal and the business’ Completion – involving the drafting for any business owner looking to sell objectives have been clearly defined, of contracts, financial agreements, due is what happens to the employees it should be easier to work out a diligence and contract signatures. when the business changes ownership. timeframe and roadmap for the sale According to Andrew Rayment, process. A typical sale may well take a THE SALES INFORMATION employment partner at Walker year, sometimes more, but there is no MEMORANDUM Morris, there are three common areas hard-and-fast rule that determines this. of concern that crop up. Market testing – researching This is the selling document that sets The first is deficiencies in the potential purchasers and making initial out what the business is all about and documentation and arrangements for approaches. This part of the process what its full potential might be. The protecting business information and will be carried out by the appointed business’ financial record is naturally relationships. Rayment says: “Too often advisers, which should be in place 12 one of the most significant pieces of the provisions which are put in place months in advance of the sale. Market the memorandum, as buyers generally to protect business-critical matters are testing involves understanding where want smoothly increasing profits with deficient, meaning there is a risk of the business fits in the market and how good growth potential. They want to key people or information leaving the it compares with its competitors. A long, see a well-organised structure, strong business. hard, objective view of the business, sales and growth potential, all backed “That can be relatively easily ad- the sector it is in, how it is performing by strong management. dressed by having proper restrictive against the competition and the overall Presentation of the memorandum is covenants and clauses to deal with economic landscape at the time will extremely important. Product literature, confidential information.” determine whether the time and condi- charts and tables are much more The second issue is the increasing tions are right for a successful sale relevant than pages and pages of focus on immigration and right to work. to be realised. management accounts. But the over- Rayment believes that this “is moving Negotiation – the detailed evalua- arching advice is to neither include any up the red-flag list, since – as well as tion of interest levels, receiving offers, misleading information nor deliberately the spectre of criminal liabilities and negotiating and reaching agreement conceal certain details, because the significant fines – one can end up with in principle. This, again, will be led by the memorandum will be subject to scruti- a situation where a business-critical

SELLING A BUSINESSSELLING A advisers, but a good, strong owner ny by the buyers’ advisers. individual no longer has the right to 19

work in the UK – this can mean that Whatever tax changes are proposed, the business which has been bought it is important to ensure they are can't function.” in place 12 months prior to the sale. The third issue, which is of increasing A failure to put things in place prominence, is ensuring that all of the early enough will affect the outcome regulations relating to lower-paid em- considerably. ployees have been properly dealt with. Rayment says: “Although the amount PROFESSIONAL ADVISERS of money owing for one particular individual might not be very large, if Owners of businesses are usually there are systemic problems across immersed in the day-to-day running the whole workforce – such as in and will have little time to think about relation to holiday pay or allowances, and prepare for a sale. Engaging a travel time and so on – the amounts trustworthy professional adviser will can be very significant. It can also allow much of this early thinking and trigger reputational damage – just look preparation to be done. at Sports Direct – and fines.” A good lead adviser – typically a corporate finance expert – with

©Shutterstock.com TAX CONSIDERATIONS good people and dealmaking skills is worth their weight in gold. Not only Business owners who are selling up will they co-ordinate all the complicated wish to minimise the amount of tax sales negotiations and plot a path THE CHECKLIST they will be liable for after the sale has through the sticky legal and financial been completed. The amount of tax issues, but they will take the 1. Is this the right time to sell? owed to HMRC may well be the deter- pressure on the sale from the business 2. Are market conditions and the mining factor as to whether the sale owner, even if the owner still insists performance of the business is a success or not. on taking control of the sale process. strong enough? One important issue is whether the In choosing the advisers – particu- owner is selling shares in the business larly the lead adviser – gauging 3. Have you prepared for the or selling the assets. It is more tax- experiences and getting references sale early enough? efficient for a seller if they are selling from previous happy customers 4. Are your business plan and the shares. If they are selling the as- is essential. The lead adviser will also Sales Memorandum robust sets, they will be liable for income tax be useful in helping to recommend and credible with realistic or corporation tax (when the proceeds other members of the external team, targets? are taken out of a company, either as usually those they have worked with 5. Do you know the market and property or cash) on the transfer. in the past. where the buyers are? There are two options in getting The word that all pundits use in 6. Do you have long-term con- profit out of the company: the seller selecting a team to sell a business tracts that will give potential can either take it as a wage (and pay is ‘trust’: these experts will be given buyers confidence and PAYE on this) or draw a dividend (and access to the company’s most certainty? pay corporation tax and income tax). private information and secrets, perhaps When selling the assets of a business, including some that the business 7. Is your management team the owner will therefore need to consider owner would rather were kept from strong enough? their income tax and corporation tax public knowledge, while being given 8. Are your processes efficient liabilities. But there are legal alternatives the task of getting the best outcome. and streamlined? that will be put forward by their finan- Failure to prepare properly – a failure 9. Have you taken good profes- cial adviser. to have all the tools available to sional advice and acted on it? The advisers are obliged to fully negotiate from a position of strength disclose tax planning to HMRC, which and a failure to engage high-quality 10. Before you sign on the dotted not only gives the seller a degree of advisers with strong track records – line, has full and proper due comfort but will also reduce the expo- will inevitably lead to accruing less diligence been carried out? sure to any retrospective tax liabilities money from the sale of a business.

once the sale has been completed. BUSINESSSELLING A TM

rosebud business solutions combines fl exible fi nance with customised support and advice to help your business grow. Investment Fund and Boost – Lancashire’s business growth hub. We help growing companies to develop technology and Contact rosebud to start growing your innovation, acquire plant and equipment, and complete business. It’s in your hands. mergers and acquisitions. Tel: 01772 536651 We can also connect you with other support and funding Web: www.lancashire.gov.uk/business options from the Lancashire Enterprise Partnership, the Email: [email protected]

Northern Powerhouse comms: 4366 TM

rosebud business solutions combines flexible finance with customised support and advice to help your business grow. Investment Fund and Boost – Lancashire’s business growth hub. We help growing companies to develop technology and Contact rosebud to start growing your innovation, acquire plant and equipment, and complete business. It’s in your hands. mergers and acquisitions. Tel: 01772 536651 We can also connect you with other support and funding Web: www.lancashire.gov.uk/business options from the Lancashire Enterprise Partnership, the Email: [email protected]

Northern Powerhouse comms: 4366 22 DUE DILIGENCE

Hard scrutiny brings positive results

A deep delve into what a business does and how it does it may seem daunting, but a thoroughly robust due diligence exercise can add even more value to the business. We look at some of the issues that need to be considereed

buyer will always want to take a long, deep look into the Afinancial trading history and financial stability of a company. The aim is to expose any unseen elements of the company’s balance sheet that might affect the valuation of the busi- ness. It is designed to satisfy the buyer that the business is in the healthy state that it claims to be in. From a seller’s point of view, if nothing untoward is discovered you give the buyer no reasons to downgrade the value of the transaction. From a buyer’s perspective, it reassures that the busi- ness is worth the investment. Due diligence is therefore an essential part of the sale process. It is particularly business being reduced. Advisers will used when there is a private equity often say that the supply of accurate element to the sale. In these cases it in the Information Memorandum to the information at the due diligence stage is very often the seller of the business historical trends of the business as set will ensure the valuation remains at the (the owner) who conducts their own out in the business plan. level required. due diligence on the business, even So what might a seller’s due diligence The scope of a seller’s due diligence before the company is put on the uncover? This is a question that a should also include any liabilities such market. Carried out by their financial business owner needs to consider as staff pensions, disputes with any advisers, this due diligence exercise quite carefully, because the process major clients and bad debt issues. will provide the owner with the real will be shining a light into what could In addition, the extent to which the pointers to where the strengths and, be termed the dark recesses of business relies on the owner (for client perhaps even more importantly, the the business, and these of course may reassurance or market knowledge, for weaknesses that can have a negative hide some awkward skeletons. instance) and the weakness of the impact on any future sale. These can be inconsistencies in the management structure beneath the One of the great benefits of this early company’s financial reporting regime, owner will impact on the attractiveness self-due diligence is that it gives sellers so the owner should ensure that the of the business for a buyer. greater control of the sales process, quality of the information provided for Legal aspects of the due diligence rather than handing the initiative over buyers is fit for purpose. are imperative. Ensuring that employment to potential buyers. The due diligence Uncovering these issues at this policies along with data protection, report can be used as an ‘honest’ early stage and being able to rectify anti-bribery and health and safety pro- analysis of the state of the business, them will save time and costs later on, cedures are robust will have significant

DUE DILIGENCE linking the financial strengths set out as well as the risk of a valuation of the benefits to the sale of the business. 23

“A benefit of early self- due diligence is more control of the process, rather than handing the initiative to buyers.”

It is also wise to carry out a full review of Companies House records, as well as ensuring any regulatory legislation is fully complied with therefore have a clear incentive not to sell (depending on the sector that the to anyone who doesn’t have the true business operates in). Good legal ethos of the business and the welfare advice will be worth investing in to of the staff at heart. These things can have all these issues ironed out. ©Shutterstock.com be important. The time invested in the due diligence The buyer’s financial status is crucial at this early stage will be well worth it It can be argued that the smaller the to ensuring that the sale progresses as the sales process gets under way. business, the more important the seller’s smoothly and they should be prepared For one thing, it will significantly reduce due diligence becomes. The cost and to open up their books to any seller. the time spent constantly answering time that preparing a business for sale Up-to-date records on the buyer’s questions posed by a potential buyer. can incur can have less impact on the credit history need to be scrutinised as Despite it being time-consuming business at the point of sale if the seller closely as their business plans for the and perhaps distracting for the owner due diligence is done well in advance. business. and the management team, early due Of course, a seller will often want to All this work will be made all the more diligence by the seller it will reap benefits conduct due diligence on the potential easy and robust with the support later in the process and free up buyers of the business. An owner may and assistance of good-quality advisers management time to concentrate on well have built the business from scratch, with strong credentials and a track theday-to-day running of the business have a loyal workforce which may have record in supplying due diligence work

during the sale process. been with them from the start and for selling companies. DUE DILIGENCE 24 VALUATIONS AND MULTIPLES

Extracting maximum value for your business Every business owner that is looking to sell will have at least some idea of what it’s worth. But there are a host of complexities and technicalities that lie behind the true value of a business. Here we provide some advice on understanding some of this

hat a company is worth – or what a valuation is calculated Won – depends on a number of factors. It’s no surprise to learn that a growing business in a sector with good prospects will be more highly valued than a more mature business in a declining industry. You will never truly know the value of your business until it is sold. Valuing it before a sale has a degree of sub- jectivity, because this involves taking a future view. But there are some com- mon factors that will provide, if not a definitive value, one in which you can at least have reasonable confidence.

These factors include: • The company’s track record • The quality of its clients • The quality of the management team and other key staff • The length (and strength) of the ©Shutterstock.com future order book • Recent investments (eg. new machinery or IT) requirement for businesses; a buyer good-quality clients, a strong order • Potential future profit trends will not want it to be an added layer book and good potential for • The value of its net assets of bureaucracy and cost for them. future contracts or other revenue- (including property) • There is a weak management generating activity. • How competitors are performing structure in place. Potential buyers • Old and badly performing equipment. The value of the business will depend will be deterred not only by a lack of A lack of investment will reflect badly on the strength of these factors. strength or skills in the management on the business. team, but by signs of over-reliance • High staff costs. Buyers will want to DEPRECIATION FACTORS on the knowledge and client comfort know that the wage bill and future that the owner provides. salary expectations of employees There are a number of scenarios that • An over-reliance on one or two key are manageable within the constraints will de-value the business and should clients. A buyer will be concerned of the financial performance of the be considered carefully. if the business is existing on a small business. As a general rule, staffing • Its pension scheme is not properly client base. They will be looking costs should be no more than 50-55

VALUATIONS AND MULTIPLES VALUATIONS resourced. Auto-enrolment is a legal for long-lasting contracts with per cent of turnover. Q&A 25

Growth by acquisition - How do businesses achieve the value creation they hoped for?

Despite concerns that deal making may slow post-Brexit, and anecdotal evidence that specific sectors may be experiencing delays due to market uncertainty, overall investor attitude seems to be one of continuing to look at new opportunities as they arise and to invest where the case is strong in terms of growth and return. It is however more important than ever that acquisitions create sustainable value.

So when the deal has been done, the cash paid and the champagne drunk, what is next?

John Jones Integration Business acquisitions are frequently undertaken with an emphasis corporate partner on getting the deal done. Integration issues that might arise afterwards are often ignored or misunderstood. Yet they are crucial to making the acquisition worthwhile. Email: Creating shareholder value through corporate acquisitions means negotiating a john.jones@ beeverstruthers.co.uk deal that includes a favourable price and favourable terms, but it also requires a successful integration program.

The first 100 days post-acquisition This is when most acquisitions fail. A strategic review should be carried out to understand the difficulties that could arise post-acquisition due to differences in corporate cultures or business systems for example that can result in difficulty when integrating the acquirer and the target.

Overseas transactions Particularly tricky, not only due to potential cultural and language barriers, but also accounting and reporting issues. The acquirer should consider the effect that foreign currency matters, multiple jurisdiction tax implications, multi-GAAP reporting and macro-economic risk can have on the business going forward.

Distraction Acquirers often take their eye off the ball from running their own business in this critical period. To minimise operational risk there must be a solid plan based on targeted milestones on day 1, day 100 and beyond. Poor planning for the existing business as well as the new one is a key reason that acquisitions fail to meet the purchaser’s expectations.

So is it all worth it? A properly planned and executed acquisition can deliver increased market share and access to specialist equipment and skills more rapidly than organic growth, while also providing synergistic cost savings. But remember, the hard work starts as soon as the deal has been done. Q&A 26 VALUATIONS AND MULTIPLES

3. Valuation based on income This approach is based on the cash- flows that intangible assets held by a business would generate over the remainder of its life. It involves projecting the cashflows the assets should generate. However, an intangible asset can be valued only if it can be sepa- rated from the business or its people. For instance, technical knowhow may be in the heads of directors or certain employees, not in the business itself.

4. Valuation by cost This valuation is based on how much it would cost to buy or replace an asset owned by the business. This is an approach adopted mostly when pricing businesses dealing in intangible assets (eg. customer lists, software or research data).

©Shutterstock.com 5. What the market is prepared to pay The value of an asset should reflect • Lack of forward planning. A well- A multiple can be arrived at by the price for which similar intangible thought-out, realistic three-year plan analysing the value of similar companies assets were sold in a similar deal by needs to have been written and on the stock market, by looking at a similar company. Although this method aligned with future growth strategy. similar deals in the past and checking is quite simple and can sometimes average multiples published by the give a reasonably accurate valuation, Ultimately, a business will be worth Private Company Price Index from truly comparable deals are not always what a purchaser is prepared to pay, BDO, among other sources. available. No two businesses are the but there are ways of determining an same – even the closest of rivals will accurate and reliable valuation and 2. Discounted cashflow (DCF) differ in size, market position, brand a realistically achievable multiple. This is a popular method of determining awareness and investment levels. Getting an accurate valuation is an art a valuation for businesses that are Similarly, no two markets are exactly that an increasing number of business well-managed, asset-rich and have the same. owners are picking up, with much predictable incomes. more awareness of various processes. A value is calculated over the invest- 6. The sector standard There are several options that can ment period, using the expected Standards of valuations have become be used – in no particular order: cash return, less a discount for the time the norm in certain sectors. One is the value of cash. It can be used to set professional services sector, in which 1. EBITDA current value according to estimated firms typically use a multiple of gross Perhaps the most commonly used future cashflows. recurring fees to calculate their worth. method of calculating value. DCF is useful if a business has a dif- EBITDA (earnings before interest, tax, ferent growth rate or profile to its rivals. 7. Looking at net assets depreciation and amortisation) is But this requires long-term cashflow This is where a valuation is obtained calculated by taking operating profit figures, which can dip sharply during from analysis of the company’s and adding back to it interest, a recession. A DCF valuation is also net assets from its balance sheet. depreciation and amortisation expenses. highly sensitive to the terminal value This method is practised mainly by EBITDA is used to analyse a company’s of the business, driven by the discount investment firms, property companies operating profitability before these rate applied to cashflow. and other asset-rich businesses that

VALUATIONS AND MULTIPLES VALUATIONS expenses are applied. are considering a valuation. these are by nomeans the onlyoptions. through amanagementbuyout(MBO)–although most commonways are through a trade saleor an owner to exithisor her business. The two As wehaveseen, there are anumber ofways for thesale Life after selling the company to the management company to the selling the straightforward. With anMBO, things aren’t always quite so over the company to the newowner –jobdone. have beenagreed, the owner willsimplyhand and looksatsomeof the commonpitfalls. management teambusiness to the selling the feature in this guidecatalogues the processof much more emotionallyattached to it. The MBO to the successof the businessandare therefore or investor. The managementhavecontributed more palatable than selling to another company With a trade sale,onceall the terms of the deal Owners ofbusinessesfind theprospectof ©shutterstock.com

they havebeengiven. advice that details the and gone through, have exited and the processes that they have examples ofways that businessowners financial adviceisabsolutely critical. with anydecisionof this nature, gettingsound investment strategies are allcovered. as But, finances: retirement planning, taxplanning and the mostimportantelementsincontrolling knowing howandwhen to exit. for investing the money isjustasimportant how best to useit.Knowing the bestoptions the money they havereceived from the sale and begin to think theycan about structured), the businessif that ishow the dealhasbeen the baton (or agreed terms to continuein This sectionof the guidealsoprovides some The Wealth Managementfeature pulls together Once the businessowner hashandedover PART 3:INTRODUCTION

EXITING YOUR BUSINESS 27 28 MANAGEMENT BUYOUTS

Selling a business to management Perhaps the most satisfying sale is one to the management team, who have helped to grow the business. Management buyouts can be advantageous for owner and management. We look at the process and benefits of doing so

management buyout (MBO) is It does, after all, know the company’s they retain an interest in the company the purchase of a company financial history, client base and following the MBO. The management Aby its management team. The management profile. team will have tax issues relating to team will personally invest in the Private equity providers will invest the shares they acquire in the new company to acquire it. The remaining with a view to ‘exit’ the company after company, and future income tax impli- funds required are usually provided an agreed period of time (typically five cations should be considered carefully. by external parties (typically a private years). During that time the private equity firm and/or a bank) as a combi- equity firm will make sure the turnover DUE DILIGENCE nation of debt and equity. and profitability of the company All parties – but especially those who In the first few years after a deal, increases at the required rate. are taking an equity stake in the the cash flow of a business is typically company – need to be satisfied that applied to servicing and repaying DEFERRED CONSIDERATION the deal is right. It is therefore essential the debt taken on. Over time the The business owner who is selling the for external financial and legal due management team has the opportunity business will usually prefer for the diligence to be carried out. to achieve a substantial increase in sum of money to be agreed with the shareholder value by paying down the MBO team in full. In cases where this CORPORATE FINANCE ADVICE debt and increasing the underlying is not possible, a ‘deferred consideration’ Engaging a corporate finance adviser profitability of the business. will be required, where a proportion at an early stage of the MBO will bring The owner must first establish with of the amount is agreed so the MBO benefits to both parties. Good profes- the management team that there is can go ahead. sional advice is required at every stage an interest in, and an appetite for, a of the process, especially in the early buyout. They will need to consider not EARN-OUTS days. Ensuring the MBO is viable – for only the financial implications for them Another option is for the owner to receive the owner and the management team personally, but also how the MBO will additional payments based on – at the earliest stage can save time, affect them professionally and in terms the future trading performance of the money and goodwill. of their reputation. company. These payments will The corporate finance adviser will be determined on specific financial be able to provide an independent FUNDING targets being met at agreed mile- view on whether the valuation of the While the management team will stones over time. company is correct and will also be be required to invest some personal able to assess the viability and validity money into the MBO, in return for an TAX FACTORS of all the financial and commercial equity stake in the ‘new’ business, the The tax implications should be terms of the MBO. majority of the deal will be funded by considered by the selling owner and They will be able to project manage third parties, such as banks, private the management team. The owner the process and ensure that any equity firms or venture capital houses. will want to pay the minimum amount issues are resolved. This is critical to The management team will probably of capital gains tax as possible. They ensure the funders of the MBO speak to the company’s existing bank may be entitled to entrepreneurs’ relief, are kept informed and satisfied that to see if it will be interested in supporting which reduces this to 10 per cent, the deal is proceeding in a proper

MANAGEMENT BUYOUTS MANAGEMENT the MBO, which it may well do. although this may not be possible if and ordered fashion. backed byNorthEdge ITC Travel Luxury MBO holidays. It wasontrack to make inexperiential developed itsexpertise the core beach offering and luxury Oriental inJune2015, whichexpanded helped by acquiring Western & turnover inthe year to April2016, Villa Select and Regent Holidays. of Western &Oriental,Rainbow Tours, acquisitions inthesummer of 2015 acquire severalcompanies,including Group expanded to form and trips to anyneed. world’s finest hotels allowit to tailor and closerelationships withthe owned anditsunrivalled experience Some 40 years on,it remains privately the concept of travel inthe UK. luxury The Millionaires’ HolidayClub. featured series onBBCdocumentary to charter Concorde andwasrecently claims to bethefirst travel company Founded in1974, ITC Luxury Travel The dealwascompletedinJulylastyearwithbackingfromprivateequityfirmNorthEdgeCapital Headquartered inChester, ITC LuxuryTravel completedaprivateequity-backed management buyout. The businessposted an£80m Over the years theITC Luxury Travel ITC, whichhas200staff, pioneered experiences and market-leading we continueto deliver exceptional and developingIT infrastructure so and development of salesteams will allowusto invest intraining Group, appointed chairman. non-executive chairmanat NBrown Higginson, chairmanat Morrisonsand non-executive director, withAndrew investment manager George Potts. investment director PhilFrame and partner Ray Stenton by withsupport deal wasledby Capital NorthEdge product andcustomer service. The investment inIT, management,staff, senior team indeliveringonplanned executive JenAtkinsonandher a majoritystake to chief support ofthe north England,invested for on investingincompaniesacross 32,000 passengersto 106 countries. 13,000 bookingsin2016 andcarry Atkinson said:“Theinvestment Stenton willjoin ITC’s board asa Capital,whichfocusesNorthEdge Month award for August 2016. West BusinessInsider’s Dealof the deal wastheclear winner of North investment wasanobviousstep. The travel space,sobringinginexternal increase itsmarket share intheluxury andtailor-madeluxury proposition.” our product offering beyond our current service. We willbelookingto broaden ADVISERS Santander n Livingstone n n TTC Strategy The n n Intuitus n PwC n n n EY ITC Luxury Travel isnowlookingto (senior bankdebt) Corporate Finance Exchange Hill Dickinson Pinsent Masons MBO CASE STUDY

MBO CASE STUDY 29

30 MBOs

Date Deal xxxx Advisers

20 Nov 2015 Management buy-in at Infinities Retail (finance: existing / not disclosed) Bidder: Ensco 1157 L - Gateley - Ensco 1157, Hill Dickinson - Infinities Retail 30 Nov 2015 £0.74m management buy-in at Mode Hotel (finance: cash, bank debt) Bidder: Mode Hotel Vendor: Promenade Hotel (St Annes) D - NatWest Bank - Mode Hotel, FA - John Potter & Harrison - Mode Hotel, L - Dickinsons. - Mode Hotel, Napthens Solicitors - Promenade Hotel (St Annes) 3 Dec 2015 Management buyout at Greenfold Systems (finance: existing / not disclosed) Bidder: Greenfold Systems L - MSA Law - Greenfold Systems, Slater Heelis - Greenfold Systems 15 Dec 2015 Management buyout at Christian Douglass (finance: cash) L - Brabners - Chamonix Transit Bidder: Chamonix Transit 24 Dec 2015 Management buyout at Driveline Engineering Services (finance: cash) Bidder: Michael Meehan L - Brabners - Michael Meehan 4 Jan 2016 Management buy-in at trade and assets of Thos Storey Fabrications (finance: existing / not disclosed) Bidder: David Houghton Vendor: Hallco 1431 A - Begbies Traynor - Thos Storey Fabrications 4 Jan 2016 Management buyout at Sykes Seafoods (finance: cash) A - Christian Douglass - Sykes Seafoods, L - Brabners - Management of Sykes Seafoods, Slater Bidder: Management of Sykes Seafoods Heelis - Sykes Seafoods 26 Feb 2016 Employee buyout at Bury Denture Clinic (finance: cash, bank debt) D - Yorkshire Bank - Bury Denture Clinic Bidder: Bury Denture Clinic 29 Feb 2016 Management buyout at Tappers & Pointers Dancewear (finance: existing / not disclosed) Bidder: Tappers & Pointers FA - Moore and Smalley Corporate Finance - Tappers & Pointers Dancewear, L - Brabners - Tappers & Pointers Dancewear 14 Mar 2016 Management buyout at Positive Cashflow Finance (finance: cash) C - Infinity Asset Management - Positive Cashflow Finance Bidder: the Management of Positive Cashflow Finance 18 Mar 2016 Management buyout at Bakewell & Horner (finance: cash, venture capital) Bidder: Russ Smith C - Merseyside Special Investment Fund - Bakewell & Horner 31 Mar 2016 Management buy-in at Delta Comtech (finance: cash) L - HRC Law - Delta Comtech Bidder: two directors of Delta Comtech 31 Mar 2016 Management buyout at OMI (finance: bank debt) A - Jack Ross - OMI, D - HSBC - OMI, L - Slater Heelis - OMI Bidder: OMI 12 Apr 2016 Management buy-in at Swimtime (UK) (finance: existing / not disclosed) Bidder: Theo Milward FA - Infinity Asset Management - Swimtime (UK), L - Emms Gilmore Liberson - Theo Milward 18 Apr 2016 Management buy-in at free range and organic operations of Stonegate (finance: existing / not disclosed) Bidder: Gott Agri Synegy Vendor: Stonegate FA - Lloyds TSB Bank, L - Ashfords 19 Apr 2016 £1.1m management buy-in at Troutbeck Camping and Caravanning Park (finance: cash) Bidder: Neil Thompson FA - Colliers International - Troutbeck Camping and Caravanning Park 21 Apr 2016 Management buyout at Independent (UK) (finance: cash, venture capital) Bidder: Alan Horton C - LDC - Independent (UK), RCapital - Alan Horton, FA - Deloitte, L - Addleshaw Goddard - Independent (UK), DLA Piper - Independent (UK), Eversheds, TLT - Alan Horton 25 Apr 2016 Management buyout at Statiflo International (finance: cash) FA - Hurst Corporate Finance - Statiflo International, L - Gateley - Statiflo International Bidder: Gareth Fry 9 May 2016 Management buyout at CoreRFID (finance: cash, venture capital) C - Coalfields Enterprise Fund - CoreRFID, Enterprise Ventures - the Management of CoreRFID Bidder: the Management of CoreRFID 9 May 2016 Management buy-in at Autac Products (finance: cash, bank debt) D - Royal Bank of Scotland - Sallie and David Lowe, FA - Tectanet Systems - Sallie and David Lowe, Bidder: Sallie and David Lowe L - In House Lawyer - Sallie and David Lowe 10 May 2016 Management buyout at MCI Tours (finance: cash) FA - KBS Corporate - MCI Tours, L - Gateley - MCI Tours Bidder: Management

NORTH WEST 24 May 2016 Management buyout at 1st Stop (finance: cash, venture capital) C - Pollen Street Capital - 1st Stop, L - Brabners - 1st Stop, Davis Blank Furniss - 1st Stop, Bidder: 1st Stop Eversheds, Eversheds - 1st Stop 1 Jun 2016 Management buy-in at Fresh Generation UK (finance: cash) Bidder: Scott Fletcher Vendor: Oniva Online Europe AB 1 Jun 2016 £1.8m management buyout at Paddock’s House Hotel (finance: cash) Bidder: Hedley James A - BDO - Paddock’s House Hotel, L - Clyde & Co, Foot Anstey - Hedley James, Kemp Jones Solicitors “- Hedley James” 2 Jun 2016 Management buyout at Assured Vehicle Rental (finance: cash) L - Myerson - Assured Vehicle Rental 2016 2016 Bidder: Assured Vehicle Rental 7 Jun 2016 Management buyout at AFG Law (finance: cash, bank debt) A - CLB Coopers - AFG Law, D - Yorkshire Bank - Greg French and Anita Boardman Bidder: Greg French and Anita Boardman 9 Jun 2016 Management buyout at Southport office of Champion Accountants (finance: cash, bank debt) Bidder: Advance Accountancy Vendor: Champion Accountants D - Handelsbanken - Advance Accountancy, L - Clarke Willmott - Advance Accountancy, DWF - Champion Accountants 13 Jun 2016 Management buy-in at Prime Document (finance: cash, venture capital, bank debt) Bidder: Pdocholco C - Maven Capital Partners - Pdocholco, D - Yorkshire Bank - Pdocholco, FA - Cole Associates Corporate Finance - Prime Document, Mazars Corporate Finance - Pdocholco, RSM - Prime Document, L - Addleshaw Goddard, DAC Beachcroft - Prime Document, Gateley - Pdocholco, Squire Patton Boggs - Pdocholco MBO s

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31 Aug2016 30 Aug2016 25 Aug2016 5 Aug2016

25 Aug2016 22 Aug2016 17 Aug2016 9 Aug2016 2 Aug2016 21 Jul2016 21 Jul2016 7 Jul2016 6 Jul2016 6 Jul2016 1 Jul2016 1 Jul2016

30 Jun2016 29 Jun2016 27 Jun2016 20 Jun2016 17 Jun2016 Date Deal Bidder: KateCox Management buyoutatDe WinterMarketing (finance:existing/notdisclosed) Bidder: DiegoLemos (Pending) Managementbuy-inatMorecambeFootball Club(finance:cash) Bidder: AndrewPreston Management buyoutatdePoel Clarity(finance:bankdebt) Bidder: Management Secondary buyoutatInternationalTravel Connections(finance:cash,venturecapital,bankdebt) Bidder: Brabco1610 Management buy-in/buyoutatEuxton(finance:cash,venturecapital) Bidder: CallowCapital1 Management buy-inatUKCircuitsandElectronicSolutions(finance:cash,bankdebt) Bidder: RitsonProperties Botanical British Great Bidder: Management buy-inatHartleyBotanicUK(finance:cash,venturecapital) Bidder: Sareline Management buyoutatGrisedales(finance:bankdebt) Bidder: SerenaFylanVendor: Marketing MediaInvestments Management buyoutatGateFilms(finance:cash) Bidder: ChurchBidco Management buyoutatWeb ServicesIntegration(finance:venturecapital, cash) Bidder: FinlayJamesAssociates Management buyoutatFinlayJamesAssociates(finance:cash,bankdebt) £4.86m managementbuyoutatSareline(EU)(finance:cash) Bidder: UKGlobalVendor: ISOInvestments Management buy-in/buyoutatUKGlobalRiskSolutions(finance:existing/notdisclosed) Bidder: MarieBoyer Management buyoutatFrance LineInternationalTransport (finance:cash) Bidder: Managementbuy-inTeam Management buy-inatRoyle Reflection (finance:existing/notdisclosed) Bidder: KPTherapeutics Management buyoutatGlobalacorn(finance:existing/notdisclosed) Bidder: HorizontalBoringServices Management buyoutatHorizontalBoringServices(finance:cash,bankdebt) Bidder: SportsFinancialServices Management buyoutatSportsFinancialServices(finance:existing/notdisclosed) Bidder: SROSolutions £3.1m managementbuyoutatSROSolutions(finance:cash,bankdebt) Bidder: NigelWilliams Management buy-inatM4R(finance:cash) Bidder: Rod Roberts-Dear Management buy-inatPentel Contracts(finance:cash,venturecapital,bankdebt) Bidder: Paul McGuckinVendor: CharlesStanley £2m managementbuyoutatCSFinancialSolutions(CSFS)(finance:cash,venturecapital) Bidder: Dewi&NicolGwynne £0.5m managementbuy-inatHafodHotel(finance:existing/notdisclosed) Bidder: NickMaskrey Management buy-inatGreenEndDevelopments(finance:cash)

L -AddleshawGoddarddePoel Clarity, DLAPiper, DWF, SquirePatton Boggs-AndrewPreston Andrew Preston, FA -KPMGAndrewPreston, Park PlaceCorporateFinance-dePoel Clarity, C -Toscafund, Toscafund BancoSantander SA- -AndrewPreston, D-BancoSantanderSA, L -HillDickinsonInternationalTravel Connections,Pinsent Masons -Management Management, FA -EY, EY-Management,Livingstone Partners -InternationalTravel Connections, BancoSantanderSA- A -PwC,CNorthEdgeCapitalManagement,DBancoSantanderSA, Shoosmiths -Euxton Corporate Finance-Euxton,LBrabnersBrabco1610,NapthensSolicitors C -ForesightBrabco1610,FA -BrabnersStuartEuxton,CassonsGrantThornton D -ABNAMROCommercialFinance,FinanceCallowCapital1,L C -Rockpool Investments,Rockpool Investments-GreatBritishBotanical,LEMW, FootAnstey- L -BurnettsGrisedales,GoughRitsonProperties C -SVGCapitalChurchBidco,LShoosmithsBidco Finance -FinlayJamesAssociates,LBrabnersAssociates D -Royal BankofScotland-FinlayJamesAssociates,FA -SafferyChampnessCorporate Great BritishBotanical L -AddleshawGoddardSareline FA -KBSCorporateRoyle Reflection L -SlaterHeelisKPTherapeutics Denison Till,SchofieldSweeney-HorizontalBoringServices,SlaterHeelisServices Horizontal BoringServices,L-BrownTurner Ross -HorizontalBoringServices,LuptonFawcett D -AlliedIrishBankHorizontalBoringServices,FA -ArmstrongWatson Corporate.Finance- L -BermansSportsFinancialServices L -BermansSROSolutions,HillDickinson,Turner Parkinson -SROSolutions FA -BCMSCorporateM4R Springboard CorporateFinance-Rod Roberts-Dear C -EnterpriseVentures -Rod Roberts-Dear, D-ShawbrookBankRod Roberts-Dear, FA - L -BrabnersPaul McGuckin,CraigWilliamsandColinNicol,HillDickinson Langtons CorporateFinance,StuartConsulting-Paul McGuckin,CraigWilliamsandColinNicol, C -MerseysideSpecialInvestmentFund -Paul McGuckin,CraigWilliamsandColinNicol,FA - L -KuitSteinartLevyNickMaskrey, SlaterHeelis-GreenEndDevelopments Advisers

Source: ExperianMIQ 2016 MBOs

MBOs 2016 NORTH WEST 31 EXIT CASE STUDY 32 sale toElysianCapital Sambro International Europe. saleshadgrown Export 65 per the fastest-growing toy licensors in and newterritories. Sambro isoneof product categories, popular products bysupported more franchises,new domestic andinternational expansion from Disney, Hasbro andNickelodeon. and hasbeenrecognised withawards It isDisney’s largest licenseeintheUK, over thelast three years to £60m. Sambro has more thandoubled sales in HongKong andtheNetherlands, Wars, Frozen, and Garfield Spider-Man. Franchises it workswithinclude Star stationery, bagsandwheeledgoods. products including toys, andcrafts, arts and distributes licensedchildren’s significant stakes inthebusiness. Tom DuffyandJeremy Clynesretained while fellow directors Nikki Samuels, Brian Samuels andJohnCheung, The dealprovided anexit for directors management company SambroInternationalinconjunctionwiththecompany’s Private equityfirmElysianCapitalacquiredacontrollingstake inGreaterManchester-based MANAGEMENT BUY-IN JONATHAN BOYERS, KPMG Its growth hasbeenfuelledby withadditionaloffices Based inBury Sambro creates, designs,produces record of replacing previous landmark management inbuildingatrack new companychairman. operating partner Tom Falconasthe efficiencies. Thisincludedinstalling and retailers, whiledrivinginternal help maximiseterms withsuppliers and supplychainmanagement to of theEuropean retail landscape remaining management team.” director, whileproviding to support the an exit for thefounder andaformer of theshareholder base,providing investment enablingrestructuring wanted to identify apartner to provide management, said:“Theshareholders advised Sambro’s shareholders and corporate finance for KPMG,which the businessincoming years. forecast to grow to more thanhalf of 35 per cent of total sales. This is cent inthe year of sale,representing Boyers said:“KPMGworked with Elysian willuseitsunderstanding Jonathan Boyers, headof re-drafting the mainlicencewiththem.” understand therisk onexit,resulting in the mainlicensee, client and buyer to holding around-table discussionwith understand thebasisfor thepayment, alongside thecompany’s lawyersto the company’s portfolio. We worked and validating thecompleteness of licenses (for example,OneDirection), ADVISERS Goddard. by Addleshaw advised Manchester, whichwas provided byBarclaysin capital facilitieswere Senior debtandworking by KPMGandDLA Piper. management wereadvised Sambro shareholdersand Group andCrimson&Co. Eversheds, Aon by PwC, Elysian Capitalwasadvised WEALTH MANAGEMENT 34 yourself… yourself… Don’t forgetabout WEALTH MANAGEMENT T of sale–itisalsoaboutplanningforthelifeyouandyourfamilywantafterwards For anyowner, planningeffectivelyforabusinessexitisnotjustaboutpreparingthemoment ing handed downto afamily member, later on.Inthecaseof abusiness be- andwhen, willaffectmember), theexit the businessonto (possiblyafamily business or who you are goingto hand Thinking earlyabout whowillbuythe sale or exit by abusinessowner. another of crucialpart asuccessful often quite challengingfor people. paramount and,for different reasons, term strategy for you and your family is overlooked. Developingaclear, long- notfollowing to thesaleiscertainly be age thewealththat theowner will have Howtoneed to man- bemadenext. are anumber of newdecisionsthat will decision to sellhasbeenmade,there change of lifestyle. that they want to get out andhave a advantageous sale.Or it might just be might seethetimingasjust right for an break-up inarelationship; theowner personal issuessuchasill-healthor a market conditions;there may beother taken aturnfor theworsethrough offortunes thecompanymight have business ownersdecideto sell:the this willhappen. how –let alonewhenandto whom– have anyclear succession plansfor or other. Despite this,manydonot entered their mindsat somepoint Thinking about sellingupwillhave Business successionplanningis Whatever thereason, oncethe There are anumber of reasons strategy for exitingthebusiness. owners willhave somekindof he vast majorityof business Until very recently,Until very inflationin theUK in value over timebecauseof inflation. against this. over time,andequitiesprovide protection alternative. Inevitably, markets fluctuate equities might present asmarter low,artificially corporate bondsand low, andgilt yields alsoremaining how to exit. With interest rates so money isjust asknowing asimportant in terms of investing your hard-earned and retired. Knowingthebest options to doafter you’ve sold your business or not practicable. but for somethisiseither not possible over aperiodof time. This issensible to moveinto more senior positions position, to learntheropes with aview the business,perhapsinajunior offspring willhave beenbrought into family. Often, thebusinessowner’s to generationof thenext his or her course look to passonthebusiness pays dividends. working towards theexit instagedway Cash sittinginthe bank willshrink Retirement planning isabout what Many businessownerswillof personal wealthandincreasing it money to family members.Retaining for individualswhowant to passon decision about investments,particularly will increase returns.” on returns, sousingHMRCallowances Wealth, says: “Tax isthebiggest drain director intheNorth West for Barclays each year. AsJamesBailey, regional tucking £15,000 insideanISA wrapper taxable. At aminimum,that means on savings isstillincomeandtherefore not sheltered from tax.Incomeearned Customs willwant itscut of anything spent it today. much infive yearsasit couldif you into asavings account willnot buy as becomes clear that putting£10,000 information group Moneyfacts, it fast annual interest, according to financial in theUK ispaying only1.8 per cent best-earning cashsaving account the plungeinpriceof oil. dropped to 0.5 per cent becauseof was over 2 per cent,andit hasonly Tax of planning isavitalpart any Remember too that HMRevenue& When you consider that the WEALTH MANAGEMENT 35

is made possible by effective tax planning.

It is important to think about your ©Shutterstock.com attitude to risk. Risk is not just about loss aversion. Nobody wants to lose everything, but not even cash in a repeated rounds of quantitive easing savings account is entirely risk-free. have artificially inflated UK property In simplistic terms, the more risk you and global equity prices. expose your savings to, the greater the Right now that means that those reward you are likely to receive. looking for a bit more bang for Likewise, it is generally true that their buck might consider lending to the longer you lock your money away – whereas if you put yourself into the a small or medium-sized business for, the higher the returns on offer. wrong investment, you don’t. – the sector that, historically, drives Once you’ve got your head around the Any decent financial adviser will sit a country’s economic growth as it basics, the next step is to seek pro- down and take you through your emerges from recession. fessional advice from a good financial investment goals and objectives. This There are a range of options for adviser – someone qualified to at least is not just about what risk you are tapping into the potential of smaller level five, in financial industry jargon – willing to take with your investments, businesses. Investors could opt for the equivalent of a university degree. but more about the income you exposure to the sector in general with Those with complex pension or tax are hoping to generate from your a mutual fund or investment trust, planning needs should make sure their investment as well as any short and or for those that have a view on which adviser has passed specialist exams long-term investment aims. areas of the small business market in these areas as well. You need to do A good investment manager will in particular might deliver returns, this for one simple reason: protection, factor in their opinion on the underlying there are funds that focus on specific so that in the worst-case scenario, state of UK, European and global industries, such as biotech or green where a financial adviser puts you growth when making recommendations. energy. There are also venture capital in the wrong investment, you have a For instance, many commentators trusts, enterprise investment schemes

chance of getting your money back believe that low interest rates and and peer-to-peer lending. MANAGEMENT WEALTH

7 Dec2015 19 Jul2016 17 Nov2015 10 Mar2016 31 Mar2016 29 Sep2016 18 Mar2016 4 Aug2016 29 Apr2016 1 Jul2016 29 Jul2016 11 Dec2015 29 Jun2016 20 May2016 10 Jun2016 23 Jun2016 26 Aug2016 27 Nov2015 7 Oct2016 14 Jul2016 22 Apr2016 5 Jul2016 Date Deal Bidder: CareTech £11.43m acquisitionofROC NorthWest £11.5m rightsissue/other issuebyDJI(finance:cash) Energy Inspired Bidder: £12m acquisitionofSTC EnergyandCarbon(finance:cash,vendorplacing, bankdebt) Bidder: MerciaTechnologies £12.9m acquisitionofEnterpriseVentures (finance:cash,vendorplacing) Marlowe Bidder: £13m acquisitionofFire&Security(finance:cash,companyshareissue,vendorplacing) Bidder: NCC £14.42m acquisitionofPayment Software Inc(finance:cash) £21.1m flotationofBlue Prism onLondonAIM Bidder: SGFleetUK £25.7m acquisitionofFleetHire(finance:bankdebt,cash,vendorplacing) (Pending) £28.7mrightsissue/otherissuebyJohnsonService(finance:cash,companyshareissue) (Pending) £29mrightsissue/otherissuebyDJI(finance:cash) Gaming Stride Bidder: (Pending) £30macquisitionof8BallGames(finance:cash,vendorplacing) £30m rightsissue/otherissueby4Dpharma(finance:cash) Bidder: GB (Pending) £45macquisitionofIDScanBiometrics(finance:cash,companyshareissue) Bidder: ConvivialityBrands £60m acquisitionofBibendumPLB(Topco) (finance:cash,companyshareissue) £63.48m flotationofAccrolonLondonAIM Bidder: SurvitecVendor: WilhWilhelmsenHoldingASA (Pending) £74.24macquisitionofsafetybusinessWilhelmsenMaritimeServices(finance:existing / notdisclosed) Investments Bidder: Restore Vendor:PHS £83.1m acquisitionofPHSDataSolutions(finance:cash,bankdebt,companyshareissue) NCC Bidder: £93.85m acquisitionofFox-IT HoldingBV(finance:cash,companyshareissue,vendorplacing, bankdebt) (Pending) £100mrightsissue/otherissuebyBrammerUK(finance:cash) Bidder: MartinMcCollVendor: Co-Operative (Pending) £117macquisitionofportfolio298conveniencestores(finance:cash,companyshare issue) Bidder: DechraPharmaceuticals £140.65m acquisitionofPutney Inc(finance:cash,bankdebt) Bidder: EustonBidCo £209m acquisitionofEnergyAssets(finance:cash,bankdebt,venturecapital)

Russell Speechlys -CareTech NorthWest, Hazlewoods-CareTech, Panmure GordonCorporateFinance-CareTech, L-Charles B -Panmure Gordon-CareTech, WHIreland -CareTech, FA -BenchmarkInternational -ROC B -MirabaudSecuritiesDJI, FA -StrandHanson -DJI Corporate -InspiredEnergy, L-GateleyInspiredEnergy Inspired Energy, FA -GrantThorntonCorporateFinanceInspiredEnergy, ShoreCapital& D -SantanderUKInspiredEnergy, B-Panmure Gordon-InspiredEnergy, ShoreCapitalStockbrokers - Gowling WLG-MerciaTechnologies FA -Cenkos Securities-MerciaTechnologies, L-AddleshawGoddardEnterpriseVentures, L -BrabnersMarlowe,HillDickinsonFire&Security, MemeryCrystal,Crystal A -GrantThorntonMarlowe,BCenkos Securities-Marlowe,FA -Cenkos Securities-Marlowe, Prism, L-OlswangBluePrism, OsborneClarke Liverpool SeedFund -BluePrism, B-InvestecBankBluePrism, FA -InvestecBankBlue A -BDOBluePrism, C-EndeavourVentures -BluePrism, EnterpriseVentures -BluePrism, ThinkingLegal-FleetHire Mallesons -SGFleetUK, FA -CatalystCorporateFinanceFleetHire,SentioPartners -SGFleet,LKing&Wood Johnson Service,OsborneClarke B -InvestecBankJohnsonService,FA -InvestecBankJohnsonService,LHillDickinson B -MirabaudSecuritiesDJI,FA -StrandHansonDJI 8Ball Games,HowardKennedy-StrideGaming FA -AkurPartners -8BallGames,CanaccordGenuityHawkpointStrideGaming, L-HillDickinson B -CanaccordGenuityHawkpointStrideGaming, ShoreCapitalStockbrokers -StrideGaming, B -ZeusCapital4Dpharma,FA -ZeusCapital4Dpharma Squire Patton Boggs-GB B -Peel Hunt-GB,FA -Peel Hunt-GB,LIrwinMitchell,OsborneClarke -IDScanBiometrics, DLA Piper -Conviviality, Eversheds,Fieldfisher-BibendumPLB(Topco) B -InvestecBankConviviality, FA -InvestecBankConviviality, ZeusCapital-Conviviality, L- Rothschild -Accrol,ZeusCapitalLAddleshawGoddardDWF A -PwCAccrol,CNorthEdgeCapitalBZeusFA -KPMGAccrol, L -Bird&WilhelmsenMaritimeServicesAS, Latham&Watkins -Survitec PHS DataSolutions,Brabners-Restore, MemeryCrystal,Travers Smith-PHSDataSolutions Rothschild - PHS Investments, L - Berwin Leighton Paisner, Berwin Leighton Paisner, Blake Morgan - D -BarclaysBankRestore, Royal BankofScotland-Restore, B-Cenkos Securities-Restore, FA - L -DeBrauwBlackstoneWestbroek -Fox-IT HoldingBV, Eversheds-NCC,Travers Smith NCC, FA -BostonMeridianNCC,Peel Hunt,Peel Hunt-NCC,RickittMitchell&Partners -NCC, D -HSBCNCC,LloydsBankingRoyal BankofScotland-NCC,BPeel Hunt,Peel Hunt- FA -InvestecIncBrammerUK Travers L-AddleshawGoddardCo-Operative, Smith-McColl’sRetailCo-Operative, B -NumisSecuritiesMcColl’sRetail, FA -NumisSecuritiesMcColl’sRetail, Rothschild - Smith -DechraPharmaceuticals Putney Inc,L-DLAPiper -DechraPharmaceuticals,Latham&Watkins -Putney Inc,Travers Scotland -DechraPharmaceuticals,FA -InvestecBankDechraPharmaceuticals,Jefferies D -BarclaysBankDechraPharmaceuticals,HSBCRoyal Bankof Linklaters, Pinsent Masons-EustonBidCo Energy Assets,FA -EY, Evercore.Partners -EustonBidCo,NumisSecuritiesEnergyAssets,L Macquarie Capital-EnergyAssets,MarlboroughFund. Managers-EnergyAssets,OldMutual C -AlindaCapitalPartners -EustonBidCo,HendersonGlobalInvestorsEnergyAssets, Advisers

Source: ExperianMIQ 2016

s IPO

TOP IPOs AND OTHERS 2016 NORTH WEST 33 CASE STUDY 36 S to MarlaTube Fittings Sale ofSteadfastEngineering years andbelieve that the business we have built over thepast 40 are incredibly proud of thebusiness EU, Andrea Sharp said:“Ken andI before thereferendum onleaving the deal, whichcameonthenight tiernext of senior management. retire, withtheacquirer backingthe The Sharps have nowbeen ableto strategic acquirer, Marla Tube Fittings. success story, ultimately sellingto a distributor to aBritishmanufacturing Sharp, it hasgrown from asmall husband andwife Ken andAndrea industry. Founded40 years agoby and fasteners for theoilandgas manufactures mission-criticalbolts and Aberdeen. employs 90staff inofficesManchester turned over £17.9m in2015 and and theMiddleEast. The business providing anexitforfoundersKen andAndreaSharp Marla Tube FittingsacquiredGreaterManchester-based SteadfastEngineering, EXIT ADAM SIVNER, GCAADAM SIVNER, ALTIUM At thetimeof thecompletionof the Based inHyde, Steadfast Engineering and sellsgoodsacross Europe is basedinGreater Manchester teadfast EngineeringCompany

been ableto penetrate themarket. time whenfew competitors had showing Steadfast’s resilience, at a a detailedanalysisof thepipeline team prepared onthedeal,said:“We the 18 monthsprior to thedeal. turmoil, dropping about 75 per cent in that thepriceof oilwasundergoing capability. This wasremarkable given the appealof itsprecision engineering Caspian Sea region, demonstrating achieved significant growth across the and Asia,because Steadfast had It received interest from across Europe Steadfast Engineering onthedeal. material grades. of itsrangeof products inseveral and distributor for leadingmanufacturers and flanges.It isalsoaprincipalagent wholly ownedUK suppliersof fittings in Warwickshire, isoneof thelargest strength under Marla’s ownership.” will continueto grow from strength to Adam Sivner, wholedtheGCAAltium GCA Altiumadvisedtheownersof Marla, whichisbasedinAlcester

relatively order. short a successfulcompletionwithMarla in to innature, confirmatory ensuring offer andto restrict anyfurther diligence advisers to provide abest andfinal ahead of finalbids. Thisenabledthe to provide to potential acquirers a detailedpack of financialinformation utilised vendor assistanceto prepare nised for valuation purposes.” paid andtherefore shouldberecog- were withlarge multinationals,always We demonstrated that theretentions have greatly impacted onthevalue. the earningsof thebusiness,would on contractswhich,if not adjusted to approach to accountingfor retentions The companyalsohadaprudent ADVISERS n n Mazars n GCA Altiumdevisedaprocess which BBS Law GCA Altium

D IN THESPOTLIGHT DEALMAKER THE QUIET many atimeand not wonit.” the year. Believeme, I’vesat here ever wewere goingto win it, thiswas we’ve hadtworealisations. high-quality management teams and deals sincethen. We’ve backed 18 three years ago andwe’vedone18 didourhe hadwon.“We first deal asked what hethought wasthereason we are astartup,” when saidBerry of the Year. “Ithink peoplerecognised for Private Equity/Venture Capital Team GCA Savvian. Finance withglobalinvestment bank and themerger of AltiumCorporate into Lancashire-based Euro Garages included TDR Capital’s investment was at LDC. ously lifted thetrophy in2004 whilehe two separate occasions,having previ- have wonDealmaker of the Year on become onlythesecondpersonto its most activeperiodto date. Hehas “Put that alltogether and Ithink if alsopickedNorthEdge upthetrophy Other bigwinnersat October’s awards managed NorthEdge throughmanaged NorthEdge as “thequiet man”, has Berry escribed by oneof thejudges

Fund, Together, AccelerisCapital Capital, Greater Manchester Loan Shortlisted: Barclays Bank,Assetz Highly commended:Tosca Debt Capital Partners Winner: Seneca PROVIDER OFTHEYEAR ALTERNATIVE FINANCE THE WINNERS the biggest date inthe region’s corporate financecalendar at Insider’sprestigious West North Dealmakers Awards 2016, Capital was ofNorthEdge crownedGrant Berry Dealmaker ofthe Year Pinsent Masons, Shoosmiths, Pinsent Shortlisted: DLAPiper, Gateley, Winner: Eversheds FIRMOFTHEYEAR LAW Altium, PwC Corporate Finance, DCAdvisory, GCA Zeus Capital,Dow Schofield Watts Shortlisted: KPMGCorporate Finance, Winner: Rothschild OF THEYEAR ADVISORY TEAM CORPORATE FINANCE

of Scotland BarclaysFinance), Bank, Royal Bank Commercial Banking(Strategic Debt Shortlisted: Santander, Lloyds Bank Yorkshire Bank Highly commended:Clydesdale Winner: HSBCBank BANK OFTHEYEAR recognition. and Pinewood Studios deserved work ondealslike East Coast Concepts firm Turner Parkinsonandsaidthat its category, thejudgessingled out law Competing inatough andcrowded Winner: Turner Parkinson JUDGES’ AWARD Turner Parkinson Boggs, DWF, HillDickinson, Addleshaw Goddard, Squire Patton

NORTH WEST DEALMAKERS AWARDS 37 38 XXXXXX

PRIVATE EQUITY/VENTURE CAPITAL TEAM OF THE YEAR Winner: NorthEdge Capital Shortlisted: Business Growth Fund, LDC, ECI Partners, Livingbridge, Palatine Private Equity

MID-MARKET CORPORATE FINANCE ADVISORY TEAM OF THE YEAR Winner: Dow Schofield Watts Shortlisted: Mazars, Hurst Corporate Finance, KBS Corporate Finance, Clearwater International, RSM Corporate Finance, BDO

TRANSACTION SERVICES TEAM OF THE YEAR Winner: DSW Transaction Services YOUNG DEALMAKER Highly commended: BDO OF THE YEAR: BEN THOMPSON Shortlisted: EY, Mazars, PwC, RSM Corporate Finance, KPMG Transaction Services, Deloitte Dickinson); Sales of Comms-Care Sale of AppSense to LANDesk (Squire (Hurst Corporate Finance); Sale of Patton Boggs) DEAL OF THE YEAR Steadfast (GCA Altium); Sale of stake (SUB-£10M) in Playnation (Palatine Private Equity) AIM DEAL OF THE YEAR Winner: Investment into Foodpack Winner: GBG’s acquisition of ID scan (Seneca Partners) DEAL OF THE YEAR Biometrics (Squire Patton Boggs) Highly commended: The disposal (£50M-PLUS) Shortlisted: IPO of Evgen Pharma of Northwest Community Services Winner: TDR Capital acquisition of (RSM Corporate Finance); Accrol AIM (NWCS) to Mediline (RSM Corporate Euro Garages (Rothschild, Eversheds) IPO equity fundraiser (Zeus Capital, Finance) Shortlisted: Exiting New World Trading NorthEdge Capital, DWF); Conviviality Shortlisted: Sale of Harman Technology Company in sale to Graphite Capital plc’s £200m acquisition of Matthew Clark (Hurst Corporate Finance); Acquisition (LDC, DWF); Reverse takeover at (DLA Piper, Zeus Capital); SysGroup of Late Rooms (Eversheds); Sale of Matthew Clark (Zeus Capital, DLA Piper); acquisition of System Professional Prima Doors (The Camlee Group); Sale of MPM Products (KPMG, PwC, (Kuits); Fairpoint Group acquisition of Broadstock disposal to Southerns Squire Patton Boggs); NCC Group Colemans-CTTS (Eversheds) (Rickitt Mitchell); Investment into 1st acquisition of Fox-IT (Rickitt Mitchell); Class Holidays (PHD Equity Partners, ECI Partners’ sale of Citation to YOUNG DEALMAKER Benchmark International, DWF); Buy-in HG Capital (DC Advisory) OF THE YEAR management buyout at Euxton Group Winner: Ben Thompson, DC Advisory (Brabners) INTERNATIONAL DEAL Shortlisted: Dominic Orsini, GCA OF THE YEAR Altium; Jamie Peel, Zeus Capital; DEAL OF THE YEAR Winner: Merger of Altium Corporate Phil Frame, NorthEdge Capital; (£10M TO £50M) Finance with GCA Savvian Charlie Ross, PwC Winner: Sale of Berwin Group (Dow Runner up: Sale of BDP to Nippon Schofield Watts) Koei (KPMG) DEALMAKER OF THE YEAR Shortlisted: Exiting investment in Shortlisted: Exit of Synexus (LDC, Winner: Grant Berry, NorthEdge Capital Waterfall Catering Group to Elior Group DLA Piper); Exit of Waterfall Shortlisted: Adrian Reed, GCA Altium; (LDC, Deloitte, DWF); Sale of ArtHouse Catering Group (LDC, DWF); Berwin Tremayne Ducker, Zeus Capital; Group to NorthEdge Capital (KPMG, Group disposal to Hexpol AB Jonathan Boyers, KPMG; DWF); Sale of Sambro International (Dow Schofield Watts); Acquisition of Daniel Gallagher, PwC;

NORTH WEST DEALMAKERS AWARDS WEST NORTH (KPMG); Sale of 8Ball Games (Hill Fox-IT (Eversheds, Rickitt Mitchell); Gary Tipper, Palatine www.insidermedia.com/business_directory/ has anentryin theonlineInsider Directory: Where thissymbol appearsthecompany LISTINGS PROFESSIONAL value ofdealsittypicallyworkson. firm specialisesin,togetherwiththe types ofdealsandthesectorsthateach North West Dealmakers Awards. whether itwasawinneratthisyear’s Insider BusinessDirectorylistingand indicated whetherthecompanyhasan over thepast12months. services providedanddealscompleted details, aswellinformationabout figures on key personnel,with contact order andeachprofilecontainsfacts private equityhousesandbanks. finance accountancyandlawfirms, profiles ofsometheleadingcorporate need. We havethereforeprovided choose whichfirmsuitstheirparticular very highestquality. provide totheirbusinessclientsisofthe The advicethatNorthWest dealmakers pr plac educ co pr The listingsbeginwithalistofthe Where appropriate,wehavealso The firmsarelistedinalphabetical The challengeforbusinessesisto ofes oper rp es toeat, meet & st or at ate si ty se io ONLINE ENTRY VIEW OUR onal n se fi rv nance se se rv ic di di di di di ic rv es es re re re re re ic es ct ct ct ct ct rv ic ay or or or or or es y y y y y

Access toFinance, a2e IndustriesLimited Seneca Partners Seneca Partners Sellick PartnersLtd RSM UK Pannone CorporateLLP NorthEdge CapitalLLP Nabarro LLP MSIF 58 Mazars LLP Livingbridge 56 KBS Corporate Inflexion 56 Grant Thornton GCA Altium EY 52 Eversheds LLP Endless LLP Clydesdale andYorkshireBank Close BrothersInvoiceFinance CLB Coopers Chafes HagueLambertSolicitors Cenkos SecuritiesPlc Beever andStruthers BDO LLP Assetz SMECapitalLtd Wells FargoCapitalFinance Together 65 Squire PattonBoggs Equity/Debt Corporate Finance part ofGMBusinessGrowthHub 63 63

43 42 62 61 60 59 58 57 55 54 53 51 50 49 48 47 46 46 45 44 42 66 64

PROFESSIONAL LISTINGS 39 40 SECTOR TABLES

Who advises on what?

The expertise and professionalism of advisory most active and have the most experience firms across the North West can be crucial and expertise. The information on these pages in ensuring that businesses grow and succeed includes lists of the types of deals and the in markets both at home and abroad. sectors in which the firms specialise, together Specialist advice is very often required and with the value ranges of deals they typically businesses will want to be satisfied that their work on. advisers have the necessary skills, experience While it is clear that most of the firms and expertise to guide them through any featured in the guide have multi-disciplinary complex transaction. teams and can offer most, if not all, of the We therefore asked the firms featured in specialisms and sectors listed, they have this guide to select sectors in which they are provided their top six areas of specialisation.

ADVISERS & FUNDERS BY SECTOR SPECIALISM MARKETING, MEDIA, PUBLISHING, BUSINESS SUPPORTHEALTHCARE SERVICESEDUCATION AND LIFEIT SCIENCES AND TECHNOLOGYMANUFACTURINGHOSPITALITY ANDPRINT ACCOMMODATION AND PACKAGINGPROFESSIONALMINING AND FINANCIALPROPERTY SERVICES ANDPUBLIC CONSTRUCTION SECTORRECRUITMENTRETAIL AND AND TRAININGTRANSPORT LEISURE UTILITIES AND LOGISTICSWHOLESALE A2E INDUSTRIES LIMITED u u u u u ACCESS TO FINANCE u u u u u PART OF GM BUSINESS GROWTH HUB ASSETZ SME CAPITAL LTD u u BDO LLP u u u u u u BEEVER AND STRUTHERS u u u u u u CENKOS SECURITIES PLC u u u u u u CHAFES HAGUE u u LAMBERT SOLICITORS CLB COOPERS u u u u u u CLOSE BROTHERS INVOICE FINANCE u u u u u u ENDLESS LLP u u u u u u EVERSHEDS LLP u u u u u u EY u u u u u u GCA ALTIUM u u u u u u GRANT THORNTON u u u u u u INFLEXION u u u u u u KBS CORPORATE u u u u u u LIVINGBRIDGE u u u u u u MAZARS LLP u u u u u u MSIF u NORTHEDGE CAPITAL LLP u u u u u u PANNONE CORPORATE LLP u u u u u u RSM UK u u u u u u SELLICK PARTNERS LTD u u u u u u SENECA PARTNERS u u u u u u SQUIRE PATTON BOGGS u u u u u u TOGETHER u SECTOR TABLES SECTOR TABLES 41

ADVISERS & FUNDERS BY DEAL TYPE INSTITUTIONAL TRANSACTIONS COMPANY RESTUCTURE EQUITY INVESTMENTS/FUNDINGFLOTATIONS/IPOS ACQUISITIONSBUY AND BUILDBUYOUTS (MBO,CASH MBI, OUT BIMBO’S)TRANSACTION OR REORGANISATIONCOMPANY SALE/DISPOSAL (BUYOUT/EQUITYJOINT RELEASE)VENTURESMERGERS ANDPUBLIC DEMERGERS TO RECAPITALISATIONSPRIVATE SYNDICATED FINANCE A2E INDUSTRIES LIMITED u u u u u u u ACCESS TO FINANCE u u u u u u u PART OF GM BUSINESS GROWTH HUB ASSETZ SME CAPITAL LTD u u BDO LLP u u u u u u BEEVER AND STRUTHERS u u u u u u CENKOS SECURITIES PLC u u u u u u CHAFES HAGUE u u u u u LAMBERT SOLICITORS CLB COOPERS u u u u u u CLOSE BROTHERS INVOICE FINANCE u u u u u u ENDLESS LLP u u u u u u EVERSHEDS LLP u u u u u u EY u u u u u u GCA ALTIUM u u u u u u GRANT THORNTON u u u u u u INFLEXION u u u u u u KBS CORPORATE u u u u LIVINGBRIDGE u u u u u u MAZARS LLP u u u u u u MSIF u u u u u u NORTHEDGE CAPITAL LLP u u u u PANNONE CORPORATE LLP u u u u u u RSM UK u u u u u u SENECA PARTNERS u u u u u u SQUIRE PATTON BOGGS u u u u u u u TOGETHER u u u

ADVISERS & FUNDERS DEAL VALUE IN MILLIONS (£) BY DEAL VALUE 0–0.5 0.5–1 1–5 5–10 10–25 25–50 50–100 100+

A2E INDUSTRIES LIMITED ACCESS TO FINANCE PART OF GM BUSINESS GROWTH HUB ASSETZ SME CAPITAL LTD BDO LLP BEEVER AND STRUTHERS CENKOS SECURITIES PLC CHAFES HAGUE LAMBERT SOLICITORS CLB COOPERS CLOSE BROTHERS INVOICE FINANCE CLYDESDALE AND YORKSHIRE BANK ENDLESS LLP EVERSHEDS LLP EY GCA ALTIUM GRANT THORNTON INFLEXION KBS CORPORATE LIVINGBRIDGE MAZARS LLP MSIF NORTHEDGE CAPITAL LLP PANNONE CORPORATE LLP RSM UK SENECA PARTNERS SQUIRE PATTON BOGGS TOGETHER WELLS FARGO CAPITAL FINANCE SECTOR TABLES ASSETZ SME CPAITAL LTD A2E INDUSTRIES LIMITED 42 ALTERNATIVE FUNDER 15 yeartrackrecordisunrivalled. value andultimatelysharetherewardswithyou.Our business, andenhanceitscompetiveness,theshareholder business. We arehappytoinvestinoracquire your businesses. Ourcashandacumencanrevitaliseyour We focusonthemid-market industrial/manufacturing Web: www.a2e.uk.com Tel: 01619236000Email:[email protected] No. 1MarsdenStreet,ManchesterM21HW CONTACT •  •  OUR PEOPLE 7 NUMBER OFSTAFF SERVICES are securedagainsttangible,realisableassets. visit andassessallpotentialborrowersloans Finance. Ourexperiencedlendingandcreditpersonnel Finance, Bridging, Residential andTrade Buy-to-Let Commercial Mortgages,Renewable Energy, Development Since launchwe’velentover£180mforSMEloans, We arealeadingUKpeer-to-peer businesslender. 37 500K+ NOV15-OCT16 TRANSACTIONS COMPLETED 50+ NUMBER OFSTAFF SERVICES PRIVATE EQUITYFIRM ONLINE ENTRY VIEW OUR VIEW OUR [email protected] Will Rawkins –DirectorofInvestments [email protected] Amin Amiri–FounderandCEO

Web: www.assetzcapital.co.uk Tel: 02078701023 Email:[email protected] Assetz Capital, House,NewbyRoad, Stockport SK75DA CONTACT

and involving“stakeholders” inkey decisions. sharing rewardswithALLinvolvedincreatingwealth, Century, appliedwithpassionandintegrity. inspirational andsustainablemodel,forthe21st managers toprosperintheglobalmarketplace. An “enabling/revitalising” thecorporatesandempowering of thekey fundamentalsofthebusinesses,thus industrial companies.Ouraimistoaffectatransformation a2e investsinoracquiresunderperformingmid-market CORPORATE STATEMENT Grind (Preston) MachiningLimited Limited, Progress toExcellenceGroupLimited,Techni- Pharmaceutical ServicesLimited,PhoenixCNCEngineering Limited, ILCMuraspecPharmidex AMF Limited,ArianeMedicalSystemsLimited,Eldapoint MAJOR CLIENTS • •  OUR PEOPLE profitable inthemiddle. cost financetobusinesseswithusbeing efficientbut the prospectofhigherreturnstoinvestors andlower we seektodeliverbettervalueeachofourstakeholders; invest theircapitalinourloans.Throughefficiency and alsogrowingtheinvestmentsofourlenderswho worthy businessesbyprovidingthemaccesstocapital is veryclear:todeliverfairergrowthtogether. otherwise knownasmarketplace lending, ourpurpose As oneoftheleadingpeer-to-per lendingbusinesses, CORPORATE STATEMENT [email protected] Officer Credit Chief & Co-founder Holgate, Andrew [email protected] Stuart Law, CEO a2e operates within strict ethical guidelines, including a2e operateswithinstrictethicalguidelines,including Everything thatwedoisaimedatgrowingcredit

ANDREW HOLGATE WILL RAWKINS STUART LAW AMIN AMIRI BUSINESS SUPPORT ORGANISATION 43

SERVICES

The Access to Finance (A2F) service provides, free CONTACT to access, impartial support to SMEs who are seeking commercial funding to assist with the growth of their Greater Manchester Business Growth Hub PHILIP HARGREAVES business. Working closely with a broad range of Churchgate House, 56 Oxford Street, commercial and private investors such as banks, business Manchester M1 6EU angels and crowd funders, the team provides tailored Tel: 0161 359 3050 support to meet its client’s individual needs. This will Email: [email protected] typically involve: Web: www.businessgrowthhub.com • Development or review of a business plan alongside financial and other information Boost Business Lancashire IAN DIXON • Assessment of the business’ financial position and Tel: 0300 123 5001 funding requirements Email: • Identification of relevant funding sources [email protected] • Support at meetings with lenders and investors Web: www.boostbusinesslancashire.co.uk

NUMBER OF STAFF Skills and Growth Company 15 (Cheshire East) STEVE WALL Tel: 0800 488 0057 OUR PEOPLE Web: www.skillsandgrowth.co.uk • Philip Hargreaves – Head of Access to Finance • Ian Dixon – Access to Finance Team Leader • Steve Wall – Manager, North West Business Angels CORPORATE STATEMENT The A2F team prides itself on assisting and supporting MAJOR CLIENTS SMEs across a broad range of sectors. Since its formation in 2008 the team has intensively Whether you’re an entrepreneur starting out in business supported over 1,700 SMEs with access to nearly £200m or part of a multi-national business we may be able in funding offers across commercial loans, equity to support your businesses growth objectives by helping investment, crowdfunding and grants. you to access the right type of funding which is right

for your business. Many business owners tell us that OF GM BUSINESS GROWTH HUB PART they don’t have the knowledge or time to understand where to go for funding. We can help. Call or e-mail your local growth hub in Greater Manchester, Lancashire & Cheshire East to set up a meeting with one of our experienced commercial finance specialists.

directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services ACCESS TO FINANCE, directory education services directory places to eat, meet & stay directory professional services 44 CORPORATE FINANCE ADVISER

SERVICES BDO LLP advises private clients, privately owned CONTACT businesses, private equity and public markets on all areas of corporate finance including: company sales; mergers 3 Hardman Street, Manchester M3 3AT and acquisitions; management buy-outs, management RUTH PERCIVAL buy-ins, and institutional buy-outs; development capital; Tel: 0161 817 7500 company valuations; specialist due diligence, flotation Email: [email protected] and stock exchange advice; tax advice; international Web: www.bdo.co.uk transactions and private equity deals.

NUMBER OF STAFF CORPORATE STATEMENT 133 An accountancy and business advisory firm, providing JASON WHITWORTH integrated advice and solutions to help our clients TRANSACTIONS COMPLETED navigate a changing world. We share our clients’ 500K+ NOV15-OCT16 ambitions and their entrepreneurial mind-set; we have 32 deals across the Northern team, with an aggregate the right combination of global reach, integrity, collegiate deal value in excess of £430m approach and expertise to help them succeed. Our clients are Britain’s economic engine – ambitious, OUR PEOPLE entrepreneurially spirited and high-growth businesses CHRIS HEATLIE • Ruth Percival, M&A Partner that fuel the economy - and the owners and management [email protected] teams that lead them. • Jason Whitworth, M&A Partner BDO LLP operates in 18 offices across the UK, [email protected] employing 3,500 people offering tax, audit and assurance, • Chris Heatlie, Transaction Services Partner and a range of advisory services. BDO LLP is the UK [email protected] member firm of the BDO International network. MATT COPLEY • Matt Copley, Transaction Services Partner The BDO International network provides business [email protected] advisory services in 154 countries, with 64,500 people • Hilary Sharpe, Tax Partner working out of 1,400 offices worldwide. It has revenues [email protected] of $7.3bn. • Terry Jones, Tax Partner [email protected]

• James Fieldhouse, M&A Director HILARY SHARPE [email protected] • Sarah Cumming, Transaction Services Director [email protected]

NOTABLE DEALS • Livingbridge’s investment in The Up Group

• Sale of Count of Ten Group to Global Radio TERRY JONES •  Partners’ investment in the John Henry Group • Sale of CED Fabrications Ltd to Tournus Expansion • North Edge’s acquisition of Direct Healthcare Services • Ensor’s disposal of Technocover Limited to Hill and Smith Holdings PLC directory JAMES FIELDHOUSE property services

VIEW OUR directory ONLINE ENTRY corporate finance services SARAH CUMMING BDO LLP directory education services directory places to eat, meet & stay directory professional services ACCOUNTANT 45

SERVICES Full range of corporate advisory services from start-up CONTACT to exit, including corporate recovery and insolvency: business/strategic planning; mergers, acquisitions/ St George’s House, 215 - 219 Chester JOHN JONES business disposals; restructuring/turnaround, raising Road, Manchester, M15 4JE finance/refinancing; valuations and due diligence. Tel: 00 44 161 832 4901 NUMBER OF STAFF Email: 178 [email protected] Web: www.beeverstruthers.co.uk TRANSACTIONS COMPLETED PHIL ROBERTS 500K+ NOV15-OCT16 16 CORPORATE STATEMENT Whatever stage of your business life, we guarantee OUR PEOPLE a professional and personalised service, providing • John Jones, Corporate Partner high quality, comprehensive guidance from a highly [email protected] experienced and respected team. • Phil Roberts, Managing Partner Our experience includes working alongside a wide CHARLES MACMILLAN [email protected] range of funders, specialising in straight forward and • Charles MacMillan, Corporate Partner realistic business advice, particularly to SMEs. We [email protected] pride ourselves on our personal service and the ability • Paul Shaw, Tax Partner to achieve the optimum outcome for all stakeholders. [email protected] We know that each assignment is unique and our • Adam Thom, Corporate Partner tailored solutions reflect this. [email protected] Our wide-ranging experience and holistic approach PAUL SHAW • Dean Curtis, Corporate Manager provides businesses and management teams with a [email protected] full range of cost effective advice whether they are looking to start-up, grow and expand, consolidate, divest or simply survive. We also deal with a broad range of restructuring and formal insolvency appointments. We have international capability through membership

ADAM THORN of HLB International.

DEAN CURTIS

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VIEW OUR directory ONLINE ENTRY corporate finance services BEEVER AND STRUTHERS directory education services directory places to eat, meet & stay directory professional services 46 CORPORATE FINANCE ADVISER

SERVICES MAJOR CLIENTS Cenkos specialises in providing corporate finance advice GVC Holdings plc, BCA Marketplace plc, AA plc, to companies across a diverse range of industry sectors Aberdeen Asset Management plc, Vianet Group plc, and jurisdictions.Cenkos has sponsor status and is a Science in Sport plc, Stobart Group Limited, Mercia Nominated Adviser (NOMAD) for the purposes of the Technologies Plc, Comptoir Group plc, Civitas Social SIMON FRENCH Alternative Investment Market (AIM). Housing PLC

NUMBER OF STAFF CORPORATE STATEMENT 120 Cenkos Securities is an independent specialist securities firm focused on UK small and mid-cap TRANSACTIONS COMPLETED companies. We aim to be entrepreneurial, whilst 500K+ NOV15-OCT16 seeking to establish long-term relationships with 27 corporate and institutional clients. Our directors and partners have on average more than 25 years’ OUR PEOPLE experience in the UK securities market. They have • Simon French, Senior Executive, [email protected] pioneered and led some of the most successful and innovative transactions in the UK securities market over the last decades.

CONTACT Exchange Station, Tithebarn Street, Liverpool L2 2QP VIEW OUR Tel: 0151 6400 510 Email: [email protected] ONLINE ENTRY Web: www.cenkos.com CENKOS SECURITIES PLC CENKOS

LAW FIRM

SERVICES NUMBER OF STAFF Commercial property, corporate and commercial, Across 6 offices we have 110+ staff dispute resolution, employment, investment property and landlord services CORPORATE STATEMENT We have a team of experts specialising in different areas TONY MORRIS OUR PEOPLE of the law that can help. Our clients are predominantly • Tony Morris, Partner, [email protected] owner managed businesses and range from SME’s • Craig O’Hara, Partner, craig.o’[email protected] to large corporations and individuals from all walks • Daniel Woodcock, Head of Commercial Property, of life. [email protected] Chafes Hague Lambert Solicitors is a well respected • Alison Close, , [email protected] firm known for its high quality service that rivals CRAIG O’HARA any city-centre law firm. With offices in Alderley Edge, Knutsford, Macclesfield, New Mills, Urmston and Wilmslow, legal advice is never too far away.

DANIEL WOODCOCK

CONTACT Hesketh House, 16 Alderley Road, Wilmslow, Cheshire SK9 1JX Tel: 01625 531676 Email: [email protected] ALISON CLOSE

CHAFES HAGUE LAMBERT SOLICITORS Web: www.chlsolicitors.co.uk ACCOUNTANTS 47

SERVICES CORPORATE STATEMENT Mergers & acquisitions, management buy-outs & buy-ins, CLB Coopers is a leading accountancy and advisory disposals, debt & equity fundraising, refinancing, firm with offices across the North West and with a focus restructuring, transaction services, financial due on the entrepreneurial and established owner-managed DAVID TRAVIS diligence, strategic advisory and tax advisory. SME market. In addition to our strategic and transactional NUMBER OF STAFF Corporate Finance services, we also provide Audit 110 (9 in the Corporate Finance team) & Assurance, Accounting, Corporate & Private Client Taxation and Corporate Recovery & Insolvency services OUR PEOPLE to a client based across the region and the wider UK.

ANDREW FEEKE • David Travis, Managing Director [email protected] • Andrew Feeke, Senior Director [email protected] • David Clift, Senior Director [email protected]

DAVID CLIFT

CONTACT Ship Canal House, 98 King Street, Manchester M2 4WU VIEW OUR Tel: 0161 245 1000 Email: [email protected]

ONLINE ENTRY Web: www.clbcoopers.co.uk CLB COOPERS

ONLY insider membership£99 ESSENTIAL BUSINESS TOOLKIT MAGAZINE STAY INFORMED AND WELL ADVISED ONLINE ● 12 monthly editions straight to your desk STAY CONNECTED & INFORMED ANYWHERE ● Latest regional business news and features ● Access to member only content – ● Who’s who in your region articles, news, reports, Top 500/300 lists ● Top ranking leagues ● Receive daily regional news bulletins in to your Inbox ● Deals being made ● Access digital edition of Insider magazine ● New appointments ● Expert advice on business issues EXCLUSIVE MEMBER CONTENT ● Skills and development features SAVE 9% OFF COVER PRICE BUSINESS EVENTS RAISE YOUR BUSINESS PROFILE MARKETING ● Members discounted rates – Save £200 DATABASES ● Priority invites to sold out events BUSINESS DEVELOPMENT AND SALES LEADS ● Business development opportunities ● 18,000 plus verifi ed senior decision-makers contacts ● Networking opportunities ● MDs, CEOs, directors, senior managers MEMBERS DISCOUNTED RATES SAVE £200 ● Email addresses ● Phone numbers ● Postal addresses ● Available by region ● Top 500 and Top 300 SME companies 20% OFF - SAVE UP TO £400 www.insidermedia.com/subscriptions or call 0161 907 9733

Memerbship half page NWDMG.indd 1 19/12/2016 10:06 48 COMMERCIAL FINANCE PROVIDER

SERVICES Close Brothers Invoice Finance is an independent CONTACT provider of bespoke invoice discounting, factoring and asset based lending (ABL) facilities across the UK and 80 Mosley Street, Manchester M2 3FX Ireland. We support businesses with their everyday IAN STEWARD cash flow needs as well as achieving strategic Tel: 0161 233 1320 objectives including mergers and acquisitions, MBOs Web: www.closeinvoice.co.uk and MBIs. We provide Invoice Finance, Stock, Property, Plant & Machinery and Cashflow facilities up to £35m. CORPORATE STATEMENT NUMBER OF STAFF Close Brothers Invoice Finance is part of Close 186 Brothers Group plc, a leading merchant bank group FIONA PARKINSON with traditional values and an ethical approach to OUR PEOPLE lending. • Ian Steward, Managing Director - UK Offering the flexibility of an independent provider, [email protected] combined with our financial strength as a well • Fiona Parkinson, Commercial Director – capitalised FTSE 250 company, we offer the best of North & Midlands both worlds. [email protected] We pride ourselves on being able to offer bespoke PAUL ASPRAY • Paul Aspray, Head of Commercial Sales – solutions, tailored to the needs of each individual North & Midlands customer alongside our industry-renowned service [email protected] excellence. As a result, we have proudly won • Jeremy Bolton, Corporate Sales Director numerous industry awards. [email protected] Our unique invoice discounting product, IDeal™ offers businesses same-day access to funds, 24/7, JEREMY BOLTON NOTABLE DEALS from anywhere in the world. • £24.5m Recruitment business – invoice finance • £10.5m MBO Services – invoice finance, property loan, cashflow facility • £7.5m Manufacturer – invoice finance, stock finance, asset finance • £4.375m Manufacturer – invoice finance and cashflow facility • £0.650m Services – invoice finance and cashflow facility • £0.600m Manufacturer – invoice finance

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VIEW OUR directory ONLINE ENTRY corporate finance services CLOSE BROTHERS INVOICE FINANCE CLOSE directory education services directory places to eat, meet & stay directory professional services BANK 49

SERVICES Corporate Mid Market: Provision of secured and CONTACT unsecured cash flow funding to support businesses and management teams in the SME segment. Manchester Customer Banking Centre OWEN MALTON The Chancery, 58 Spring Gardens Structured Finance: Senior funding to support Manchester M2 1YB management teams and Private Equity investors with MBO’s,MBI’s, acquisitions, re-capitalisations, IPO’s Tel: 0800 587 2233 through Bi-lateral and Club facilities, plus experience Email: working alongside debt funds and Mezzanine financiers. [email protected] Web: www.ybonline.co.uk JANE HARTLEY These services are complimented by a local high quality Relationship Management offering, a full range of ancillary products and services. MAJOR CLIENTS Park Cakes, Verdant Leisure, Arthouse, Enterprise Foods, NUMBER OF STAFF Lightcatch, Kitwave, Seabrook Crisps, Solidor 18 CORPORATE STATEMENT NEIL MCLOUGHLIN TRANSACTIONS COMPLETED Our Mid Market and Acquisition Finance capability, 500K+ NOV14-OCT15 enables focus on larger and/or more specialist funding Acquisition Finance 7 for business customers throughout the UK. Our customers Mid-Market 10 range from small to complex high-growth businesses, through to larger SMEs that are the backbone of the UK OUR PEOPLE economy – Britain’s Mid-Market businesses. • Owen Malton - Regional Head of Corporate and CRAIG CHEETHAM Structured Finance, [email protected] Within a nimble organisation, through our national • Jane Hartley - Senior Director, Corporate and team ethos and market experience, we have a reputation Structured Finance, [email protected] of delivering innovative and flexible funding structures • Neil McLoughlin - Senior Director, Corporate and for your business by putting the right person with the Structured Finance, [email protected] right knowledge in front of the right customer at the • Craig Cheetham - Senior Director, Corporate and right time.

JON HALL Structured Finance, [email protected] • Jon Hall - Senior Director, Corporate and We choose to focus our services across distinct areas: Structured Finance, [email protected] • Private Equity backed businesses • Neil Macleod - Senior Director, Corporate and • SMEs and Mid Market businesses Structured Finance, [email protected] • Specialist Sector Propositions which includes • Philip Hartley - Senior Director, Corporate and Health, Automotive, Manufacturing, Hotel, Structured Finance, [email protected] Broking, Marine Finance, Renewables, Social Housing

NEIL MACLEOD • Mark Preston - Director, SME Cash Flow Finance, and Professional Services. [email protected]

PHILIP HARTLEY directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services MARK PRESTON CLYDESDALE AND YORKSHIRE BANK AND YORKSHIRE CLYDESDALE directory education services directory places to eat, meet & stay directory professional services 50 PRIVATE EQUITY FIRM

SERVICES We are a transformational investor looking to support CONTACT buyouts, non-core acquisitions from larger groups, turnarounds and financial restructuring The Chambers Building, 4th Floor 13 Police Street, Manchester M2 7LQ TOM JACK NUMBER OF STAFF 5 (Region) 42 (total) Tel: 0161 837 6030 Email: [email protected] TRANSACTIONS COMPLETED Web: www.endlessllp.com 500K+ NOV15-OCT16 5 CORPORATE STATEMENT Since its inception in 2005, Endless has established MATHEW DEERING OUR PEOPLE itself as one of the most active and successful investors • Tom Jack – Partner in business transformation. We focus on acquiring [email protected] businesses which can be improved operationally, • Mathew Deering – Partner in particular carve outs from large corporates, supporting [email protected] MBOs and providing essential capital for turnarounds. • Richard Harrison – Associate Director We currently have a portfolio of 23 UK and European [email protected] businesses with revenues approaching £3.0 billion. RICHARD HARRISON • Lee Abbott – Investment Manager We are currently investing our fourth fund of £525 [email protected] million, raised from a variety of global blue chip institutional funds, educational institutions and NOTABLE DEALS charitable endowments. Having significantly grown • Acquisition of Bright Blue Foods Limited our North West team (led by Mathew Deering and Tom • Acquisition of Essential Fleet Services from Kier plc Jack), over the last 18 months, Endless is committed LEE ABBOTT • Public to Private of Office2Office plc to deploying a significant proportion of our current and • Exit of Gradus future funds to business transformation opportunities • Acquisition of Excelsior in the region. ENDLESS LLP LAW FIRM 51

SERVICES Eversheds provides expertise across multiple CONTACT jurisdictions in a variety of market sectors and corporate finance services including: mergers and Eversheds LLP, Eversheds House, SIMON MASTERS acquisitions, initial public offerings, takeovers, 70 Great Bridgewater Street, private equity, venture capital, debt and equity issues, Manchester M1 5ES joint ventures, corporate reorganisations and corporate governance. Tel: +44 20 7919 4500 Web: www.eversheds.com NUMBER OF STAFF Over 170 lawyers in Manchester and over 2,000 MAJOR CLIENTS DANIEL HALL lawyers globally in 55 offices and 28 countries. Four Seasons Health Care, Euro Garages, NCC Group plc, Van Elle Holdings plc, Epwin Group plc, BAE Systems plc, OUR PEOPLE Fairpoint Group plc, Lookers plc, Entu (UK) plc, Together • Simon Masters, Partner, Corporate Money Limited [email protected] • Daniel Hall, Partner, Corporate CORPORATE STATEMENT [email protected] Eversheds is a global law firm which provides ALISTAIR CREE • Alistair Cree, Partner, Corporate corporate legal advice to clients across multiple [email protected] jurisdictions. Clients range from large multinationals and financial institutions, to local owner-managed NOTABLE DEALS companies, all of which want high quality legal advice • NCC Group plc – advising NCC Group on the provided by expert teams that combine local market acquisition of Fox-IT Holding BV for €133.25m expertise with an exceptional consistency of quality • Together - advising specialist lender Together on the and service delivery around the world. sale of Equistone and Standard Life’s minority stake Well-known innovators of the legal sector, Eversheds to the founders of the business for approximately is a firm that sets the standards and is widely recognised £288 million for working in partnership with clients, assisting them • Van Elle Holdings plc – advising Van Elle on its £80m to unlock the potential of their organisations. listing on London’s AIM market Eversheds has a team of over 130 corporate lawyers • Four Seasons Healthcare – advising Four Seasons nationally, with access to a global network of over on 12 separate business / asset disposals and 2,000 lawyers. The Manchester team acts for a variety agreeing the sale of a portfolio of 10 care homes of clients across a wide range of sectors, including • Lookers plc – advising Lookers plc on circular and health and life sciences, transport, TMT, consumer, related documents for class 1 disposal of their parts sport, diversified industrials, education, and energy division to Alliance Automotive Holding Limited for and natural resources. £130m • NKT Photonics A/S – advising NKT on their acquisition of the entire issued share capital of Fianium Holdings Limited for approximately £21m

WINNER • Law Firm of the Year directory • Deal of the Year (£50m plus) property services

VIEW OUR directory ONLINE ENTRY corporate finance services EVERSHEDS LLP directory education services directory places to eat, meet & stay directory professional services 52 CORPORATE FINANCE ADVISER

SERVICES How organisations manage their capital today will define CONTACT their competitive position tomorrow. We help create social and economic value for our clients by helping them make 100 Barbirolli Square, more informed decisions about strategically managing Manchester M2 3EY BOB WARD capital and transactions. We advise on strategies to raise, invest, optimize Tel: 0161 333 3000 and preserve capital. Our teams bring together transaction Web: www.ey.com professionals across functional areas, sectors and geographies to evaluate your Capital Agenda. Our goal is to help you achieve your best capital performance, NUMBER OF STAFF deliver value to your stakeholders and meet your 70 across the North RICHARD HARDING strategic corporate objectives. NOTABLE DEALS OUR PEOPLE • MBO of Abbey Logistics backed by NorthEdge Capital • Bob Ward, Senior Partner, North West • MBO of ITC Luxury Travel backed by NorthEdge Capital [email protected] • Sale of business and assets of Outsourcery PLC • Richard Harding, Leader, National Markets (in Administration) to GCI Network Solutions Transaction Diligence • Sale of business and assets of Red7Marine Group MARK CLEPHAN [email protected] (in Administration) to I&C Limited • Mark Clephan, Head of Corporate Finance North • Endless LLP’s disposal of Trustmarque Solutions [email protected] Limited to Capita Holdings plc • Sam Woodward, Leader, National Markets • The acquisition of the cellophane division of Innovia Restructuring by Futamura Chemical Co., Ltd [email protected] SAM WOODWARD • Hilary Heap, Head of Valuations & Business CORPORATE STATEMENT Modelling North EY is a global leader in assurance, tax, transaction and [email protected] advisory services. The insights and quality services • Richard Thomas, Partner, Law we deliver help build trust and confidence in the [email protected] capital markets and in economies the world over. • Paul Devitt, Partner, Law We develop outstanding leaders who team to

[email protected] deliver on our promises to all of our stakeholders. HILARY HEAP • Mark Hough, Director, Law In so doing, we play a critical role in building a better [email protected] working world for our people, for our clients and for • John Williams, Director, Transaction Diligence our communities. [email protected] • Stuart Thwaites, Director, Transaction Diligence [email protected]

• Chrissy Wright, Director, Restructuring RICHARD THOMAS [email protected] • Alex Williams, Director, Restructuring [email protected] • Kris Aspin, Director, Restructuring [email protected]

PAUL DEVITT EY CORPORATE FINANCE ADVISER 53

SERVICES GCA is a global investment bank with 14 offices in 10 CONTACT countries serving a broad client base through a range of advisory services including mergers and acquisitions, Manchester office: Belvedere, Booth PHIL ADAMS debt, capital markets, private funds and restructuring. Street, Manchester M2 4AW GCA Altium aims to be the trusted global advisor for Tel: 0845 505 4343 unbiased, incisive corporate finance advice. We believe in building long-term relationships based on trust and London office: 1 Southampton Street, always act in our clients’ best interest. London WC2R 0LR Tel: 0207 484 4040 NUMBER OF STAFF SIMON LORD 300+ Email: [email protected] Web: www.gcaaltium.com TRANSACTIONS COMPLETED 500K+ NOV15-OCT16 150+ CORPORATE STATEMENT GCA Altium delivers deep expertise in all the key OUR PEOPLE industries and has particular focus in Technology & ADRIAN REED • Phil Adams – Group CEO Telecom, Media, Digital Media & Communications, • Simon Lord – Managing Director Consumer & Retail, Industrials and Industrial Technology, • Adrian Reed – Managing Director Healthcare, Financial Institutions and Business Services. • Paul Lines – Director GCA Altium has teams of highly experienced • Dominic Orsini – Director professionals in Frankfurt, London, Manchester, Milan, • Adam Sivner – Director Mumbai, Munich, New York, Osaka, San Francisco, • David Edwards – Origination Director Shanghai, Singapore, Tel Aviv, Tokyo and Zurich. PAUL LINES NOTABLE DEALS • Majority Investment in Mitrefinch from LDC • Sale of Urban Engines to Google • £70m sale of Guestline to The Riverside Company • £304m sale of Prezzo to TPG

DOMINIC ORSINI • £125m sale of Bifold to Rotork • £1.9bn sale of New Look to Brait • TotalMobile majority investment by Lyceum Capital

ADAM SIVNER

DAVID EDWARDS directory WINNER International Deal of the Year property services

VIEW OUR directory ONLINE ENTRY corporate finance services GCA ALTIUM directory education services directory places to eat, meet & stay directory professional services 54 CORPORATE FINANCE ADVISER

SERVICES We are focused on mid-market and provide a wide CONTACT range of corporate finance services including; business planning; strategic and business review(s); 4 Hardman Square, Spinningfields, business valuations; acquisitions (strategy, target Manchester M3 3EB PHILIP GRINDLEY identification and execution); realisation of non-core assets; exit planning and disposal execution; management Tel: 0161 953 6900 buyouts/buy-ins; fundraising (both public and private); Web: www.grant-thornton.co.uk AIM/LSE preparation; NOMAD advisory/LSE sponsor; city code advice on takeover and mergers; post deal integration advice and support; due diligence (buyer NOTABLE DEALS and vendor); reporting accountant, formal administrations • Akcros Holdings Limited – Advice to the vendors on SARAH O’TOOLE and liquidations; contingency planning; accelerated the confidential international sale to US based Valtris M&A and transactional tax advice (ultimately owned by HIG Capital) • Jones Environmental Forensic Limited – Advice NUMBER OF STAFF to the vendors on the confidential sale to Exova plc 27 (9 Corporate Finance Advisory, 7 Transaction • Futamura Chemical Co Limited – Advice to Japanese Advisory Services, 11 Restructuring ) firm Futamura Chemical Co. on the acquisition of the cellophane division from Innovia Group MATTHEW BRYDEN-SMITH TRANSACTIONS COMPLETED • Babington Business Group Limited – Vendor due 500K+ NOV15-OCT16 diligence and SPA advisory on £22m sale of Babington 38 Group by Bridges Ventures to RJD Partners • Euxton Group Limited – Due diligence services to OUR PEOPLE Foresight Group on investment of £2.75m in the • Philip Grindley, Partner, Transaction Advisory Buy-in Management Buyout of horticultural e-commerce JASON BELL Services, [email protected] specialist Euxton Group • Sarah O’Toole, Partner, Restructuring, • Adept4 PLC – Due diligence services on Pinnacle [email protected] Technology plc’s acquisition of adept4 Limited • Matthew Bryden-Smith, Director, Corporate Finance, [email protected] CORPORATE STATEMENT • Jason Bell, Director, Restructuring, Our vision is to be recognised as leading advisors to

[email protected] the mid-market businesses and intermediaries in the PHILIP STEPHENSON • Philip Stephenson, Director, Advisory, UK. Our priorities are to; [email protected] • Deliver ‘best in class’ service and value to our clients • Anthony Yu, Associate Director, Corporate • Provide robust audit to support your decision Finance, [email protected] making process • Joe Pollard, Associate Director, Corporate • Provide a fully integrated service led by a partner Finance, [email protected] or a director

• Chris Ryan, Associate Director, Corporate • Continue to make Grant Thornton a great firm for ANTHONY YU Finance, [email protected] our client, communities and colleagues Our team of professionals within our corporate finance MAJOR CLIENTS practice gives us the scale and breadth of experience Jones Environmental Forensic Limited, Akcros Holdings to support you in your business challenges. Limited, Futamura Chemical Co Limited, NorthEdge Capital/ Abbey Logistics Group Limited, Babington Business Group Limited, Euxton Group Limited, Adept4 PLC, Rivendell JOE POLLARD Europe Limited, MPD Group Limited directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services CHRIS RYAN GRANT THORNTON directory education services directory places to eat, meet & stay directory professional services CORPORATE FINANCE ADVISER 55

SERVICES KBS Corporate is recognised as one of the UK’s leading CONTACT providers of company sale services, offering complete project management and consultancy services to KBS House, 5 Springfield Court, JOHN RIGBY shareholders who are considering an exit strategy. Summerfield Road, Bolton BL3 2NT With a history of delivering success, KBS Corporate Tel: 0161 971 3050 can provide a tailored sale strategy to realise a complete Email: [email protected] exit solution or a partial sale to release capital, ensuring Web: www.kbscorporate.com that a number of competitive offers and differing deal structures are presented to their clients from a range of extensive UK and international buyer routes. NOTABLE DEALS MATT CLANCY • Sale of Route Monkey Limited to Trakm8 Holdings plc NUMBER OF STAFF • Sale of HCD Group Limited to Bureau Veritas S.A. 90 • Management buyout of Giacom World Networks Limited backed by Lloyds Development Capital (LDC) TRANSACTIONS COMPLETED • Sale of Imagesound Limited to ECI Partners LLC 500K+ NOV15-OCT16 • Management Buy In of Contractors/Plant Hire 56 (Reading) Ltd SIMON DANIELS • Sale of UK Dry Risers Ltd and UK Dry Risers Maintenance OUR PEOPLE Ltd to PTSG plc • John Rigby, Managing Director, [email protected] CORPORATE STATEMENT • Matt Clancy, Director, We approach every sale mandate by understanding [email protected] what is special and unique about each of our clients’ • Simon Daniels, Director, businesses. ANDREW MELBOURNE [email protected] Our expert buyer identification processes incorporate • Andrew Melbourne, Director, our highly intelligent buyer matching engine which has [email protected] been developed bespoke to us. This is why we have • Julian Coy, Director, established ourselves as a market leading expert in [email protected] company sales and offer what we believe to be the • John Hunt, Director, most comprehensive, professional and wide ranging

JULIAN COY [email protected] search for clients’ perfect buyers. • Tony Ford, Chairman, It is this buyer reach that allows us to maximise [email protected] company value for our clients and create the necessary platform required to deliver multiple offers. Our industry leading presentational techniques ensure that each opportunity is presented in its best possible light to capture the interest of an array of prospective acquirers.

JOHN HUNT

TONY FORD directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services KBS CORPORATE directory education services directory places to eat, meet & stay directory professional services 56 PRIVATE EQUITY FIRM

SERVICES CORPORATE STATEMENT A mid-market private equity specialist with bespoke Inflexion is an award-winning UK mid-market private teams and dedicated capital, Inflexion backs majority equity firm, investing equity of £10m to £100m in high or minority investments in the lower mid-market, growth, entrepreneurial businesses with ambitious mid-market Buyouts and provides minority solutions management teams and working in partnership with TIM SMALLBONE for larger mid-market companies through its dedicated them to accelerate growth. Partnership Capital offering. Investing across all sectors and UK regions from offices in London and Manchester, Inflexion also has OUR PEOPLE experts in Bangalore, São Paulo and Shanghai dedicated • [email protected] – Partner to portfolio development, enabling investee companies

• [email protected] – Partner to benefit from privileged access to these fast growth CATHERINE RICHARDS • [email protected] – Partner markets. The firm has in-house digital expertise, invests • [email protected] – in operational improvement and supports growth via Investment Director acquisition. Inflexion is currently advising c. £2bn on behalf of its investors, read more at inflexion.com

CARL WORMALD

CONTACT 82 King Street, Manchester, Greater Manchester M2 4WQ VIEW OUR Tel: +44 (0)161 935 8018 MALCOLM COFFIN ONLINE ENTRY Web: www.inflexion.com INFLEXION

PRIVATE EQUITY FIRM

SERVICES NUMBER OF STAFF Livingbridge invests in growing entrepreneurial businesses 75 valued between £5m and £125m. We invest anywhere between £2m and £50m in fast growing companies MAJOR CLIENTS focused across four sectors: Consumer Markets, Services, Four Eyes Insight, Metronet (UK), Direct Ferries, Boilerjuice, PETE CLARKE Healthcare & Education and Technology, Media & Southern Communications, Le Bistrot Pierre, Sykes Telecommunications. Cottages, Kingsbridge, Eque2, Kirona.

OUR PEOPLE CORPORATE STATEMENT • Pete Clarke, Partner As a company grows and changes, the people involved [email protected] form bonds that last. So you need to work with people MATTHEW CAFFREY • Matthew Caffrey, Partner you can trust. Our team have been backing businesses [email protected] together for twenty years. We can bring a new perspective • Nick Holder, Investment Director – we’ve done it over a hundred times. And by getting to [email protected] know what makes you tick, we’ll help achieve what’s right • James Titmuss, Director for you and your business.

[email protected] NICK HOLDER

CONTACT 7th Floor, 82 King Street, Manchester M2 4WQ Tel: 0161 912 6500 Email: [email protected] VIEW OUR JAMES TITMUSS ONLINE ENTRY

LIVINGBRIDGE Web: www.livingbridge.com CORPORATE FINANCE ADVISER 57

SERVICES We provide corporate finance advisory services CONTACT to a variety of stake holders in a business including entrepreneurs, corporate shareholders, management One St Peter’s Square, Manchester DAVE HILTON teams, private equity houses and banks. We lead clients M2 3DE through a range of mid-market transactions including company sales,management buy-outs, corporate Tel: 0161 238 9200 acquisitions and capital raising. Email: [email protected] We are an active adviser creating, negotiating, Web: www.mazars.co.uk structuring, and managing transactions for clients across all sectors working with owner-managed businesses and NOTABLE DEALS JAMES ROSTHORN international corporations alike. Mazars also provide • Provided due diligence to support the The Seafood Transaction Support services including due diligence Pub Company £18m investment package from Penta reports for purchasers, funders and vendors. Capital LLP with debt support from RBS • MBI of document management solutions business, NUMBER OF STAFF Prime Document 8 • Sale of cloud hosting and network solutions business, NetCentrix to Elite.tele.com QASIM MEMON TRANSACTIONS COMPLETED • Sale of electronic cigarette and e-liquid distributor, 500K+ NOV15-OCT16 FreshCig 25 • Acted on in excess of 15 transactions (due diligence) for Assura Plc OUR PEOPLE • Vendor assistance for Steadfast Engineering Company • Dave Hilton, CF Director Limited in connection with their sale to Marla Tube [email protected] Fittings SIMON CROFT • James Rosthorn, CF Executive [email protected] CORPORATE STATEMENT • Qasim Memon, CF Executive Mazars is an international, integrated and independent [email protected] organisation, specialising in audit, accountancy, tax, • Simon Croft, CF Executive legal and advisory services. Mazars operates throughout [email protected] the 77 countries that make up its integrated partnership.

NEIL ROBINSON • Neil Robinson, TS Partner We draw on the expertise of 17,000 professionals [email protected] to assist major international groups, SMEs, private • Jeremy Booth, TS Manager investors and public bodies at every stage of their [email protected] development. • Hayley Brightmore, TS Manager In the UK, Mazars has over 1800 partners and staff [email protected] serving clients from 19 offices and is one of the top ten • Helen Eales, TS Executive firms nationally.

JEREMY BOOTH [email protected]

MAJOR CLIENTS Assura Plc, Conviality Plc, Natwest, Foresight Group, RBS, Enterprise Ventures

HAYLEY BRIGHTMORE directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services HELEN EALES MAZARS LLP directory education services directory places to eat, meet & stay directory professional services 58 ALTERNATIVE FUNDER

SERVICES • Jim.Moore@, Investment Manager, MSIF offers finance of up to £2million through loans and [email protected] equity funding to businesses across the North West region and has invested over £163m to date. We provide invest- MAJOR CLIENTS ment for start-ups, expansions, MBOs/MBIs, mergers and CS Financial Solutions, Centriforce, Evodental, Uniform, LISA GREENHALGH acquisitions. Packages are completely flexible and tailored Blends, Forshaw Group, Anaco, Bakewell Horner, to suit the individual needs of each business. P&R Labpak, Compound Feeds.

NUMBER OF STAFF CORPORATE STATEMENT 16 MSIF offers an alternative source of finance to busi-

nesses unable to get funding from traditional sources. PAUL HUMPHRAY OUR PEOPLE We are a local, independent organisation that is not • Lisa Greenhalgh, Chief Operating Officer, bound by national policy – all investment decisions [email protected] are made here in the North West. We have extensive • Paul Humphray, Investment Director, knowledge and experience of working with the region’s [email protected] business and professional community. MSIF does

• Simon.Thelwall-Jones, Investment Director, not operate a one size fits all approach; we tailor our SIMON THELWALL-JONES [email protected] funding to suit the individual needs of each business.

CONTACT 2nd Floor, Exchange Court, 1 Dale Street, Liverpool, L2 2PP Tel: 0151 236 4040 Email: [email protected] JIM MOORE MSIF Web: www.msif.co.uk

LAW FIRM

SERVICES NUMBER OF STAFF World class legal advice in relation to all aspects 40 of corporate law including investments, flotations, raising capital, acquisitions and disposals, real estate matters CORPORATE STATEMENT and day-to-day commercial and governance advice. Nabarro is a major commercial law firm renowned HOWARD GILL for our positive and practical approach to our clients’ OUR PEOPLE business needs. The recently announced partnership • Howard Gill, Partner, [email protected] of CMS, Nabarro and combines our in-depth • Gareth Saynor, Partner, [email protected] sector strengths to act as both technical experts and • Nick Wardle, [email protected] pragmatic advisers, who deliver quality results. • Charlotte Derbyshire, [email protected] All three firms have a reputation for quality, strong GARETH SAYNOR and complimentary UK practices and brands and MAJOR CLIENTS similar cultures. Our combined firm will be among the Manchester Airport Group, Select Property, Redefine largest in the UK market, with over 2,500 lawyers, International PLC, BUPA, Carillion PLC, UK Fast, allowing us to offer a truly flexible business service Spectrum Brands Group, Manchester City Council, model to our clients.

IHG, Hermes Pensions NICK WARDLE

CONTACT 1, The Avenue, Spinningfields, Manchester M3 3AP Tel: 0161 393 4700 Email: [email protected] CHARLOTTE DERBYSHIRE

NABARRO LLP Web: www.nabarro.com PRIVATE EQUITY FIRM 59

SERVICES Private equity; management buy-outs; buy-and-build; CONTACT growth and development capital; equity release. Vantage Point, Hardman Street, GRANT BERRY NUMBER OF STAFF Spinningfields, Manchester M3 3HF 30 Tel: 0845 340 9600 TRANSACTIONS COMPLETED Email: [email protected] 500K+ NOV15-OCT16 Web: www.northedgecapital.com 7 (investing c. £100m) NOTABLE DEALS DAN WRIGHT OUR PEOPLE • DIRECT HEALTHCARE SERVICES – Investment in DHS, • Grant Berry, Managing Partner an award winning manufacturer of specialist pressure [email protected] area care products • Dan Wright, Partner and Chief Operating Officer • ACCROL – Partial exit following Listing on AIM with [email protected] an EV of £116m • Ray Stenton, Head of New Business • EAST COAST CONCEPTS – NorthEdge invested [email protected] development capital in the company behind premium RAY STENTON • Andy Ball, Partner casual dining brands Neighbourhood and Victor’s [email protected] • ABBEY LOGISTICS GROUP – Investment supporting • John Rastrick, Partner, Head of Yorkshire MBO specialising in transportation of bulk food products [email protected] • SUMO DIGITAL – Sale of award-winning video game • Jon Pickering, Head of Manchester Office developer generating 4.4 x money [email protected] • ITC – Luxury Travel Investment in Chester based tailor • Rob Freer, Head of Birmingham Office made luxury holiday provider ANDY BALL [email protected] • Phil Frame, Investment Director CORPORATE STATEMENT [email protected] NorthEdge manages £525 million of PE funds aimed at lower mid-market buy-out and development capital MAJOR CLIENTS transactions. Investing in like-minded businesses and Fine Industries, Utiligroup, Ramsdens, Solidor, TotalFitness, management teams with real ambition and the potential

JOHN RASTRICK TKC, Direct Healthcare Group, Belfield Furnishings, Abbey to shape global markets from the North of England. Logistics, ITC NorthEdge typically invests between £5 million and £45 million in growth and development capital MBOs equity release and buy-and-build opportunities.

JON PICKERING

ROB FREER WINNER • Grant Berry, Dealmaker of the Year directory • Private Equity House of the Year property services

VIEW OUR directory ONLINE ENTRY corporate finance services PHIL FRAME NORTHEDGE CAPITAL LLP NORTHEDGE CAPITAL directory education services directory places to eat, meet & stay directory professional services 60 LAW FIRM

SERVICES MAJOR CLIENTS Banking and finance, commercial, construction, corporate Iceland Frozen Foods, DHL Express UK, SSP plc, Brother finance, corporate recovery, data protection, debt recovery, Electronics, boohoo.com, CVR plc, NG Bailey, Fircroft defamation and reputation management, dispute resolution, Engineering Services Limited, Revolution Bars and XPO e-commerce, information technology, intellectual property, Logistics. STEVE GRANT international services, pensions, public sector, real estate and regulatory. NUMBER OF STAFF 73 OUR PEOPLE • Steven Grant, Chairman TRANSACTIONS COMPLETED

[email protected] 500K+ NOV15-OCT16 TIM HAMILTON • Tim Hamilton, Partner 23 [email protected] • Tom Hall, Partner CORPORATE STATEMENT [email protected] Our team includes many of the leading lawyers in the • Mark Winthorpe, Partner North West who are recognised as experts in their fields.

[email protected] We are accredited by quality standards ISO 9001, TOM HALL and Investors in People Gold.

CONTACT 378-380 Deansgate, Manchester M3 4LY VIEW OUR Tel: 0800 131 3355 Email: [email protected] MARK WINTHORPE ONLINE ENTRY Web: www.pannonecorporate.com PANNONE CORPORATE LLP CORPORATE PANNONE

65,000 COMPANY DIRECTORS HAVE SEARCHED FOR AN ADVISER Company profi tability is improving – more and more companies are now in their pre-sale period when shareholders and directors actively start the search for the right team of advisers. Insider’s Corporate Finance Directory has seen a 61.56% increase in visitors to company profi le pages in the second quarter and 65,000 enquiries in the year-to-date. LIST YOUR insidermedia.com/business_directory COMPANY OR CALL CAROL WHITE ON 0161 907 9710

Corp Fin ad.indd 1 19/12/2016 16:04 CORPORATE FINANCE ADVISER 61

SERVICES Lead Advisory CONTACT • Private equity and venture capital • Sale mandates 3 Hardman Street, Manchester M3 3HF IAN LATHAM • Corporate M&A • MBO/MBI Tel: 0161 830 4000 • Fundraising and development capital Email: [email protected] Web: www.rsmuk.com Capital Markets • Reporting accountants • Preparing companies for flotation NOTABLE DEALS JOHN DALY • PLC advisory • Sale of Trackyou Limited to Radius Payment Solutions Limited Transaction Services • Sale of R. Noone & Son Limited to Bidvest Fresh • Financial Due Diligence on behalf of Banks, Private • Sale of Synergie Holdings Limited to Motor Fuel Equity and Corporates Group Limited • Valuation Advice • Sale of North West Community Services Limited to Mediline Nurses and Carers Limited JAMES WILD NUMBER OF STAFF • Sale of Lees Solicitors LLP to Jackson Canter Limited 15 northwest (153 nationally) CORPORATE STATEMENT TRANSACTIONS COMPLETED Specialising in advising SMEs and the mid-market 500K+ NOV15-OCT16 RSM has specialist teams in M&A, Private Equity, 17 northwest (148 nationally) Capital Markets and Due Diligence. We work across the UK and internationally, with our Northwest team JOHN GILLIBRAND OUR PEOPLE ranking second for the region by deal volume in the • Ian Latham, Partner, [email protected] recent Experian League Table. We have also won and • John Daly, Partner, [email protected] been shortlisted for numerous Insider Awards. • James Wild, Partner, [email protected] Our teams provide the right mix of experience and • John Gillibrand, Partner, [email protected] creativity, advising on over 500 transactions in the last • Colin Smyth, Partner, [email protected] five years. We are committed to providing innovative,

COLIN SMYTH • Stephen Green, Partner, [email protected] high quality advice that our clients benefit from and focus on building relationships for the long term with MAJOR CLIENTS the ultimate aim of achieving future goals. Capita, Palatine Private Equity, Ministry of Sound, Arriva, Direct Ferries, Camden Town Brewery, LDC, Casehouse Limited, Tax Systems

STEPHEN GREEN

directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services RSM UK directory education services directory places to eat, meet & stay directory professional services 62 RECRUITMENT SPECIALIST

SERVICES Established in 2002, Sellick Partnership is a market- CONTACT leading financial recruitment specialist, focused on offering a complete recruitment service to senior finance Head Office, Queens Court, 24 Queen professionals on a permanent and interim basis. Our Street, Manchester M2 5HX JO SELLICK specialist sectors include: Tel: 0161 834 1642 • Commerce & Industry Email: • Financial Services [email protected] • Not-for-Profit • Professional Services Liverpool Office, 44 Old Hall Street, • Public Sector Liverpool L3 9PP Tel: 0151 224 1480 RAY WAREING From SMEs and corporate blue chip companies to Email: public sector and not-for-profit organisations, we work [email protected] in partnership with a range of businesses across the North West and excel at delivering a tailored service Web: www.sellickpartnership.co.uk to both clients and candidates. We specialise in the provision of high-calibre finance professionals within NUMBER OF STAFF the following areas: 78 ABIGAIL DAY • Actuarial & Pricing • Audit & Assurance CORPORATE STATEMENT • Change Management/Turnarounds At Sellick Partnership our collaborative approach, • Corporate Finance extensive experience and commitment to providing • Corporate Governance an outstanding service across our specialist sectors, • Interim & Permanent ensures that we are best placed to offer a complete HUGH ALMOND • MBOs/MBIs strategic recruitment solution. • Mergers & Acquisitions Over the last 15 years, we have developed an • Private Equity/Venture Capital unrivalled network of board, senior and middle level • Restructuring/Recovery management candidates across a variety of specialist • Wealth & Investments sectors. We continually add value at every opportunity and always work towards our mission of “putting

OUR PEOPLE people first to create the brightest future”. MARTIN PARR • Jo Sellick, Managing Director Through salary surveys, business breakfasts, media [email protected] booking and production, as well as attendance at a • Ray Wareing, Group Director wide-range of industry events, we work hard to ensure [email protected] that our name is synonymous with the very best in the • Abigail Day, Associate Director market. In addition, our close relationships with [email protected] ACCA, ICAEW and CIMA mean we are at the forefront

• Hugh Almond, Manager of industry development, with unparalleled market JONATHAN MOSS [email protected] insight. We also have a strong philanthropic programme • Jonathan Moss, Manager with charities in the local community including St Ann’s [email protected] Hospice and The Lord’s Taverners. • Martin Parr, Manager [email protected] • Austin Brislen, Senior Consultant [email protected] AUSTIN BRISLEN • Rachael Brooks, Senior Consultant [email protected]

RACHAEL BROOKS SELLICK PARTNERSHIP LTD SELLICK PARTNERSHIP CORPORATE FINANCE ADVISER 63

SERVICES NUMBER OF STAFF Seneca’s Corporate Finance team advises business owners, 5 dedicated corporate finance personnel. Over 50 management and investors on disposals, acquisitions, company wide. MBOs, MBIs and raising private equity growth and debt GORDON LANE capital. The team specialises in transactions between MAJOR CLIENTS £2m and £100m, and provides strategic advice to Clarke & Clarke, Brick-Ability, Utiligroup, Translec, shareholders and management teams considering Precision Technologies International, Rockar. ownership and business development options. CORPORATE STATEMENT OUR PEOPLE As we are independent, the knowledge, experience and

ANDREW STUBBS • Gordon Lane – Head of Corporate Finance pedigree of our people combined with our professional [email protected] contacts and network are key to providing our clients • Andrew Stubbs – Director of Corporate Finance with services of the highest quality. We are committed [email protected] to understanding our clients’ needs, building trust and • Chris Summerscales – Head of Origination lasting business relationships that ultimately deliver [email protected] successful transactions and solutions. We have a very FINANCE CORPORATE

CHRIS SUMMERSCALES • Paul Leyland – Corporate Finance Executive flexible approach and each client and deal is of the [email protected] utmost importance to us and our hard-earned reputation.

CONTACT Seneca Partners, 12 The Parks, Haydock, WA12 0JQ VIEW OUR Tel: 01942 295 983 Email: [email protected] PAUL LEYLAND ONLINE ENTRY Web: www.senecapartners.co.uk SENECA

ALTERNATIVE FUNDER

SERVICES NUMBER OF STAFF Seneca is a leading UK value investor, specialising 10 dedicated investment personnel. Over 50 in the provision of capital (equity and/or debt) to SMEs. company wide. We are sector agnostic investors looking to work with JOHN DAVIES established, soundly managed businesses with exciting MAJOR CLIENTS growth prospects. Rockar, Jump Xtreme, Insurance Surgery, Foodpack, Smart Storage, My Parcel Delivery, Redx Pharma, OUR PEOPLE Incorporate Travel. • John Davies – Investment Director [email protected] CORPORATE STATEMENT CONNOR GRIMES • Connor Grimes – Portfolio Manager Seneca is an investment management and corporate [email protected] advisory business which specialises in dealing with • Chris Bullough – Investment Director UK based SMEs with turnover up to £100 million. Our [email protected] streamlined structure ensures we can move quickly • Simon Thorn – Investment Director if required and also deliver a tailored and uncomplicated

[email protected] service. We are committed to working alongside EQUITY/DEBT

CHRIS BULLOUGH excellent management teams to create value for our investors as well as the companies we invest in.

CONTACT Seneca Partners, 12 The Parks, Haydock, WA12 0JQ Tel: 01942 295 981 Email: [email protected] SIMON THORN VIEW OUR ONLINE ENTRY

Web: www.senecapartners.co.uk SENECA 64 LAW FIRM

SERVICES A comprehensive range of corporate finance services, CONTACT including: mergers and acquisitions, private equity, leveraged finance, initial public offerings and secondary Squire Patton Boggs, Trinity Court, 16 offerings, public takeovers, joint ventures, partnership John Dalton Street, Manchester M60 8HS JANE HAXBY structures, competition law – merger control, antitrust advice and EU state aid law and trade law, domestic Tel: 0161 830 5000 and cross-border tax advice and corporate restructuring. Email: [email protected] www.squirepattonboggs.com NUMBER OF STAFF 69 lawyers and 49 support staff in Manchester. NOTABLE DEALS Globally more than 1,500 lawyers in 46 offices • Acted for GB Group plc on the acquisition of ID scan DARREN WARBURTON and 21 countries. Biometrics for £35 million (partially funded by way of a £15 million placing). TRANSACTIONS COMPLETED • Advised on the sale of Appsense Limited to US tech 500K+ NOV15-OCT16 firm, LANDesk. 39 • Acted on the sale of BDP to Nippon Koei for £102.2 million. OUR PEOPLE • Acted for Private Equity firm ECI on the acquisition of GILES CHESHER • Jane Haxby, European Managing Partner MPM Products for £55m. and Corporate Partner, [email protected] • Acted for INEOS on the sale of INEOS Styrenics • Darren Warburton, Corporate Partner, European Holding BV and other assets. [email protected] • Giles Chesher, Corporate Partner, CORPORATE STATEMENT [email protected] Squire Patton Boggs is recognised among the top- CLAIRE SHEPHERD • Claire Shepherd, Financial Services Partner, ranked legal practices for domestic and cross-border [email protected] corporate transactions. The Manchester Corporate team • Matthew Ingram, Financial Services Partner, has a strong focus on UK and cross-border mid-market [email protected] M&A, private equity and UK capital markets and clients • Debra Cooper, Financial Services Partner, benefit from the geographic reach and quality of advice [email protected] that can only be found in a top-tier global practice.

• Diarmuid Ryan, Partner, Competition and Antitrust Manchester is part of a UK-based Corporate team MATTHEW INGRAM Partner, [email protected] of 60 lawyers across four offices including London, Leeds • Patrick Ford, Tax Strategy and Benefits Partner, and Birmingham, with access to a global corporate team [email protected] of 370 lawyers. Clients of the Manchester team include privately owned and publically listed companies, private MAJOR CLIENTS equity and venture capital firms, emerging companies, Molson Coors, INEOS, Mexichem, Findel plc, financial institutions and entrepreneurs. ECI Partners, GB Group plc, Innospec, Lawyers in the Manchester-based Corporate practice DEBRA COOPER Business Growth Fund, Sherwin Williams have significant knowledge and experience advising on both UK and cross-border transactions across a broad range of sectors, including chemicals, industrial products, life sciences, sports, retail and hospitality, and media and consumer brands. directory DIARMUID RYAN WINNER AIM Deal of the Year property services

VIEW OUR directory ONLINE ENTRY corporate finance services PATRICK FORD SQUIRE PATTON BOGGS SQUIRE PATTON directory education services directory places to eat, meet & stay directory professional services ALTERNATIVE FUNDER 65

SERVICES Together offers a wide range of finance including short- CONTACT term finance, auction finance, residential, commercial and buy-to-let mortgages and secured loans. Operating Together, Lake View, Lakeside, MARC GOLDBERG across the North West and throughout the UK, Together Cheadle SK8 3GW delivers fast and effective funding to professional services firms and their clients, working with a broad Tel: 0161 933 7174 network of introducers including accountants, solicitors Web: www.togethermoney.com and financial intermediaries.

NOTABLE DEALS OUR PEOPLE CHRIS BAGULEY • £2.5m. Provided £2.5m to a consortium to secure • Marc Goldberg, Commercial CEO the purchase of a large industrial estate, before the [email protected] option to buy expired. Funding was delivered in just • Chris Baguley, Commercial Director 12 days. The 46-acre estate was valued at £3.2m, [email protected] with additional security provided, but only had partial • Ritchie Watson, Director planning permission which deterred mainstream [email protected] lenders. Sourcing immediate short-term funding RITCHIE WATSON enabled the client to acquire the site which will create NUMBER OF STAFF more industrial units and office space for businesses. 460+ The exit strategy is to refinance once full planning obtained which will greatly increase the value. CORPORATE STATEMENT • £1.2m. Funding provided to refinance a residential Together is a specialist lender, with over forty years’ investment portfolio and two prominent commercial experience in the financial services industry, delivering units in Manchester’s Northern Quarter. A flexible fast and effective short-term funding to businesses, 12-month facility was agreed, although the client investors and property professionals. Unlike mainstream expects to exit within four months and has a buyer lenders, Together doesn’t base its decisions on credit for the residential units which will repay the loan and scores, or a rigid computerised approach, but assesses leave the commercial units unencumbered. The deal each case on an individual basis, applying a common was completed in just eight days, from application sense philosophy. to funding. Clients come to Together for commercial loans via • £785k. The client, a business owner and experienced professional introducers including accountants, solicitors, landlord, required funding to purchase another banks and financial advisers, and the company has property to add to their buy-to-let portfolio, using two an outstanding reputation for speed and service, often properties to secure a second charge interest-only delivering funding against tight timescales, which mortgage. Despite the complexities of the case, can be a crucial factor in closing a deal. Together has funding was provided within one week, allowing the enjoyed robust growth in recent years, and has a landlord to complete the acquisition and expand his current loan book in excess of £1.8bn, with new lending property portfolio. for the year to 30 June 2016 at over £1bn.

WINNER Alternative Finance Provider TOGETHER 66 COMMERCIAL FINANCE PROVIDER

SERVICES Asset-based financing, including senior secured term CONTACT and revolving credit facilities (£10 million upwards) for mid/large corporates. Tailored funding structures Cotton House, 12-18 Queen Street, to support working capital needs and growth, Manchester M2 5HS TOM WEEDALL management buyouts/ buy-ins, corporate acquisitions, full or partial venture capitalist exits and cash-outs, Tel: 0161 300 8680 turnaround strategies and restructuring plans. Web: Technology finance for enterprise software and www.wellsfargocapitalfinance.co.uk technology companies. Credit facilities, which are structured on recurring revenues, cash flow, or a combination of both, are typically used to finance CORPORATE STATEMENT NEIL KERRIDGE acquisitions and recapitalisations, working capital Wells Fargo Capital Finance provides comprehensive and organic growth initiatives. asset-based lending, technology finance, and supply Supply chain finance, offering channel finance, chain finance to a wide spectrum of companies across sales finance and supplier finance global programmes the UK. With offices in London, Birmingham, and to support both payables and receivables. Manchester, we bring a strong and proven track record of working with clients to develop their businesses. NUMBER OF STAFF We deliver flexible financing options for companies STEVEN CHAIT 30+ in the UK facing a variety of situations, including: growth, leveraged buyouts, refinancing, restructurings, mergers and TRANSACTIONS COMPLETED acquisitions, and early and mid-stage turnarounds. 500K+ NOV15-OCT16 21 As part of Wells Fargo & Company, a leading financial services provider with a long-standing reputation for OUR PEOPLE strength and stability, we can also provide access to • Tom Weedall, Director, Originations, a wide range of products and services aimed at helping [email protected] companies succeed. • Neil Kerridge, Director and Regional Underwriting Manager, [email protected] • Steven Chait, Managing Director and EMEA Regional Head, [email protected]

MAJOR CLIENTS Arran Isle, Beales Department Stores, GAP Group, Intelliflo Limited, Loch Lomond Distillery, Matchesfashion.com, Rullion Limited, SSP Limited

NOTABLE DEALS • Briggs Equipment UK– Working capital financing • GAME Retail Ltd – Working capital facilities • Coveris, an affiliate of Sun European Partners, LLP – Working capital facilities • Fork Rent Limited and One Call Hire Limited – Acquisition financing • StatPro – Working capital financing • Brandon Hire Limited, a Rutland Partners LLP portfolio company – Working capital financing directory property services

VIEW OUR directory ONLINE ENTRY corporate finance services WELLS FARGO CAPITAL FINANCE CAPITAL WELLS FARGO directory education services directory places to eat, meet & stay directory professional services all the advisers, fundersandany all the advisers, separated by sector andinclude funders. The dealshavebeen of North West advisersand region aswell the involvement featuring businessesin the 12 months. the North West over the past that havebeencompleted in devotedaredeals to the The next20pagesof the guide TABLESDEALS They providedetailsofdeals

data suppliedby ExperianMIQ. has beencollated from not included. firms havebeeninvolvedinare other regions that North West also benoted that dealsin outside the North West. Itshould were advisedby firmsfrom the deals. others whowere involvedin All the information provided Please note that somedeals FA –Financial Advisers References A – Accountants A L –LawFirms B –Brokers C –Capital D –Debt

DEALS TABLES 67 68 DEALS TABLES

ACCOMMODATION & FOOD SERVICES

Date Deal Advisers

29 Mar 2016 £17.3m acquisition of Holiday Inn Express hotel in Manchester (finance: existing / not disclosed) Bidder: Heeton L - Lambert Smith Hampton - Manchester Property Vendor: Manchester Property 4 Apr 2016 £40m secondary buyout at Morecambe Leisure 1 (finance: cash, venture capital, bank debt) Bidder: Project Rock Bidco C - Palatine Private Equity - Project Rock Bidco, RJD Partners - Morecambe Leisure 1, D - Toscafund - Verdant Leisure, Yorkshire Bank - Verdant Leisure, FA - Clearwater International, KPMG, L - DWF - Verdant Leisure, Gateley, Osborne Clarke - Morecambe Leisure 1 5 Apr 2016 Divestment of Quorn Country Hotel (finance: existing / not disclosed) A - Alix Partners - Prima Hotels Vendor: Prima Hotels 19 Apr 2016 £1.1m management buy-in at Troutbeck Camping and Caravanning Park (finance: cash) Bidder: Neil Thompson FA - Colliers International - Troutbeck Camping and Caravanning Park 20 Apr 2016 Acquisition of Unstuffy Hotel Co L - Brabners - Unstuffy Hotel Co Bidder: Leeu 4 May 2016 (Pending) £1.2m divestment of Lanefoot Farm campsite in Kendal (finance: existing / not disclosed) 14 May 2016 Acquisition of Mercure Manchester Norton Grange Hotel and Spa hotel (finance: existing / not disclosed) Bidder: Ailantus Hotels L - Mincoffs - Ailantus Hotels 17 May 2016 £0.69m management buy-in at Mount and Muckle Cottage (finance: cash) Bidder: Dr Caroline Howarth and Dr Clive Penkett 17 May 2016 £1.1m acquisition of Shepherds Hotel and Restaurant (finance: existing / not disclosed) Bidder: Whitbread 1 Jun 2016 £7m acquisition of Columba Hotel (finance: existing / not disclosed) Bidder: Seacare Hospitality (UK) Vendor: Pearkal Property Investments 1 Jun 2016 £1.8m management buyout at Paddock’s House Hotel (finance: cash) “A - BDO - Paddock’s House Hotel, L - Clyde & Co, Foot Anstey - Hedley James, Kemp Bidder: Hedley James Jones Solicitors - Hedley James” 2 Jun 2016 (Pending) £0.7m divestment of Red Well Country Inn (finance: existing / not disclosed) 9 Jun 2016 £50m secondary buyout at New World Trading (UK) (finance: cash, venture capital) Bidder: Graphite Capital C - Graphite Capital, LDC - New World Trading (UK), FA - AlixPartners - New World Trading (UK), Dow Schofield Watts - New World Trading (UK), L - DWF - Graphite Capital 20 Jun 2016 £0.5m management buy-in at Hafod Hotel (finance: existing / not disclosed) Bidder: Dewi & Nicol Gwynne 23 Jun 2016 Acquisition of Kingfisher and Heather View holiday parks in the Wear Valley (finance: cash, bank debt, venture capital) Bidder: Verdant Leisure C - Palatine Private Equity - Verdant Leisure, D - Toscafund - Verdant Leisure, Yorkshire Bank - Vendor: Park Leisure 2000 Verdant Leisure, FA - KPMG - Verdant Leisure, L - Gateley, Osborne Clarke - Verdant Leisure 23 Jun 2016 £4m acquisition of Leopold Hotel (finance: existing / not disclosed) A - Deloitte - Leopold Hotel, FA - Colliers International - Leopold Hotel Bidder: Leopold Hotel 29 Jun 2016 Development capital for East Coast Concepts (finance: cash, venture capital) C - NorthEdge Capital - East Coast Concepts, FA - BDO, CLB Coopers Corporate Finance - East Coast Concepts, Christie & Co, PwC, Zeus Capital, L - Gateley, Turner Parkinson - East Coast Concepts 15 Jul 2016 £18m investor buyout at Seafood Pub (finance: cash, venture capital, bank debt) Bidder: Penta Capital A - Mazars, C - Penta Capital - Seafood Pub, D - Royal Bank of Scotland 16 Jul 2016 Acquisition of RiverHill Hotel & Restaurant (finance: cash) L - DWF - RiverHill Hotel & Restaurant Bidder: Mr Markos Palios and Mrs Nicola Palios 19 Jul 2016 £0.59m management buy-in at Haisthorpe House (finance: cash) Bidder: Tim and Cathy Tritton 20 Jul 2016 Acquisition of Waterfall Catering (finance: cash) C - LDC - Waterfall Catering, FA - Deloitte, Dow Schofield Watts, L - DWF, Bidder: Elior UK Squire Patton Boggs - Elior UK 29 Jul 2016 £1m of development capital for LHH Investments (finance: cash, bank debt) D - Barclays Bank - LHH Investments 6 Sep 2016 £0.6m of development capital for Flying Pig & Lobster (finance: cash, bank debt) D - Santander Corporate and Commercial Banking - Flying Pig & Lobster 3 Oct 2016 Acquisition of Wild Pheasant Hotel Llangollen (finance: existing / not disclosed) Bidder: Everbright Lodge L - Bermans - Everbright Lodge 6 Oct 2016 £2.6m acquisition of Best Western Plus Milford Hotel & Watermill Restaurant (finance: existing / not disclosed) Bidder: Compass Hospitality (UK) DEALS TABLES Source: Experian MIQ 2016 ADMINISTRATION &SUPPORTSERVICES

10 Jun2016 8 Jun2016 3 Jun2016 2 Jun2016 23 May2016 13 May2016 10 May2016 4 May2016 30 Apr2016 30 Apr2016

29 Apr 2016 Apr 29 27 Apr2016 26 Apr2016 20 Apr2016 17 Apr2016 15 Apr2016 31 Mar2016 31 Mar2016 22 Mar2016 22 Mar2016 18 Mar2016 11 Mar2016

10 Mar2016 1 Mar2016 Date Deal Many areas ofspecialism. Onefocus. Your business.

£76.45m divestmentofAutoTrader (finance:cash) Vendor: APH(Bredbury) £1.7m ofdevelopmentcapitalforArnoldPlantHire(finance: cash,bankdebt) Bidder: BegbiesTraynor £4.63m acquisition of Pugh Auction (finance: cash, vendor placing) Bidder: AssuredVehicle Rental Management buyoutatAssuredVehicle Rental (finance:cash) Bidder: FircroftEngineeringServices Acquisition ofOneKeyResources Pty(finance:existing/notdisclosed) Vendor: FireflySolarGenerators Bidder: HewdenStuart Acquisition ofRental armofFireflySolarGenerators(finance:existing/notdisclosed) Bidder: Management Management buyoutatMCITours (finance:cash) Bidder: ArrowGlobal £78.5m acquisitionofInVesting BV(finance:cash,bankdebt) Bidder: AssuraInvestments Acquisition of3PDevelopment(finance:existing/notdisclosed) Bidder: LN-Gaiety Minority stake in Parklife Festival (finance: existing / not disclosed) Bidder: JohnsonService £52.6m acquisition of Portgrade (finance: cash, bank debt) bank cash, (finance: Portgrade of acquisition £52.6m Bidder: Kindertons Acquisition ofSovereignAutomotive(finance:cash,venturecapital) Development capitalforEDAM (finance:bankdebt) Bidder: AMServices Acquisition ofCleanexContractServices(finance:existing/notdisclosed) Bidder: LoneStarFunds Investor buyoutatShearingsLeisure(finance:cash,venturecapital) Vendor: AngloDesign Bidder: Aghoco1389 £2.34m acquisitionofADAerospace(finance:cash) Vendor: EngieSA Bidder: Royal Mail Acquisition ofRomec (finance:existing/notdisclosed) Bidder: Marlowe £13m acquisitionofFire&Security(finance:cash,companyshareissue,vendorplacing) Bidder: NationalHolidaysTours Acquisition ofTravelstyle Tours (finance:existing/notdisclosed) Bidder: NationalHolidays Acquisition ofEqualmatch(finance:existing/notdisclosed) Bidder: CharlesStreetSolutions Acquisition ofImscanSystems(finance:existing/notdisclosed) Bidder: RCapital Investor buyoutatAssistResourcing (finance:cash,venturecapital) Vendor: Restore Bidder: Offsite Archive Storage and Integrated Services (Ireland) £27.9m acquisitionofRestore DocumentManagementIreland(finance:cash) Bidder: VP £4.1m acquisitionofHigherAccess(finance:existing/notdisclosed)

FA -GrantThorntonCorporateFinanceLN-Gaiety, L-DWF -Parklife Festival B -InvestecBankJohnsonService,FA -InvestecBankJohnsonService,MitchellCharlesworth AG -AutoTrader, L-SimpsonThacher&Bartlett C -ApaxPartners -AutoTrader, FA -BankofAmericaMerrillLynch -AutoTrader, DeutscheBank D -AldermoreBankArnoldPlantHire Canaccord Genuity-BegbiesTraynor, L-DLAPiper -BegbiesTraynor B -CanaccordGenuityBegbiesTraynor, ShoreCapitalStockbrokers -BegbiesTraynor, FA - L -MyersonAssuredVehicle Rental A -DeloitteFircroftEngineeringServices,LAddleshawGoddardServices L -EvershedsHewdenStuart FA -KBSCorporateMCITours, L-GateleyMCITours C -HALHoldingNVArrowGlobal,LSlaughterandMayGlobal A -MazarsAssura Corporate Finance-Portgrade, L-HillDickinsonJohnsonService,Weightmans -Portgrade C -SovereignCapitalKindertons D -Yorkshire Bank-EDAM, L-BrabnersEDAM, HillDickinson Contract Services FA -CLBCoopersCorporateFinanceCleanexContractServices,LHillDickinson Cleanex C -LoneStarFunds, Moorfield-ShearingsLeisure,LJonesDay A -FRPAdvisoryAngloDesign L -HerbertSmithFreehills -Royal Mail,StephensonHarwood-EngieSA Marlowe, L-BrabnersHillDickinsonFire&Security, MemeryCrystal A -GrantThorntonMarlowe,BCenkos Securities-Marlowe,FA -Cenkos Securities- FA -MazarsCorporateFinanceTravelstyle Tours Morris -Equalmatch FA -MazarsCorporateFinanceEqualmatch,LAddleshawGoddardNationalHolidays, Walker FA -BenchmarkInternationalImscanSystems C -RCapital,FA -GrantThorntonCorporateFinanceAssistResourcing FA -Cenkos Securities-Restore, L-ArthurCoxRestore, Brabners-Restore L -SquirePatton Boggs-VP Advisers www.beeverstruthers.co.uk [email protected] 0161 8324901 Manchester

DEALS TABLES

DEALS TABLES 69 70 DEALS TABLES

ADMINISTRATION & SUPPORT SERVICES CONTINUED

Date Deal Advisers

13 Jun 2016 Acquisition of Ocean (finance: existing / not disclosed) L - Taylors Solicitors - Kingdom Security Bidder: Kingdom Security 30 Jun 2016 Management buy-in at M4R (finance: cash) FA - BCMS Corporate - M4R Bidder: Nigel Williams 5 Jul 2016 £209m acquisition of Energy Assets (finance: cash, bank debt, venture capital) Bidder: Euston BidCo C - Alinda Capital Partners - Euston BidCo, Henderson Global Investors - Energy Assets, Macquarie Capital - Energy Assets, Marlborough Fund Managers - Energy Assets, Old Mutual - Energy Assets, FA - EY, Evercore Partners - Euston BidCo, Numis Securities - Energy Assets, L - Linklaters, Pinsent Masons - Euston BidCo 6 Jul 2016 Acquisition of Liquid Personnel (finance: existing / not disclosed) FA - Clearwater International - Liquid Personnel Bidder: Independent Clinical Services 8 Jul 2016 £3.3m of development capital for High Access Maintenance (finance: cash, venture capital) C - Business Growth Fund - High Access Maintenance, L - Brabners, Nexus - High Access Maintenance 13 Jul 2016 Acquisition of Estio Technology Recruitment (finance: cash, bank debt) Bidder: Estio Training D - Yorkshire Bank - Estio Training 14 Jul 2016 (Pending) Acquisition of Care Facility Management (finance: existing / not disclosed) Bidder: Cleanall Services FA - Moore and Smalley Corporate Finance - Hardy 29 Jul 2016 £180m reconstruction/refinancing of Arrow Global (finance: bank debt) FA - Instinctif Partners - Arrow Global 2 Aug 2016 Acquisition of Engage Services (finance: existing / not disclosed) FA - Dow Schofield Watts - Marston Bidder: Marston 3 Aug 2016 Acquisition of LTC Services (finance: existing / not disclosed) FA - Benchmark International - LTC Services Bidder: Russell Taylor 9 Aug 2016 Management buyout at Finlay James Associates (finance: cash, bank debt) Bidder: Finlay James Associates D - Royal Bank of Scotland - Finlay James Associates, FA - Saffery Champness Corporate Finance - Finlay James Associates, L - Brabners - Finlay James Associates 26 Aug 2016 £83.1m acquisition of PHS Data Solutions (finance: cash, bank debt, company share issue) Bidder: Restore D - Barclays Bank, Barclays Bank - Restore, Royal Bank of Scotland - Restore, B - Cenkos Vendor: PHS Investments Securities - Restore, FA - Rothschild - PHS Investments, L - Berwin Leighton Paisner, Berwin Leighton Paisner, Blake Morgan - PHS Data Solutions, Brabners - Restore, Memery Crystal, Travers Smith - PHS Data Solutions 31 Aug 2016 Secondary buyout at International Travel Connections (finance: cash, venture capital, bank debt) Bidder: Management A - PwC, C - NorthEdge Capital - Management, D - Banco Santander SA - Management, FA - EY - Management, Livingstone Partners - International Travel Connections, L - Hill Dickinson - International Travel Connections, Pinsent Masons - Management 29 Sep 2016 £14.42m acquisition of Payment Software Inc (finance: cash) FA - Rickitt Mitchell & Partners - NCC Bidder: NCC AGRICULTURE, FORESTRY & FISHING

Date Deal Advisers

18 Apr 2016 Management buy-in at free range and organic operations of Stonegate (finance: existing / not disclosed) Bidder: Gott Agri Synegy FA - Lloyds TSB Bank, L - Ashfords Vendor: Stonegate 26 May 2016 Acquisition of business and assets of a Soil Blending of Westland Horticulture (finance: existing / not disclosed) Bidder: Freeland Horticulture L - Andrew - Freeland Horticulture, Tughans - Westland Horticulture Vendor: Westland Horticulture 12 Sep 2016 Minority stake in Meadow Foods (finance: cash, venture capital) C - Paine & Partners, FA - Allens Chartered Accountants - Meadow Foods, Bidder: Paine & Partners L - Brabners - Meadow Foods DEALS TABLES Source: Experian MIQ 2016 EDUCATION CONSTRUCTION

21 Sep2016 13 Sep2016 12 Jul2016 5 Jul2016 5 Jul2016 1 Jul2016 1 Jul2016 10 Jun2016 3 Jun2016 2 Jun2016 16 May2016 1 May2016 28 Apr2016 22 Mar2016 21 Mar2016 7 Mar2016 Date Deal 1 Mar2016 Date Deal 3 Aug2016 23 May2016 12 Apr2016 1 Apr2016 10 Mar2016 8 Mar2016 Many areas ofspecialism. Onefocus. Your business. Bidder: Styles&Wood (Pending) £7macquisitionofKeySource(finance:cash,vendorplacing) Reconstruction/refinancing of Tomkinson Heating(finance:cash,bankdebt) £8.5m ofdevelopmentcapitalforRussellsHomes(UK)(finance:cash,bankdebt) Bidder: Premier Technical Services £3.5m acquisitionofUKDryRisers(Maintenance)(finance:cash) Bidder: Premier Technical Services £2.11m acquisitionofUKDryRisers(finance:cash) Divestment ofGaugeCommunication(finance:existing/notdisclosed) Bidder: ForViva Acquisition ofLibertyInvestments(finance:existing/notdisclosed) Bidder: ClaremontInteriors Acquisition ofHarmsen(finance:existing/notdisclosed) £0.5m ofdevelopmentcapitalforUSAberla(finance:cash,venturecapital) Development capitalforStoryHomes(finance:bankdebt,cash) Vendor: ENER-G Bidder: Centrica £145m acquisitionofENER-G CogenInternational Development capitalforBeech(Manchester)(finance:bankdebt,cash,venturecapital) Bidder: RSK Acquisition ofDynamicSamplingUK(finance:existing/notdisclosed) Vendor: Paragon Construction Bidder: MasonLord Acquisition ofParagon Construction’s businessandassets(finance:existing/notdisclosed) Bidder: SmartMeteringSystems £1m acquisitionofTrojan Utilities(finance:vendorplacing) Bidder: ForthBidco Investor buyoutatTIIndustrial(finance:cash,venturecapital) Bidder: NationalFosteringAgency Acquisition ofAcornCareandEducation(finance: existing /notdisclosed) Bidder: Wealth AtWork Acquisition ofFarleigh (finance:existing/notdisclosed) Bidder: TheoMilward Management buy-inatSwimtime(UK)(finance:existing/notdisclosed) Bidder: AuroraCareandEducation Acquisition ofBeechkeys (finance:existing/notdisclosed) Vendor: JenCalTraining Bidder: GPStrategiesTraining Acquisition ofB2BEngage(finance:existing/notdisclosed) Share buy-backbyWitherslack(finance:existing/notdisclosed) AcademiesTrustBidder: Co-operative Acquisition ofManchesterCreativeandMediaAcademy(finance:existing/notdisclosed) FA -ShoreCapital&CorporateStylesWood D -Royal BankofScotland-Tomkinson Heating D -LloydsBankingRussellsHomes(UK) FA -KBSCorporateUKDryRisers(Maintenance),N+1SingerPremier Technical Services FA -KBSCorporateUKDryRisers,N+1SingerPremier Technical Services L -GateleyGaugeCommunication FA -GrantThorntonCorporateFinanceLibertyInvestments L -AshfordsHarmsen,Turner Parkinson -Claremont Interiors L -HillDickinsonUSAberla D -LloydsBankingStoryHomes,LMuckle L -FootAnsteyCentrica,LinklatersCentrica C -RoundShield Partners -Beech(Manchester),FA -ClearwaterInternationalBeech(Manchester) FA -DowSchofield Watts -RSK A -RSMParagon Construction Trojan Utilities Utilities, RSM-SmartMeteringSystems,LCMSSlaterHeelis FA -Cenkos Securities-SmartMeteringSystems,CowgillHollowayCorporateFinanceTrojan Piper -TIIndustrial,FootAnstey, Proskauer Rose C -BregalFreshstream -ForthBidco,FA -ClearwaterInternationalTIIndustrial,LDLA Advisers Advisers International -NationalFosteringAgency, Rothschild &Co,L-Weil Gotshal&Manges C -OntarioTeachers Pension Plan-AcornCareandEducation,FA -Jefferies FA -BishopFlemingCorporateFinance -Farleigh, L-DWFWealth AtWork FA -InfinityAssetManagementSwimtime(UK),LEmmsGilmoreLibersonTheo Milward FA -HazlewoodsAuroraCareandEducation,LNabarroEducation Hill Dickinson-GPStrategiesTraining FA -DTECorporateFinanceGPStrategiesTraining, L-Herrington&CarmichaelB2BEngage, L -MuckleWitherslack,Pinsent Masons-Witherslack L -SlaterHeelisManchesterCreativeandMediaAcademy www.beeverstruthers.co.uk [email protected] 0203 478 8400 London

DEALS TABLES

DEALS TABLES 71 72 DEALS TABLES

EDUCATION CONTINUED

Date Deal Advisers

20 Sep 2016 Acquisition of Heaton Dene Nursery (finance: bank debt) D - Barclays Bank - Heaton Dene Nursery Bidder: Hill Top Early Learning Provision FINANCIAL & INSURANCE SERVICES

Date Deal Advisers

2 Mar 2016 Minority stake in Fluent Money (finance: cash, venture capital) C - Beech Tree Private Equity, FA - Dow Schofield Watts, Dow Schofield Watts - Beech Tree Bidder: Beech Tree Private Equity Private Equity, L - DLA Piper, DWF - Fluent Money 3 Mar 2016 Acquisition of Wellbeing Health Insurance (finance: existing / not disclosed) Bidder: Chase Templeton L - Shoosmiths - Chase Templeton 4 Mar 2016 £300m startup (fund raising) by NorthEdge Capital Fund II LP (finance: cash) Vendor: NorthEdge Capital 10 Mar 2016 £12.9m acquisition of Enterprise Ventures (finance: cash, vendor placing) Bidder: Mercia Technologies FA - Cenkos Securities - Mercia Technologies, L - Addleshaw Goddard - Enterprise Ventures, Gowling WLG - Mercia Technologies 14 Mar 2016 Management buyout at Positive Cashflow Finance (finance: cash) C - Infinity Asset Management - Positive Cashflow Finance Bidder: the Management of Positive Cashflow Finance 15 Apr 2016 £2m startup (fund raising) by Deepbridge Life Sciences SEIS (finance: cash) Vendor: Deepbridge Capital 18 Apr 2016 Acquisition of Exchange Insurance Services (finance: existing / not disclosed) Bidder: Bluefin Insurance L - DTM Legal - Exchange Insurance Services, Pinsent Masons 19 Apr 2016 Minority stake in Nugent Sante (finance: existing / not disclosed) FA - MJH Accountants - Nugent Sante, L - Harrison Drury - Nugent Sante Bidder: MAC Financial 21 Apr 2016 Management buyout at Independent (UK) (finance: cash, venture capital) Bidder: Alan Horton C - LDC - Independent (UK), RCapital - Alan Horton, FA - Deloitte, L - Addleshaw Goddard - Independent (UK), DLA Piper - Independent (UK), Eversheds, TLT - Alan Horton 24 May 2016 Management buyout at 1st Stop (finance: cash, venture capital) C - Pollen Street Capital - 1st Stop, L - Brabners - 1st Stop, Davis Blank Furniss - 1st Stop, Bidder: 1st Stop Eversheds - 1st Stop 24 May 2016 £10m of development capital for 1st Stop (finance: bank debt) D - Shawbrook Bank - 1st Stop, Toscafund - 1st Stop, L - Brabners - 1st Stop, DLA Piper, 27 May 2016 Acquisition of Ultimate Health (finance: existing / not disclosed) L - Shoosmiths - Chase Templeton Bidder: Chase Templeton 30 May 2016 Acquisition of Debt Lifeboat Business (finance: existing / not disclosed) Bidder: One Advice L - DLA Piper - One Advice Vendor: Baker Tilly UK 17 Jun 2016 (Pending) Flotation of Dorcaster on London AIM B - Peel Hunt - Dorcaster, FA - Peel Hunt - Dorcaster, RSM - Dorcaster, L - Atticus Legal - Dorcaster 23 Jun 2016 £169m of development capital for Select Property (finance: cash, bank debt) D - Lloyds Banking - Select Property, PGIM Real Estate - Select Property, Wells Fargo - Select Property, FA - KPMG - Select Property 24 Jun 2016 £1.2m reconstruction/refinancing of Isterco Associates (finance: cash, bank debt) D - Banco Santander SA - Isterco Associates, L - Slater Heelis - Isterco Associates, gunnercooke 27 Jun 2016 £2m management buyout at CS Financial Solutions (CSFS) (finance: cash, venture capital) Bidder: Paul McGuckin C - Merseyside Special Investment Fund - Paul McGuckin, Craig Williams and Colin Nicol, Vendor: Charles Stanley FA - Langtons Corporate Finance, Stuart Consulting - Paul McGuckin, Craig Williams and Colin Nicol, L - Brabners - Paul McGuckin, Craig Williams and Colin Nicol, Hill Dickinson 30 Jun 2016 Investor buyout at PIB (finance: venture capital, cash) C - Carlyle, FA - BNP Paribas, Jamieson Corporate Finance - PIB, L - Linklaters Bidder: Carlyle 30 Jun 2016 £10.1m of development capital for Perspective Financial (finance: cash, bank debt) A - Mazars - Perspective Financial, D - NatWest Bank, NatWest Bank - Perspective Financial, L - Brabners, DWF - Perspective Financial 1 Jul 2016 Acquisition of McEwan Wallace Wealth Management (finance: existing / not disclosed) Bidder: Gee and Watson Investment and Pensions L - O’Connors - Gee and Watson Investment and Pensions 1 Jul 2016 Management buyout at Sports Financial Services (finance: existing / not disclosed) Bidder: Sports Financial Services L - Bermans - Sports Financial Services 4 Jul 2016 (Pending) Acquisition of Jones Sheridan (finance: existing / not disclosed) Bidder: Pearson Jones FA - RSM - Pearson Jones, L - Burness - Pearson Jones 8 Jul 2016 £38.5m reconstruction/refinancing of Bibby Financial Services (Ireland) (finance: cash, bank debt) Vendor: Bibby Line D - Strategic Banking Corporation of Ireland - Bibby Financial Services (Ireland), L - Hill

DEALS TABLES Dickinson - Bibby Financial Services (Ireland), Matheson Source: Experian MIQ 2016 HUMAN HEALTH &SOCIALWORK FINANCIAL &INSURANCESERVICES

16 Sep2016 14 Sep2016 8 Sep2016 31 Aug2016 23 Aug2016 16 Aug2016 4 Aug2016 3 Aug2016 20 Jul2016 12 Jul2016 Date Deal 1 Mar2016 Date Deal 3 Jun2016 19 May2016 12 May2016 30 Apr2016 13 Apr2016 7 Apr2016 31 Mar2016 11 Mar2016 10 Mar2016 3 Mar2016 3 Mar2016 Many areas ofspecialism. Onefocus. Your business. (Pending) DivestmentofJerrold(finance:cash) £18m ofdevelopmentcapitalforPraetura AssetFinance(finance:bankdebt,cash) Bidder: Praemium (Pending) £0.6macquisitionofWensley Mackay(finance:cash) £54m reconstruction/refinancingofEvolution(finance:cash,bankdebt) Vendor: HaydockFinance £37.5m ofdevelopmentcapitalforHaydockFinance(finance:cash,bankdebt) Vendor: Independent(UK) £1.75m ofdevelopmentcapitalforIndependentInspections(finance:cash,bankdebt) Bidder: SGFleetUK £25.7m acquisitionofFleetHire(finance:bankdebt,cash,vendorplacing) Bidder: HammondRaggett £1.5m acquisitionofBeechwood(Pensions &Investments)(finance:cash,bankdebt) Vendor: KingswayFinancial £16.5m ofdevelopmentcapitalforKingswayAssetFinance(finance:cash,bankdebt) Bidder: Brookson Acquisition ofBoomerangSupportServices(finance:existing/notdisclosed) Bidder: BrightstartDayNursery Acquisition ofOrchardDayNursery(Liverpool)(finance: cash,bankdebt) Bidder: Target HealthcareREIT £6.6m acquisitionofParklands LodgeCareHome(finance:existing/notdisclosed) Vendor: BentleyGrove Bidder: Prasur Investments Acquisition ofBusinessandassetsBentleyGrove(finance:existing/notdisclosed) Bidder: AssuraInvestments Acquisition ofDonningtonHealthCare(finance:existing/notdisclosed) Development capitalforPeekabooNursery.Info (finance:cash, venturecapital) Hall Littleton Bidder: Acquisition ofNapierHomecareServices(finance:bankdebt,cash) Bidder: Potensial Acquisition ofWoodside Farmhouse (finance:existing/notdisclosed) Bidder: ForestHouseNurseries £0.7m acquisitionofDaydreamsPrivate DayNursery(finance:bankdebt,cash) Bidder: MedicXFund (Pending) £4.1macquisitionofPrimary HealthcareMedicalCentreinCarlisle(finance:existing / notdisclosed) Bidder: OasisDentalCare Acquisition ofGoodTeeth DentalSurgeries(finance:existing/notdisclosed) Vendor: ABLLaboratories Divestment ofBusinessABLLaboratories(finance:existing/notdisclosed) Bidder: AspendaleInvestments Acquisition ofSwanIndependentLiving(finance:existing/notdisclosed)

C -EquistonePartners Europe-Jerrold D -BritishBusinessBankPraetura AssetFinance FA -EYEvolution D -LombardNorthCentralHaydockFinance,Royal BankofScotland-HaydockFinance D -SecureTrust Bank-IndependentInspections Thinking Legal-FleetHire Mallesons -SGFleetUK, FA -CatalystCorporateFinanceFleetHire,SentioPartners -SGFleet,LKing&Wood L -BermansBeechwood(Pensions &Investments),Turner Parkinson -HammondRaggett D -BritishBusinessBankKingswayAssetFinance,LBrabnersFinance FA -KBSCorporateBoomerangSupportServices,LGateleyServices Advisers Advisers (Liverpool), L-Pearsons Solicitors -BrightstartDayNursery D -BarclaysBankBrightstartDayNursery, FA -Redwoods DowlingKerr-OrchardDayNursery FA -Target Advisers-Target HealthcareREIT A -AlixPartners A -MazarsAssura L -BrowneJacobson C -ForesightVenture Partners -PeekabooNursery.Info, FA -MazarsCorporateFinance, D -BarclaysBankLittletonHall,LBrabnersExcelloLawNapierHomecareServices FA -HazlewoodsPotensial, L-CMHTSolicitorsPotensial L -SlaterHeelisDaydreamsPrivate DayNursery L -Pinsent Masons-OasisDentalCare A -CowgillHollowayABLLaboratories FA -HazlewoodsAspendaleInvestments,LHarrisonClarkRickerbys -AspendaleInvestments CONTINUED www.beeverstruthers.co.uk [email protected] 01254 686600 Blackburn

DEALS TABLES

DEALS TABLES 73 74 DEALS TABLES

HUMAN HEALTH & SOCIAL WORK CONTINUED

Date Deal Advisers

13 Jun 2016 Acquisition of Featuresense (finance: bank debt, cash) D - Royal Bank of Scotland - Bear Dental Bidder: Bear Dental 30 Jun 2016 (Pending) Investor buyout at Wesley (finance: cash, venture capital) Bidder: Ethika Fund SICAV C - Adimus - Ethika Fund SICAV, L - A & L Goodbody - Ethika Fund SICAV 1 Aug 2016 Acquisition of North West Community Services (finance: cash, bank debt) Bidder: Mediline Nurses & Carers D - Barclays Bank - Mediline Nurses & Carers, FA - HSKS Greenhalgh Corporate Finance - Mediline Nurses & Carers, RSM - North West Community Services, L - Actons - Mediline Nurses & Carers, Napthens Solicitors - North West Community Services 8 Aug 2016 £10m of development capital for Kids Planet Day Nurseries (finance: cash, venture capital) C - Business Growth Fund - Kids Planet Day Nurseries, L - HRC Law - Kids Planet Day Nurseries, Pinsent Masons 15 Sep 2016 Acquisition of Jamie Bell Physiotherapy (finance: cash, bank debt) D - Santander Corporate and Commercial Banking - Total Physiotherapy, L - Hill Dickinson Bidder: Total Physiotherapy - Jamie Bell Physiotherapy, Kuit Steinart Levy - Total Physiotherapy 21 Sep 2016 Development capital for Routes Healthcare (North) (finance: cash, venture capital) C - Key Capital Partners - Routes Healthcare (North) IT & TELECOMS

Date Deal Advisers

3 Mar 2016 Acquisition of Smart Analytics (finance: existing / not disclosed) L - Addleshaw Goddard - CallCredit Information Bidder: CallCredit Information 9 Mar 2016 Minority stake in Micro Computer Consultants (finance: cash, bank debt) Bidder: BCW L - Bermans - BCW, Weightmans - Micro Computer Consultants 31 Mar 2016 Management buy-in at Delta Comtech (finance: cash) L - HRC Law - Delta Comtech Bidder: two directors of Delta Comtech 4 Apr 2016 Acquisition of Networks division of Samarind (finance: cash, bank debt) Bidder: Brighter Connections A - Hawley and - Samarind, Revell Ward - Brighter Connections, D - Yorkshire Bank - Brighter Vendor: Samarind Connections, FA - Strategic Corporate Finance - Samarind, L - Hill Dickinson - Samarind, Metis Law - Brighter Connections, Squire Patton Boggs - Brighter Connections 12 Apr 2016 Acquisition of Tricorn Systems (finance: cash, venture capital) A - Myersons Accountants - Valuechain.com Solutions, C - Enterprise Ventures - Valuechain.com Bidder: Valuechain.com Solutions Solutions, FA - Benchmark International - Tricorn Systems, CLB Coopers Corporate Finance - Valuechain.com Solutions, L - Brabners - Valuechain.com Solutions 19 Apr 2016 Acquisition of AppSense (finance: cash) C - Goldman Sachs Inc - AppSense, Lightspeed Venture Partners - AppSense, FA - Moelis - Bidder: LANDesk Software Inc AppSense, L - Kirkland & Ellis - LANDesk Software Inc, Squire Patton Boggs - AppSense 20 Apr 2016 £40m of development capital for Ukfast Net (finance: cash, bank debt) D - Royal Bank of Scotland - Ukfast Net, L - Addleshaw Goddard - Ukfast Net 21 Apr 2016 Acquisition of 1st Easy (finance: existing / not disclosed) L - Irwin Mitchell - Teledata UK Bidder: Teledata UK 25 Apr 2016 (Pending) £7.78m acquisition of Retail Support International ApS (finance: cash, company share issue) Bidder: K3 Business Technology B - FinnCap - K3 Business Technology, FA - FinnCap - K3 Business Technology, PwC - Retail Support International ApS, L - Accura - K3 Business Technology, Kromann Reumert - Retail Support International ApS 26 Apr 2016 Acquisition of Fusion Managed Services (finance: existing / not disclosed) Bidder: GCI Telecom FA - Grant Thornton Corporate Finance - GCI Telecom 30 Apr 2016 Share buy-back by Cloud Technology Solutions (finance: existing / not disclosed) Vendor: West of England Trust L - Turner Parkinson - Cloud Technology Solutions 3 May 2016 £2.2m acquisition of RMS Managed ICT Security (finance: cash) B - N+1 Singer - Pinnacle Technology, FA - N+1 Singer - Pinnacle Technology Bidder: IntroNovo Vendor: Pinnacle Technology 5 May 2016 £3.85m of development capital for MyParcelDelivery (finance: cash, venture capital, bank debt) C - NVM Private Equity - MyParcelDelivery, Praetura Capital - MyParcelDelivery, Seneca Partners - MyParcelDelivery, D - Greater Manchester Combined Authority - MyParcelDelivery, FA - Grant Thornton, L - Gateley - MyParcelDelivery, Hill Dickinson - MyParcelDelivery, gunnercooke 12 May 2016 £1m of development capital for Access Systems (UK) (finance: cash, bank debt) Vendor: Access Systems Inc D - Barclays Bank - Access Systems (UK), L - Turner Parkinson - Access Systems (UK) 12 May 2016 Acquisition of Building Blocks (UK) (finance: vendor placing) FA - BDO - TamTam Holding BV, L - Hill Dickinson - Dept UK Holding, Squire Patton Boggs - Bidder: Dept UK Holding Building Blocks (UK) DEALS TABLES Source: Experian MIQ 2016 IT &TELECOMS

9 Aug2016 1 Aug2016 29 Jul2016 21 Jul2016 19 Jul2016 18 Jul2016 7 Jul2016 5 Jul2016 4 Jul2016 4 Jul2016 1 Jul2016 30 Jun2016 16 Jun2016 15 Jun2016 13 Jun2016 13 Jun2016 7 Jun2016 1 Jun2016 27 May2016 20 May2016 18 May2016 16 May2016 Date Deal Many areas ofspecialism. Onefocus. Your business. Bidder: BiPSolutions Acquisition ofIngeniumIDS Development capitalforDeskDragonsInteractive(finance: cash,venturecapital) Vendor: Zuto £1m ofdevelopmentcapitalforZuto(finance:cash,bankdebt) £0.5m ofdevelopmentcapitalforRulerAnalytics(finance:cash,venturecapital) Bidder: AQAEducation (Pending) £6.54macquisition-tenderofferofDRSDataandResearch Services(finance:cash) Vendor: Sys Europe Host Bidder: (Pending) £2.74macquisitionofSMEMassMarket Business(finance:cash) £1.3m ofdevelopmentcapitalforWejo (finance:cash,venturecapital) Bidder: Novosco Acquisition ofNetDef(finance:existing/notdisclosed) Bidder: Elitetele.com Acquisition ofNetcentrix(finance:cash,bankdebt) Bidder: K3BusinessTechnology £1.45m acquisitionofMerac(finance:cash) Bidder: SROSolutions £3.1m managementbuyoutatSROSolutions(finance:cash,bankdebt) (Pending) £5.35mofdevelopmentcapitalforeMoneyHub(finance:cash,venturecapital) Vendor: Outsourcery Bidder: GCITelecom Asset Base(finance:existing/notdisclosed) Acquisition ofOutsourcery’s Internet Daily Bidder: (Pending) £5.75macquisitionofSystemProfessional (finance:cash,companyshareissue,vendorplacing) £1m ofdevelopmentcapitalforPark BusinessInsight(finance:cash,venturecapital) Bidder: Pdocholco Management buy-inatPrime Document(finance:cash,venturecapital,bankdebt) Development capitalforPrism BusinessDevelopments(finance:cash,bankdebt) Vendor: Brambles Bidder: KewillTopco £78.59m acquisitionofLeanLogisticsInc(finance:existing/notdisclosed) Bidder: Pinnacle Technology £7m acquisitionofAdept4(finance:cash) Bidder: Project DaytonaBidco £65m acquisitionofANS(finance:cash,bankdebt) Bidder: IngramMicroInc Acquisition ofDiscan(finance:existing/notdisclosed) Vendor: Pinnacle Technology Bidder: ChessICT (Pending) £2.8macquisitionofPinnacle CDT

CONTINUED

L -DWFBiPSolutions,Pannone Corporate-BiPSolutions FA -GrantThorntonCorporateFinance -BiPSolutions,HurstCorporateFinanceIngeniumIDS, C -CoAngelInvestmentDeskDragonsInteractive D -GreaterManchesterCombinedAuthorityZuto C -AXMVenture Capital-RulerAnalytics FA -ArdenPartners -DRSDataandResearch Services,KPMG-AQAEducation Sys, SquirePatton Boggs-HostEurope B -ShoreCapitalStockbrokers -Sys,FA -ShoreCapital&CorporateSys,LKuitSteinartLevy C -SenecaPartners -Wejo, L-Clarke Willmott-Wejo, HillDickinson FA -BenchmarkInternationalNetDef, L-MillsSeligNovosco L -DLAPiper -Elitetele.com,DWFNetcentrix,HillDickinson D -LloydsBankingElitetele.com,FA -MazarsCorporateFinanceNetcentrix, B -FinnCapK3BusinessTechnology, FA -FinnCapK3BusinessTechnology L -BermansSROSolutions,HillDickinson,Turner Parkinson -SROSolutions C -CrowdcubeVentures -eMoneyHub,LFieldfishereMoneyHub A -EYOutsourcery, L-EvershedsGCITelecom - DailyInternet,LBrabnersSystemProfessional, KuitSteinartLevy-DailyInternet B -ShoreCapitalStockbrokers -DailyInternet,FA -BDODailyInternet,ShoreCapital&Corporate C -Praetura Capital-Park BusinessInsight,L-Gateley, HillDickinson-Park BusinessInsight Squire Patton Boggs-Pdocholco Document, L-AddleshawGoddard,DAC Beachcroft-Prime Document,Gateley-Pdocholco, Corporate Finance-Prime Document,MazarsCorporateFinance-Pdocholco,RSMPrime C -MavenCapitalPartners -Pdocholco,DYorkshire Bank-Pdocholco,FA -ColeAssociates D -Royal BankofScotland-Prism BusinessDevelopments McCarthy Tetrault -KewillTopco L -Fried Frank HarrisShriver&Jacobson-KewillTopco, HughesHubbard&Reed -Brambles, Pinnacle Technology, N+1Singer-Pinnacle Technology Frazer HallCorporateFinance-Adept4,GrantThorntonPinnacle Technology, MXC Capital- C -BusinessGrowthFund -Pinnacle Technology, B-N+1SingerPinnacle Technology, FA - Goddard -Project DaytonaBidco,SlaterHeelis-ANS, Weightmans -Project DaytonaBidco Finance -Project DaytonaBidco,Peterhouse CorporateFinance-ANS, L-Addleshaw D -Royal BankofScotland-Project DaytonaBidco,FA -BallardEvansCorporate FA -HurstCorporateFinanceDiscan,LBlacksSolicitorsDiscan - Pinnacle Technology, L-EvershedsChess B -N+1SingerPinnacle Technology, FA -MXC Capital-Pinnacle Technology, N+1Singer Advisers www.beeverstruthers.co.uk [email protected] 0161 8324901 Manchester

DEALS TABLES

DEALS TABLES 75 76 DEALS TABLES

IT & TELECOMS CONTINUED

Date Deal Advisers

12 Aug 2016 £1.75m acquisition of Fantasy iTeam Investments (finance: existing / not disclosed) Bidder: Perform Media Services L - Freeths - Fantasy iTeam Investments, Freeths - Fantasy iTeam, Wiggin - Perform Media Services 22 Aug 2016 £1.95m acquisition of Rippleffect Studio (finance: existing / not disclosed) Bidder: IDOX B - N+1 Singer - IDOX, FA - Ciesco - Trinity Mirror, N+1 Singer - IDOX, L - Macroberts - IDOX Vendor: Trinity Mirror 22 Aug 2016 £0.5m of development capital for Prime Document (finance: cash, bank debt) D - Maven Capital Partners - Prime Document, L - Gateley - Prime Document, Pannone Corporate 22 Aug 2016 £5.35m of development capital for Purple WiFi (finance: cash, bank debt) Vendor: So Purple D - Boost - Purple WiFi 31 Aug 2016 £2.5m of development capital for Zuto (finance: cash, bank debt) D - Barclays Bank - Zuto Vendor: Zuto 31 Aug 2016 £0.62m acquisition of Madabout Media (finance: existing / not disclosed) Bidder: 8Ball Games L - Hill Dickinson - 8Ball Games 1 Sep 2016 Acquisition of Westpoint (finance: existing / not disclosed) L - Acuity Legal - Capita, Fieldfisher - Westpoint Bidder: Capita 4 Oct 2016 Acquisition of TrackYou (finance: existing / not disclosed) L - Addleshaw Goddard - Radius Payment Solutions Bidder: Radius Payment Solutions LEISURE

Date Deal Advisers

8 Mar 2016 £150m reconstruction/refinancing of UKSV (finance: cash, bank debt) Vendor: Fenway Sports D - Royal Bank of Scotland - UKSV 10 Mar 2016 £7.5m acquisition of Burnden Leisure (finance: cash) L - Charles Russell Speechlys - Bolton Wanderers Football & Athletic, DWF - Sports Shield, Bidder: Sports Shield - Sports Shield, Walker Morris - Inner Circle Club 21 Apr 2016 (Pending) £10.48m rights issue/other issue by DJI (finance: cash) B - Mirabaud Securities - DJI, FA - Strand Hanson - DJI 9 Jun 2016 Acquisition of Cheshire Rugby (finance: existing / not disclosed) L - Walker Morris - Manchester Sale Rugby Club Bidder: CorpAcq Vendor: Patrick Properties 27 Jun 2016 (Pending) £70m acquisition of UK operations of Fitness First (finance: cash) Bidder: Dave Whelan Sports C - Oaktree Capital Management - UK operations of Fitness First, FA - HSBC Bank, Harris Vendor: Fitness First Luxembourg SCA Williams & Co, L - Stephenson Harwood - Fitness First 1 Jul 2016 (Pending) £29m rights issue/other issue by DJI (finance: cash) B - Mirabaud Securities - DJI, FA - Strand Hanson - DJI 19 Jul 2016 £11.5m rights issue/other issue by DJI (finance: cash) B - Mirabaud Securities - DJI, FA - Strand Hanson - DJI 29 Jul 2016 (Pending) £30m acquisition of 8Ball Games (finance: cash, vendor placing) Bidder: Stride Gaming B - Canaccord Genuity Hawkpoint - Stride Gaming, Shore Capital Stockbrokers - Stride Gaming, FA - Akur Partners - 8Ball Games, Canaccord Genuity Hawkpoint - Stride Gaming, L - Hill Dickinson - 8Ball Games, Howard Kennedy - Stride Gaming 13 Sep 2016 (Pending) £97.25m investor buyout at Football Pools (finance: cash, bank debt) Bidder: Burlywood Capital C - Burlywood Capital, B - Investec Bank - Sportech, FA - Investec Bank - Sportech Vendor: Sportech 21 Sep 2016 (Pending) £0.65m rights issue/other issue by DJI (finance: cash) B - Mirabaud Securities - DJI, FA - Strand Hanson - DJI MANUFACTURING METAL AND MACHINE PRODUCTS

Date Deal Advisers

1 Apr 2016 £4.8m acquisition of Abode Home Products (finance: cash, bank debt) Bidder: Norcros FA - RSM - Abode Home Products, L - Addleshaw Goddard - Norcros, Walker Morris - Vendor: Croneta SA Abode Home Products 1 Apr 2016 £0.7m acquisition of Turner & Wilson (finance: cash, bank debt) A - Beever & Struthers - Turner & Wilson, Fryza Bannister Financial - Sidando, L - Brachers - Bidder: Sidando Sidando, TLT - Turner & Wilson 4 Apr 2016 Acquisition of Centrax Turbine Components (finance: cash) FA - CW Downer - Centrax Turbine Components, KPMG - Centrax, Morgan Stanley - Bidder: MB Aerospace ACP I MB Aerospace ACP I, L - Ashfords - Centrax Vendor: Centrax 14 Apr 2016 £5.5m rights issue/other issue by Surface Transforms (finance: cash) FA - Cantor Fitzgerald - Surface Transforms, FinnCap - Surface Transforms, L - Pitmans DEALS TABLES Source: Experian MIQ 2016 DEALS TABLES 77

MANUFACTURING METAL AND MACHINE PRODUCTS CONTINUED

Date Deal Advisers

15 Apr 2016 Acquisition of Prima Doors (finance: existing / not disclosed) FA - Camlee - Prima Doors, L - SAS Daniels - Prima Doors Bidder: Assa Abloy 25 Apr 2016 Management buyout at Statiflo International (finance: cash) FA - Hurst Corporate Finance - Statiflo International, L - Gateley - Statiflo International Bidder: Gareth Fry 9 May 2016 Management buyout at CoreRFID (finance: cash, venture capital) C - Coalfields Enterprise Fund - CoreRFID, Enterprise Ventures - the Management of CoreRFID Bidder: the Management of CoreRFID 9 May 2016 Management buy-in at Autac Products (finance: cash, bank debt) D - Royal Bank of Scotland - Sallie and David Lowe, FA - Tectanet Systems - Sallie and David Bidder: Sallie and David Lowe Lowe, L - In House Lawyer - Sallie and David Lowe 11 May 2016 Acquisition of HTA (finance: existing / not disclosed) FA - Friend, L - Higgs Bidder: WEC 12 May 2016 £2m acquisition of Fire Alarm Fabrication Services (finance: cash) B - Cenkos Securities - Marlowe, FA - Cenkos Securities - Marlowe, Grant Thornton Corporate Bidder: Marlowe Finance - Marlowe, L - Brabners - Marlowe 17 May 2016 £0.64m of development capital for SteamaCo (finance: cash) FA - ClearlySo - SteamaCo 7 Jun 2016 Acquisition of Ampco 106 (finance: existing / not disclosed) FA - Cooper Parry Corporate Finance - North West Precision, L - Austin Moore & Partners - Bidder: Arlington Aerospace North West Precision 23 Jun 2016 (Pending) £74.24m acquisition of safety business of Wilhelmsen Maritime Services (finance: existing / not disclosed) Bidder: Survitec L - Bird & Bird - Wilhelmsen Maritime Services AS, Latham & Watkins - Survitec Vendor: Wilh Wilhelmsen Holding ASA 24 Jun 2016 Acquisition of Steadfast Engineering (finance: existing / not disclosed) Bidder: Marla Tube Fittings FA - Altium Capital - Steadfast Engineering, L - BBS Law - Steadfast Engineering 5 Jul 2016 (Pending) Acquisition of Vacuum Engineering Services (finance: cash) Bidder: Indutrade AB A - CLB Coopers - Vacuum Engineering Services, FA - Sentio Partners - Vacuum Engineering Services, L - Lupton Fawcett Denison Till - Vacuum Engineering Services, Nabarro - Indutrade AB 6 Jul 2016 Management buyout at Horizontal Boring Services (finance: cash, bank debt) Bidder: Horizontal Boring Services D - Allied Irish Bank - Horizontal Boring Services, FA - Armstrong Watson Corporate Finance - Horizontal Boring Services, L - Brown Turner Ross - Horizontal Boring Services, Lupton Fawcett Denison Till, Schofield Sweeney - Horizontal Boring Services, Slater Heelis - Horizontal Boring Services 7 Jul 2016 Acquisition of Didsbury Ventures (finance: cash) C - Connection Capital - Didsbury Engineering Co, FA - BCMS Corporate - Didsbury Engineering Bidder: MEL Aviation Co, L - Gateley 11 Jul 2016 Investor buyout at Techni-Grind (Preston) Machining (finance: cash, venture capital, bank debt) Bidder: ASG Investments 3 C - a2e Industries - ASG Investments 3, D - Close Asset Finance - ASG Investments 3, Close Brothers - ASG Investments 3, Close Invoice Finance - ASG Investments 3, Genesis Asset Finance - ASG Investments 3, L - Bermans, Lee Rigby Solicitors - Techni-Grind (Preston) Machining, TLT 12 Jul 2016 £2.5m acquisition of OSA Door Parts (finance: cash) A - BDO - Ensor, FA - BDO - Ensor, Stockdale Securities - Ensor, L - DWF - Ensor Bidder: Argent Industrial Vendor: Ensor 14 Jul 2016 £10m acquisition of Technocover (finance: cash) A - KPMG - Hill & Smith, FA - BDO - Ensor, KPMG - Hill & Smith, Stockdale Securities - Ensor, L - Bidder: Lionweld Kennedy Flooring DWF - Ensor, Gowling WLG - Hill & Smith, Gowling WLG - Lionweld Kennedy Flooring Vendor: Ensor 22 Jul 2016 Development capital for SmartKem (finance: venture capital, cash) C - Octopus Investments - SmartKem, L - Shoosmiths 25 Jul 2016 Acquisition of CED Fabrications (finance: existing / not disclosed) A - Mazars - Tournus Expansion SAS, FA - BDO - CED Fabrications, Clairfield International - Bidder: Tournus Equipement SAS Tournus Expansion SAS, Fidal - Tournus Expansion SAS, Orbis Partners - Tournus Expansion SAS, L - DLA Piper - CED Fabrications, Mills & Reeve - Tournus Expansion SAS 27 Jul 2016 £6.36m acquisition of Vaclensa (finance: existing / not disclosed) FA - DTE Corporate Finance - Vaclensa, Deloitte - IP Cleaning SpA, L - Hill Dickinson - Vaclensa, Bidder: IP Cleaning SpA Osborne Clarke - IP Cleaning SpA 1 Aug 2016 £15.11m acquisition of Lexmar Engineering Pte (finance: cash) FA - EC Hambro Rabben & Partners - James Fisher and Sons Bidder: James Fisher and Sons 1 Aug 2016 £1.1m acquisition of Triple Six (finance: cash) B - Zeus Capital - Flowtech Fluidpower, FA - Zeus Capital - Flowtech Fluidpower, L - DLA Piper - Bidder: Flowtech Fluidpower Flowtech Fluidpower 2 Aug 2016 £4.86m management buyout at Sareline (EU) (finance: cash) L - Addleshaw Goddard - Sareline Bidder: Sareline 9 Aug 2016 £3.9m acquisition of Hiter Industria e Comercio de Controle Termo-Hidraulico a (finance: cash) Bidder: Spirax-Sarco Engineering Vendor: Pentair

Many areas of specialism. One focus. Your business. London 0203 478 8400 [email protected] www.beeverstruthers.co.uk DEALS TABLES 78 DEALS TABLES

MANUFACTURING METAL AND MACHINE PRODUCTS CONTINUED

Date Deal Advisers

11 Aug 2016 £0.5m of development capital for Merlin Engineering (Bolton) (finance: bank debt, cash) Vendor: TK Merlin D - Royal Bank of Scotland - Merlin Engineering (Bolton) 16 Aug 2016 (Pending) Acquisition of Blueair AB (finance: existing / not disclosed) Bidder: Unilever FA - Livingstone Partners - Blueair AB, L - Ashurst - Blueair AB, King & Wood Mallesons - Blueair AB 18 Aug 2016 (Pending) £2403.59m acquisition of Valves and Controls Business of Pentair (finance: cash) Bidder: Emerson Electric Co FA - Citigroup - Pentair, Goldman Sachs - Pentair, L - Davis Polk & Wardwell - Emerson Electric Vendor: Pentair Co, Foley & Lardner - Pentair, Sullivan & Cromwell 25 Aug 2016 Management buy-in at UK Circuits and Electronic Solutions (finance: cash, bank debt) Bidder: Callow Capital 1 D - ABN AMRO Commercial Finance - Callow Capital 1, L - Irwin Mitchell 7 Sep 2016 Acquisition of Blastline (finance: existing / not disclosed) L - Elliot Mather - Blastline, Hill Dickinson - Elcometer Bidder: Elcometer 21 Sep 2016 Development capital for Kanichi Research Services (finance: cash, venture capital) C - GM&C Life Sciences Fund - Kanichi Research Services 29 Sep 2016 £2m of development capital for Wondrwall (finance: cash, bank debt) D - NatWest Bank - Wondrwall MEDIA

Date Deal Advisers

3 Mar 2016 £0.6m of development capital for Soccer Manager (finance: cash, venture capital) C - Mercia Technology Seed Fund - Soccer Manager, L - Mills & Reeve 7 Mar 2016 (Pending) £1.5m of development capital for YRfree Technologies (finance: cash, venture capital) 18 Mar 2016 £21.1m flotation of Blue Prism on London AIM A - BDO - Blue Prism, C - Endeavour Ventures - Blue Prism, Enterprise Ventures - Blue Prism, Liverpool Seed Fund - Blue Prism, B - Investec Bank - Blue Prism, FA - Investec Bank - Blue Prism, L - Olswang - Blue Prism, Osborne Clarke 30 Mar 2016 (Pending) Acquisition of Edit19 (finance: existing / not disclosed) L - Addleshaw Goddard - Dock 10, Bermans - Gate Films Bidder: Dock 10 Vendor: Gate Films 1 Apr 2016 Development capital for Park Crosby Associations (finance: cash, venture capital) L - DWF, Hill Dickinson - Park Crosby Associations 15 Apr 2016 (Pending) Divestment of exhibition and publications business of Altitude Vendor: Altitude B - WH Ireland - Altitude, FA - WH Ireland - Altitude 22 Apr 2016 Acquisition of Norwel Computer Services (finance: existing / not disclosed) Bidder: Civica UK FA - Camlee - Norwel Computer Services, EY - Civica UK Vendor: Alahar 29 Apr 2016 Acquisition of Midland Admin Payroll Services FA - KBS Corporate - Midland Admin Payroll Services Bidder: Quill Pinpoint 6 May 2016 Acquisition of Jontek (finance: existing / not disclosed) FA - Tait Walker Corporate Finance - Legrand Electric, L - Payne Hicks Beach - Legrand Electric Bidder: Legrand Electric 3 Jun 2016 £2m acquisition of Return To Scene (finance: existing / not disclosed) Bidder: James Fisher and Sons A - KPMG - SeaEnergy, FA - EC Hambro Rabben & Partners - James Fisher and Sons Vendor: SeaEnergy 23 Jun 2016 Acquisition of CMO Software C - Inflexion Private Equity - CMO Software Bidder: Mitratech Inc 29 Jun 2016 (Pending) £45m acquisition of ID Scan Biometrics (finance: cash, company share issue) Bidder: GB B - Peel Hunt - GB, FA - Peel Hunt, Peel Hunt - GB, L - Irwin Mitchell, Osborne Clarke - ID Scan Biometrics, Squire Patton Boggs - GB 17 Jul 2016 (Pending) £0.6m of development capital for TheVibe (finance: cash, venture capital) C - Crowdcube Ventures - TheVibe, L - Forbes Solicitors - TheVibe 22 Jul 2016 £0.6m of development capital for Seenit Digital (finance: cash, venture capital) C - Force Over Mass Capital - Seenit Digital 15 Aug 2016 Divestment of Intergame (finance: cash) L - Brabners - Intergame 17 Aug 2016 Management buyout at Web Services Integration (finance: venture capital, cash) Bidder: Church Bidco C - SVG Capital - Church Bidco, L - Shoosmiths - Church Bidco 19 Aug 2016 Acquisition of Concerto Support Services (finance: cash, bank debt, venture capital) Bidder: Bell Rock Workplace Management C - Lyceum Capital - Bell Rock Workplace Management, D - HSBC - Bell Rock Workplace Management, FA - RSM - Bell Rock Workplace Management 1 Sep 2016 Acquisition of Bay TV Liverpool (finance: existing / not disclosed) A - Refresh Recovery - Bay TV Liverpool Bidder: Made Television 28 Sep 2016 £4.61m of development capital for FlatShare (finance: cash) DEALS TABLES Source: Experian MIQ 2016 OTHER MANUFACTURING MINING &QUARRYING

7 Apr2016 1 Apr2016 1 Apr2016 31 Mar2016 31 Mar2016 31 Mar2016 24 Mar2016 22 Mar2016 2016 Mar 22 18 Mar2016 15 Mar2016 2016 Mar 11 11 Mar2016 9 Mar2016 7 Mar2016 4 Mar2016 1 Mar2016 1 Mar2016 1 Mar2016 Date Deal 6 Oct2016 26 May2016 Date Deal Many areas ofspecialism. Onefocus. Your business.

Vendor: MosonsExtractionsPvt Bidder: HindustanUnilever £32.93m acquisitionofIndulekhaoperationsMosons ExtractionsPvt(finance:existing/not disclosed) Bidder: CRCIndustriesUK Acquisition ofActionCan(finance:existing/notdisclosed) Vendor: Pexion Bidder: IndutradeAB Acquisition ofBeldamCrossley(finance:existing/notdisclosed) Vendor: ZedCandy Bidder: RCrawford(Northern) Acquisition ofTilleysSweets(finance:bankdebt,cash) Vendor: Mw3 Reconstruction/refinancing ofDoricAnderton(finance:existing/notdisclosed) £1.25m ofdevelopmentcapitalforCaldeira(finance:cash,bankdebt) Bidder: DSSmith Acquisition ofTRMPackaging (finance:existing/notdisclosed) £0.71m ofdevelopmentcapitalforPaper Innovations(finance:cash,bankdebt) Bidder: Portal Foods Acquisition of Silbury Marketing (finance: existing / not disclosed) Bidder: ECIPartners £50m investorbuyoutatMPMProducts (finance:cash,venturecapital,bankdebt) Vendor: Regenerative Solutions Bidder: EmberTherapeuticsInc £2.81m acquisitionofVavelta BusinessAssetsofIntercytex(finance:existing/notdisclosed, vendor placing) £4.4m of development capital for Blends (finance: cash, bank debt) £7.13m rightsissue/otherissuebyScancell(finance:cash) Vendor: CorpAcq Bidder: Eurocell (Pending) £7.1macquisitionofVistaPanels (finance:cash,bankdebt) Vendor: SimpsonReady Foods Bidder: MaltonFoods Acquisition ofpuddingbusinessSimpsonReady Foods(finance: existing/notdisclosed) Bidder: UnileverUK Acquisition ofRENUSAInc(finance:existing/notdisclosed) NWF Bidder: Acquisition ofJimPeet (Agriculture)(finance:existing/notdisclosed) Bidder: C4XDiscovery £1.7m acquisitionofAdorial(finance:cash,vendorplacing) £1.43m ofdevelopmentcapitalforRedag CropProtection (finance:cash,venturecapital) andGas(finance:cash) £0.7m rightsissue/otherissuebyNU-Oil £0.5m rights issue/other issue by Tertiary Minerals (finance: cash)

FA -LazardHindustanUnilever Ward Hadaway-ActionCan FA -CavuCorporateFinanceAction Can,L-GreenwoodsSolicitorsCRCIndustriesUK, FA -BDOPexion, L-DLAPiper -Pexion, Nabarro-IndutradeAB Tughans -TilleysSweets D -Royal BankofScotland-RCrawford(Northern),LFDRLaw L -Turner Parkinson D -AldermoreBankCaldeira L -DLAPiper -TRMPackaging D -LloydsBanking, LloydsBanking-Paper Innovations, FA -J9Advisory Marketing Silbury - Till Denison Fawcett Lupton - L Products, Gordons-MPMProducts, SquirePatton Boggs C -ECIPartners, D-HSBC,FA -KPMG, PwC-MPMProducts, L-AddleshawGoddard -MPM L -SlaterHeelisIntercytex Blends - Banking Commercial and Corporate Santander - D Corporate Finance-Scancell,LEvershedsScancell C -Lesmoir-Gordon, Boyle-Scancell,BPanmure Gordon-Scancell,FA -Panmure Gordon L -BrowneJacobsonEurocell L -Aaron&Partners -MaltonFoods,SlaterHeelisSimpsonReady Foods L -AddleshawGoddardRENUSAInc FA -DowSchofield Watts -NWF, Peel Hunt-NWF, L -BrabnersNWF, Burnetts-Jim Peet (Agriculture) FA -ZeusCapitalC4XDiscovery, L-OsborneClarke -Adorial Seneca Partners -Redag CropProtection, L-Brabners,DWFRedag CropProtection C -AccelerisCapitalRedag CropProtection, EnterpriseVentures -Redag CropProtection, Advisers andGas,FAB -BeaufortSecuritiesNU-Oil -Cenkos andGas Securities-NU-Oil SP AngelCorporateFinance-Tertiary Minerals B -BeaufortSecuritiesTertiary Minerals,SPAngelCorporateFinance-Tertiary Minerals,FA - Advisers www.beeverstruthers.co.uk [email protected] 01254 686600 Blackburn

DEALS TABLES

DEALS TABLES 79 80 DEALS TABLES

OTHER MANUFACTURING CONTINUED

Date Deal Advisers

11 Apr 2016 Development capital for Doorpoint (finance: cash, bank debt) D - Panacea Investment, Panacea Investment - Doorpoint, L - Clarion Solicitors 19 Apr 2016 Acquisition of Akcros (finance: cash) C - Gil Investments - Akcros, FA - CIM Partners - Akcros, Grant Thornton Corporate Finance Bidder: Valtris Specialty Chemicals Inc - Akcros, L - Gateley - Akcros, Gibbons - Akcros Chemicals, McDermott Will & Emery - Valtris Specialty Chemicals Inc, Squire Patton Boggs - Akcros Chemicals 20 Apr 2016 Acquisition of Westwells (North West) (finance: existing / not disclosed) Bidder: Vanilla L - Addleshaw Goddard - Vanilla 21 Apr 2016 Investor buyout at Direct Healthcare Services (finance: cash, venture capital) Bidder: Newton Bidco A - KPMG, C - NorthEdge Capital - Newton Bidco, FA - BBCH Capital, BDO, Blackwood Capital, Clearwater International, Diagnostic Capital, L - Addleshaw Goddard 21 Apr 2016 £1.1m of development capital for Mercol (finance: cash, bank debt) D - Positive Cash Flow Finance - Mercol, FA - Reach Commercial Finance - Mercol, L - Harrison Drury - Mercol 27 Apr 2016 Acquisition of Pure Asphalt (finance: existing / not disclosed) FA - CLB Coopers Corporate Finance - Pure Asphalt, Mazars Corporate Finance - IKO, L - Thomson Bidder: IKO Snell & Passmore - Pure Asphalt, Weightmans - IKO 24 May 2016 £28.86m acquisition of EuroMed Inc (finance: cash) B - Numis Securities - Scapa, FA - Numis Securities - Scapa Bidder: Scapa 1 Jun 2016 (Pending) £397.85m acquisition of AdeS Soy beverage business in Latin America (finance: existing / not disclosed) Bidder: Coca-Cola FEMSA SA de CV FA - Lazard - Unilever, L - Baker & McKenzie - Unilever, Clifford Chance - Coca-Cola Co, Clifford Vendor: Unilever Chance - Coca-Cola FEMSA SA de CV 2 Jun 2016 Acquisition of Scott Packaging (Manchester) (finance: existing / not disclosed) Bidder: Rosewood Manufacturing FA - BCMS Corporate - Scott Packaging (Manchester), L - Muckle - Scott Packaging (Manchester) Vendor: Scott Investments 3 Jun 2016 £25m acquisition of Berwin (finance: cash) FA - Deloitte - Hexpol AB, Dow Schofield Watts - Berwin, Grant Thornton - Hexpol AB, L - Ad Bidder: Hexpol AB dleshaw Goddard - Hexpol AB, Mannheimer Swartling - Hexpol AB, TLT - Berwin 3 Jun 2016 £0.63m of development capital for Gen2 Neuroscience (finance: cash, venture capital) C - Dementia Discovery Fund - Gen2 Neuroscience, L - Covington & Burling, Slater Heelis - Gen2 Neuroscience 10 Jun 2016 £63.48m flotation of Accrol on London AIM A - PwC - Accrol, C - NorthEdge Capital - Accrol, B - Zeus Capital - Accrol, FA - KPMG - Accrol, Rothschild - Accrol, Zeus Capital - Accrol, L - Addleshaw Goddard - Accrol, DWF 20 Jun 2016 Reconstruction/refinancing of Park Cakes Acquisition (finance: cash, bank debt) D - Yorkshire Bank - Park Cakes Acquisition 28 Jun 2016 £0.59m of development capital for Albert Medical Devices (finance: venture capital, cash) C - SPARK Impact - Albert Medical Devices, L - Mills & Reeve - Albert Medical Devices, Turner Parkinson 29 Jun 2016 Management buy-in at Pentel Contracts (finance: cash, venture capital, bank debt) Bidder: Rod Roberts-Dear C - Enterprise Ventures - Rod Roberts-Dear, D - Shawbrook Bank - Rod Roberts-Dear, FA - Springboard Corporate Finance - Rod Roberts-Dear 7 Jul 2016 Acquisition of Broadstock Office Furniture (finance: cash, bank debt) Bidder: Southerns D - Banco Santander SA - Southerns, FA - Rickitt Mitchell & Partners - Broadstock Office Furniture, L - Blacks Solicitors - Southerns, Weightmans - Broadstock Office Furniture 14 Jul 2016 Acquisition of Corporate Trends (finance: existing / not disclosed) A - Begbies Traynor - Corporate Trends Bidder: Sir Jacob Behrens 21 Jul 2016 Acquisition of Sandhurst Flooring (UK) (finance: existing / not disclosed) Bidder: Bathgate Flooring L - Beswicks - Bathgate Flooring, Hill Dickinson - Sandhurst Flooring (UK) 26 Jul 2016 Acquisition of Harland Systems (finance: existing / not disclosed) A - FRP Advisory - Harland Systems Bidder: Accraply Europe 26 Jul 2016 Acquisition of Sporting Lodge (finance: existing / not disclosed) FA - Benchmark International - Sporting Lodge Bidder: Heritage Apparel 4 Aug 2016 £0.5m of development capital for Contour Showers (finance: cash, bank debt) Vendor: Elfreed D - Yorkshire Bank - Contour Showers 5 Aug 2016 Management buy-in at Hartley Botanic UK (finance: cash, venture capital) Bidder: Great British Botanical C - Rockpool Investments - Great British Botanical, L - EMW, Foot Anstey - Great British Botanical 15 Aug 2016 £2m of development capital for Dreamtex (finance: cash, bank debt) D - Aldermore Bank - Dreamtex 5 Sep 2016 £36m acquisition of Carr’s Flour Mills (finance: cash) Bidder: Whitworth Vendor: Carr’s 6 Sep 2016 Acquisition of Whitney Woods (finance: existing / not disclosed) FA - Pierce Corporate Finance - Calderprint Pinnacle, L - Farleys - Calderprint Pinnacle Bidder: Calderprint Pinnacle DEALS TABLES Source: Experian MIQ 2016 PROFESSIONAL, SCIENTIFIC&TECHNICAL ACTIVITIES OTHER SERVICES OTHER MANUFACTURING

7 Jul2016 1 Jul2016

22 Jun2016 1 Jun2016 30 Apr2016 29 Apr2016 26 Apr2016 4 Apr2016 Date Deal 29 Sep2016 19 Sep2016 16 Sep2016 6 Sep2016 Date Deal 1 Mar2016 Date Deal 4 Mar2016 4 Mar2016 4 Mar2016 2 Mar2016 1 Mar2016 1 Mar2016 Many areas ofspecialism. Onefocus. Your business. Bidder: Managementbuy-inTeam Management buy-inatRoyle Reflection (finance:existing/notdisclosed) Bidder: HallPartnership £0.73m acquisitionofJacksDIYStore(finance:cash) Vendor: Hi-Life Bidder: StateBidco Acquisition of HI Life Diners Club (finance: existing / not disclosed) Vendor: WmMorrisonSupermarkets Bidder: Timpson Acquisition ofdrycleaningandphotoprocessingbusinessWMMorrisonSupermarkets (finance:existing/notdisclosed) Bidder: LN-Gaiety Minority stake inWarehouse Project (finance:existing/notdisclosed) (Pending) £28.7mrightsissue/otherissuebyJohnsonService(finance:cash,companyshareissue) Bidder: JohnsonService £3.3m acquisitionofChesterLaundry(finance:cash) Bidder: Aurum Acquisition ofWatch Lab(finance:existing/notdisclosed) £0.58m ofdevelopmentcapitalforSwabTech (finance:cash,venturecapital) Bidder: Unilever (Pending) AcquisitionofSeventhGenerationInc(finance:existing/notdisclosed) Bidder: DechraPharmaceuticals (Pending) £31.34macquisitionofApexLaboratoriesPty(finance:cash) Vendor: ShepherdChemical Bidder: GILInvestments Investor buyoutatShepherdWidnesOperations(finance:bankdebt,cash) Development capitalforPronec (finance:cash,venturecapital) Development capitalforBiorelate(finance:cash,venture capital) Bidder: OneLegalServices(Trading asOneLegal) Acquisition ofKaimTodner Solicitors(finance:existing/notdisclosed) £1700m reconstruction/refinancingofAmecFoster Wheeler(finance:bankdebt,cash) Vendor: AndrewThorne&Co Bidder: AlmondSolicitors Acquisition ofBusinessAndrewThorne&Co(finance:cash) Development capitalforOstaraBiomedical(finance:existing/notdisclosed) £1.44m ofdevelopmentcapitalforSocialChain(finance:cash,company) CONTINUED

FA -KBSCorporateRoyle Reflection L -BlackstoneSolicitorsHallPartnership, SlaterHeelis-JacksDIYStore Diners Club L -BrabnersDiningClub,CMSCameronMcKennaCarsonMcDowellHILife FA -DowSchofield Watts -DiningClub,GrantThorntonCorporateFinanceHILifeDiners L -DLAPiper -Timpson,DWFWmMorrisonSupermarkets Entertainment Inc,StathamGillDavies-Warehouse Project Warehouse Project, Pannone Corporate-Warehouse Project, SquirePatton Boggs-LiveNation FA -GrantThorntonCorporateFinanceLN-Gaiety, L-DWFWarehouse Project, Gateley- Johnson Service,OsborneClarke B -InvestecBankJohnsonService,FA -InvestecBankJohnsonService,LHillDickinson L -AllingtonHughesSolicitorsChesterLaundry, HillDickinson-JohnsonService Proskauer Rose -Aurum FA -BCMSCorporateAurum,LFootAnsteyFreeths -Watch Lab, Advisers SyndicateRoom -SwabTech C -CatapultVenture Managers-SwabTech, GM&CLifeSciencesFund -SwabTech, FA -MorganStanleyUnilever Shepherd Chemical,Gateley C -GILInvestments,DCloseInvoiceFinanceFA -RSM,LEversheds Advisers Advisers C -GreaterManchesterandCheshireLifeSciences Fund -Pronec C -GreaterManchesterandCheshireLifeSciences Fund -Biorelate L -ShoosmithsOneLegalServices(Trading asOneLegal) L -BrabnersAlmondSolicitors L -Turner Parkinson -OstaraBiomedical www.beeverstruthers.co.uk [email protected] 0161 8324901 Manchester

DEALS TABLES

DEALS TABLES 81 82 DEALS TABLES

PROFESSIONAL, SCIENTIFIC & TECHNICAL ACTIVITIES CONTINUED

Date Deal Advisers

8 Mar 2016 Acquisition of Label PR (finance: existing / not disclosed) FA - BCMS Corporate - Label PR Bidder: Attercopia 24 Mar 2016 (Pending) £10m rights issue/other issue by Redx Pharma (finance: cash) B - Cantor Fitzgerald - Redx Pharma, WG Partners - Redx Pharma, FA - Cantor Fitzgerald - Redx Pharma, L - DWF - Redx Pharma, Orrick Herrington & Sutcliffe 31 Mar 2016 Acquisition of ACH Management (finance: existing / not disclosed) L - Brown Turner Ross - I, Macfarlanes - ACH Management, Slater Heelis - I Bidder: I Vendor: Slater & Gordon (UK) 31 Mar 2016 Development capital for Chromition (finance: cash, venture capital) C - Mercia Fund Management - Chromition, L - Mills & Reeve, Slater Heelis - Chromition 31 Mar 2016 Management buyout at OMI (finance: bank debt) A - Jack Ross - OMI, D - HSBC - OMI, L - Slater Heelis - OMI Bidder: OMI 31 Mar 2016 Acquisition of Health And Safety Management Consultants (finance: existing / not disclosed) Bidder: Employment Law Advisory Services L - Turner Parkinson - Employment Law Advisory Services 1 Apr 2016 (Pending) Divestment of Cyprotex B - N+1 Singer - Cyprotex, FA - Brown Gibbons Lang - Cyprotex, N+1 Singer - Cyprotex 1 Apr 2016 Acquisition of Research Across America (finance: existing / not disclosed) Bidder: Synexus Clinical Research L - DLA Piper - Synexus Clinical Research 12 Apr 2016 Acquisition of Nyquist (finance: existing / not disclosed) FA - BCMS Corporate - Nyquist, BHP Corporate Finance - Bartec Auto ID Bidder: Bartec Auto ID 13 Apr 2016 (Pending) £1.71m of development capital for Zilico (finance: cash, venture capital) C - Venture Founders - Zilico 15 Apr 2016 Development capital for Aurio (finance: cash, venture capital) C - Deepbridge Capital - Aurio, L - Turner Parkinson - Aurio 15 Apr 2016 Development capital for eLucid mHealth (finance: cash, venture capital) C - Deepbridge Capital - eLucid mHealth, L - Turner Parkinson - eLucid mHealth 18 Apr 2016 Development capital for Cube3 Digital (finance: cash, bank debt) D - NatWest Bank - Cube3 Digital, FA - Grant Thornton Corporate Finance - Cube3 Digital 21 Apr 2016 £0.55m of development capital for Upside Energy (finance: cash, venture capital) C - Clearly Social Angels - Upside Energy 22 Apr 2016 £140.65m acquisition of Putney Inc (finance: cash, bank debt) D - Barclays Bank - Dechra Pharmaceuticals, HSBC - Dechra Pharmaceuticals, Royal Bank of Bidder: Dechra Pharmaceuticals Scotland - Dechra Pharmaceuticals, FA - Investec Bank - Dechra Pharmaceuticals, Jefferies - Putney Inc, L - DLA Piper - Dechra Pharmaceuticals, Latham & Watkins - Putney Inc, Travers Smith - Dechra Pharmaceuticals 26 Apr 2016 Development capital for Auxilium Legal (finance: cash, bank debt) D - Royal Bank of Scotland - Auxilium Legal 29 Apr 2016 (Pending) £14.1m acquisition of Dick White Referrals (finance: existing / not disclosed) Bidder: Pets at Home 4 May 2016 £3m of development capital for Blueberry Therapeutics (finance: cash, venture capital) C - Greater Manchester and Cheshire Life Sciences Fund - Blueberry Therapeutics, InClin Investments - Blueberry Therapeutics, L - Slater Heelis - Blueberry Therapeutics, Ward Hadaway 5 May 2016 Acquisition of Melpass (finance: existing / not disclosed) FA - Benchmark International - Melpass Bidder: Vil 6 May 2016 £12.2m acquisition of business & certain assets of Tachodisc (finance: cash) Bidder: TDUK A - BDO - Tachodisc, L - Pinsent Masons - Tachodisc Vendor: Tachodisc 10 May 2016 Acquisition of Lees Solicitors (finance: existing / not disclosed) FA - BWMacfarlane - Jackson Canter, Mazars Corporate Finance - Jackson Canter, RSM - Bidder: Jackson Canter Lees Solicitors, L - Brabners - Lees Solicitors, O’Connors - Jackson Canter 12 May 2016 Acquisition of Synexus Clinical Research Topco (finance: cash) C - LDC - Synexus Clinical Research Topco, L - DLA Piper, Latham & Watkins - Jaguar Holding Bidder: Jaguar Holding Luxembourg Sarl Luxembourg Sarl 12 May 2016 Acquisition of business and assets of TR Shone (1997) (finance: existing / not disclosed) Bidder: TRS Design & Print A - BDO - TR Shone (1997) Vendor: Sedulo Co102 18 May 2016 £1m of development capital for Photolink Creative (finance: cash, bank debt) Vendor: Walt D - Greater Manchester Combined Authority - Photolink Creative, FA - HMT - Photolink Creative 23 May 2016 Minority stake in PlaceFirst (finance: cash, venture capital) C - 350 Investment Partners - PlaceFirst, ESO Capital Partners Bidder: ESO Capital Partners 27 May 2016 Acquisition of Staff (finance: existing / not disclosed) A - Quantuma - Linder Myers Bidder: Metamorph Law Vendor: Linder Myers 27 May 2016 Acquisition of Fairbanks Environmental (finance: existing / not disclosed) Bidder: OPW Corp C - Motion Equity - Fairbanks Environmental, FA - Lincoln International, L - Jones Day Vendor: Tokheim SAS 31 May 2016 Acquisition of Quality Solicitors Abney Garsden (finance: existing / not disclosed) Bidder: Simpson Millar L - Eversheds - Simpson Millar, Pannone Corporate - Quality Solicitors Abney Garsden

DEALS TABLES Vendor: Peter Garsden Source: Experian MIQ 2016 XXXXPROFESSIONAL, SCIENTIFIC&TECHNICALACTIVITIES

5 Oct2016 5 Oct2016 29 Sep2016 20 Sep2016 13 Sep2016 8 Sep2016 6 Sep2016 18 Aug2016 11 Aug2016 2 Aug2016 27 Jul2016 6 Jul2016 4 Jul2016 4 Jul2016 1 Jul2016 1 Jul2016 30 Jun2016 23 Jun2016

20 Jun2016 9 Jun2016 7 Jun2016 xxxx1 Jun2016 Date Deal Many areas ofspecialism. Onefocus. Your business. Merger ofHLBFinancialServicesandColinFWhitfield (finance:existing/notdisclosed) Bidder: Park Acquisition ofFisherMoyInternational(finance:cash) Bidder: InspiredEnergy £4.25m acquisitionofInformedBusinessSolutions(finance:cash,vendorplacing) Vendor: Brookfield Rose Preston Andrew Bidder: Management buyoutatdePoel Clarity(finance: bankdebt) £4m ofdevelopmentcapitalforCustomsConnect(finance:cash,venturecapital) Development capitalforEllisWhittam(finance:cash,venturecapital) £5m rightsissue/otherissuebyC4XDiscovery(finance:cash) Share buy-backbyAMFPrecision Engineering(finance:existing/notdisclosed) Bidder: JamesFisherandSons £10m acquisitionofHughesMarineEngineering(finance:cash) Vendor: Punj Lloyd Bidder: Engineers&ConstructorsInternationalInc £1.51m acquisitionofSimonCarvesEngineering(finance:existing/notdisclosed) Bidder: BritishEngineeringServices Acquisition ofNortest(finance:cash,venturecapital) Bidder: KPTherapeutics Management buyoutatGlobalacorn(finance:existing/notdisclosed) Development capitalforLiverpoolChirochem(finance:cash,venturecapital) Bidder: Exova Acquisition ofJonesEnvironmentalForensics(finance:existing/notdisclosed) Bidder: IndependentVetcare Acquisition of Atherton Veterinary Centre (finance: bank debt, cash) Vendor: Exova Bidder: EurofinsScientificSA £18m acquisitionofUKandIrelandFood(finance:cash) Bidder: NipponKoeiCo £102.2m acquisitionofBDP(finance:cash,bankdebt) £6.5m ofdevelopmentcapitalforEpiStem(finance:cash,venturecapital) £60m of development capital for F2G (finance: cash, venture capital) Vendor: ChampionAccountants Bidder: AdvanceAccountancy Management buyoutatSouthportofficeofChampionAccountants(finance:cash,bankdebt) Bidder: GregFrench andAnitaBoardman Management buyoutatAFGLaw(finance:cash,bankdebt) Development capitalforPeak BusinessInsight(finance:cash,venturecapital)

L -DTMLegalHLBFinancialServices FA -ArdenPartners -Park Capital &Corporate-InspiredEnergy, L-GateleyInspiredEnergy B -Panmure Gordon-InspiredEnergy, ShoreCapitalStockbrokers -InspiredEnergy, FA -Shore Goddard -dePoel Clarity, DLAPiper, DWF, SquirePatton Boggs-AndrewPreston Preston, FA -KPMGAndrewPreston, Park PlaceCorporateFinance-dePoel Clarity, L-Addleshaw C -Toscafund BancoSantanderSA-Andrew -AndrewPreston, D-BancoSantanderSA, Myerson -CustomsConnect,ShoosmithsConnect C -NVMPrivate Equity-CustomsConnect,FA -ConvexCapitalCustomsConnect,RSM,L Goddard, DWF-EllisWhittam C -LDCEllisWhittam,FA -DeloitteEllisWhittam,KPMG, Rothschild &Co,L-Addleshaw Discovery, FA -ZeusCapitalC4XDiscovery C -CalculusCapitalC4XDiscovery, Polar Capital-C4XDiscovery, B-ZeusCapitalC4X L -ShoosmithsAMFPrecision Engineering FA -ECHambroRabben &Partners -JamesFisherandSons Engineering Services,L-Pinsent Masons-BritishEngineeringServices C -Inflexion Private Equity-BritishEngineeringServices, FA -CamleeNortest,DeloitteBritish L -SlaterHeelisKPTherapeutics C -DeepbridgeCapitalLiverpoolChirochem,LSlaterHeelisChirochem FA -GrantThorntonCorporateFinanceJonesEnvironmentalForensics,LDWFExova FA -HazlewoodsIndependentVetcare, L-OutsetLegalIndependentVetcare L -WilliamFry -EurofinsScientificSA FA -KPMGBDP, L-CliffordChanceNipponKoeiCo,SquirePatton Boggs-BDP C -CalculusCapitalEpiStem,FA -Peel Hunt-EpiStem Sunstone CapitalA/S-F2G - F2G, NovartisVenture C -AdventLifeSciencesF2G, AislingCapital-F2G, BracePharmaCapital-F2G, MerifinCapital Champion Accountants D -Handelsbanken -AdvanceAccountancy, L-Clarke Willmott-AdvanceAccountancy, DWF- A -CLBCoopersAFGLaw, D-Yorkshire Bank-GregFrench andAnitaBoardman C -Praeture Capital-Peak BusinessInsight,L-Gateley, HillDickinson-Peak BusinessInsight Advisers www.beeverstruthers.co.uk [email protected] 0203 478 8400 London Fund -F2G, NovoA/S-F2G, SectoralAssetManagementInc-F2G,

CONTINUED

DEALS TABLES

DEALS TABLES 83 84 DEALS TABLES

PROPERTY (NOT CONSTRUCTION)

Date Deal Advisers

7 Mar 2016 £38.4m acquisition of Clayton Square Shopping Centre (finance: existing / not disclosed) Bidder: Rockspring Property Investment Managers L - Olswang - Infrared Capital Partners, Osborne Clarke - Infrared Capital Partners Vendor: Infrared Capital Partners 8 Mar 2016 £4.5m acquisition of Lord Street Properties (Southport) (finance: cash) Bidder: Panther Securities FA - Sanlam Securities UK - Panther Securities 9 Mar 2016 £4.1m acquisition of Fusehill Medical Centre (finance: existing / not disclosed) Bidder: MedicX Fund L - Burnetts - Harrison Northern, Pinsent Masons - MedicX Fund Vendor: Harrison Northern Properties 10 Mar 2016 £125.57m acquisition of three car parks located in Manchester (finance: cash) Bidder: Bouwfonds Investment Management BV L - Latham & Watkins - Bouwfonds Investment Management BV 11 Mar 2016 £16m acquisition of Chancery Office Building (finance: existing / not disclosed) Bidder: Rockspring Property Investment Managers 18 Mar 2016 Management buyout at Bakewell & Horner (finance: cash, venture capital) Bidder: Russ Smith C - Merseyside Special Investment Fund - Bakewell & Horner 28 Mar 2016 £17m acquisition of Mayfair Court and Chancellors Court residential buildings (finance: cash) Bidder: Mansford Vendor: Greystar Real Estate Partners 6 Apr 2016 £14.5m acquisition of Kings Dock Mill (finance: existing / not disclosed) Bidder: Grainger 6 Apr 2016 £21m acquisition of three industrial properties in Newcastle-under-Lyme (finance: existing / not disclosed) Bidder: Rockspring Property Investment Managers Vendor: Minerva Trust 8 Apr 2016 Acquisition of Piccadilly Place (finance: existing / not disclosed) L - Nabarro - Carlyle LP Bidder: Ares Management LP Vendor: Carlyle LP 13 Apr 2016 £15m acquisition of Old Shire Hall in Durham (finance: existing / not disclosed) Bidder: Maven Capital Partners UK 15 Apr 2016 (Pending) £23m acquisition of Manchester Waters in Trafford (finance: existing / not disclosed) Bidder: Vista Fund L - Winckworth Sherwood - Vista Fund Vendor: Rowlinson Constructions 25 Apr 2016 £5.6m acquisition of Ashtenne Industrial Fund Partnership (finance: cash) Bidder: Hansteen L - Jones Day - Hansteen Vendor: Northern Trust 5 May 2016 £82m acquisition of Towers Business Park (finance: existing / not disclosed) Bidder: Kennedy Wilson Europe Real Estate C - Lone Star Funds - Towers Business Park 12 May 2016 £20m acquisition of Compass Industrial Park and Lea Green Business Park (finance: existing / not disclosed) Bidder: Industrials UK LP Vendor: Network Space 19 May 2016 Acquisition of Birchdale Investments A - Mazars - Assura, L - Addleshaw Goddard - Assura Investments Bidder: Assura Investments 20 May 2016 Acquisition of Royal Exchange Arcade (finance: existing / not disclosed) Bidder: Hines Interests LP L - Freehills - Hines Interests LP 20 May 2016 Acquisition of business and assets of Raffordia (finance: existing / not disclosed) Bidder: Knight Knox L - Dickinson Wood - Raffordia, Hill Dickinson - Knight Knox Vendor: Raffordia 23 May 2016 Acquisition of Synergy House (finance: existing / not disclosed) L - Addleshaw Goddard - Manchester Science Partnerships Bidder: Manchester Science Partnerships Vendor: Minton 25 May 2016 Acquisition of Worldview (finance: existing / not disclosed) L - Cripps - Eleven Heaven, Ward Hadaway - Worldview Bidder: Eleven Heaven 8 Jun 2016 £20m acquisition of Market Shopping Centre (finance: cash) FA - Liberum Capital - Real Estate Investors, Smith & Williamson Corporate Finance - Real Estate Bidder: Real Estate Investors Investors, L - Millichips - Real Estate Investors Vendor: Lloyds Banking 17 Jun 2016 Management buy-in at Green End Developments (finance: cash) L - Kuit Steinart Levy - Nick Maskrey, Slater Heelis - Green End Developments Bidder: Nick Maskrey 23 Jun 2016 Acquisition of Rediseven (finance: existing / not disclosed) L - Shoosmiths - Derwent Estates Bidder: Derwent Estates 30 Jun 2016 Acquisition of PVR Investments (finance: existing / not disclosed) A - Mazars - Assura Bidder: Assura Investments DEALS TABLES Source: Experian MIQ 2016 RETAIL PROPERTY (NOTCONSTRUCTION)

28 Sep2016 8 Sep2016 1 Sep2016 25 Aug2016 9 Aug2016 3 Aug2016 18 Jul2016 13 Jul2016 5 Jul2016 1 Jul2016 30 Jun2016 Date Deal 1 Mar2016 Date Deal 4 May2016 3 May2016 3 May2016 2016 Apr 14 18 Mar2016 14 Mar2016 7 Mar2016 3 Mar2016 Many areas ofspecialism. Onefocus. Your business.

(Pending) £8.2mofdevelopmentcapitalforCityBlock(finance:cash,bankdebt) Vendor: AlanKirkham Divestment ofAssetsKirkhamProperty (finance:existing/notdisclosed) Vendor: StandardLife Bidder: Aprirose £36m acquisitionofGreyhoundRetail Park (finance:existing/notdisclosed) Bidder: RitsonProperties Management buyoutatGrisedales(finance:bankdebt) Bidder: Tritax BigBoxREIT £23.5m acquisitionofDistributionFacility (finance:bankdebt) £0.85m rightsissue/otherissuebyLaketree Properties (finance:cash) Vendor: Renaker Build Bidder: LaSalleInvestmentManagementInc (Pending) £110macquisitionofGreengateprivaterentedsectorscheme(PRS)inManchester(finance: existing/notdisclosed) Vendor: GrosvenorEstate Startup ofGrosvenor/Amcorpjointventure(finance:existing/notdisclosed) Vendor: FortisDevelopments Bidder: DelphProperty £25m acquisitionofa15storeyapartmentbuildingintheGreenQuarterManchester(finance: existing/notdisclosed) Bidder: BritishAirwaysPension Trustees £20m acquisitionof20ChapelStreet(finance:existing/notdisclosed) Bidder: AssuraInvestments Acquisition ofAshdeaneInvestments(finance:existing/notdisclosed) £10m ofdevelopmentcapitalforSofology(finance: cash,venturecapital) Vendor: MASH £12.5m divestmentofJDSportsFashion (finance:cash) Vendor: Co-Operative Bidder: FoodRetailer (Pending) InvestorbuyoutatSomerfieldStores(finance:cash,venturecapital) Bidder: FirstAid Acquisition ofMcKinnonMedical(finance:existing/notdisclosed) Bidder: FlowtechFluidpower Acquisition ofHydravalve(UK)(finance:existing/notdisclosed) Bidder: JamesHalland Minority stake inAlfredJones(Warrington) (finance:existing/notdisclosed) Vendor: CheshireConcreteProducts Bidder: HuwsGray Acquisition ofCornerstonesBuildingandLandscapeProducts (finance:existing/notdisclosed) Vendor: Paragon Commerce Bidder: Trek BicycleCorp Acquisition ofParagon Commerce’sbusinessandassets(finance:existing/notdisclosed) Vendor: WA Temple Divestment ofWA Temple Pharmacy(finance:existing/notdisclosed) D -NatWest Bank-CityBlock A -Poppleton &Appleby-AssetsofKirkhamProperty L -BurnettsGrisedales,GoughRitsonProperties FA -AkurPartners -Tritax BigBoxREIT, JefferiesInternational-Tritax BigBoxREIT L -BermansLaketree Properties L -CliffordChanceGrosvenorFund Management A -MazarsAssura Advisers Advisers Sofology, DWF-Sofology C -BusinessGrowthFund, BusinessGrowthFund -Sofology, L-AddleshawGoddard,Brabners - C -HilcoCapitalLPFoodRetailer, L-AddleshawGoddardCo-Operative Aid First - Brabners - L L -DLAPiper -FlowtechFluidpower Hall, HillDickinson-AlfredJones(Warrington) A -MazarsAlfredJones(Warrington), MooreandSmalley-JamesHall,LBrabners L -MyersonCheshireConcreteProducts, Weightmans -HuwsGray FA -Duff&PhelpsParagon Commerce L -Turner Parkinson -WA Temple CONTINUED www.beeverstruthers.co.uk [email protected] 01254 686600 Blackburn

DEALS TABLES

DEALS TABLES 85 86 DEALS TABLES

RETAIL CONTINUED

Date Deal Advisers

31 May 2016 Acquisition of Salu Beauty Inc (finance: existing / not disclosed) L - Covington & Burling - Hut, Minter Ellison - Hut Bidder: Hut Vendor: Walgreens Boots Alliance Inc 30 Jun 2016 Share buy-back by Rose Medical (finance: existing / not disclosed) L - Turner Parkinson - Rose Medical 5 Jul 2016 Acquisition of six community pharmacies in Yorkshire (finance: existing / not disclosed) Bidder: Hub Pharmacy D - HSBC - Hub Pharmacy, FA - KPMG - Living Care Pharmacy, L - Addleshaw Goddard - Living Vendor: Living Care Health Care Pharmacy, Penningtons Manches - Hub Pharmacy 9 Jul 2016 £4m of development capital for Better Bathrooms (UK) (finance: cash, venture capital) C - Business Growth Fund - Better Bathrooms (UK) 22 Jul 2016 Acquisition of North East Convenience Stores (finance: existing / not disclosed) Bidder: James Hall FA - KPMG - North East Convenience Stores, Tait Walker Corporate Finance - North East Convenience Stores, L -cShoosmiths - James Hall and, Square One Law - North East Convenience Stores 5 Aug 2016 £21.5m divestment of On the Beach (finance: cash) C - Inflexion Private Equity - On the Beach, FA - Johannes Berenberg & Gossier - OTB LP, Vendor: OTB LP Numis Securities - OTB LP 11 Aug 2016 Acquisition of Dollar Shave Club Inc (finance: existing / not disclosed) Bidder: Unilever L - Morrison & Foerster - Unilever 16 Aug 2016 Acquisition of business and assets of a Convenience Store (finance: existing / not disclosed) Bidder: Co-Operative L - Mills & Reeve - Co-Operative Vendor: LM Rutherford Retail 31 Aug 2016 Acquisition of Red Hall Service Stations (finance: existing / not disclosed) Bidder: Manor Service Stations FA - Langtons Corporate Finance - Red Hall Service Stations, L - Bermans - Red Hall Service Stations, Kuit Steinart Levy - Manor Service Stations 1 Sep 2016 £1.2m of development capital for Kleeneze (finance: cash, bank debt) Vendor: CVSL Inc D - Greater Manchester Combined Authority - Kleeneze 7 Sep 2016 Acquisition of Synergie (finance: existing / not disclosed) FA - RSM - Synergie, L - DWF - Synergie, Pinsent Masons - Motor Fuel Bidder: Motor Fuel 5 Oct 2016 Acquisition of Euro Garages (finance: existing / not disclosed) FA - Rothschild - Euro Garages, Rothschild - European Forecourt Retail Bidder: Intervias TRANSPORT & STORAGE

Date Deal Advisers

1 Mar 2016 Acquisition of Great Bear (finance: existing / not disclosed) FA - Mazars Corporate Finance - Culina, L - Addleshaw Goddard - Culina Bidder: Culina 8 Mar 2016 Acquisition of Bibby Ship Management (finance: existing / not disclosed) Bidder: V. FA - EY - Vouvray, L - Hill Dickinson - Bibby Line, Reed Smith - V. Vendor: Bibby Line 15 Mar 2016 £12m minority stake in Liverpool Airport (finance: cash) FA - KPMG - Liverpool City Council, L - DWF - Liverpool City Council, Travers Smith - Tokenhouse, Bidder: Liverpool City Council Weightmans - Liverpool City Council Vendor: Tokenhouse 28 Apr 2016 £12.5m of development capital for Abbey Logistics (finance: cash, bank debt) D - HSBC - Abbey Logistics 1 Jun 2016 £60m of development capital for Manchester Airport (finance: bank debt, cash) Vendor: Manchester Airports FA - BNP Paribas - Manchester Airport, Bank of Tokyo-Mitsubishi UFJ - Manchester Airport, Barclays Bank - Manchester Airport, Canadian Imperial Bank of Commerce - Manchester Airport, HSBC Bank - Manchester Airport, National Australia Bank - Manchester Airport, Royal Bank of Scotland - Manchester Airport, Svenska Handelsbanken - Manchester Airport 14 Jun 2016 Acquisition of RG Bassett (finance: bank debt, cash) A - Scott & Wilkinson - RG Bassett, D - Barclays Bank, Barclays Bank - SJ Bargh, Bidder: SJ Bargh FA - BCMS Corporate, Dow Schofield Watts - SJ Bargh, L - Fielden Marshall Glover Strutt - RG Bassett, Mills & Reeve - RG Bassett 16 Jun 2016 £34.8m acquisition of Distribution Warehouse at Airport City (finance: existing / not disclosed) Bidder: HANSAINVEST Hanseatische Investment-GmbH Vendor: PK2 Holding 8 Aug 2016 Investor buyout at Abbey Logistics (finance: cash, venture capital) A - KPMG - Steve Granite, C - NorthEdge Capital, NorthEdge Capital, NorthEdge Capital, Bidder: Steve Granite NorthEdge Capital, NorthEdge Capital, NorthEdge Capital, NorthEdge Capital - Steve Granite, FA - BDO, EY - Abbey Logistics, L - Napthens Solicitors - Abbey Logistics, Pinsent Masons DEALS TABLES Source: Experian MIQ 2016 WHOLESALE UTILITIES EXCTELECOMS

2016 Jul 6 20 Jun2016 20 May2016 18 Apr2016 15 Apr2016 8 Apr2016 31 Mar2016 21 Mar2016 17 Mar2016 14 Mar2016 Date Deal 2 Mar2016 Date Deal 5 May 2016 May 5 13 Apr2016 8 Apr2016 31 Mar2016 4 Mar2016

1 Jul2016 22 Jun2016 1 Jun2016 20 May2016 Many areas ofspecialism. Onefocus. Your business.

Bidder: ThermotechSolutions Bidder: SoviniCommercial Acquisition ofWCarroll(finance:existing/notdisclosed) Vendor: Bale Bidder: Future IndustrialServices Acquisition ofbusinessandassetsBale(finance:existing/notdisclosed) Bidder: Marlowe £2.5m acquisitionofWCSEnvironmental(finance:cash,vendorplacing, bankdebt) £500m ofdevelopmentcapitalforUnitedUtilities(finance:cash,bankdebt) Bidder: LancashireCountyPension Fund Minority stake inMadrilenaRed deGasSAU(finance:existing/notdisclosed) Flotation ofMarloweonLondonAIM Vendor: Utili Bidder: CNG Acquisition ofSilverEnergySupply(finance:existing/notdisclosed) Vendor: SunEdisonInc Bidder: Foresight Acquisition ofBeechFarm SolarPVProject (finance:existing/notdisclosed) Vendor: SSE Bidder: GreencoatUKWind (Pending) £355mminoritystake inClydeWindfarm(Scotland)(finance:cash,bankdebt) Acquisition of Oakwood Technology (finance: cash, bank debt) bank cash, (finance: Technology Oakwood of Acquisition £2.3m ofdevelopmentcapitalforClickDistribution(UK)(finance:cash,bankdebt) Bidder: CertasEnergyUK Acquisition ofRace Industrial(finance:existing/notdisclosed) Bidder: HMLogistics Acquisition ofDolbyMedical(finance:existing/notdisclosed) Bidder: DouglasGillespie £8m investorbuyoutatDouglasGillespiePlant(finance:bankdebt,cash,venturecapital) Bidder: LeicaGeosystemsAG Acquisition ofSiben(finance:existing/notdisclosed) £18m acquisition of Lighthouse (finance: cash, bank debt) bank cash, (finance: Lighthouse of acquisition £18m Bidder: BlueMaxBanner Acquisition ofSportswearInternational(finance:bank debt,cash) £18m reconstruction/refinancingofMolson(finance: cash,bankdebt) Bidder: ThomasGraham(Iron&Steel) Acquisition ofHygieneCleaningSupplies(finance:existing/notdisclosed) Bidder: ConvivialityBrands £60m acquisitionofBibendumPLB(Topco) (finance:cash,companyshareissue) Bidder: Portmeirion

L -Freeman Fisher-OakwoodTechnology, Gateley-ThermotechSolutions L -BermansWCarroll,Trowers &Hamlins-SoviniCommercial A -BegbiesTraynor -Bale Geldards -WCSEnvironmental B -Cenkos Securities-Marlowe,FA -Cenkos Securities-Marlowe,LBrabners D -EuropeanInvestmentBankUnitedUtilities Lancashire CountyPension Fund FA -BancoSantanderSALancashireCountyPension Fund, L-CuatrecasasGoncalvesPereira - Marlowe, L-BrabnersMemeryCrystal A -GrantThorntonMarlowe,BCenkos Securities-Marlowe,FA -Cenkos Securities- L -Ward Hadaway-CNG L -EvershedsSunEdisonInc Rothschild L-CMSSSE -SSE, D -CommonwealthBankofAustraliaGreencoatUKWind,FA -CreditSuisseSSE, Advisers Advisers D -HSBCClickDistribution(UK) L -HiggsRace Industrial,Pinsent Masons-CertasEnergyUK L -DLAPiper -HMLogistics Paull, DicksonMinto-DouglasGillespie,FieldfisherMills& Reeve C -CorpAcqDouglasGillespie,DPNCFinancialServicesIncLBurness L -OlswangLeicaGeosystemsAG D -AlliedIrishBankThermotechSolutions,FA -BenchmarkInternationalOakwoodTechnology, D -LloydsBankingPortmeirion, B-CantorFitzgeraldPortmeirion, Panmure Gordon-Portmeirion, D -BarclaysBankBlueMaxBanner, FA -RSMRoman TopCo, L-Pinsent Masons D -HSBCMolson L -Birketts -Hygiene CleaningSupplies,Burnetts-ThomasGraham(Iron&Steel) L -DLA B -InvestecBankConviviality, FA -InvestecBankConviviality, ZeusCapital-Conviviality, FA -Panmure GordonCorporateFinance-Portmeirion, RSM-Lighthouse Piper -Conviviality, Eversheds,Fieldfisher-BibendumPLB(Topco) www.beeverstruthers.co.uk [email protected] 0161 8324901 Manchester

DEALS TABLES

DEALS TABLES 87 88 DEALS TABLES

WHOLESALE CONTINUED

Date Deal Advisers

1 Jul 2016 Divestment of AMA Online (finance: existing / not disclosed) L - Gateley - AMA Online 11 Jul 2016 Acquisition of P&R Autocentres (finance: existing / not disclosed) FA - RSM - Micheldever Tyre Services, L - Burnetts - P&R Autocentres, Irwin Mitchell - Bidder: Micheldever Tyre Services Micheldever Tyre Services 12 Jul 2016 Acquisition of R Noone (finance: existing / not disclosed) FA - Grant Thornton Corporate Finance - Bidvest Fresh, RSM - R Noone, L - Hill Dickinson - Bidder: Bidvest Fresh R Noone, Mills & Reeve - Bidvest Fresh

25 Jul 2016 Acquisition of Denton Tyre Centre (finance: existing / not disclosed) FA - RSM - Micheldever Tyre Services, L - Burnetts - Denton Tyre Centre, Irwin Mitchell - Bidder: Micheldever Tyre Services Micheldever Tyre Services 10 Aug 2016 (Pending) £120m acquisition of Parts Business of Lookers B - Numis Securities - Lookers, Peel Hunt - Lookers, FA - Peel Hunt - Lookers, Bidder: Alliance Automotive UK L - Clifford Chance - Lookers Vendor: Lookers 10 Aug 2016 Acquisition of Northern Case (finance: cash, bank debt) D - HSBC - Scott Investments, FA - Campbell Dallas - Scott Investments, Cobham Murphy - Bidder: Scott Investments Northern Case, L - BTO Solicitors - Scott Investments, Hill Dickinson - Northern Case 15 Aug 2016 £55.4m acquisition of Warwick (finance: cash) FA - UHY Hacker Young - Warwick Bidder: Lookers 22 Aug 2016 £27.2m acquisition of Knights North West (finance: cash) Bidder: Lookers 30 Aug 2016 Management buy-in/buyout at Euxton (finance: cash, venture capital) Bidder: Brabco 1610 C - Foresight - Brabco 1610, FA - Brabners Stuart - Euxton, Cassons - Euxton, Grant Thornton Corporate Finance - Euxton, L - Brabners - Brabco 1610, Napthens Solicitors - Euxton, Shoosmiths - Euxton 1 Sep 2016 Acquisition of certain assets of the Leyland Truck and Trailer Division of Leyland Exports (finance: existing / not disclosed) Bidder: LT&T L - Hill Dickinson - LT&T, Napthens Solicitors - Leyland Exports Vendor: Leyland Holding 7 Oct 2016 (Pending) £100m rights issue/other issue by Brammer UK (finance: cash) FA - Investec Inc - Brammer UK DEALS TABLES Source: Experian MIQ 2016 EDITOR’S INTRODUCTION

Welcome to the North West Philip Cunliffe 19 October 2017 Regional business editor Dealmakers Guide 2017. Manchester Central

For any business owner, making decisions is part of everyday life. Decisions need to be made on workforce issues, on sales and marketing INSIDER NORTH WEST strategies, on new equipment or property investments – the list goes on. Making the right decisions can be the difference between success DEALMAKERS AWARDS and failure, between increasing turnover and having profits nosedive. WINNER Dealmaker of the Year 2016 But getting this right can be made far easier if you are armed with knowledge, and have the benefit of experience and the advice of experts. GRANT BERRY This guide provides an ideal starting point for any business owner NorthEdge Capital looking to make essential decisions. It provides information on the options that businesses have when it comes to growth, the different strategies that should be considered by business owners and senior For tickets call Laura Davies on management teams, and some of the funding options available. In addition, we detail the key processes that go into making a successful 0161 907 9753 business sale. No deal – be it a sale, an acquisition, an investment or flotation – can Or email [email protected] be completed successfully without the guidance and support of expert www.insidermedia.com/event/ advisers. The guide contains in-depth advice on various aspects of the northwest-dealmakers-awards-2017 deal process, as well as reviews of how successful deals were structured, from professional advisers from across the North West. I would like to thank all those who have contributed to this guide and hope you find it useful, informative and a helpful reference source.

For sponsorship and commercial opportunities, please call Adrian Simcox on 0161 907 9745 INTRODUCTION

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and Regeneration [email protected] Blackburn 686 600 01254 [email protected] Manchester 832 4901 0161 [email protected] London 8400 478 0203 www.beeverstruthers.co.uk • Raising Finance Advice Start-up • Business Planning • Business/Strategic Recovery Turnaround, •

One focus. Your business. Your One focus. Many areas of specialism. areas Many Share Valuations Share Our areas of expertise are: of expertise Our areas and Aquisitions Mergers • • MBOs/MBIs • Due Diligence and Company •

your specifi c needs. specifi your you and offer tailored advice to suit to advice tailored and offer you team who will work closely with who will work team through exit, we have an experienced an experienced have we exit, through through acquisition or realise its value its value or realise acquisition through fi nance, want to grow your business business your grow to want nance, fi starting up and looking to raise raise up and looking to starting bespoke advice. Whether you are just are Whether you advice. bespoke which provides high quality and and high quality which provides Corporate Services Department Services Corporate Beever and Struthers has a dedicated and Struthers Beever

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