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Midlands Corporate Finance Guide 2017

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Midlands Corporate Finance Guide 2017 ™ 07/06/2017 16:00 JULY 2017 JULY VOL.25 NO.7 £10 www.midlandsbusinessinsider.com MIDLANDS BUSINESS INSIDER TURN SPECIAL OVER CORPORATE FOR INSIDER’S FINANCE GUIDE EDITION WEST MIDLANDS INSIDER TALKS TO THE NEW THE TO TALKS INSIDER WEST MIDLANDS MAYOR STREET LIFE JULY 2017 midlands businessinsiderinsider insider ANDY STREET | MIDMARKET 300 | PR | MADE IN THE MIDLANDS | EAST MIDLANDS ECONOMIC FORUM | CROWD FUNDING | EAST MIDLANDS DEALMAKERS | CORPORATE FINANCE GUIDE VOL.25 NO7 CORPORATE GUIDE FINANCE insider 2017 ™ MBI July 17 master.indd 1 XXX DEALS 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 referen- dum, 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 insider JULY 2017 1 FLIP p1-25 CF guide.indd 1 28/06/2017 09:27 corporate finance guide 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 insider JULY 2017 2 FLIP p1-25 CF guide.indd 3 28/06/2017 09:27 MBI July 17 master.indd 3 master.indd 17 July MBI 07/06/2017 16:00 07/06/2017 XXX AGENDA CORPORATE FINANCE PROFILES 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.
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