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2010 UK Private Equity Transaction Report

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2010 UK Private Equity Transaction Report Marble Hill Partners Interim Management & Executive Search January 2011 www.marblehillpartners.com 0208 948 1771 Contents Pg Introduction 3 2010 Transactions (in alphabetical order) 4 – 9 Analysis 10 Transactions by type 10 Transactions by sector 11 Consumer Sector transactions 11 Transactions by month 12 Transactions by size 13 2010 Exits 14 Conclusion 15 Introduction Welcome to Marble Hill Partners research and analysis of activity in the UK Private Equity market in 2010. As a specialist interim management and executive search consultancy for Private Equity backed businesses it is in our own interest to monitor where and with whom MBO/MBI’s, SBO’s, Trade and IPO exits are completed. The data we have collated from Trade Press and Investor Press Releases is extensive and whilst we cannot guarantee that our research is 100% accurate (not all deals are publicised and in many cases values are undisclosed) we are keen to share our research and observations with our industry. We have only made note of deals with transaction sizes of £5 million and above. We logged 157 transactions with a total value of £17.6 billion, with a mean deal size of £127 million, however deals such as Tomkins £2.9 billion skew this figure. Perhaps a more accurate indicator is the median of £45 million. In this summary you will find an alphabetical index of all the deals recorded and a number of charts and graphs which reflect some of our observations. If you completed or know of transactions which haven’t been included then please do let us know and we will update the report for future reference. 2010 Transactions (in alphabetical order) (Figures in red are trade press estimates) Company Deal Type Exiting Investor New Investor Date Deal Size Sector Acorn SBO Phoenix Ontario Teachers Fund 10.02.10 £150,000,000 Healthcare Active Assistance SBO Isis August Equity / Fist Call 26.03.10 £23,000,000 Healthcare Acturis Growth Capital Summit Partners 13.08.10 Undisclosed TMT Aim Aviation MBO LDC 24.06.10 £20,000,000 Manufacturing Allied Glass SBO Close Brothers Barclays Private Equity 18.08.10 £75,000,000 Manufacturing Amber Taverns SBO Multiple VCT's LGV 13.10.10 £35,000,000 Leisure Amdega SBO 3i Endless 18.08.10 Undisclosed Construction Amtech SBO HSBC Primary Capital 12.03.10 £35,000,000 Engineering Transport and Andrew Page MBO Phoenix 23.03.10 £100,000,000 Distribution Antler MBO from pre-pack Barclays PE LDC 20.05.10 £15,000,000 Retail Archimedes Pharma Growth Capital Warburg Pincus and Novo 01.03.10 £65,000,000 Pharma Asperity MBO Inflexion 02.12.10 £25,500,000 Business Services Atmosphere Bars and Clubs MBO from Pre Pack Sun Capital 07.04.10 Undisclosed Leisure Attraction World MBO Maven Capital 10.12.10 £6,900,000 Leisure Autobar SBO Charterhouse CVC 09.08.10 £990,000,000 Consumer Services Accel Partners and Accel Partners and Autoquake.com Growth Capital Highland CP Highland CP 10.03.10 £6,000,000 Retail Bart Spices MBO Langholm Capital 04.05.10 £10,000,000 FMCG BAS MBO Bridgepoint 02.12.10 Undisclosed Business Services Brandon MBO Rutland Partners 24.08.10 £43,000,000 Equipment Rental Brit Insurance MBO - Take Private CVC and Apollo 26.10.10 £888,000,000 Financial Services Britax Childcare SBO Carlyle Group Nordic Capital 22.11.10 £450,000,000 Manufacturing Brunner Mond / Tata British Salt Exit – Trade Sale LDC Chemicals 20.12.10 £93,000,000 Manufacturing Cable Management Group Exit – Trade Sale LDC Thomas & Betts 04.10.10 £70,000,000 Manufacturing Calyx MBO Better Capital 10.09.10 £17,000,000 Business Services Camelot MBO Ontario Teachers Fund 26.03.10 £389,000,000 Leisure Card Factory MBO Charterhouse 08.04.10 £350,000,000 Retail Care UK MBO - Take Private Ftse Bridgepoint 03.03.10 £281,000,000 Healthcare Cath Kidston MBO TA Associates 26.03.10 £100,000,000 Retail Chemigraphic MBO RJD 17.12.10 Undisclosed Manufacturing CitySprint Growth Capital Dunedin 06.12.10 Undisclosed Business Services Clifford Thames SBO 3i Octopus Ventures 24.02.10 £6,250,000 Business Services Advanced Computer COA Exit - Trade Sale Alchemy Software 12.02.10 £100,000,000 TMT Compact Media Group MBO Lyceum 21.10.10 £17,000,000 TMT Compre Holidings MBO Milestone Capital 27.08.10 Undisclosed Financial Services CPA Global MBO Intermediate Capital MBO 26.01.10 £440,000,000 Business Services Credit Solutions Exit - Trade Sale Isis Arvato 22.11.10 £10,000,000 Financial Services Davy Markam Exit - Trade Sale Endless IVRCL 01.03.10 £10,000,000 Engineering Deb Group SBO Barclays PE Charterhouse 03.03.10 £325,000,000 Manufacturing Dental Buying Group MBO Synova 29.03.10 Undisclosed Healthcare DFS MBO Advent International 22.04.10 £500,000,000 Retail DRC MBO Hamilton Bradshaw 04.02.10 £30,000,000 Business Services Dunham Leisure MBI RJD Partners 28.09.10 £11,000,000 Leisure Dwell Growth Capital Key capital Partners 31.08.10 £5,000,000 Retail DWS Bodyworks MBO Risk Capital 17.06.10 Undisclosed Consumer Services Dynamic Change Exit - Trade Sale Midven Allocate Software 14.05.10 £9,000,000 Technology Easynet MBO LDC 21.07.10 £100,000,000 TMT Eden MBO Sovereign 28.09.10 Undisclosed Healthcare Elgin Infrastructure MBO 3i 29.01.10 £40,000,000 Infrastructure Encore Tickets MBO Isis 14.04.10 £20,000,000 Leisure Engine Growth Capital HIG 15.10.10 £62,500,000 Business Services Enigma Exit - Trade Sale Isis HotelPlan UK 13.05.10 £24,000,000 Leisure Entec Exit - Trade Sale Growth Capital AMEC 30.03.10 £61,000,000 TMT Engineering Envy MBO SKG Capital 18.03.10 Undisclosed Retail Esure SBO Lloyds Banking Group Electra and Penta 12.02.10 £270,000,000 Financial Services Euro Environmental Group MBO Sovereign Capital 01.03.10 £20,000,000 Utilities Euroffice MBO Darwin Private Equity 02.11.10 Undisclosed Retail Excelsyn Exit - Trade Sale Endless Albany Molecular Research 25.02.10 £12,000,000 Pharma Fenn Wright Manson MBO Darwin PE 04.10.10 Undisclosed Retail First Assist Exit - Trade Sale Barclays Private Equity Capita Grood 30.09.10 £12,500,000 Financial Services Fish Insurance MBO Inflexion 11.06.10 £30,000,000 Financial Services Flexlife Growth Capital Maven Capital 28.10.10 £5,500,000 Oil and Gas Gardner Group SBO Carlyle Better Capital 03.02.10 £20,000,000 Manufacturing Getting Personal MBO Isis 24.06.10 £6,000,000 Retail Guralp Systems MBI Primary Capital 14.04.10 £20,000,000 Manufacturing Hewdon MBO Finnings Sun European Partners 05.05.10 £110,000,000 Equipment Rental Hobby Craft MBO Bridgepoint 30.04.10 Undisclosed Retail Wyndham Exchange & Hoseasons Exit - Trade Sale HG Capital Rentals 22.02.10 £52,000,000 Leisure Iglu.com MBO Matrix 15.01.10 £5,000,000 Leisure Imagine publishing Exit - Buy back August Equity Imagine Publishing 07.10.10 £14,000,000 TMT IMS Consulting MBO Sovereign Capital 06.12.10 Undisclosed Business Services Inspicio Exit - Trade Sale 3i Bureau Veritas 22.06.10 £450,000,000 Technology IPS Specials and World Medicines MBO Elysian Capital 06.05.10 Undisclosed Pharma JHP Group MBO LDC 11.01.10 £30,000,000 Education JLA MBO - Take Private Hg Capital 29.03.10 Undisclosed Business Services Kent Reliance Growth Capital JC Flowers 04.08.10 £50,000,000 Financial Services Kerridge Commercial Systems MBO - Take Private NVM 31.03.10 £9,000,000 Business Services Kettle Foods Exit - Trade Sale Lion capital Diamond Foods 26.02.10 £404,000,000 FMCG Kylmar Exit - Trade Sale LDC General Dynamics 28.06.10 Undisclosed Manufacturing Lanes Assistance MBO Gresham PE 08.04.10 £12,300,000 Business Services Leaders Limited MBO Bowmark 17.03.10 £48,000,000 Property LGC SBO LGV Bridgepoint 09.02.10 £257,000,000 Business Services LitComp MBO Maven 12.02.10 £5,500,000 Financial Services London Square MBI Graphite Capital 04.06.10 £100,000,000 Property Lumison MBO Bridgepoint DC 01.11.10 Undisclosed Business Services LVG MBO from Pre Pack Kelso Place 22.02.10 £50,000,000 Consumer Services Marlin MBO Duke Street 07.04.10 £50,000,000 Financial Services Martindale Pharma MBO AAC 30.05.10 £100,000,000 Pharma Matrix MBO LDC 19.03.10 £10,000,000 Utilities Maximuscle Exit - Trade Sale Darwin PE GSK 14.12.10 £162,000,000 Manufacturing McKinnon and Clarke MBO Lyceum 05.01.10 £22,000,000 Business Services Minivator Exit - Trade Sale Gresham Handicare 02.02.10 Undisclosed Manufacturing Mountain Warehouse SBO KCAJ LDC 03.09.10 £20,000,000 Retail My-Wardrobe Growth Capital Balderton Capital 06.07.10 £6,000,000 Retail Nationwide Autocentres Exit - Trade Sale Phoenix Halfords 19.02.10 £73,200,000 Consumer Services Nigel Wright Group MBO Baird Capital 31.10.10 £15,000,000 Business Services NSL SBO 3i AAC 21.09.10 £120,000,000 Business Services Oasis Growth Capital Duke Street 15.04.10 £30,000,000 Healthcare Occam Exit - Trade Sale Isis St Ives Plc 02.06.10 £12,000,000 Business Services Office SBO West Coast Capital Silverfleet 16.12.10 £170,000,000 Retail Omega Red Exit - Trade Sale LDC South Staffordshire Plc 08.10.10 £35,000,000 Manufacturing Omnibus Exit - Trade Sale Palamon Miranda Technologies 09.09.10 £40,000,000 TMT OpSec Security Group MBO - Take Private Aim listed Investcorp 18.02.10 £7,600,000 TMT Paperchase MBO Primary Capital 13.07.10 £30,000,000 Retail Payzone MBO - Take Private Aim listed Duke Street 05.01.10 £90,000,000 Financial Services Pets at Home SBO Bridgepoint KKR 27.01.10 £955,000,000 Retail Maxim Integrated Phyworks Exit - Trade Sale Advent Products 10.09.10 £45,000,000 TMT Plum Baby MBO Darwin Private Equity 31.05.10 £10,000,000 FMCG Poundland SBO Advent International Warburg Pincus 04.05.10 £200,000,000 Retail Promethean Exit - Float Apax Ftse 17.03.10
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