Midlands Corporate Finance Guide 2017

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corporate finance guide DEAL US IN It’s been a challenging, complicated, contrary year, yet dealmaking is in its best form for years. Kurt Jacobs looks at the state of corporate finance, mergers and acquisitions in the Midlands

DEALMAKING: THE PAST YEAR “We’ve been getting a real head of steam,” reflects Gerald Couldrake happily. “Prices achieved by vendors have been superb and acquirers have been prepared to pay top prices for quality acquisitions.” Most pundits will agree with the Howes Percival partner that the 2016/17 financial year has been a fine one for dealmaking. Despite 12 months of great uncertainty – which included the shock Brexit vote, the close-run Scottish independence referendum, the surprise election of Donald Trump See East Midlands and the change of leadership in Britain Dealmaker’s Dinner – dealmaking seems to have taken it all in its WESTLEIGH GARY TURNER, coverage, page 37 stride and has not only survived, but thrived. HEAD OF PARTNERSHIPS AND INVESTMENT There region clocked up 983 deals – from acquisitions and buyouts to start-ups and secondary buyouts – worth £18.8bn in total. “The Midlands is experiencing a buoyant DEALS period, despite the uncertainty around Brexit BY SECTOR - VALUE and pressures on supply chains from infla- tion, rising employment costs and cooling UK INDUSTRIES VALUE (£M) % VALUE consumer spending,” says Matt Waddell, Financial and insurance 8736 46.44 deals leader for PwC in the Midlands. Manufacturing 7806 41.5 Surprisingly the tempo of dealmaking Wholesale and retail 7439 39.55 increased following the Brexit referendum. Professional, scientific and technical 4746 25.23 In the months running up to the vote on 23 Administrative and support service 2162 11.49 June 2016 there was a definite dip. Then the Real estate 2155 11.46 pace picked up markedly during the second Information and communication 1,502 7.99 half of 2016 and the first quarter of the New Human health and social work 1433 7.62 Year. As if freed by the vote, vendors – who Accommodation and food service 1300 6.9 are responsible for the majority of dealmaking Construction 931 4.95 activity in the Midlands – decided to press Arts, entertainment and recreation 778 0.41 ahead with renewed vigour. Mining and quarrying 390 2.07 In the second quarter of 2016 – that lead- Agriculture, forestry and fishing 380 2.02 ing up to and including Brexit – the Midlands Transportation and storage 357 1.9 recorded 241 deals, worth £1.87bn. But in Education 330 0.18 the immediate post-referendum quarter that Electricity, gas, steam and air con 263 1.4 rose, in volume and value, to 250 deals worth Public admin, defence social security 227 1.21 £4.64bn. While volumes then slipped to 208 Other service 131 0.7 deals and £1.2bn in the last quarter of 2016, Water sewerage, waste management 127 0.68

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ORSTON they rallied again in the early months of 2017 “But something changed in quarter three. to 212 deals worth a total of £3.65bn. In the UK and Europe generally, people real- The £2m deal for Ortson Shooting “In reality 2016 was a mixed year. ised they’d need to live with the uncertainty Ground in Nottinghamshire was one Momentum from 2015 continued into the of Brexit for a long time. So they stopped of last financial year’s notable man- start of 2016 but several national and global using it as a reason not to do deals. Similarly agement buy-ins. The Nottinghamshire headwinds slowed progress, particularly in in the US, tenure at the White House was shooting ground, with 2,000 members, the second quarter,” says Noel Haywood, settled and the momentum increased with was sold by Charlie Denoon, who after partner at DLA Piper. 2016 finishing strongly.” 20 years decided to retire, to Emily “Dealmaking is at a record high,” adds Richards and Daniel Martin, who owned John Byrne, managing director of Rothschild a similar site in Cheltenham. The deal DEALS Global Advisory. “The factors driving this was led by rural property specialists include high equity market ratings supporting Richard Watkinson & Partners. BY SECTOR - VOLUME the strategic desire to make acquisitions

UK INDUSTRIES NO OF DEALS in a lowish-growth world; cross-border Manufacturing 329 dealmaking with US investors particularly reflecting the big ticket prices being paid for Wholesale and retail 269 prevalent; plentiful sponsor dry powder; and tech companies. It was followed by finance Professional, scientific and technical 213 debt markets buoyant across banks and and insurance, and manufacturing. Financial and insurance 162 credit funds.” “We see patterns emerging in markets that Administrative and support service 150 may impact the dealmaking landscape in the Information and communication 150 THE MAIN AREAS OF ACTIVITY next 12 months and beyond,” says Waddell. Construction 77 “The high street is changing due to technol- Human health and social work 74 Nationally, manufacturing was the biggest ogy driving initiatives such as click ‘n’ collect, Real estate 61 source of deals in the last financial year – while a squeeze on consumer spending Transportation and storage 52 329 in total – followed by wholesale and may see more retail and leisure businesses Accommodation and food service 47 retail, and then professional and scientific at exploring mergers and acquisitions. Other service 36 269 and 213 respectively. “There’s a strong technology presence in the Education 22 However, the IT and communication Midlands and marked growth in tech-enabled Water, sewerage, waste and remediation 19 industry created the greatest value per deal, services for the business-to-business and Arts, entertainment and recreation 19 Electricity, gas, steam and air con 17 Mining and quarrying 16 BUYOUT AND BUY-IN DEALS Agriculture, forestry and fishing 16 BY VALUE Public admin, defence, social security 5 Households 1 DEAL TYPE TARGET VALUE (WHERE KNOWN) MBO Westleigh Partnerships £65m SBO Cruise.Co £52m MBO My Policy £40m MIDLANDS DEALS SBO Babington Business £22m BY QUARTER MBO Panther Warehousing £17m MBI Birmingham International £12.7m TIMELINE NO OF DEALS VALUE(£M) MBO Westfield Medical £12m 2016 Q2 241 1867 MBO Mutco2015 £11.1m 2016 Q3 250 4642 MBO PSP Wealth Management £3m 2016 Q4 208 1203 MBI Orston Shooting Ground £2m 2017 Q1 212 3647 MBO Business and assets of Froude Hofmann £780k 911 11359 MBO Future Fitness Workouts £500k

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Mazars

BIRMINGHAM OFFICE: 45 Church Street, Birmingham, B3 2RT Tel: +44 (0)121 232 9500 NOTTINGHAM OFFICE: Park View House, 58 The Ropewalk, Nottingham NG1 5DW Tel: +44 (0)115 964 4744 LEICESTER OFFICE: 6 Dominus Way, Meridian Business Park, Leicester LE19 1RP Tel: +44 (0)116 281 6500 www.mazars.co.uk

Mazars is a leading corporate finance advisor working with UK based and international clients. We provide corporate finance advisory services to a variety of stakeholders including entrepreneurs, corporate boards, management teams, private equity houses and banks. We support clients on a range of mid-market transactions including company sales, management buy-outs, corporate acquisitions, capital raisings and re-financings.

THE TEAM

NICK JOHNSON – CF PARTNER, MIDLANDS PAUL BEVAN – CF PARTNER, EAST MIDLANDS Nick works with private companies, entrepreneurs and Paul is a seasoned dealmaker. With a background in corporates helping them to create and realise value. He banking and finance he has specialised in buy and has significant experience of working throughout the UK sellside transactions for the last 17 years, completing and overseas, completing over 150 deals across a wide over 100 deals. variety of sectors.

GERAINT REGAN – CORPORATE FINANCE PETE WOOD – CORPORATE FINANCE DIRECTOR SENIOR MANAGER Pete is an M&A specialist and has a strong track record Geraint has over 15 years experience in corporate of advising private companies and entrepreneurs finance, leverage finance and professional services. He on transactions and strategy in order to maximise focuses on mid-market and owner managed businesses, shareholder value. advising on a full range of strategic transactions.

DAVID PRESTON – TRANSACTION SERVICES JULIAN CLOUGH – TRANSACTION SERVICES PARTNER, BIRMINGHAM PARTNER, EAST MIDLANDS David’s wide ranging experience includes private equity Julian has over 30 years experience of owner managed, transactions, cross-border and IPO work. He’s worked private equity backed and larger corporate businesses on transactions with deal sizes ranging £1m-£100m but in the UK and overseas. He’s led TS teams for 15 years has a focus on growth businesses with enterprise values reporting on over 350 public and private transactions. up to £30m.

THE DEALS

CLAMASON INDUSTRIES LIMITED GEE TEE SIGNS Sale of a manufacturer of high quality bespoke pressings Sale of a leading manufacturer and installer of commercial company for customers in the automotive, medical, signage working on behalf of clients such as Next, Five Guys electrical and building sectors. and Pizza Hut.

HOME FROM HOSPITAL ICON LIMITED Management buy-out of a leading specialist provider Sale of a leading Software as a Service (‘SaaS’) provider of of long-term homecare for individuals with highly complex a unique, web-based intelligent information management medical needs. system for commercial property portfolios to Elecosoft plc.

IBC_Mazars Corp Finance.indd 19 31/05/2017 17:32 ADVERTISEMENT corporate finance guide RECORD BREAKING YEAR FOR CLEARWATER INTERNATIONAL

Jon Hustler Partner and co-founder business-to-consumer sectors. This is especially apparent around the development PANTHER LOGISTICS Clearwater International completed 105 of products and solutions to provide more deals worth over £7.5bn in 2016 – a cost-effective, flexible and fast services.” Panther, the next-day home delivery deal value increase of over 110% from provider, was one of the biggest 2015. With 200 professionals working THE TYPES OF DEALS management buyouts last financial year. across Europe, the USA and China, the The Northampton company, which business experienced exceptional levels Midlanders love selling their businesses. employs 800 full-time and temporary of M&A activity. Acquisitions in the region last financial year staff specialising in delivery services for In the last year, our Midlands team has by corporates came to 641 – almost two brands and retailers including Dunelm, completed deals in the region advising: thirds of the total of 983 – and were together Silentnight and Bosch Siemens Group, worth £12.7bn out of a total of £18.8bn. went through a £17m management ■ Westleigh Partnerships, a leading The next big source of deals in volume buyout led by managing director Colin affordable housing provider, on its was the 97 development capital deals, McCarthy, allowing founder Wilson growth capital investment from which were worth £323m. However, the Barrett to retire. The deal was backed Palatine Private Equity; second-biggest source in value was reverse by private equity house LDC, which ■ Specialist healthcare equipment takeovers, worth £2.2bn, even though there acquired a significant minority share- business Sidhil on its acquisition by were only two such mega-transactions holding. It was backed with by senior Drive DeVilbiss Healthcare; completed in the region. That was followed debt facilities from Santander. ■ LDC-backed holiday park operator in the value stakes by £1.19bn of investor LDC was advised by Gowling, BDO, Away Resorts, raising a significant buyouts, from 25 deals. PwC and CIL. Panther was advised debt facility to support its acquisition Buyouts and buy-ins, of various hues, were by Livingstone Partners and Howes HELPING YOU MOVE YOUR of Sandy Balls Holiday Village, worth £259m, garnered from 62 deals. Percival. forming a group with six sites valued in excess of €100m; ■ BUSINESS FORWARD FM Conway, a leading infrastructure service company, on its acquisition of United Asphalt; and ■ MML Capital Partners on the sale DLA Piper’s Corporate team in the Midlands, regularly advises on the most complex, strategic and transformational of Optionis, a leading provider deals done in or from our region. As a global law rm we can deliver cross border expertise and execution capabilities of accountancy and employment to support your business anywhere in the world. services, to Arkarius Group (owned by Sovereign Capital). Clearwater International’s commitment to the Midlands can be seen in the Birmingham Law Society European Mid-Market M&A Legal Advisor of the Year 2016, strength of its team: 5 partners leading Corporate Team of the Year 2017 2015, 2014, 2012, 2011, 2010 and 2007 (Mergermarket a team of 22 experienced staff. We European M&A Awards) hope to see a sustained high level of deal activity in the Midlands and remain strong advocates of having our deals #1 by volume of M&A deals UK 2016, 2015, 2014, 2013, #1 by volume of M&A deals globally 2016, 2015, 2014, 2013, funded and advised in the region. DEAL TYPES 2012, 2011, 2010, 2008, 2007, 2006, 2005 (Mergermarket) 2012, 2011, 2010 (Mergermarket) BY VALUE

DEAL TYPES VALUE (£M) % VALUE Acquisition 12,699 67.52 Jon Hustler is CHARLES COOK NOEL HAYWOOD Reverse takeover 2,201 11.71 a partner and Head of Corporate Group UK Head of Corporate Group, Birmingham co-founder Investor buyout 1,187 6.31 of Clearwater Reconstruction/refinancing 706 3.75 T +44 121 262 5808 T +44 121 262 5953 International, an Divestment 460 2.44 F +44 121 262 5794 | M +44 7968 558 703 F +44 121 262 5794 | M +44 7968 558820 award winning Share buy-back 398 2.12 [email protected] [email protected] corporate finance house, with a proven Development capital 323 1.71 track record of excellent client outcomes. Rights issue/other issue 305 1.62 Flotation 265 1.41 Email: [email protected] Management buyout 135 0.72 Secondary buyout 74 0.39 Investor buy-in 35 0.19 Management buy-in 14.7 0.08 Minority stake 6.9 0.04 TOTAL 188,09 JUN17 | 3230974

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DLA Piper’s Corporate team in the Midlands, regularly advises on the most complex, strategic and transformational deals done in or from our region. As a global law rm we can deliver cross border expertise and execution capabilities to support your business anywhere in the world.

Birmingham Law Society European Mid-Market M&A Legal Advisor of the Year 2016, Corporate Team of the Year 2017 2015, 2014, 2012, 2011, 2010 and 2007 (Mergermarket European M&A Awards)

#1 by volume of M&A deals UK 2016, 2015, 2014, 2013, #1 by volume of M&A deals globally 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2008, 2007, 2006, 2005 (Mergermarket) 2012, 2011, 2010 (Mergermarket)

CHARLES COOK NOEL HAYWOOD Head of Corporate Group UK Head of Corporate Group, Birmingham T +44 121 262 5808 T +44 121 262 5953 F +44 121 262 5794 | M +44 7968 558 703 F +44 121 262 5794 | M +44 7968 558820 [email protected] [email protected]

JUN17 | 3230974

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Squire Patton Boggs MEET OUR TogetherCORPORATE FINANCE Tel: +44 121 222 3000 Address: Rutland House, 148 Edmund Street, Birmingham B3 2JR Tel:TEAM 0121 396 1453 Web: www.squirepattonboggs.com Email:Specialist [email protected] advisors on company disposals, Web:management www.togethermoney.com buy-outs, raising Twitter: @Together_money inance, and We are recognized among the top-ranked legal practices for acquisitions. domestic and international transactions. Our Birmingham team Together provides funding on residential, commercial and semi- focuses on UK and international mid-market M&A, private equity commercialPartner properties, as well as land and developments, working and capital markets. In 2016, we advised on deals worth over withBirmingham customers ranging from SMEs and LLPs to sole traders and £500m. Birmingham is part of a UK Corporate team of 60 lawyers [email protected] the0121 self-employed. 2376935 Together delivers funding to professional across four offices including London, Leeds and Manchester, with firms to support their clients, working with a broad network 370 lawyers globally. of introducers including accountants, solicitors, banks and financial advisors, to help customers access the finance they need. THE TEAM Darren Hodson PartnerTHE TEAM GEOFF PERRY, CORPORATE PARTNER Derby Geoff specialises in mid-market M&A, private equity [email protected] BAGULEY, COMMERCIAL DIRECTOR and venture capital. He also advises on corporate 01332 374419Chris has worked in the financial sector for two reorganisations, joint ventures, corporate restructuring decades, and previously worked for a major bank and and governance. He has extensive experience of building society. He has been instrumental in creating international, cross-border M&A. new products, and has raised the business’ profile by promoting speed of service and qualityJohn Farnsworth client care. EDWARD DAWES, CORPORATE PARTNER Edward has over 25 years’ corporate experience with Partner DANIEL OWEN-PARR, COMMERCIAL SALES a particular focus on acquisitions and disposals, Nottingham DIRECTOR recommended and hostile takeovers, UK equity market [email protected] Daniel manages the commercial sales teams for the fundraisings and regulatory compliance. 0115 9454338 professional sector and auction finance. He has over 11 years’ experience in financial services, having previously worked as a relationship director and bank manager. ANDREW GLAZE, CORPORATE PARTNER Dan Bowtell Andrew specialises in M&A and corporate finance MARK FINUCANE, REGIONAL DEVELOPMENT transactions including takeovers, mergers, reconstructions DIRECTOR and joint ventures. He has advised on numerous hostile Mark has over 20 years’ financial services experience, and recommended public takeovers and equity market having previously worked in commercial banking. A keen fundraisings. 125property investor11 himself, Mark brings Together’s28 common YEARS OFsense lendingDEDICATED approach to clients across DEALS the Midlands. IN THE DEALS COMBINED ADVISORS THE LAST 12 EXPERIENCETHE DEALS MONTHS WARWICK HOLDINGS LIMITED Advised on the £55.4 million sale of Warwick Holdings £1M – Funds agreed with this established leisure operator were drawn down Limited to Lookers Plc over a 10-month period to boost cash flow, supporting an ambitious project to turn a Grade 1 listed manor2016 house into a five-star resort, delivering an immediate increase in the property value. SAICA Advised SAICA, a multinational supplier of recycled paper, INSIDER MIDLANDS on the acquisition of Americk Packaging Group £700K – Funding delivered for a management buyout of a long-established family engineeringSME company. ADVISORYThis allowed the owner, who had TEAM decided to sell the business, to safeguard jobs, as well as ensuring the legacy of his family name. BUSINESS GROWTH FUND OF THE YEAR Advised Business Growth Fund on its investment into Acquisitions | Disposals | Succession Planning Solid Solutions Management Limited, a reseller of Solid £4M – Short-term financeMBOs provided| MBIs for| Fundraising a high-net-worth client in the Works Midlands in a complex deal to buy a £5m luxury property, allowing him to expand www.smithcooper.co.ukhis portfolio as planned.

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Nine flotations raised a total of £265m from the stock markets, while £305m was “Transatlantic investment raised from 44 rights issues. is likely to increase as “In the Midlands we’re seeing strong Clydesdale and Yorkshire Bank appetite from private equity investors looking Brand Britain remains Andy Lyndon to back high-quality management teams and strong and incredibly Director and Head of Midlands, LDC DEAL EXECUTION: businesses, and we expect this to continue,” Tel: 0121 265 2192 says Meredith. “In addition, we are seeing relevant to the region.” Email: [email protected] businesses considering an initial public Relationships offering as a possible exit route, often running Noel Haywood RELATIONSHIP MANAGEMENT: alongside a trade sale, to ensure competitive vital to deal- Tel: 0121 265 2183 tension is maintained in the deal process.” an uptake, with investors from the Far East, making success Email: [email protected] including China in particular, coming into Web: www.cybusinessonline.co.uk OVERSEAS INVESTMENT the market. A good relationship requires trust, honesty Last financial year, 89 Midland businesses and shared values, and these qualities “Inbound deal activity is high, despite Brexit were sold to overseas buyers – the highest also form the foundation of a successful concerns. The Midlands market for interna- total in at least half a decade. This was led corporate finance community. The Clydesdale and Yorkshire Bank Acquisition Finance team in the Midlands is focused on corporate transactions involving a change tional deals continues to be strong,” says by American acquirers, who purchased of ownership. Working closely with buy-out teams and private equity investors, our Acquisition Finance team provides leveraged finance For 30 years, LDC has been at the heart Boocock. “The UK is still seen as a good 30 companies, while EU-based acquirers of the Midlands business landscape and through a range of debt and specialist finance instruments to create genuinely innovative structures for a broad range of deal types. market in which to do business because of accounted for half of the deals, led by ten Our highly experienced team of specialists have many years’ experience in both transactional and relationship banking and a long track has used these principles to build solid its stable economic and political environment, French buyers and seven German. relationships with the region’s corporate record of supporting management and investors across the wider Midlands in completing MBO’s, private equity backed investments and highly skilled workforce and advantageous “There’s a feeling parties want to push corporate acquisitions and in addition deliver high quality, local, personal relationship management services post completion. finance advisors, lawyers and banks. business laws and regulations. on and complete deals before actual We understand the importance of this “In the last 12 months, we have seen Brexit,” says Haywood. “There has been a collaborative approach to originate, assess DEAL EXECUTION RELATIONSHIP MANAGEMENT significant activity along the UK/US corridor, trend for investments into the UK by Asian and execute deals, and together, we’ve and I’d expect to see continuing demand for (Chinese and Japanese in particular) and enabled the growth ambitions of some of UK assets from overseas, particularly given Scandinavian buyers. Leveraged Finance transactions are led by the highly Clydesdale and Yorkshire Bank is committed to close the region’s most successful small and the relative strength of the US dollar.” “Transatlantic investment is also likely to experienced deal execution team. Senior Directors, Ian and supportive, long-term relationships with its mid-market companies. Howey and Ian Mansell have in excess of 40 years of customers based on local, personal points of contact There has been an influx of overseas increase as Brand Britain remains strong This was demonstrated in a recent hands on transaction experience. from within the acquisition finance team. investors into the Midlands as the exchange – British businesses have a reputation for transaction completed by our Midlands Having worked together at CYB for over 11 years Mark Smith and Pardeep Matharu work closely with rate makes UK businesses look more favour- quality products and services – and this team; the secondary buyout of Addo Food they have consistently delivered on deals throughout the deal execution team to ensure a smooth handover ably priced than before. This has resulted in remains incredibly relevant for the regional Group, the UK’s leading chilled, savoury the economic cycle. Sunil Prabhaker has joined the team at the point of completion and pro-actively manage the pastry producer. The deal saw a team of and brings ‘big four’ transaction services experience to relationships, dealing directly with requests for follow- highly experienced Midlands advisors the team after 8 years in the accountancy profession. on funding and extended facilities. come together to deliver a successful The Clydesdale and Yorkshire Bank deal team has They, in turn, are supported by a local and joined-up DEAL ANALYSIS consistently delivered intelligently structured and customer support team. outcome that will support the business’ commercially focused deals in the Midlands market ON DEAL TYPES BY COUNT next phase of expansion. for over a decade and remains committed to providing It’s a proven approach that helps DEAL TYPES NO. OF DEALS % DEALS the most appropriate financing solution serving the ambitious management teams fulfil their Acquisition 641 65.21 private equity, alternative investor and lead advisory potential. When we invested in Panther Development capital 97 9.87 community across the Midlands. Logistics, the UK’s largest independent Rights issue/other Issue 44 4.48 two-man next day home delivery provider, Management buyout 42 4.27 both the debt and equity funding were Divestment 32 3.26 sourced from within the Midlands market Investor buyout 25 2.54 with the help of local lawyers and advisors. Minority stake 19 1.93 As the Midlands continues to shine as Reconstruction/refinancing 17 1.73 a corporate finance hub, prospects for THE DEALS Merger 15 1.53 regional deal-making remain strong, and Share buy-back 14 1.42 CONSTRUCTION MATERIALS ONLINE VERTIK-AL LDC’s national pledge to invest £1.2billion Management buy-in 12 1.22 Senior debt and working capital facilities in support of the Senior debt and working capital facilities in support over the next three years is a signal of our Flotation 9 0.92 Key Capital backed MBO of Construction Materials Online of the investor backed acquisition of Vertik-Al Ltd and continued commitment to this market. Ltd. April 2017. Ikon Aluminium Ltd. March 2017 Secondary buyout 6 0.61 Start-up 3 0.31 CORBETT EVAC + CHAIR Reverse takeover 2 0.2 For more information please contact: Senior debt and working capital facilities in support of Senior debt and working capital facilities in support of the Ardenton Capital backed MBO of W. Corbett & Co Demerger 1 0.1 Andy Lyndon via [email protected] or the MBO of Evac + Chair International Ltd. March 2017. (Galvanizing) Ltd. April 2017. Management buy-in/buyout 1 0.1 call 0121 237 6500 Acquisition - tender offer 1 0.1 BELFIELD FURNISHINGS SDL Investor buy-in 1 0.1 Senior debt and working capital facilities in support of Senior debt facilities in support of a number of acquisitions Employee buyout 1 0.1 the NorthEdge Capital backed MBO of Belfield Furnishings for Business Growth Fund-backed SDL Group. Dec 2015 Group Ltd. July 2016. to April 2017 TOTAL 983

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agenda where we’re leaders in key industries and sectors.” Neil Meredith, M&A partner at EY, adds: “Encouraged by the weakening of the pound, but mainly driven by the quality of UK assets, foreign companies are looking to acquire market-leading businesses. In the Midlands, M&A seems to be primarily driven by large inbound transactions, influenced by the drop in sterling caused by Brexit and acquisitive Squire Patton Boggs Chinese buyers.”

Tel: +44 121 222 3000 VENDOR APPETITE TIMICO Address: Rutland House, 148 Edmund Street, Birmingham B3 2JR The strong desire to acquire is being Web: www.squirepattonboggs.com matched by a trend to vend. The £50m ploughed into business There has been a notable increase, say internet provider was one of the year’s We are recognized among the top-ranked legal practices for dealmakers, in the appetite of business major development capital deals. domestic and international transactions. Our Birmingham team owners and corporates to sell. It is driven Lyceum Capital put the money into the focuses on UK and international mid-market M&A, private equity partly by the belief that prices are good and Newark-based business so that it could and capital markets. In 2016, we advised on deals worth over by businesses having put away a few years bolster its systems, invest in its staff and £500m. Birmingham is part of a UK Corporate team of 60 lawyers of good trading that allows them to tell a accelerate its growth plans. across four offices including London, Leeds and Manchester, with good story. Members of Timico’s management 370 lawyers globally. “Vendor appetite is part of the reason team have also invested alongside for strong deal flow,” says Richard Sanders, Lyceum. As part of the deal, Simon THE TEAM partner at Catalyst Corporate Finance. Hitchcock and Geoff Neville of Lyceum “Entrepreneurs’ Relief, which restricts capital joined Timico’s team, while founder Tim GEOFF PERRY, CORPORATE PARTNER gains tax to 10 per cent, subject to certain Radford became a non-executive direc- Geoff specialises in mid-market M&A, private equity limitations, is cited as a positive reason for tor. Lincoln International and Eversheds and venture capital. He also advises on corporate crystallising a gain on selling a business.” advised Timico. reorganisations, joint ventures, corporate restructuring Haywood adds: “Vendor appetite remains and governance. He has extensive experience of strong. Our research indicates that it’s still a international, cross-border M&A. good time to be a seller, but there’s evidence

EDWARD DAWES, CORPORATE PARTNER Edward has over 25 years’ corporate experience with a particular focus on acquisitions and disposals, TOP 20 TOP 20 recommended and hostile takeovers, UK equity market fundraisings and regulatory compliance. ACQUISITIONS DEVELOPMENT CAPITAL DEALS TARGET VALUE BIDDER TARGET VALUE Asset Alliance £75m ANDREW GLAZE, CORPORATE PARTNER Tesco Booker Group £3.7bn GCI Telecom £50m Andrew specialises in M&A and corporate finance IBA Molecular North America Nuclear Imaging business of Mallinckrodt £610m Timico Technology £50m transactions including takeovers, mergers, reconstructions Life Healthcare Group Alliance Medical Group £590m Hill Care £26m and joint ventures. He has advised on numerous hostile RPC Group Letica £511m Listers £16m and recommended public takeovers and equity market London & Quadrant Housing Trust Gallagher Estates No 1 £505m fundraisings. MPK Garages £14m Steinhoff International Poundland Group £466m Walter Tipper £10.5m Loxam Lavendon Group £459m Icon Polymer £10m THE DEALS Intu Properties Merry Hill Shopping Centre £410m Hills Numberplates £10m Vine Acquisitions Punch Taverns £403m Greenray Energy Solutions £10m WARWICK HOLDINGS LIMITED Shaanxi Ligeance Mineral Resources Co Gardner Aerospace £326m Johnsons Aggregates and Recycling £10m Advised on the £55.4 million sale of Warwick Holdings XIO Group Meitav Dash Investments £309m Coaching Inn £10m Limited to Lookers Plc Amplify Snack Brands Tyrrells £300m FW Baker £8m RPC Group British Polythene Industries £261m Solid Solutions Management £8m SAICA Experian CSIDentity £251m Petford Tools £8m Advised SAICA, a multinational supplier of recycled paper, Unite Group Aston Student Village £227m on the acquisition of Americk Packaging Group Displaydata £7.5m RPC Group ESE World £220m Blue Bay Travel £6.5m Hydra Industries Acquisition DMWSL 633 £204m BUSINESS GROWTH FUND XL £5m Employees Provident Fund Portfolio Birmingham industrial properties £200m Advised Business Growth Fund on its investment into Nemaura Pharma £5m Solid Solutions Management Limited, a reseller of Solid Altra Industrial Motion GKN Stromag £176m GT Access £4.5m Works Imperial Mobility International Palletways Group £163m

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CAPITAL PROVIDERS ACCOUNTANTS TOP 20 BY DEAL VOLUME BY DEAL NUMBER CAPITAL PROVIDERS

CAPITAL PROVIDERS NO. OF DEALS ACCOUNTANTS NO. OF DEALS BY DEAL VALUE Business Growth Fund 10 Deloitte 11 LDC 8 KPMG 10 NAME VALUE (£M) Endless 5 PwC 8 M&G Investments 590 Lyceum Capital 4 FRP Advisory 6 Investcorp 551 Catapult Venture Managers 4 Grant Thornton 4 Emerald Investment Partners 410 RSM Wells Fargo Capital Finance Mercia Fund Management 4 BDO 4 Vector Capital 327 Inflexion Private Equity 3 Cooper Parry 4 Better Capital 326 Macquarie Capital Group 203 Tel: 0121 214 3100 Fax: 0121 214 3101 Tel: +44 (0)121 616 0310 Mercia Technologies 3 EY 3 Vitruvian Partners 204 Address: St Philips Point, Temple Row, Birmingham B2 5AF Address: One Victoria Square, Birmingham West Mids B1 1BD Maven Capital Partners 3 Begbies Traynor 3 3i Infrastructure 185 Web: www.rsmuk.com Web: www.wellsfargocapitalfinance.co.uk Finance Birmingham 3 RSM 2 Foresight Group 3 Mazars 2 Bain Capital 168 LDC 161 RSM is a leading provider of audit, tax and consulting services to Wells Fargo Capital Finance delivers bespoke funding structures Investcorp 2 Smith Hodge & Baxter 1 Grovepoint Capital 72 middle market leaders, globally. With around 3,500 partners and to a wide spectrum of mid- to large corporates, providing Bain Capital 2 Smith Cooper Corporate 1 Lion Capital 72 staff in the UK and access to more than 41,400 people in over comprehensive asset-based lending, technology finance and Lone Star Funds 2 MHA MacIntyre Hudson 1 Silverfleet Capital 65 120 countries across the RSM network, we can meet our clients’ supply chain finance. Our flexible financing options help Beech Tree Private Equity 2 UHY Hacker Young 1 Palatine Private Equity 65 needs wherever in the world they operate. companies facing a variety of situations, including: growth, Bridges Ventures 2 Dains 1 Bridgepoint Capital 52 RSM was ranked 4th in the Midlands for volume of deals during leveraged buyouts, refinancing, restructurings, mergers and Hadrians Wall Capital 2 Sephton Capital 2 Risk Capital Partners 52 2016 (and 3rd nationally) according to Experian. acquisitions and early and mid-stage turnarounds. of a slight hardening in some markets.” SyndicateRoom 2 Lyceum Capital 50 Dual tracking has re-emerged as a August Equity 2 STAR Capital Partners 50 THE TEAM THE TEAM starting position in business auctions to build Scottish Widows 45 competitive tension. And quick sales – or Continental Investment Partners 43 JAMES CARNEGIE, PARTNER, MIDLANDS IAN BRAMLEY accelerated processes as they are known James delivers financial due diligence to corporates, Bramley is Director of Loan Originations LAVENDON within the trade – appear to have eased off private equity, banks and public sector organisations. covering the Midlands and South West. a little. Instead, sellers are putting together finance partner at Crowe Clark Whitehill. “In James is well placed to add value to transactions both in The battle for Lavendon proved to be more strategically planned auctions to deliver an attempt to bridge the gap, deals are relying the UK and internationally. one of the biggest international deals of the best returns, while bidders are opting for more on deferred and earn-out structures, the year. France’s Loxam’s £549m offer a fuller due diligence process and a more which aren’t always attractive for sellers.” for the Lutterworth-based access rental cautious approach to pricing and risk. SUKHI JOHAL, PARTNER, MIDLANDS NEIL KERRIDGE supplier, putting an end to a bidding Conditional and deferred (contingent and THE PRICE OF A BUSINESS Sukhi advises private Shareholders and management Kerridge is Director and Regional Underwriting war between it and Belgian rival TVH. non-contingent) deals also appear to be teams to achieve their strategic goals through Manager for Wells Fargo Capital Finance in the UK. THH had offered £444m for the stock increasing, which tends to reflect growing “Many private equity owners of assets of the acquisitions, fund raisings and exit. Sukhi has built up 18 market-listed company, having upped purchaser caution. “I see vendors holding right vintage – businesses that are at the years’ experience in corporate finance split between its initial offer of £348m, as Loxam advisory and banking. out, particularly when we try to engineer right stage of their development and that the steamed in with a £425m bid. off-market deals,” says Andy Kay, corporate owner has held for an appropriate period of STEPHEN ORRISS, PARTNER, MIDLANDS STEVEN CHAIT With over 20 years’ experience in M&A Advisory, As Managing Director and EMEA Regional Head, Stephen leads the regional team. Stephen’s focus is Chait leads Wells Fargo Capital Finance in the UK. working with owner managed businesses on transactions, whether an acquisition, refinancing, raising of growth capital, MBO or ultimate disposal.

THE DEALS THE DEALS

BELL ROCK GROUP / LYCEUM CAPITAL BRANDON HIRE UK LIMITED, £34M Sole lender on senior secured credit facility for Due diligence in relation to multiple bolt-on acquisitions. leading UK tool and equipment hire business.

MATERIAL SOLUTIONS (HOLDINGS) LIMITED MAPLIN, UNDISCLOSED Sale of leading metals additive manufacturing Agent and lead arranger on an asset-based credit facility company to Siemens AG. for leading UK technology retailer.

HOWE GREEN LIMITED BURTON’S BISCUIT COMPANY, £33.5M Sale of Howe Green to Bilco subsidiary of Tyman Plc. Senior secured facility

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p10 RSM Wells Fargo.indd 63 05/06/2017 09:54 FLIP p1-25 CF guide.indd 11 28/06/2017 09:28 time – have sold or are looking to do so in “If you’re looking to sell in the next 12 or so months,” says Byrne. DEBT PROVIDERS “Multiples have been edging up each the next 12 months it’s BY DEAL VOLUME quarter probably since mid-2013 so expectations for deliverable multiples are high.” a good market. Whether DEBT PROVIDERS NO. OF DEALS The consensus is that multiples (most HSBC 34 it’s reached the top is business sales are calculated on a basis RBS (inc Ulster & NatWest) 33 of a multiple of EBITDA, or earnings before harder to call.” Barclays 22 interest, tax, depreciation and amortisation) Lloyds 21 will remain relatively strong, particularly in Darren Boocock Santander 12 sectors such as technology. Clydesdale and Yorkshire 11 However, there is a growing belief that activity,” says Deloitte’s corporate finance Allied Irish Bank 6 M&A in the Midlands may have reached partner Darren Boocock. ABN AMRO 4 ‘peak multiple’ and prices for businesses may “But the continued increases in asset Finance Birmingham 3 flatten or even start to soften slightly. prices can’t be sustainable and we run the Toscafund 3 BDO corporate partner Roger Buckley risk of the market overheating. As a result Aldermore 2 says: “It’s a great time to be a seller: private we may see some tempering of prices, if Secure Trust 2 equity is awash with cash and have to not downward pressure.” Unicredit 2 spend… wisely, but have to spend. The main Sadly the message that the market may Bibby Financial Services 1 question for them is ‘how long will it last?’” have moved on as regards prices may take Wells Fargo 1 “Deal multiples are high, driven by strong time to filter through to potential vendors Finance Yorkshire 1 competition for quality assets from trade and hanging on for more money. UK Steel Enterprise 1 private equity. This is partly due to pent-up “In 2017/18 I see multiples falling back a Aresbank 1 demand from corporates with healthy bal- bit,” adds Couldrake. “I see owners who are Lombard 1 ance sheets, which are increasingly looking not desperate to sell and have the energy to deploy capital after a period of limited to hold out. Because of the excellent prices

EXPERIENCE YOU NEED, RESULTS YOU WANT Choose Howes Percival for your next corporate deal.

Gerald Couldrake Chris Rees Partner Partner Tel: 01604 258011 Tel: 0116 2473556 Mob: 07850 367945 Mob: 07467 145192 gerald.couldrake@ chris.rees@ howespercival.com howespercival.com

Howes PercivalDaniel LLP is a limited Banton liability partnership registered in England and Wales with registeredEdward Lee number OC 322781 andPartner is authorised and regulated by the Solicitors Regulation Authority. Partner Tel: 01908 872209 Tel: 01908 872203 Mob: 07760 177347 edward.lee@ daniel.banton@ howespercival.com howespercival.com

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achieved last year, vendor expectations may lag behind where the market has moved. “Last year was the year vendors of very FINANCIAL ADVISERS FINANCIAL ADVISERS good businesses decided that conditions BY DEAL VALUE BY DEAL VOLUME were right to sell after a few years of holding FINANCIAL ADVISERS VALUE (£M) FINANCIAL ADVISERS NO. OF DEALS on and enjoying their dividends. So we had Rothschild & Co 5997 RBDO 30 clients who achieved some really good BDO 344 RSM 30 multiples. One client bought a business in KPMG 293 Mazars Corporate Finance 25 2012 on a multiple of 3 or 4 and in effect sold EY 251 Grant Thornton Corporate Finance 19 the business back to the same people in PwC 178 KPMG 18 2016 for a multiple of 12. “ RSM 138 Rothschild & Co 15 Clearwater International 128 Grant Thornton 14 THE IMPACT OF BREXIT Catalyst Corporate Finance 120 PwC 11 Bishop Fleming Corporate Finance 103 Catalyst Corporate Finance 10 Most pundits expected the Brexit vote to have Grant Thornton Corporate Finance 93 Clearwater International 9 an instant dampening effect on dealmaking. Orbis Partners 90 EY 9 Instead it appears to have given M&A in the UHY Hacker Young 74 Smith Cooper Corporate Finance 7 region a fresh impetus. Mazars Corporate Finance 64 Bishop Fleming Corporate Finance 6 “If you want to sum it up simply there was Smith & Williamson 40 WH Ireland 5 a short pause for breath followed by ‘business Grant Thornton 36 MHA MacIntyre Hudson 5 as usual… what Brexit?’” says Buckley. Bates Weston Corporate Finance 12 Crowe Clark Whitehill 5 “Brexit hasn’t had a significant impact on Cooper Parry Corporate Finance 10 Deloitte 5 deals to date,” adds Nick Johnson, corporate Arden Partners 8 Orbis Partners 5 finance partner at Mazars. “Immediately WH Ireland 78 Cooper Parry Corporate Finance 7 following the referendum a small number Knight CF 7 Springboard Corporate Finance 3 of vendors and investors took extra time to FRP Advisory 3 Harrison Beale & Owen 0.5

TYRRELLS A US group acquired upmarket crisp company Tyrrells in a £300m deal. New York Stock Exchange-listed Amplify Snack Brands, best known for its SkinnyPop popcorn brand, bought the Leominster-based company from Bahrain-based Investcorp, which acquired it three years previously for £100m. Amplify is now driving the Tyrrells brand, best known for its range of high-end crisps and the Poshcorn popcorn brand, in the US.

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MPK GARAGES Leicestershire forecourt operator MPK Garages, which has 25 sites, fuelled growth plans with a £14m funding package from the Business Growth Fund (BGF) and HSBC. MPK, headed by managing director Spearing Waite LLP Cattaneo LLP Paul Kershaw (pictured), operates Texaco and Gulf braded forecourts, as Tel: 0116 262 4225 Fax: 0116 251 2009 Tel: 0121 616 0395 well as Londis petrol station shops with Address: 34 Pocklingtons Walk Leicester LE1 6BU Email: [email protected] Costa Coffee and Subway facilities. Web: www.spearingwaite.com Web: www.cattaneo.co.uk The package of £7m in growth capital from BGF and £7m in debt funding Our corporate team advises on the whole spectrum of corporate Established in 2005, Cattaneo specialises in providing bespoke from HSBC was to support a two-year transactions and projects including private and public M&As, corporate finance advice and transaction execution services to strategy to buy 20 further sites. venture capital, private equity (acting for both management and private companies, public companies, management teams and MPK was set up in 1979 by Shanti sponsor), fundraising and complex reorganisations. Our leading shareholders. We originate, structure, negotiate and project Majithia and his family. Freeths and PKF lawyers have experience of working in International, City and manage corporate acquisitions, disposals and fundraisings on Cooper Parry advised Freeths while National firms which means our Partner driven service attracts behalf of clients, with each assignment being led by a senior Higgs & Sons and BDO advised BGF. clients ranging from owner managed businesses to fully listed Plcs. corporate financier. We are experts in cross border transactions.

THE TEAM THE TEAM

JAHID ALI, PARTNER & HEAD OF CORPORATE CHARLES CATTANEO Jahid has extensive experience and handles all aspects Has advised on a broad range of transactions including consider options, which resulted in a few “As we come to Brexit deals delayed or falling away. But activity of corporate transactions ranging from acquisitions and acquisitions, disposals, debt and equity funding, DEBT PROVIDERS again in 2018 and 2019 disposals to complex reorganisations. Jahid has particular management buy outs and public takeovers and fund BY VALUE levels remained high and the final quarter expertise in private equity and venture capital transactions. raising. He has had a career in investment banking, of 2016 was still strong. As we start to gain issues will be sector or industry and as a “Big Four” partner. DEBT PROVIDERS VALUE (£M) more clarity regarding the status of Brexit HSBC 875 negotiations some vendors may seek to even company specific.” MARTIN SMITH, PARTNER MARTYN PILLEY Barclays 650 accelerate the timings of their exits.” Martin is a leading corporate partner in the East Midlands Has more than 20 years’ corporate finance experience Unicredit 468 But while Brexit may not have changed the Paul Newell and has an extensive client base of owner managed and including spending 10 years as a partner in a major Credit Agricole 466 volume of dealmaking, it has changed the larger companies including many with international accounting firm. He has advised on a wide range of buy tempo and caused variations in the melody. Springboard Corporate Finance’s Simon aspects. Martin specialises in mergers and acquisitions, and sell-side transactions. Deutsche Bank 459 private and public equity and company disposals. Lloyds 451 The general consensus is that the “stay Ward says: “As Brexit gets closer there Royal Bank of Scotland (inc Natwest, Ulster) 439 calm and carry on” approach will continue remains considerable uncertainty about STEVE MCELHONE, PARTNER GARY HYEM Santander 430 for the immediate future as the dealmaking what it will actually mean for dealmaking. For In addition to mainstream corporate transactions such An experienced deal maker with extensive CF Bank of Ireland 360 community kicks the can of Brexit down the business owners and management teams it as acquisitions, disposals and shareholder arrangements, experience with “Big Four” accounting firms and BNP Paribas Fortis 261 road. Businesses realised Brexit is not going still feels like a considerable waiting game Steve has over twenty years’ experience in public international corporate finance businesses. He also Commerzbank 261 to be a quick process and there are other to be played if they are waiting for clarity. companies work including IPOs, private placings and spent five years investing as principal with a private Danske Bank 261 markets – and faster-growing ones – beyond The current tax environment continues to directors’ duties. equity firm. ING 261 the EU still to explore. be favourable: any changes in capital tax or TIAA 227 The referendum had a more immediate corporation tax would threaten this.” THE DEALS THE DEALS Allied Irish Bank 97 and pronounced impact on sectors such as Paul Newell, parnter at Clearwater Wells Fargo 88.4 financial services and recruitment because of International, adds: “As we come to it again CAMLOC MOTION CONTROL Clydesdale and Yorkshire Bank 76.3 uncertainty over passporting rights and free in 2018 and 2019, issues will be sector or Management Buyout backed by Foresight. Advice STONE COMPUTERS – DEBT REFINANCING Santander 70.2 movement of people. However, it presented even company specific. If trade deals look to Management - £Confidential £17.5m refinancing to support Stone’s growth strategy European Capital 65 an opportunity for UK manufacturers with a challenging to achieve, investors will take Investec 20 global customer base, taking advantage of flight. If a US buyer is acquiring a UK com- BGF - BUSINESS GROWTH FUND PNC Bank 12 the relative affordability of exports. pany because of its European customer base Investment in Johnsons Aggregates & Recycling. Advice SWP GROUP – PUBLIC TO PRIVATE to BGF. £10m funding package provided by BGF and £18m management buyout and takeover offer Finance Birmingham 10 As 2019 and Britain’s departure nears, or supply chain, and these are threatened, NatWest Cambridge & Counties Bank 7.7 there may be a change of sentiment, the company will be less attractive.” Secure Trust Bank 4 depending on how well negotiations with the “The M&A market is enjoying a pre-Brexit ICON EU progress and whether a final deal – if any negotiation boom,” adds Simon Heath, Acquisition by Elecosoft plc. Advice to Sellers. PALLETFORCE – ACQUISITION Bibby Financial Services 3 £Confidential £6m bolt on acquisition of QTR Transport Banca Sella 1.99 is struck – allows freedom of movement and deals advisory director at KPMG. “Many Aldermore Bank 1 access to the open market. owner-managed businesses have brought

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CORPORATE FINANCE PROFILES

Spearing Waite LLP Wells Fargo Capital Finance

Tel: 0116 262 4225 Fax: 0116 251 2009 Tel: +44 (0)121 616 0310 Address: 34 Pocklingtons Walk Leicester LE1 6BU Address: One Victoria Square, Birmingham West Mids B1 1BD Web: www.spearingwaite.com Web: www.wellsfargocapitalfinance.co.uk

Our corporate team advises on the whole spectrum of corporate Wells Fargo Capital Finance delivers bespoke funding structures transactions and projects including private and public M&As, to a wide spectrum of mid- to large corporates, providing venture capital, private equity (acting for both management and comprehensive asset-based lending, technology finance and sponsor), fundraising and complex reorganisations. Our leading supply chain finance. Our flexible financing options help lawyers have experience of working in International, City and companies facing a variety of situations, including: growth, National firms which means our Partner driven service attracts leveraged buyouts, refinancing, restructurings, mergers and clients ranging from owner managed businesses to fully listed Plcs. acquisitions and early and mid-stage turnarounds.

THE TEAM THE TEAM

JAHID ALI, PARTNER & HEAD OF CORPORATE IAN BRAMLEY Jahid has extensive experience and handles all aspects Bramley is Director of Loan Originations of corporate transactions ranging from acquisitions and covering the Midlands and South West. disposals to complex reorganisations. Jahid has particular expertise in private equity and venture capital transactions.

MARTIN SMITH, PARTNER NEIL KERRIDGE Martin is a leading corporate partner in the East Midlands Kerridge is Director and Regional Underwriting and has an extensive client base of owner managed and Manager for Wells Fargo Capital Finance in the UK. larger companies including many with international aspects. Martin specialises in mergers and acquisitions, private and public equity and company disposals.

STEVE MCELHONE, PARTNER STEVEN CHAIT In addition to mainstream corporate transactions such As Managing Director and EMEA Regional Head, as acquisitions, disposals and shareholder arrangements, Chait leads Wells Fargo Capital Finance in the UK. Steve has over twenty years’ experience in public companies work including IPOs, private placings and directors’ duties.

THE DEALS THE DEALS

CAMLOC MOTION CONTROL BRANDON HIRE UK LIMITED, £34M Management Buyout backed by Foresight. Advice Sole lender on senior secured credit facility for to Management - £Confidential leading UK tool and equipment hire business.

BGF - BUSINESS GROWTH FUND MAPLIN, UNDISCLOSED Investment in Johnsons Aggregates & Recycling. Advice Agent and lead arranger on an asset-based credit facility to BGF. £10m funding package provided by BGF and for leading UK technology retailer. NatWest ICON Acquisition by Elecosoft plc. Advice to Sellers. BURTON’S BISCUIT COMPANY, £33.5M £Confidential Senior secured facility

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Shakespeare Martineau POUNDLAND

BIRMINGHAM OFFICE: Poundland, the discount retailer, was No.1 Colmore Square B4 6AA one of the region’s biggest acquisition targets when it was sold to Steinhoff NOTTINGHAM OFFICE: Europe for more than £610m. Willenhall- Waterfront House NG2 3DQ based Poundland – which had itself LEICESTER OFFICE: acquired rival 99p Stores for £55m in 2 Colton Square LE1 1QH early 2015 – initially rejected the South African retail group’s bid. Since then Tel: +44 33 0024 0333 administrators have been called in Email: [email protected] at 99p Stores as part of Poundland’s Web: www.shma.co.uk overhaul of its retail estate as the former is rebranded with the Poundland fascia.

Our corporate and banking group provides market leading expertise and original solutions to UK and international clients. We advise a range of clients from entrepreneurs and owner-managed businesses to large corporates and multi-nationals, as well as financial institutions, investment managers and family offices. With 13 partners and a wider team of 30 lawyers across the Midlands region we make an exceptional and experienced team. We’re passionate about providing the right solutions through our practical know-how and market perspectives. Combined with a deep sector expertise, we bring a clear view of what’s desirable, what’s possible and what’s next.

THE TEAM

RICHARD WRIGLEY – PARTNER KAVITA PATEL - PARTNER Richard specialises in complex, business critical and high Kavita specialises in private equity and corporate value corporate transactions and restructurings, which finance transactions and heads up the firm’s Investment often have an international dimension. Funds sector, providing cradle to grave advice to forward timetables to complete transactions, among big banks to touch some forms of investment funds. LEGAL ADVISERS wary of what may happen during Brexit dealmaking, notably buyouts, the growing NAOMI TUDOR – PARTNER DUNCAN JAMES – PARTNER BY DEAL VOLUME negotiations. So we’ve seen a spike in deal number of challenger banks seem prepared Naomi heads up the corporate banking team acting Duncan advises entrepreneurs and businesses on a wide volumes across the Midlands. But with Brexit to take up the challenge, says Couldrake. for both lenders and borrowers, advising on corporate range of corporate, strategic and financial matters, with LEGAL ADVISERS NO. OF DEALS looming, demand may be dampened as “The main clearing banks are again transactions, acquisition finance and property finance. particular expertise in family-owned companies. Gateley 56 private equity and international corporates lending with enthusiasm, however, they Freeths 41 adopt wait and see before a final settlement.” are still reluctant to touch some sectors, KEITH SPEDDING - PARTNER ADAM MCGIVERON – PARTNER Shoosmiths 37 such as management buyouts and buy-in Keith advises SMEs to multinationals on a variety of Adam advises on a wide range of corporate transactions, Higgs & Sons 30 THE FINANCING OF DEALS management buyouts,” he adds. “Here corporate matters, with a particular expertise on equity heads up the firm’s Advanced Manufacturing sector and Eversheds Sutherland 28 challenger banks have stepped in very markets, takeovers and corporate governance. is leading the firm’s response to Brexit. Browne Jacobson 27 One of the defining features of dealmaking successfully. They have an important role to Squire Patton Boggs 24 over the past year has been access to and play and will be a better source of funding Irwin Mitchell 24 the availability of funding: put simply, money than crowdfunding or peer-to-peer lending. THE DEALS DLA Piper 23 is cheap, it’s plentiful, it’s easy to get and it’s Some challenger banks have thought about Mills & Reeve 23 coming in ever greater varieties. what the market needs and seriously geared NATIONAL GRID ALLIED IRISH BANK (GB) Pinsent Masons 20 “There’s more choice now for owner-man- themselves up to deliver. Good luck to them.” Acting for National Grid as part of its core advisory team Acting for Allied Irish Bank which provided loan facilities Gowling WLG 14 agers of businesses than there’s been over Following the credit crunch and introduc- on the sale of four regional gas distribution businesses of £19m to support a £100m management buy-out of DMS DWF 13 the past 20 years,” says Sanders. “Whether tion of European banking legislation, more Demolition (£13.8 billion) Shakespeare Martineau 12 it’s in the private equity funds, in the credit than 100 credit funds have been set up RCAPITAL Geldards 9 funds, in the public markets, or on corporate with a focus on private businesses, with an FORESIGHT Acting for private equity turnaround specialists RCapital Hogan Lovells 8 balance sheets, there is a huge amount average of £1bn to deploy. Public offer by Foresight 4 VCT (£100m) and proposed on acquisition and subsequent sale of Summit Media Weightmans 7 of capital chasing a home and that gives Meanwhile, equity funds are under pres- merger of Foresight 3 VCT and Foresight 4 VCT (£70m) (£undisclosed) Harrison Clark Rickerbys 6 owner-managers choice when it comes to sure from sponsors – who have problems AVINGTRANS Wright Hassall 6 considering their options.” getting decent return from banks or gilts – EUROPCAR Acting for Avingtrans on the sale of its aerospace division Austin Moore & Partners 5 There has been a fundamental change to deploy the capital that has been raised in Acting for Europcar UK on the acquisition of Brunel to Silverfleet Capital (£65m) CMS 5 in the debt market over the past five years. deals rather than let it sit idly. Group (£undisclosed) Spearing Waite 5 Prior to the financial crash senior debt would “Debt funds remain highly active, Wilkes Partnership 5 invariably be provided by the high street particularly in the upper mid-market,” says PRIVATE EQUITY INVESTOR ANSELL Flint Bishop 5 banks: Barclays, Lloyds, HSBC or RBS. Boocock. “These funds are fleet of foot and Acting for Ansell Limited on its acquisition of Nitritex Sale of Private Equity Investor, by way of a recommended And while there may be some reluctance often willing to provide higher leverage at Limited (£62m) cash offer (£20m) Clarke Willmott 4

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CORPORATE FINANCE PROFILES

Shakespeare Martineau

BIRMINGHAM OFFICE: No.1 Colmore Square B4 6AA NOTTINGHAM OFFICE: Waterfront House NG2 3DQ LEICESTER OFFICE: 2 Colton Square LE1 1QH Tel: +44 33 0024 0333 Email: [email protected] Web: www.shma.co.uk

THE TEAM

KEITH SPEDDING - PARTNER ADAM MCGIVERON – PARTNER Keith advises SMEs to multinationals on a variety of Adam advises on a wide range of corporate transactions, corporate matters, with a particular expertise on equity heads up the firm’s Advanced Manufacturing sector and markets, takeovers and corporate governance. is leading the firm’s response to Brexit.

THE DEALS

NATIONAL GRID ALLIED IRISH BANK (GB) Acting for National Grid as part of its core advisory team Acting for Allied Irish Bank which provided loan facilities on the sale of four regional gas distribution businesses of £19m to support a £100m management buy-out of DMS (£13.8 billion) Demolition RCAPITAL FORESIGHT Acting for private equity turnaround specialists RCapital Public offer by Foresight 4 VCT (£100m) and proposed on acquisition and subsequent sale of Summit Media merger of Foresight 3 VCT and Foresight 4 VCT (£70m) (£undisclosed)

AVINGTRANS EUROPCAR Acting for Avingtrans on the sale of its aerospace division Acting for Europcar UK on the acquisition of Brunel to Silverfleet Capital (£65m) Group (£undisclosed)

ANSELL PRIVATE EQUITY INVESTOR Acting for Ansell Limited on its acquisition of Nitritex Sale of Private Equity Investor, by way of a recommended Limited (£62m) cash offer (£20m)

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Higgs & Sons

Tel: 0345 111 5050 Address: 3 Waterfront Business Park, Brierley Hill, West Midlands DY5 1LX Email: [email protected] Web: www.higgsandsons.co.uk

Higgs & Sons’ Corporate team has a real breadth of experience across many different types of business sales, acquisitions and general merger and acquisition work. The department acts for national and international organisations, from banks, PLC’s and large private companies to owner-managed businesses which form the bedrock of our client base. The 26 strong Corporate team provides true Partner led legal advice that is technically excellent and pragmatic. We deliver frank, honest and meaningful support. Should you choose to work with us, your lead partner will be immersed in the transaction throughout, with support from appropriately qualified and experienced Solicitors and Associates.

THE TEAM

NICK TAYLOR, PARTNER & HEAD OF CORPORATE SUSHEEL GUPTA, PARTNER CORPORATE TAX Nick has vast experience acting for clients on M&A Susheel deals with corporate finance matters including transactions. He has a broad range of experience in mergers and acquisitions and general transactional and HILLS NUMBERPLATES competitive terms. Partly in response to this advising entrepreneurs and companies on realising the reconstruction work. He has particular expertise in corporate increased competition, we’re seeing greater Hills Numberplates was one of the maximum value from their businesses by buying, selling tax, working closely with accountants on tax planning TOP 25 or creating joint ventures. structures, demergers and employee incentive schemes. willingness from more traditional lenders to main development capital transactions LEGAL ADVISERS BY DEAL pursue opportunities and lend into strong of 2016/17, and a major winner at JOHN HEATON, PARTNER, CORPORATE ADRIAN CUTLER, PARTNER, CORPORATE VALUE (WHERE KNOWN) businesses at competitive rates. “ the Midlands Dealmaker Awards. The John specialises in mergers and acquisitions. He has Adrian advises UK mid-market SMEs on all aspects “When comparing deal structures it might Birmingham business, which makes extensive experience of advising corporates, owner of corporate and corporate finance work. He has LEGAL ADVISERS VALUE (£M) be more attractive if extra debt from a debt vehicle registration plates for the likes of managers, private equity houses, venture capitalists and considerable experience in private equity deals, acting Gateley 805 fund, in effect, replaces expensive private Honda, Fiat, Ford and Toyota, secured entrepreneurs on complex and high value transactions. for a number of private equity houses and management equity,” adds Newell. “Some debt funds almost £10m from a plethora of inves- teams. Shakespeare Martineau 651 Pinsent Masons 451 are able to compete with private equity by tors (Finance Birmingham, Birmingham RICHARD GRIFFITHS, PARTNER, CORPORATE GEOFF KETTLE, PARTNER, CORPORATE Eversheds Sutherland 370 stretching their offer to an even higher level City Council, NatWest Corporate and Richard advises businesses at all stages of the business Geoff specialises in advising owner-managed businesses, Squire Patton Boggs 358 and giving management a chance to retain Commercial Finance and RBS Invoice cycle on a range of corporate finance matters including particularly with regards to business and share disposals DLA Piper 317 majority control of the business, albeit with Finance) to support growth following asset and share acquisitions and disposals, corporate and acquisitions in the healthcare sector. He advises on Browne Jacobson 225 the risk of a higher gearing. its purchase of French counterpart reorganisations, funding arrangements, and corporate shareholders agreements, restructuring, corporate gover- Gowling WLG 182 “Active origination of transactions by Faab Fabricauto. Freeths, Mazars, Irwin governance issues. nance, partnership and limited liability partnership matters. DWF 136 funders and advisers means exciting Mitchell and Pinsent Masons advised on Irwin Mitchell 108 companies are approached at earlier stages, the deal, which came months after Hills Austin Moore & Partners 103 and more regularly, by a wider range of deal- acquired Warwick-based Signam in a Mills & Reeve 100 makers. It’s quite hard for a good company to deal led by Jasper Corporate Finance. THE DEALS Freeths 95 hide from them nowadays.” Shoosmiths 86 Private equity has become more accessible RUBERY OWEN WESTBRIDGE CMS 64 in the Midlands. For years private equity – family-controlled investment funds – Advised on sale of shares to Charoen Pokphand Foods Acted on the triple acquisition of Phoenix Calibration funding in the buyout market was dominated and greater use of peer-to-peer funding, & Services Ltd, Merlin Powder Characterisation Ltd and Higgs & Sons 43 Public Company in Thailand by LDC. Although it remains the biggest asset-based lending, mezzanine funds and BNM Services Ltd Thinking Legal 32 Harrison Clark Rickerbys 21 player, new funders – NorthEdge, Palatine, unitranche – funds that look to lend, rather SUPER GROUP INTERNATIONAL Constant Equity and Beechtree – have set up than take equity stakes, and are competing FIRST CHOICE GROUP Clarke Willmott 19 Advised South African based Super Group on its acquisition in the region. with banks and private equity firms. Advised on the disposal of First Choice (1999) Group of Essex Auto Group Knights Solicitors 18 Ltd to PT Holdings LLC Beswicks 12 The recent past has seen increasing “The attractions of these newer institutions Geldards 10 amount of equity growth funding – designed are that borrowers deal with a single provider WAVENET to support expansion rather than change of who can provide more leverage, typically ENCRIPTION Spearing Waite 10 Advised on the £35m MBO of Solihull based Wavenet ownership, provided by likes of the Business accepting little or no repayment in the life of Advised the shareholders of Encription group on its Weightmans 6 including all post-completion acquisitions sale to BlackBerry Wright Hassall 5 Growth Fund and Finance Birmingham. the loan,” says Waddell from PwC. “These And on the horizon are family offices smaller institutions are often more nimble.

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CORPORATE FINANCE PROFILES

Higgs & Sons

Tel: 0345 111 5050 Address: 3 Waterfront Business Park, Brierley Hill, West Midlands DY5 1LX Email: [email protected] Web: www.higgsandsons.co.uk

THE TEAM

JOHN HEATON, PARTNER, CORPORATE ADRIAN CUTLER, PARTNER, CORPORATE John specialises in mergers and acquisitions. He has Adrian advises UK mid-market SMEs on all aspects extensive experience of advising corporates, owner of corporate and corporate finance work. He has managers, private equity houses, venture capitalists and considerable experience in private equity deals, acting entrepreneurs on complex and high value transactions. for a number of private equity houses and management teams.

RICHARD GRIFFITHS, PARTNER, CORPORATE GEOFF KETTLE, PARTNER, CORPORATE Richard advises businesses at all stages of the business Geoff specialises in advising owner-managed businesses, cycle on a range of corporate finance matters including particularly with regards to business and share disposals asset and share acquisitions and disposals, corporate and acquisitions in the healthcare sector. He advises on reorganisations, funding arrangements, and corporate shareholders agreements, restructuring, corporate gover- governance issues. nance, partnership and limited liability partnership matters.

THE DEALS

WESTBRIDGE RUBERY OWEN Advised on sale of shares to Charoen Pokphand Foods Acted on the triple acquisition of Phoenix Calibration Public Company in Thailand & Services Ltd, Merlin Powder Characterisation Ltd and BNM Services Ltd

SUPER GROUP INTERNATIONAL FIRST CHOICE GROUP Advised South African based Super Group on its acquisition Advised on the disposal of First Choice (1999) Group of Essex Auto Group Ltd to PT Holdings LLC

WAVENET ENCRIPTION Advised on the £35m MBO of Solihull based Wavenet Advised the shareholders of Encription group on its including all post-completion acquisitions sale to BlackBerry

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EXPERIAN The Nottingham-based business information provider launched one of last year’s most successful share buy-backs, worth more than £78m Close Brothers Invoice Finance Freeths LLP

Tel: 0808 1599 845 Tel: 0845 634 2575 Address: 3 Brindley Place, Birmingham B1 2JB Address: The Colmore Building, 20 Colmore Circus, Birmingham B4 6AT Web: www.closeinvoice.co.uk Web: www.freeths.co.uk

Close Brothers Invoice Finance is a leading independent provider Awarded Insider’s Midlands Corporate Law Firm of the Year - 2016, Banks have responded by pushing leverage of invoice finance and asset based lending (ABL) to both SMEs our Birmingham Corporate team advises a range of clients on THE STOCK MARKETS upwards, differentiating themselves on price, and large businesses throughout the UK, Ireland and Germany. all aspects of corporate and finance transactions. With partners and offering revolving and undrawn facilities.” We offer innovative and bespoke financial solutions that help specialising in M&A, Private Equity and Banking & Finance 20 TOP FLOATS, BUY-BACKS AND RIGHTS ISSUES Byrne adds: “While the clearers will customers achieve a wide range of strategic objectives including supported by a dedicated senior team and over 125 specialist continue to be a large part of the lending DEAL TYPE TARGET VALUE business growth, acquisitions or mergers and improving day-to- Partners/Directors nationally across all disciplines we are market, the trend to non-bank providers of Share buy-back Experian £117,455,889 day cash flow. passionate about delivering quality, partner-led legal services. finance looks set to continue. The US has a Flotation Motorpoint Group £100,000,000 much smaller proportion of lending coming Share buy-back Experian £78,024,504 THE TEAM from banks than in the UK and where they THE TEAM Flotation Joules Group £77,500,000 lead we tend to follow.” Share buy-back Next £67,234,786 IAN STEWARD, MANAGING DIRECTOR (UK) LEE CLIFFORD, CORPORATE PARTNER Share buy-back Next £50,633,655 As Managing Director, Ian oversees the implementation With over 20 years’ corporate experience, Lee leads the Rights issue/other Issue Purplebricks Group £49,999,998 DEALMAKING: THE YEAR AHEAD of funding arrangements for hundreds of clients in a Birmingham Corporate team as well as heading Freeths Rights issue/other issue Hummingbird Resources £49,541,532 wide range of industry sectors across the UK. Private Equity practice nationally. The next 12 months represents “the greatest Rights issue/other issue Mercia Technologies £40,000,000 opportunity for owner-managers of Midlands Flotation Van Elle Holdings £40,000,000 businesses in recent memory”, says Sanders, Share buy-back Experian £35,310,363 with almost breathtaking confidence. Rights issue/other issue Intelligent Energy Holdings £30,000,000 KEITH ROSE, CORPORATE SALES DIRECTOR TOM BROWN, CORPORATE PARTNER “Significant levels of available capital, an Share buy-back Next £26,967,433 Keith handles ABL requirements above £2 million in Tom specialises in corporate M&A and has extensive influx of inbound investment, interest from the Midlands. He has many years’ experience in the ABL experience in the healthcare sector. Flotation Autins Group £26,600,000 international acquirers, changes in banking sector and prides himself on building strong relationships Rights issue/other Issue Custodian REIT £25,000,000 and debt markets mean there’s never with customers and creating bespoke facilities tailored Rights issue/other Issue Custodian REIT £20,980,000 been such breadth of choice for private to their requirements. Share buy-back Next £19,975,900 businesses. Share buy-back Experian £17,920,618 MARTIN BAKER, REGIONAL SALES DIRECTOR JAMES DYSON, BANKING PARTNER “In terms of the fundamentals for the next Rights issue/other issue AFH Financial Group £11,750,000 Martin structures invoice finance for businesses ranging James is a banking and finance specialist with extensive 12 to 18 months, the corporate finance Flotation Oncimmune Holdings £11,000,000 in facility size from £100,000 to £2 million across the experience in advising banks, investors and borrowers market is in reasonable shape due to the Midlands. He has many years’ bank and asset based lending on a wide range of banking and debt restructuring sheer volume of capital in the market. experience and prides himself on creating bespoke transactions. This will have an impact on the way the facilities tailored to each business’ specific needs. market moves, because there is more TOP 10 competition from private equity, from credit THE DEALS THE DEALS DIVESTMENTS funds, from family offices. Everyone’s chasing yield across their portfolio. In turn, £10M ABL PACKAGE SUPPORTS DIVERSIFICATION FOR TARGET PARENT OF TARGET VALUE this volume of capital is causing asset prices MANUFACTURER LDC Advising LDC - backed Away Resorts Limited to hold up.” The facility put in place consisted of invoice discounting (£7.75m), a stock Secure Trust Bank Arbuthnot Banking Group £150m on the purchase of Sandy Balls Holiday Village loan (£1.8m) and £430k to refinance their existing plant and machinery. Ibstock Diamond (BC) Sarl £97.2m Most pundits agree, at least in the Ibstock Diamond (BC) Sarl £70.9m immediate term, that if dealmaking does not £450,000 FACILITY PROVIDES CATERING FIRM WITH FUNERAL SERVICES PARTNERSHIP Eurocell Cooperatief H2 Equity Partners Fund IV £41.2m accelerate over the coming year it will remain IMPROVED CASH FLOW TO SUPPORT BUSINESS GROWTH Advising the shareholders and the management team remarkably buoyant. Close Brothers’ IDeal technology was also a real plus point as it automatically on the sale of Funeral Services Partnership to Montagu Forterra LSF9 Concrete II £39.1m reconciles invoice finance payments – removing the need for manual reconciliation. Private Equity Mortgage Advice Bureau (Holdings) £27.3m “The shape is a balloon – values are soar- Portfolio of 22 commercial properties Enterprise Inns £20m ing,” says Buckley. “More buyers than sellers £5,000,000 ABL FACILITY SUPPORTS BUSINESS ACQUISITION CLYDESDALE BANK Due to a flexible approach and innovative track record of structuring deals, Provision of senior debt and working capital facilities Eurocell £8.9m means money is chasing scarce sellers.” Close Brothers was engaged to provide the necessary level of funds to to support the acquisition of aluminium powder coating Hagley Golf & Country Club £2.25m The feeling is that large corporates will facilitate the acquisition business, Vertik-Al Limited Amerton Farm and Craft Centre £1.1m have less incentive to bank large reserves

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CORPORATE FINANCE PROFILES

Close Brothers Invoice Finance Freeths LLP

Close Brothers Invoice Finance is a leading independent provider Awarded Insider’s Midlands Corporate Law Firm of the Year - 2016, of invoice finance and asset based lending (ABL) to both SMEs our Birmingham Corporate team advises a range of clients on and large businesses throughout the UK, Ireland and Germany. all aspects of corporate and finance transactions. With partners We offer innovative and bespoke financial solutions that help specialising in M&A, Private Equity and Banking & Finance customers achieve a wide range of strategic objectives including supported by a dedicated senior team and over 125 specialist business growth, acquisitions or mergers and improving day-to- Partners/Directors nationally across all disciplines we are day cash flow. passionate about delivering quality, partner-led legal services.

THE TEAM THE TEAM

IAN STEWARD, MANAGING DIRECTOR (UK) LEE CLIFFORD, CORPORATE PARTNER As Managing Director, Ian oversees the implementation With over 20 years’ corporate experience, Lee leads the of funding arrangements for hundreds of clients in a Birmingham Corporate team as well as heading Freeths wide range of industry sectors across the UK. Private Equity practice nationally.

KEITH ROSE, CORPORATE SALES DIRECTOR TOM BROWN, CORPORATE PARTNER Keith handles ABL requirements above £2 million in Tom specialises in corporate M&A and has extensive the Midlands. He has many years’ experience in the ABL experience in the healthcare sector. sector and prides himself on building strong relationships with customers and creating bespoke facilities tailored to their requirements.

MARTIN BAKER, REGIONAL SALES DIRECTOR JAMES DYSON, BANKING PARTNER Martin structures invoice finance for businesses ranging James is a banking and finance specialist with extensive in facility size from £100,000 to £2 million across the experience in advising banks, investors and borrowers Midlands. He has many years’ bank and asset based lending on a wide range of banking and debt restructuring experience and prides himself on creating bespoke transactions. facilities tailored to each business’ specific needs.

THE DEALS THE DEALS

£10M ABL PACKAGE SUPPORTS DIVERSIFICATION FOR MANUFACTURER LDC Advising LDC - backed Away Resorts Limited The facility put in place consisted of invoice discounting (£7.75m), a stock on the purchase of Sandy Balls Holiday Village loan (£1.8m) and £430k to refinance their existing plant and machinery. £450,000 FACILITY PROVIDES CATERING FIRM WITH FUNERAL SERVICES PARTNERSHIP IMPROVED CASH FLOW TO SUPPORT BUSINESS GROWTH Advising the shareholders and the management team Close Brothers’ IDeal technology was also a real plus point as it automatically on the sale of Funeral Services Partnership to Montagu reconciles invoice finance payments – removing the need for manual reconciliation. Private Equity £5,000,000 ABL FACILITY SUPPORTS BUSINESS ACQUISITION CLYDESDALE BANK Due to a flexible approach and innovative track record of structuring deals, Provision of senior debt and working capital facilities Close Brothers was engaged to provide the necessary level of funds to to support the acquisition of aluminium powder coating facilitate the acquisition business, Vertik-Al Limited

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FINANCE, and will instead have a preference to invest war chests rather than hand them back to shareholders. They will continue to look for PRECISION acquisitions, particularly for resilient brands. JOULES They will also pay handsomely for technologies that will secure their places in markets Fashion brand Joules raised more that face change and disrupters, such as than £77.5m when it floated on the ENGINEERED. artificial intelligence, fintech and the internet London Stock Exchange with a market of things. capitalisation of £140m. The listing of At the same time, Brexit will mean Market Harborough-headquartered international investors looking to secure their fashion brand – a favourite of the Duke footholds in the UK market, many tempted and Duchess of Cambridge – netted to take the choice wiih continuing low value private equity house LDC a gross capital of sterling. And cash for deals remains fairly gain of £53m on its initial £22m invest- At Shawbrook we thrive on working available and cheap. ment. In the year since, the business “I don’t envisage too much change,” says has enjoyed expansion in the UK and with clients and partners to bring Kay. “Private equity houses are cash-rich. overseas, with annual sales up by 20 out the very best in businesses with Meanwhile, new entrants are arriving on per cent to £157m. a regular basis, whether they are fronts for ambition and vision: businesses family offices, have raised funds, or operate on a deal-by-deal basis. This will go some like Arlington Industries, experts in way to maintain volumes.” Meredith adds: “I believe the M&A market design, manufacture, metrology, will remain robust for the rest of the year maintenance and logistics, serving due to the perfect combination of abundant private equity capital, low interest debt and the aerospace and automotive active corporate buyers. The outlook beyond industries from their Midlands base. 2017, however, is mixed.”

We are not just another lender, we are CORPORATE

specialists in good sense and we take pride

FINANCE ADVISERS e Clark Whitehill in working with businesses to unlock the full

BY SECTOR SPECIALISM BDO Bishopsgate Bluesky & Bullock Burgis Catalyst Cattaneo Cooper parry Cottons Crow Deloitte Thornton Grant Harrison, Beale & Owen KPMG Mazars Odyssesy PwC Smith & Williamson Smith Cooper Springboard value of their cash ows and assets to fund a productive future. Accommodation • • • • • • • • • Admin & support services • • • • • • • • • • • • • • • • Agriculture, Fishing & Forestry • • • • Get in touch to nd out how we could help Construction • • • • • • • • • • • • • • • • • you navigate your next major milestone. Education • • • • • • • • • • • • • • • Financial & Insurance Services • • • • • • • • • • • • • Food & Drink • • • • • • • • • • • • • • • • • • Human Health & Social Work • • • • • • • • • • • • • IT & Telecom • • • • • • • • • • • • • • • • • • CONTACT US TODAY Leisure • • • • • • • • • • • • • • • • Manufacturing (metal & machine products) • • • • • • • • • • • • • • • • • • • Manufacturing (other) • • • • • • • • • • • • • • • • • • • 0330 123 1740 Mining & minerals • • • • • shawbrook.co.uk/abl Other services • • • • • • • • • • • • • • • 2 L OGO Professional, scientific& technical • • • • • • • • • • • • • • • • • Property (Not construction) • • • • • • • • • • • • Recruitment & HR • • • • • • • • • • • Retail OFFSHORE • • • • • • • • • • • • • • • • • Transport & Storage • • • • • • • • • • • • • • • • • • • Utilities (exc IT & telecom) • • • • • • • • SPECIALISTS IN GOOD SENSE Wholesale • • • • • • • • • • • • • •

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INTERNATIONAL (JE RSEY SUBSIDIARY) SHAWBROOK INTERNATIONAL LIMITED

STACKED (SMALL USE) SHAWBR OOK BANK LIMITED SHAWBR OOK GRO UP PLC corporate finance guide

IBSTOCK The double divestment of brick maker Ibstock – worth £168m – by Diamond (BC), which is controlled by investment funds advised by Bain Capital Europe – was one of last year’s big divestments. Diamond has continued selling its stake in the Leicestershire business, and has halved its stake to 25 per cent in less than a year. Bain Capital bought Ibstock for £414m in cash and debt in 2014 and floated it on the London Stock Exchange the following year.

CORPORATE

FINANCE ADVISERS e Clark Whitehill

WHAT THEY SPECIALISE IN Arden Bishopsgate Bluesky & Bullock Burgis Catalyst Cattaneo Cottons Crow Clearwater International Deloitte Thornton Grant Harrison Beale & Owen KPMG Mazars Odyssey PwC Smith Cooper Smith & Williamson Springboard

Acquisitions • • • • • • • • • • • • • • • • • • • Buy & build • • • • • • • • • • • • • • • • • • Buyouts (inc management buyouts, buy-ins and employee buyouts) • • • • • • • • • • • • • • • • • • • Cash out transactions • • • • • • • • • • • • • • • • • • • Company restructuring & reorganisations • • • • • • • • • • • • • • • • • Corporate valuations • • • • • • • • • • • • • • • • • • Deal creation & origination • • • • • • • • • • • • • • • • • • Debt advice • • • • • • • • • • • • • • • • Deposit & investment advice • • • • Due diligence (sale and buyside) • • • • • • • • • • • • • Employee share invectives • • • • • • • • • • • • Exit strategies • • • • • • • • • • • • • • • • • • Financial risk assessment • • • • • • • • Flotations & stock exchange advice • • • • • • • • • • Grant sourcing & applications • • • • • • • • Industry competitor research • • • • • • • • • • • • Infrastructure finance (PPP/PFI) • • • • • Institutional transactions (buyouts, equity, purchases) • • • • • • • • • • • • • • • • • Joint ventures • • • • • • • • • • • • • • • Licencing agreements • • • • Limited liability partnerships & partnership agreements • • • • • • • • Market valuations • • • • • • • • • • • • • • Mergers & demergers • • • • • • • • • • • • • • • • • • • Pre-sale planning/grooming • • • • • • • • • • • • • • • • • • Public to private • • • • • • • • • • • • • • • Raising finance,refinancing & recapitalisation • • • • • • • • • • • • • • • • • • • Sales & leaseback • • • • • • • • • • • Securitisation • • • Share issues & valuations • • • • • • • • • • • • • • • • Shareholder agreements • • • • • • • • • • Start-ups/seed funding advice • • • • • • • • • Strategic planning • • • • • • • • • • • • • • • • • • Succession planning • • • • • • • • • • • • • • • • • • Tax advice • • • • • • • • • • •

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