Corporate Finance Guide 2021 CORPORATE FINANCE GUIDE SPECIAL | CORPORATE

02/06/2021 15:00 15:00 02/06/2021 02/06/2021 1 1 MASTER.indd MASTER.indd cover cover 2021 2021 July July MBI MBI

7 O SPARKING GROWTH IN COVENTRY IN GROWTH SPARKING N VOL.29 HOW A YEAR AS CITY OF CULTURE IS IS UP! CULTURE OF CITY AS YEAR A HOW FIRED CIRCULAR ECONOMY MIDLANDS Corporate Finance Guide 2021 CORPORATE FINANCE GUIDE SPECIAL | CORPORATE

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Helping a colleague on the edge the on colleague a Helping | HEALTH MENTAL Mental health Mental

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The new home of green construction green of home new The

Wolverhampton

CITY OF CULTURE | CITY OF CULTURE

Andy Street’s second term? second Street’s Andy

What does business want from from want business does What West Midlands Mayor Midlands West insider

EDITION insider

VOL.29 NO.7 £10 NO.7 VOL.29 JULY 2021 JULY

MIDLANDS

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JULY 2021 JULY

MIDLANDS BUSINESS INSIDER BUSINESS MIDLANDS www.midlandsbusinessinsider.com

Corporate Finance Guide cover.indd 1 01/06/2021 15:30 Optimising outcomes for our clients no matter what their destination

DLA Piper has been the No 1 M&A law firm, both in the UK and globally, for each of the past 11 years. Trusted adviser to:

Put simply, we do things that other law firms cannot. Times 2 SISTERS FOOD GROUP may change, but our qualities do not. Our clients trust us with Advised on the GBP246m sale of part of Fox’s Biscuits to their most important, strategic and transformational M&A and Ferrero Group. ECM transactions. We use our market and sector intelligence and unrivalled deal execution experience to drive and obtain NOBLE GROUP optimal outcomes for our clients, no matter what the deal type, Advised on the sale of chilled dessert brand Gü to Exponent the transaction process, the geography or the counter-party. Private Equity.

We look forward to helping you reach your destination. PANGAEA LABORATORIES LTD Please do get in touch. Advised on the sale of the global beauty business Noel Haywood (owner of the Medik8 skincare brand) to Inflexion Private Equity. Head of Corporate, Birmingham +44 (0)121 262 5953 DECHRA PHARMACEUTICALS PLC [email protected] Advised on its accelerated bookbuild (ABB) placing of 5,132,500 new ordinary shares raising GBP133.4 million.

Charles Cook SCAPA GROUP Head of Corporate, UK Advised on their GBP412.6 million takeover by Schweitzer-Maduit +44 (0)121 262 5808 International, Inc [email protected]

MEDICA GROUP PLC Advised on secondary fundraisings for Medica (Main Market) raising approx GBP16 million

POWERING THROUGH THE PANDEMIC

Pandemic, Brexit, lockdown – it has been the most challenging year of our lifetimes. Yet after the initial shock, Midlands dealmakers recovered quickly and within weeks were back to some of the best trading volumes in a decade. Now, with new funds and advisers setting up shop, the Midlands is strongly entering the recovery phase. Over the next few pages we show how the region’s dealmakers fought back against adversity

350 he world may have stopped, but 350 Tdealmaking didn’t. MIDLANDS “It’s been a strong year for deal making DEALS in the Midlands,” says Simon Ward, OVER FIVE 300 300 YEARS partner at Springfield Corporate Finance. “Given the uncertainties of the pandemic in March and April, the resilience and 250 innovation shown across the market has 250 been extremely impressive. There were

undoubtedly some sectors that were hit NUMBER OF DEALS 200 hard, but others were able to adapt quickly.” 200 “Dealmaking over the past year has been Source Experian V-shaped: a short, sharp down-stroke when 150 we first went into lockdown followed by a 150 longer, but uninterrupted, up-stroke since,” Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2019 2020 2021

CONTENTS 13 International deals 23 Midlands Dealmaker Awards 2020 5 The rise of the Midlands 15 The rise of equity 28 Midland Deals May 2021 11 No shortage of sellers 15 Green dealing

13 Sectors 19 Advisers and lawyers: specialisms and sectors

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Local Connections. Global Influence. www.squirepattonboggs.com

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• Gymshark A US private equity firm took a

significant stake in fitness apparel business Gymshark in a move that • valued the Solihull-based business at more than £1bn. New York-

headquartered General Atlantic snapped up a 21 per cent holding in

the business founded by Ben Francis in 2012. Francis, who increased his • stake to more than 70 per cent, said. “I believe Gymshark has the potential

to be to the UK what Nike is to the US and Adidas is to Germany. We adds Charlotte Thornton-Smith, corporate than abandoned, and many of those that

will use this partnership to get even partner at law firm Harrison Clark were scuppered by the pandemic were

closer to them on a truly global Rickerbys. “We didn’t see the second more than replaced by businesses seeing • scale.” PwC, Gateley, RBC Capital lockdown affect the completion of new opportunities, particularly acquisitions, Markets and Freshfields Bruckhaus transactions. Last year was a strong one in ‘the new reality’. Deringer advised. for dealmaking.” “A number of transactions were pulled “The transaction valued Gymshark These are more than just cocky assertions. and business owners and management in excess of £1bn, which placed it Figures from business information teams concentrated on ensuring their • on an exclusive list of just 25 British group Experian show that, despite fears businesses could access the emergency companies to have secured unicorn that the economy was set to all but crash funding and financing available,” says Mark status since 2001 – a feat achieved during 2021, dealmaking in the Midlands Hughes, partner at Browne Jacobson. in just eight years,” said Tom came back to its former levels of activity “But as the year went on, transaction Durrant, head of the corporate team in a matter of weeks. Whereas recovery in volumes picked up and the end of year at Gateley. “The deal was complex M&A from the credit crunch of 2008 took saw our busiest ever period.” and involved an enormous amount about three years, revival from the first “After a strong first quarter there was of work. It required a pre-completion lockdown took less than three months. inevitably a hiatus, as both buyers reorganisation of the group as well According to Experian’s figures, the and sellers took stock, but we saw activity as vendor due diligence, dealing initial stage of the pandemic clearly surge again in the third quarter,” says with the issue of long-term caused a major fall in the number of deals Martyn Pilley, of corporate finance boutique incentive shares and acquisition transacted in the Midlands. As the first Cattaneo. “We saw strategic purchasers and investment work. A total wave of coronavirus hit in the second wanting to press ahead with transactions of 20 of our lawyers advised on the quarter of 2020, the number of deals to prevent the pandemic halting their pro- deal, including 13 partners. Despite completed in the Midlands fell to 163, the gress, seeing the opportunity to bed them the challenges of global remote lowest total since the credit crunch, from down and emerge in a stronger position. working during the first lockdown, 266 the previous quarter. “The deals that didn’t happen were the which caused significant challenges, However, the regional market came back ones where the pandemic had such an the transaction was completed very quickly, to 222 deals in Q3, followed impact on trading that valuations became Local Connections. Global Influence. within ten weeks. by 256 and 257 in the subsequent two impossible to justify until visibility was www.squirepattonboggs.com quarters. Most deals were deferred rather possible on the route out of the pandemic.”

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CFG p1-21.indd 3 02/06/2021 15:13 Making it happen, side by side Acquisitions / Management Buy-Outs / Re-structuring / Investing for growth

With an experienced team of decision makers right here in the Midlands, we can provide the funding to support a breadth of business situations – from £1m - £25m.

Selected Recent Transactions

Leverage Loan Asset Based Lending Leverage Loan Asset Based Lending Unitranche

Smiths News Esterpet Ltd BCF Equity Partners / United Tooling WestBridge Capital / Media Distribution Recycled Packaging Hydromarque Ltd Solutions Bespoke Health & £U/D £9m Manufacturing Wholesale Social Care Ltd £1.4m £10m £U/D

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“The M&A market is buoyant, with record quarters not seen since before the financial Making it happen, crash in 2008,” adds Roger Buckley, MIDLANDS DEALS partner at accountancy BDO. “The market BY TYPE is cash-rich, whether that’s from acquisitive companies, or eager investors. The strong side by side appetite for deals has surprised many, but the market is playing catch-up. Companies l Acquisition 552 Acquisitions / Management Buy-Outs / Re-structuring / Investing for growth and investors are not deterred by l De velopment uncertainties triggered by Covid-19. After Capital 121 the hiatus in Q2, 2020 there’s a desire to l Refinancing 97 continue on a positive growth trajectory.” l Investor buyout 29 Strategic purchases clearly played a l With an experienced major role throughout the year to 1 April. Buy-ins & Buyouts 94 team of decision According to Experian, there were 552 l Other 47 makers right here in acquisitions of Midland businesses over l Rights Issue 22 the year, accounting for 58 per cent of all the Midlands, we can deals. The power of the purchaser was Source Experian provide the funding to fuelled in no small measure by private support a breadth of equity funds looking for new ways to business situations – invest cash. It was also, ironically, helped from £1m - £25m. by government-backed loan schemes to go as high as 30, 35 even 45 per cent. “The CGT rises were shelved in the support businesses through lockdown. There were also confident expectations March Budget but most commentators Many companies found themselves sur- that Sunak would scrap Business Asset agree that this does not mean they are prisingly cash rich after reorganising their Disposal Relief (BADR), formerly known going to go away given the levels of activities and finances to take advantage as entrepreneurs’ relief, which halves the unprecedented government spending,” of the super-cheap Coronavirus Business tax on the first £1m earned from selling a adds Ben Turner corporate partner at Interruption Loan Scheme (CBILS) and business to 10 per cent. law firm Shoosmiths. He believes that Bounce Back Loan Scheme (BBLS). Both concerns led to a rush of business dealmaking will now be driven in part by “We’ve seen the rise of buy and build owners to sell, or at least de-risk their companies and owner-managers thinking transactions as opportunities for growth,” stakes, before Sunak grabbed some of about succession management and says Joe Dyke, partner at Clearwater their wealth to help fill the Treasury’s huge realising the value in their businesses International. “This could be due to an deficits. Against expectations, CGT was sooner rather than later. abundance of funds in private equity, not raised and BADR was not done away Selected Recent Transactions with evidence suggesting returns are with. However, most pundits believe that greater if you have a platform and drive changes in CGT have been postponed, THE RISE OF consolidation. We’ve advised on several not abandoned. THE MIDLANDS Leverage Loan Asset Based Lending Leverage Loan Asset Based Lending Unitranche buy-and-build transactions during 2020 and One of the main legacies of the pandemic we’re expecting to see further completions “The M&A market is has been a rapid expansion in the region’s over the next couple of months.” buoyant, with record dealmaking community. There is a feeling The second biggest area of deals that the region’s standing as a centre of activity was development capital, quarters not seen since M&A is on the up. a sector that has been gradually growing before the financial “I don’t think my natural bias of having over the past decade, with 121 deals or spent 30 years in this market is skewing 12.7 per cent of the total. crash in 2008. The my judgement when I say that the next ten Buy-ins and buyouts accounted for years will be a period of great opportunity Smiths News Esterpet Ltd BCF Equity Partners / United Tooling WestBridge Capital / market is cash-rich.” just under a tenth of transactions, while for the region,” says Richard Sanders, Media Distribution Recycled Packaging Hydromarque Ltd Solutions Bespoke Health & refinancing deals accounted for a similar Roger Buckley partner at Alantra. £U/D £9m Manufacturing Wholesale Social Care Ltd £1.4m £10m £U/D share. However, the latter needs to be partner, BDO Two new equity funds have been set up treated with great caution, as it does not in the Midlands in the past few months. include the huge number of CBILS and “There’s no doubt that CGT fears drove The Richardsons – one of the Midlands’ BBLS agreements struck over the year. a lot of activity before the March 2021 best-known family of developers – has The M&A market received a major Budget,” says Mark Beardmore, partner launched the Richardson Enterprise Fund Contact us today fillip in the first few months of 2021 on at Eversheds Sutherland. “Vendors (REF). The Black Country-based equity widespread expectations that Chancellor are still concerned about potential CGT fund has £100m to make in investments Rishi Sunak would raise Capital Gains Tax rises in the Autumn Statement or next of £2m to £10m in Midland companies, 0330 123 1740 (CGT) in his March Budget, from 20 per year’s Budget which is also driving a taking either minority or majority stakes [email protected] cent – there were predictions that it would number of processes.” alongside management teams, founders

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CROWE U.K. LLP LLOYDS BANK

Audit / Tax / Advisory / Risk In 2020 Commercial Banking lent £31 billion to businesses We are mid-market specialists providing corporate fi nance which included £1.1bn to support manufacturing. The Lloyds advice and transaction support services to management teams, Bank Advanced Manufacturing Training Centre benefi ts from OMBs, and private companies, including M&A, disposals, our continued £1m a year sponsorship, helping to support MBOs and fundraising. Our level of personal attention and skills development in the sector. In 2020, over £2.3bn of green fl exibility allows us to tailor our advice and services to meet fi nance was made available helping clients in their journey to the requirements of each situation and client. transition to more sustainable business models.

VALUE OF DEALS: £112M DEALS VOLUME OF DEALS: 14 DEALS

SALE OF NEWMAN AND SPURR IMGROUP TO QINETIQ PLC Lloyds Bank supported International Acted for Newman and Spurr Motors Ltd with a £50m Revolving on the sell-side (M&A) Credit Facility

ACQUISITION OF HOLDEN DÉCOR ANDYFREIGHT BY GRANDECO WALLFASHION Lloyds Bank supported Andyfreight Acted for Grandeco on the buy-side with £1.8m funding package towards (Transaction Support) working capital and extension of premises SALE OF PROTECH COMPUTER SERVICES TO CLEARCOURSE KEE SAFETY Acted for Protech on the sell-side Mandated Lead Arranger for a (M&A) Debt Underwrite for Kee Safety

SALE OF WALSALL PRESSINGS GREENSQUAREACCORD TO RICOR GLOBAL Lloyds Bank supported Green Acted for Walsall Pressings Square Accord with an additional on the sell-side (M&A) £50m RCF

Crowe U.K. LLP, Black Country House, Rounds Green Road, Oldbury B69 2DG Tel: 0121 543 1900 | Email: [email protected] 125 Colmore Row, Birmingham B3 3SF Web: www.crowe.co.uk | Twitter: @croweUK Email: [email protected] Linked In: www.linkedin.com/company/crowe-uk Tel: 07725 427630

_CorporateCFG p1-21.indd Finance 6 Guide_MBI July.indd 57 01/06/202102/06/2021 10:4115:13 MIDLANDS Corporate Finance Guide 2021 CORPORATE FINANCE PROFILES

CROWE U.K. LLP LLOYDS BANK

Andy Kay Chasz Coulsting Jason Daft Phoebe Turner Andrew Connors Amanda Dorel Karen Mann Daniel Williams Partner Associate Manager Manager Regional Head, Regional Associate Director, Director Midlands Director, Director, Invoice Finance Midlands and Strategic South Wales Debt Finance Codemasters Codemasters, one of the grand names in Britain’s video game VALUE OF DEALS: £112M or owners looking to grow their businesses. sector, was acquired by US industry professional centre but attract other advisory And NewHall Capital is an independent, giant Electronic Arts (EA) with firms and finance houses to the region, DEALS VOLUME OF DEALS: 14 DEALS owner-managed, private equity house the aim of establishing a global and act as a major recruiting sergeant for launched to provide growth equity to powerhouse in racing video games. skills. It will have a significant impact in SALE OF NEWMAN AND SPURR IMGROUP companies in the region. The fund, headed The Warwickshire-based AIM-listed developing the Midlands as a centre for TO QINETIQ PLC Lloyds Bank supported International by Rob Freer and David Newton – two company was bought for an big deals. Goldman Sachs was adviser on Acted for Newman and Spurr Motors Ltd with a £50m Revolving well-known names in Midland dealmaking enterprise value of £945m after a at least two dozen deals involving Midland on the sell-side (M&A) Credit Facility – is looking at opportunities with an bidding war between EA and Take- companies in the past decade, such as enterprise value of up to £10m, including Two Interactive. Codemasters, which the £1.3bn float of boot marker Dr Martens ACQUISITION OF HOLDEN DÉCOR ANDYFREIGHT management buyouts, equity release, has bases in Southam, Birmingham, at the start of 2021, the £1.1bn float of BY GRANDECO WALLFASHION Lloyds Bank supported Andyfreight recapitalisations and development capital. and Runcorn, is best known for its Aston Martin in 2018 and Walgreen’s £9bn Acted for Grandeco on the buy-side with £1.8m funding package towards It wants to “address significant regional racing games, including the Dirt takeover of Alliance Boots in 2012. (Transaction Support) working capital and extension of premises imbalances in the supply of SME equity Rally series and Formula 1 licences. “These are really positive signs,” says SALE OF PROTECH COMPUTER finance that has historically favoured Ward. “The Goldman news, on the SERVICES TO CLEARCOURSE KEE SAFETY London and the North of England”. back of HSBC UK coming to the city a few Acted for Protech on the sell-side Mandated Lead Arranger for a Recent weeks have seen two funds with MBO fund and four venture capital trusts. years ago, gives real credibility to the (M&A) Debt Underwrite for Kee Safety close connections to the Midlands Along with these has been the launch Midlands as the financial services acquired. The venture capital house Midven, of corporate finance boutiques such as powerhouse outside London. This can SALE OF WALSALL PRESSINGS GREENSQUAREACCORD set up 30 years ago, has been bought Birmingham’s Midshore Partners, headed only be positive news for dealmaking in TO RICOR GLOBAL Lloyds Bank supported Green by London’s Future Planet Capital (FPC), by James England – formerly of Catalyst the Midlands. The advent of HS2 and other Acted for Walsall Pressings Square Accord with an additional which invests mainly in university spinouts. Corporate Finance and private equity investment in the Midlands will provide on the sell-side (M&A) £50m RCF Midven manages the UK Innovation and house GPR Capital – as part of the multi- more fuel to the local market.” Science Seed Fund and the £35m MEIF discipline advisory group ARMCo, and “BGF’s just celebrated its tenth year after West Midlands Growth Fund. Touchstone Advisory by Krekar Kawanai, founding in Birmingham in 2011,” adds That was quickly followed in May with formerly of KPMG. Gurinder Sunner, the growth equity house’s Mattioli Woods – the Leicester-based The biggest boost to the Midlands’ rising head of Midlands. “The enhanced interest wealth management business – buying reputation as a centre for dealmaking is and investment levels is a positive for Crowe U.K. LLP, Black Country House, Maven Capital Partners UK, the private in Goldman Sachs’ arrival in Birmingham. everyone. We’ve recognised the region’s Rounds Green Road, Oldbury B69 2DG equity investor and alternative asset The office, which will be Goldman Sachs’ potential for a decade. Of course, there Tel: 0121 543 1900 | Email: [email protected] 125 Colmore Row, Birmingham B3 3SF manager. Maven, which operates from ten biggest in the UK outside of London, will have been massive changes in almost all Web: www.crowe.co.uk | Twitter: @croweUK Email: [email protected] offices including long-established ones in initially focus on engineering and employ sectors, but this has also created oppor- Linked In: www.linkedin.com/company/crowe-uk Tel: 07725 427630 Birmingham and Nottingham, has £772m hundreds of people. Its arrival will not tunity and the region is well placed to in assets under management, including an only boost the Midlands’ reputation as a embrace these in the months ahead.”

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_Corporate Finance Guide_MBI July.indd 57 01/06/2021 10:41 CFG p1-21.indd 7 02/06/2021 15:13 £1 BILLION OF SUPPORT 2018 FOR MID-SIZED SMEs £186m

In May this year we passed a significant Our ability to fund loans from £1m up Lending volumes milestone of having lent more than to £15m means we fill a critical funding £1 billion in total to mid-sized SMEs gap for approximately 450,000 mid- Chris Webb across the UK. sized SMEs. These businesses are often Director, Regional Business 2019 described as the engine room of the UK Development Midlands Our mission is to support businesses with economy and we are proud to support funding for growth either organically or [email protected] them with their growth ambitions. £201m through acquisitions. We focus on mid- 07595 404205 sized businesses because they have been The rapid increase in our lending volumes underserved by both traditional lenders over the last three years, shows that who have withdrawn from much of the increasing numbers of corporate finance ThinCats has been very active both market, and by non-bank lenders who advisers are recommending ThinCats to nationally and in the Midlands, providing either offer loans below £0.5m through their clients. funding for refinancing debt, acquisitions and growth capital to mid-sized businesses automated, online lending platforms or across all industry sectors. Our appetite above £15m via direct lending funds. continues to remain in the £1M - £15M debt By combining our data analytics skills 2020 package quantum and we continue to see with a regional origination model where opportunities working alongside private our business development and credit equity and corporate finance advisers, teams work closely with local corporate £289m supporting their ambitions as we finance advisers and prospective emerge from the pandemic. borrowers, we can create flexible funding structures quickly with certainty of funding. thincats.com

Recent funding in the Midlands Advisers tell us they select us as their preferred lender for these reasons: Personal service and access to local • Expertise in cashflow lending particularly • Refinance Refinance business development and credit teams for acquisition funding where we were ranked one of the top 5 debt providers by Professional Services Healthcare Speed of initial decision on credit appetite • volume in the Experian UK M&A Review £4.15m £4m • Speed and transparency through the for 2020 funding process • Specialism in healthcare and lower mid- • Flexibility on repayment terms & market sponsor backed transactions Refinance Acquisition covenants to match borrowers expected Healthcare Commercial Services income streams £5m undisclosed

ThinCats is a trading name of the ThinCats Group, c/o ESF Capital Limited (Registered in England and Wales No. 09707863) 2nd Floor, Newlands House, 40 Berners Street, London W1T 3NA.

CFGC00539 p1-21.indd MidlandDeals_297x420.indd 8 1 02/06/2021 15:13 28/05/2021 11:46 £1 BILLION OF SUPPORT 2018 FOR MID-SIZED SMEs £186m

ThinCats is a trading name of the ThinCats Group, c/o ESF Capital Limited (Registered in England and Wales No. 09707863) 2nd Floor, Newlands House, 40 Berners Street, London W1T 3NA.

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LDC IGF GROUP

LDC is the UK’s leading mid-market private equity investor. IGF are an independent Asset Based Lender providing working It backs ambitious management teams with the capital and capital and acquisition ﬁ nance of up to £20M for event driven expertise to help realise their growth plans. With 40 years’ opportunities such as MBO’s/MBI’s, acquisitions, reﬁ nance experience, LDC has backed more than 175 management for growth and turnaround. We work very closely with the teams with over £1.4bn across the Midlands. It is committed advisory market to deliver creative solutions in a timely manner, to investing £1.2bn nationally over the next three years. aided by our Deal Team approach which creates certainty around delivery.

Richard David Bains Chris Handy Craig Hinde John Onslow Paul Edmeades Oliver Smith Louise Lee Whitwell Investment Director Origination CEO ABL Director – Associate Senior Client Head of Director Director Midlands ABL Director – Manager the Midlands Midlands

VALUE OF DEALS: £240M* † *Nationally in 2020 DEALS VOLUME OF DEALS: 14 † In the Midlands DEALS Apr 20-Mar 21

INVESTMENT IN ROSS TRUSTEES A&B GLASS GROUP Invested in pensions services specialist £5M ABL Facility Ross Trustees to develop its service offering and expand its workforce

INVESTMENT IN SOLID SOLUTIONS JACOBSON GROUP LDC backed the MBO of software reseller £7.2M ABL Facility Solid Solutions to support organic growth and product development

PANTHER LOGISTICS EXIT HI-TECH STEEL SERVICES LDC exited after a four-year partnership £8.8M ABL Facility which helped the ﬁ rm double revenue, triple proﬁ t and expand internationally

STUART TURNER’S ACQUISITION CHINA INDUSTRIES T/A WOW STUFF! OF MIKROFILL SYSTEMS £4.5M ABL Facility LDC supported the manufacturer’s latest acquisition with follow-on funding

IGF Group, Ofﬁ ce 212 Suite, 2nd Floor, Cornerblock, 2 Cornwall Street, Birmingham B3 2DL Cornwall Buildings, 45 Newhall Street, Tel: +44 (0) 121 237 6500 Birmingham B3 3QR Email: [email protected] Web: www.igfgroup.com | Tel: 07703 107 488

_CorporateCFG p1-21.indd Finance 10 Guide_MBI July.indd 58 01/06/202102/06/2021 10:4115:13 MIDLANDS Corporate Finance ADVERTISEMENT Guide 2021 CORPORATE FINANCE PROFILES How does Entrepreneur’s LDC IGF GROUP Relief work? In 2008, seeking to LDC is the UK’s leading mid-market private equity investor. IGF are an independent Asset Based Lender providing working encourage entrepre- It backs ambitious management teams with the capital and capital and acquisition fi nance of up to £20M for event driven neurship in the UK, the expertise to help realise their growth plans. With 40 years’ opportunities such as MBO’s/MBI’s, acquisitions, refi nance Government introduced experience, LDC has backed more than 175 management for growth and turnaround. We work very closely with the Entrepreneur’s Relief teams with over £1.4bn across the Midlands. It is committed advisory market to deliver creative solutions in a timely manner, (ER). Designed for those to investing £1.2bn nationally over the next three years. aided by our Deal Team approach which creates certainty who are looking to sell around delivery. their business, the Relief essentially reduces the typical 20% capital gains tax rate for higher and additional rate taxpayers to just 10%. No small amount! However, as with all things, the continued existence of Entrepreneur’s Relief is by no means guaranteed, and the Government could potentially opt to reduce – or outright remove – Emma Bridgewater the allowance if they chose to in future. The iconic ceramics brand, based in In fact, Entrepreneur’s Relief has already Stoke-on-Trent, secured a £10.5m felt the hand of The Chancellor in recent years, who cut the maximum gain on lifetime limits Richard David Bains Chris Handy Craig Hinde John Onslow Paul Edmeades Oliver Smith Louise Lee investment – £8m equity from BGF (not allowances for each business sale) which Whitwell Investment Director Origination CEO ABL Director – Associate Senior Client and £2.5m debt facility from HSBC. M&As – troubled businesses looking for Head of Director Director Midlands ABL Director – Manager Entrepreneurs Relief may be claimed from Founded in 1984, the £20m turnover a quick deal to save them from imminent the Midlands Midlands £10m to £1m. company designs and manufactures failure – there have been few full corporate The qualifying criteria is also rigorous hand-decorated pottery and home failures over the past year. According to and complex. For example, if a business products. Freeths, Mazars, Lexington government figures, there were 925 holds too much cash, it may be considered VALUE OF DEALS: £240M* Corporate Finance, Michelmores registered company insolvencies in a non-trading asset – and if the HMRC † *Nationally in 2020 and Bishop Fleming advised. England and Wales in April. That was 23 determines this to be the case, then they DEALS VOLUME OF DEALS: 14 † In the Midlands DEALS Apr 20-Mar 21 per cent lower than that in April 2020 and will outright reject an ER claim! 35 per cent lower than in April 2019. The additional prospect of future tax increases INVESTMENT IN ROSS TRUSTEES A&B GLASS GROUP The low failure rates are due to the has prompted many business owners who were considering a sale in the medium to longer Invested in pensions services specialist £5M ABL Facility NO SHORTAGE government’s furlough and finance term to now explore if it would perhaps make Ross Trustees to develop its service offering OF SELLERS packages, by temporary suspensions of sense to sell up much more quickly. and expand its workforce The appetite of buyers to acquire is insolvency rules, and a new form of With multifaceted aspects of planning matched by the willingness of business administration that puts a company’s INVESTMENT IN SOLID SOLUTIONS JACOBSON GROUP such as Entrepreneur’s Relief, you should owners to sell. The pandemic has led to survival ahead of creditors’ payments. speak to a qualified and experienced financial LDC backed the MBO of software reseller £7.2M ABL Facility large corporates getting rid of under- planner first. Solid Solutions to support organic growth performing subsidiaries – particularly “We’ve seen quite a few and product development those seen to have little future in a speculative offers being The levels and bases of taxation, and reliefs PANTHER LOGISTICS EXIT HI-TECH STEEL SERVICES digitally-driven world; troubled businesses from taxation, can change at any time. The LDC exited after a four-year partnership £8.8M ABL Facility seeking white knights to ride to the accepted, where people value of any tax relief is generally dependent on individual circumstances. which helped the fi rm double revenue, rescue; and ‘mature’ business owners weren’t really thinking of triple profi t and expand internationally deciding now is the time to exit rather David Ryley B.A. (Hons) FPFS Cert CII (FS) than spending a decade rebuilding. selling but an attractive CEO, Ryley Wealth Management Ltd STUART TURNER’S ACQUISITION CHINA INDUSTRIES T/A WOW STUFF! “We’re likely also see an increase in OF MIKROFILL SYSTEMS offer tipped the balance.” £4.5M ABL Facility the number of non-core carve-outs from LDC supported the manufacturer’s latest To discuss any aspect of selling larger corporates as they rationalise and Charlotte Thornton-Smith acquisition with follow-on funding your business, please do get in touch focus on core operations,” says Turner. partner, Harrison Clark Rickerbys with Ryley Wealth Management. “We’ve seen quite a few speculative Tel: 0115 704 3640 offers being accepted, where people However, most experts predict a surge Email: [email protected] weren’t really thinking of selling but an in company failures in the next few Web: www.ryleywm.co.uk attractive offer tipped the balance,” months as those temporary government Ryley Wealth Management Ltd is an Appointed adds Thornton-Smith. protections end, CBILS and BBLS Representative of and represents only St. James’s “We’ve also seen clients having the loans need repaying and deferred VAT Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for IGF Group, Offi ce 212 Suite, 2nd Floor, time to look at their business models becomes due. “Some businesses are the purpose of advising solely on the Group’s wealth Cornerblock, 2 Cornwall Street, Birmingham B3 2DL Cornwall Buildings, 45 Newhall Street, and think again; they are adapting and already dead: they just don’t know it yet,” management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. Tel: +44 (0) 121 237 6500 Birmingham B3 3QR sometimes refocusing, with the M&A observed one dealmaker. Email: [email protected] Web: www.igfgroup.com | Tel: 07703 107 488 activity that accompanies that process.” “The first six months were characterised While there have been many accelerated by Covid-19-hit businesses seeking support

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pxx_Ryley Wealth Management_16633.indd 1 26/05/2021 14:52 A winning combination Recent deals from our Midlands Corporate team

Advising on the acquisition of Kinolt Acting for Reconomy on the Advising management on the SA by the Power Systems business of acquisitions of Noventiz, RLG acquisition by Clayton Dubilier Rolls-Royce plc in July 2020. Group and ReBound in 2020 and & Rice of Wolseley UK from 2021. Ferguson plc.

Advising Daisy and the Acting for Livingbridge and the Acting for Norman Hay plc on management shareholders on the management shareholders on the disposal of its operating investment by Inﬂexion into Digital the sale of Broadstone divisions to Quaker Houghton Wholesale Solutions. to ICG. for £80mn.

Acting for AFH Financial Group plc Advising SEGRO on its corporate Advising Fleetcor Technolgies Inc on on the £230mn recommended structured acquisition of a 450 its acquisition of AFEX, one of the take-private by funds managed by acre logistics site at Gateway world’s largest non-bank cross- Flexpoint Ford, LLC. South, Coventry. border payment solutions providers.

Birmingham O ce Nottingham O ce Mark Beardmore 115 Colmore Row Water Court Senior O ce Partner, Birmingham 116-118 Canal Street Birmingham B3 3AL Nottingham T: +44 (0) 20 7919 4500

eversheds-sutherland.com © Eversheds Sutherland 2021. All rights reserved. Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP are part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of oces, please visit www.eversheds-sutherland.com. DTUK003746_05/21

CFGUntitled-5 p1-21.indd 1 12 02/06/202125/05/2021 15:1317:02 MIDLANDS Corporate Finance Guide 2021

A winning through government schemes, mostly from incumbent banks. For the most part, lenders MANUFACTURING were supportive with covenant waivers and combination additional liquidity support,” says Joe Dyke, RETAIL partner at Clearwater International. “There PROFESSIONAL, SCIENTIFIC AND TECHNICAL Recent deals from will be some inevitable unwinding of the support provided by lenders and through INFORMATION AND COMMUNICATION the government schemes over the next our Midlands year or so. We expect sufficient market ADMINISTRATIVE AND SUPPORT SERVICE liquidity to support this but borrowers may Corporate team need to consider a range of options to find FINANCIAL AND INSURANCE one that matches their needs.” MIDLANDS DEALS “The full impact of the pandemic has CONSTRUCTION & PROPERTY BY SECTOR been insulated by UK governmental measures such as VAT deferrals, furlough HUMAN HEALTH AND SOCIAL WORK and CBILS,” adds Noel Hayward, of law Source Experian form DLA Piper, who says about a fifth TRANSPORTATION AND STORAGE of transactions post-Covid have been Advising on the acquisition of Kinolt Acting for Reconomy on the Advising management on the distressed. “We must prepare for a rocky OTHER SA by the Power Systems business of acquisitions of Noventiz, RLG acquisition by Clayton Dubilier road for certain industries. For many, that 050 100 150 200 250 300 050 100 150 200 250 300 Rolls-Royce plc in July 2020. Group and ReBound in 2020 and & Rice of Wolseley UK from may mean insolvency as, unfortunately, we NUMBER OF DEALS 2021. Ferguson plc. predict an uptick in distressed transactions before the end of 2021.” “What will the trends be like for Most pundits believe this is a long-term hottest sectors right now and this will likely corporate and individual insolvencies? The development, as the pandemic has continue,” adds Turner, of Shoosmiths. view seems to be that these will increase rapidly accelerated a tech revolution that “We’re also seeing a lot of deals in infra- following the end of the government was already under way. structure, healthcare, financial services, financial support package,” adds Hughes. “There’s been a flight to quality, and education.” particularly for technology or technology Other winners have included food Advising Daisy and the Acting for Livingbridge and the Acting for Norman Hay plc on enabled businesses, due to high recurring manufacturing, infrastructure, construction, management shareholders on the management shareholders on the disposal of its operating SECTORS investment by Inﬂexion into Digital the sale of Broadstone divisions to Quaker Houghton revenue profiles, an ability to capitalise on financial services, education logistics and Wholesale Solutions. to ICG. for £80mn. Different sectors have had very diverse the fact Covid-19 has driven the biggest industrials. Property, particularly housing fortunes during the pandemic. The stock of surge in technology investment in history, and retirement living, also seems to be markets such as technology and health- and their resilient business models,” says picking up in activity. care have soared, while industries such as Dyke. “Some sectors have now “The last 12 months have been very high street retail have plummeted. permanently changed due to the impact busy in tech, healthcare and financial Technology has been the standout sector of Covid-19, where we have seen services in particular, which are all likely for deals during lockdown, as almost every businesses ramp up or even introduce to remain very busy, but other sectors Acting for AFH Financial Group plc Advising SEGRO on its corporate Advising Fleetcor Technolgies Inc on business has moved its communications a digital offering for the first time.” are opening up again with a consumer on the £230mn recommended structured acquisition of a 450 its acquisition of AFEX, one of the online to find digital routes to market. “Tech and digital are without doubt the spending and leisure boom probably not take-private by funds managed by acre logistics site at Gateway world’s largest non-bank cross- very far away,” adds Beardmore. Flexpoint Ford, LLC. South, Coventry. border payment solutions providers. In contrast, traditional retail has suffered BIGGEST MANAGEMENT BUYOUTS greatly with few transactions apart from distressed deals. Meanwhile, hospitality VALUE DEAL TYPE TARGET and tourism are still struggling to recover. Birmingham O ce Nottingham O ce Mark Beardmore £38,000,000 Management buyout Green Frog Power Senior O ce Partner, 115 Colmore Row Water Court £17,000,000 Management buyout Graham High Group Birmingham 116-118 Canal Street Birmingham INTERNATIONAL DEALS B3 3AL Nottingham T: +44 (0) 20 7919 4500 £15,000,000 Secondary buyout DSM Demolition Had coronavirus not broken out, the big £8,000,000 Management buyout Theorem Solutions story of 2020-21 would have been Brexit. Instead, Britain’s tortuous departure from £2,570,000 Management buyout Hallam Internet the European Union has become a £2,500,000 Management buyout Hastings Freight footnote in the events of the past year. Yet eversheds-sutherland.com many dealmakers believe that its long term © Eversheds Sutherland 2021. All rights reserved. £1,600,000 Management buyout Spirit Health Group impact on M&A has been masked, rather Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP are part of a global legal practice, operating through various separate and £500,000 Management buyout CeraCon than lessened, by the Covid crisis, and will distinct legal entities, under Eversheds Sutherland. For a full description of the emerge in the months ahead. structure and a list of oces, please visit www.eversheds-sutherland.com. DTUK003746_05/21 Source Experian “I don’t think that Brexit had much of an

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BGF

BGF is a different kind of investor, dedicated to supporting growth and value creation in entrepreneurial companies. We exist to inspire business owners, innovators and value creators to build strong, sustainable businesses. Set up in 2011, we are a minority investor with a patient outlook, based on shared long-term goals with ambitious management teams. We have £2.5bn to back growing companies across every region and sector of the economy and with 16 ofﬁ ces, we work alongside the businesses we invest in. Initial investments range between £1m and £15m and we can provide signiﬁ cant further funding as companies continue to grow. We have invested nearly £511m across 72 businesses based in the Midlands since 2011 and are always looking for strong businesses to partner with to support business owners to scale-up their own company and achieve our shared ambitions by accelerating growth.

Gurinder Sunner – Head of Midlands Tom Horton – Investor Gurinder leads the Midlands team and has been in- Tom joined BGF in January 2019. Based in Birming- volved in nearly 40 transactions, including Victoria PLC, ham, Tom focuses on origination and transaction GCI, Chase Distillery, Purity Brewing and ReBOUND. execution and joins BGF after more than 15 years in This year, Gurinder has led the successful exits of CHS Business and Corporate Banking. This year, Tom led in- Healthcare, Chase Distillery and ReBOUND, as well as vestment into Aceleron and a £4 million follow-on into sponsoring the wider team’s investments. Sertec as he joined the boards of both businesses.

Seb Saywood – Investor Aaron Baker – Investor Seb joined BGF in 2018 to open the East Midlands Having joined BGF in 2013, Aaron is now based in ofﬁ ce, which has deployed nearly £30 million of capital Nottingham with a focus on the wider East Midlands. in the past six months as BGF continues to support the He is involved in the full spectrum of the BGF region’s growth economy businesses with recent in- process and led BGF’s investments into UK Flooring vestments into Jola Cloud Solutions and Brisant Secure. Direct and Woodall Homes this year.

DEALS

ACELERON UK FLOORING DIRECT JOLA CLOUD SOLUTIONS CHASE DISTILLERY REBOUND BGF backed Birming- In November 2020, BGF BGF invested £10.25 In October 2020, BGF In May 2021, BGF ham’s Aceleron, the UK invested £8 million into million in Jola Cloud announced the success- announced a successful developer of sustainable UK Flooring Direct. The Solutions Ltd – the ful exit of its minority exit from Telford-head- and reusable battery Leicester-headquartered award-winning mobile investment in Chase quartered ReBOUND, solutions, in July 2020. fast-growing ecommerce data specialist and eSIM Distillery, the owner of the technology plat- The investment enabled business plans to scale Mobile Virtual Network Chase GB Gin and the form which manages Aceleron to scale the the brand and support Operator (MVNO). BGF’s award-winning Chase returns for retailers, such production of its unique new ranges, as well as backing will support Original Potato Vodka, as ASOS, Gymshark, circular economy battery opening an ofﬁ ce in continued growth of the after Diageo announced Missguided, JD Sports technology and expand China and ongoing en- channel partner base and that it has reached an and Sweaty Betty. BGF its reach across global hancements in customer the introduction of new agreement to acquire the backed ReBOUND in markets. experience. products and capabili- spirits portfolio. October 2018 and in ties to existing and new this period, annual sales channel partners. increased by 130%.

BGF, The Lewis Building, 35 Bull Street, Birmingham B4 6AF | Tel: 0121 233 8709 BGF Nottingham BizSpace, Cumberland House 35 Park Row Nottingham NG1 6EE | Tel: 0115 871 2088 Web: www.bgf.co.uk | Email: [email protected] Twitter: @BGFinvestments | LinkedIn: www.linkedin.com/company/bgﬁ nvestments

CFG_Corporate p1-21.indd Finance 14 Guide_MBI July.indd 59 02/06/202101/06/2021 15:1310:41 MIDLANDS Corporate Finance Guide 2021 CORPORATE FINANCE PROFILES

BGF impact last year on transactions – to a large extent the impact of Brexit will be felt much more this year and next BGF is a different kind of investor, dedicated to supporting growth and value creation in entrepreneurial companies. We exist to inspire than last year, with Brexit becoming lost in business owners, innovators and value creators to build strong, sustainable businesses. Set up in 2011, we are a minority investor with the noise of the pandemic,” says Hughes. a patient outlook, based on shared long-term goals with ambitious management teams. We have £2.5bn to back growing companies “The impact of Brexit is still playing out across every region and sector of the economy and with 16 offi ces, we work alongside the businesses we invest in. Initial investments and shouldn’t be underestimated,” says range between £1m and £15m and we can provide signifi cant further funding as companies continue to grow. We have invested nearly Ward. “There are a number of sectors that £511m across 72 businesses based in the Midlands since 2011 and are always looking for strong businesses to partner with to support are seeing real impacts. Overall, the UK business owners to scale-up their own company and achieve our shared ambitions by accelerating growth. has remained an attractive place to acquire and we see really healthy international Gurinder Sunner – Head of Midlands Tom Horton – Investor appetite for our sale mandates. Gurinder leads the Midlands team and has been in- Tom joined BGF in January 2019. Based in Birming- “Post-Brexit, I believe cross-border M&A volved in nearly 40 transactions, including Victoria PLC, ham, Tom focuses on origination and transaction with Europe is likely to increase, in both GCI, Chase Distillery, Purity Brewing and ReBOUND. execution and joins BGF after more than 15 years in directions, as businesses increasingly see This year, Gurinder has led the successful exits of CHS Business and Corporate Banking. This year, Tom led in- the need for a physical presence in the UK Flooring Direct Healthcare, Chase Distillery and ReBOUND, as well as vestment into Aceleron and a £4 million follow-on into Leicestershire-based UK Flooring respective markets,” adds Sanders. sponsoring the wider team’s investments. Sertec as he joined the boards of both businesses. Direct secured a £8m investment from BGF to support its growth Seb Saywood – Investor Aaron Baker – Investor THE RISE OF EQUITY ambitions. The business is using Seb joined BGF in 2018 to open the East Midlands Having joined BGF in 2013, Aaron is now based in has been striking,” adds Ward. “This is the funds to scale the brand and offi ce, which has deployed nearly £30 million of capital Nottingham with a focus on the wider East Midlands. The funding stream that has prospered in part driven by the impressive support support range extensions, as well in the past six months as BGF continues to support the He is involved in the full spectrum of the BGF more than any other in dealmaking has the government has made available in as opening an office in China to region’s growth economy businesses with recent in- process and led BGF’s investments into UK Flooring been equity. The pandemic has accelerated response to the pandemic. In terms of support procurement and product vestments into Jola Cloud Solutions and Brisant Secure. Direct and Woodall Homes this year. a trend that has seen equity take a bigger support for deals, both equity and debt development. share of deals and a wider role. markets remain buoyant.” The company, which supplies its Traditionally, private equity (PE) has own-brand wood, laminate and DEALS been associated with buyouts, but in the vinyl flooring to trade and direct years leading up to lockdown it began to GREEN to consumers, was established get increasingly involved with providing “It is a behemoth across the markets,” says by chief executive Jason Ashby in growth finance in exchange for equity Hayward. “A year ago ESG [environmental, 2005, and now expects its revenue stakes. However, in the last year or so PE social and corporate governance] was a to top £50m in 2020, having doubled has started making its presence felt by trend in dealmaking. Now, no matter the sales over the past two years. supporting buy and build strategies (B&B) sector, deal size or geography involved, Browne Jacobson, BDO, ACELERON UK FLOORING DIRECT JOLA CLOUD SOLUTIONS CHASE DISTILLERY REBOUND – supporting existing portfolio companies ESG is a key factor in all dealmaking.” Winterbrook, Osborn Chapple and BGF backed Birming- In November 2020, BGF BGF invested £10.25 In October 2020, BGF In May 2021, BGF to acquire other firms, often reduced in The green agenda has come to the Hill Dickinson advised. ham’s Aceleron, the UK invested £8 million into million in Jola Cloud announced the success- announced a successful price because of the pandemic. forefront of dealmaking quickly. developer of sustainable UK Flooring Direct. The Solutions Ltd – the ful exit of its minority exit from Telford-head- “Many business owners are looking A few years ago it was seen as an esoteric and reusable battery Leicester-headquartered award-winning mobile investment in Chase quartered ReBOUND, to make acquisitions, enter new markets 2020-21 were buyouts and buy-ins, 83 part of the due-diligence process, solutions, in July 2020. fast-growing ecommerce data specialist and eSIM Distillery, the owner of the technology plat- and de-risk some of their own personal were development capital and there were there largely to assuage the consciences The investment enabled business plans to scale Mobile Virtual Network Chase GB Gin and the form which manages investment in 2021,” says Sunner. “These seven recorded acquisitions. However, the of investors in ethical funds or because Aceleron to scale the the brand and support Operator (MVNO). BGF’s award-winning Chase returns for retailers, such entrepreneurs were likely to consider true number of equity-backed acquisitions the target business worked in a production of its unique new ranges, as well as backing will support Original Potato Vodka, as ASOS, Gymshark, private equity, but we will also see was far higher, with many completed off sector specialising in sustainability. circular economy battery opening an offi ce in continued growth of the after Diageo announced Missguided, JD Sports technology and expand China and ongoing en- channel partner base and that it has reached an and Sweaty Betty. BGF more employee ownership trusts and record and with no publicity. There are However, a report by PwC says that its reach across global hancements in customer the introduction of new agreement to acquire the backed ReBOUND in management buyouts as part of this fabulous amounts of cash sitting in equity 42 per cent of investors expect ESG to markets. experience. products and capabili- spirits portfolio. October 2018 and in wider succession planning. There is also funds looking for investments – industry become significantly more important in ties to existing and new this period, annual sales significant opportunity for well-capitalised body the BVCA says there were 443 M&A decisions in 2021. channel partners. increased by 130%. businesses to accelerate growth with a PE-led deals in Britain in the second half of Hayward reckons this is more than buy and build strategy or fast tracking a 2020, worth a total of £37.4bn when other just showing a token green conscience: roll-out of new sites. funding streams were included. stakeholders recognise the balance sheet According to Experian, there were 127 “Access to capital is not holding the value that results from good or even basic deals in the Midlands in the year to 31 market back,” adds Sanders. “One leading ESG practices. He expects ESG will quickly March that involved equity funding. That private equity sponsor told me recently, become a key element of due-diligence compared with 120 the previous fiscal ‘you’re testing my market’s appetite for risk and market literature – “as regular an BGF, The Lewis Building, 35 Bull Street, Birmingham B4 6AF | Tel: 0121 233 8709 year and 158 in 2018-19. This showed just and finding it has it in abundance’. The occurrence as GDPR compliance”. BGF Nottingham BizSpace, Cumberland House 35 Park Row Nottingham NG1 6EE | Tel: 0115 871 2088 how the role of equity funding has grown pandemic has been a test for how “Strong environmental credentials are Web: www.bgf.co.uk | Email: [email protected] in M&A as the total number of deals in the businesses behave in a downturn and that no longer nice to have,” adds Sanders. “It’s Twitter: @BGFinvestments | LinkedIn: www.linkedin.com/company/bgfi nvestments Midlands fell by 30 per cent. has undoubtedly helped a number of deals.” increasingly important that we all start to Of those equity-backed deals, 31 in “The amount of liquidity in the market think seriously about our carbon footprint.”

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complicated and over-crowded financial “Investment is essential nor flexible enough to suit the needs of a marketplace, often businesses do not have business’ growth strategy, all is not lost. SME GROWTH BUSINESSES NAVIGATING the knowledge of where to begin so lean for seizing business By speaking to trusted advisors, towards what they already know. opportunities at a time when accountants or researching regional THE FUNDING LANDSCAPE MAY NEED alternative funders, a business can narrow Steering attitudes other businesses will be down the list of investors. A simple & understanding alternatives looking to do the same.” conversation regarding fund availability, ALTERNATIVE ROUTES But the business leaders that do invest and the process of investment will help time in exploring alternative providers to foster supportive investor relationships Rapid growth rarely happens without the right business funding, although finding the most suitable go on to develop long-lasting investment from the start. And even if an alternative investment partner is often half the battle. FDC explores how to navigate the funding landscape and relationships, accessing an otherwise over- advisors and broaden considerations, as funder is not suitable for a business at that looked resource that can be instrumental in alternative funders can offer a more flexible time, they will be able to offer advice and discusses how traditional lenders are not the only options to consider. achieving growth plans. This is especially and understanding approach compared to signpost businesses to a better path. the case if traditional bank lending is not traditional lenders. A business needs to establish the an option nor appropriate for the business. Investment is essential for seizing journey it wishes to take and plot crucial Having the right finance provider can business opportunities at a time when points along the way. Every business is have positive influences on the business other businesses will be looking to do the unique and a good alternative funder will performance, with an alternative funder same and expand, so it is a competitive help to determine the type of finance taking a holistic view on a business’ advantage to start and maintain such required, term length and suitable situation and providing ‘more than money’. a dialogue with both corporate finance repayment structure which in turn will They can often give the clarity a business advisors and funding providers. support the best approach to growth. needs by advising on management Whether debt, mezzanine or equity concerns and support a business to Unprecedented roadblocks finance, business confidence is key if any achieve core goals. This is especially the 2020 was an unexpected and incredibly investor is to commit capital. Especially case if the funder has experience of trying year, where business plans were in uncertain times, investors need to see supporting similar businesses going turned upside down. With supply issues, a robust strategy, strong track record and through a cycle of growth and development. demand issues, production and staffing a capable management team. Though the issues to name a few – there was no way impact of the pandemic will have affected Alternative routes bring flexibility of forecasting for 2020, causing a deep many businesses, stating clearly how a There isn’t one route that suits all when impact on business trading performance. business operated before the pandemic as it comes to assessing the right funding However, businesses should not worry well as during will help alternative funders options; there are many twists and forks too much at this impact. Alternative take a holistic view and advise which in the road depending on sector, business funders understand that the last 12-month funds are most suitable. model, speed of growth and strategy. period was an unusual one for business However, alternative funders can bridge performance. the gap between cautious banks and They can make adjustments for Sue Summers, CEO of FDC more profitable businesses able to fund turbulent times and accept 2020 was not comments: “Sourcing the their own growth plans. a normal trading year. They have a greater Alternative funders, like Frontier understanding of and take a holistic look right funding and investment With many businesses now at the tail end latest ‘Small Business Finance Markets’ Development Capital (FDC), offer the at businesses, considering a business’ partner can be a challenging of the pandemic storm, it is predicted report, SME businesses have increasingly flexibility businesses need in uncertain situation pre-pandemic. process but one that can be a that the UK economy will begin to grow become self-reliant when considering economic times. Dealing with businesses When discussing investment with rapidly. Businesses will want to keep pace external finance, with 75% of businesses “ The alternative funding on a case-by-case basis, they understand alternative lenders the ‘Covid’ account primary catalyst that enables and there will be significant demand for only considering one provider in 2020, landscape has grown that no two business strategies are alike. blip is an accepted hiccup in business growth and expansion. external investment to support growth primarily bank lending. By following non-algorithmic processes, continuity. What is of most importance FDC has always strived to plans over the next 12 months. The alternative funding landscape has exponentially in recent alternative investment terms can be flexed is the flexibility and development of that work alongside ambitious However, as government schemes like grown exponentially in recent years with years with a plethora of to suit a business’ needs rather than SME’s future business plan. CBILS and BBLS draw to a close and a plethora of equity and lending products defaulting to a ‘computer says no’ response. management teams in order traditional bank lenders remain more risk for every possible business requirement. equity and lending Amid the growing assortment of What do businesses need to to provide flexible debt averse, the first step for an SME’s financing Many SME decision makers lack the products for every possible innovative financial solutions to choose consider when exploring the solutions that support business journey is understanding the types of time and specialist financial expertise to from, there are often options to structure alternative finance landscape? models when traditional investment available and how alternative research the wide array of non-traditional business requirement.” funding differently to the ‘one-dimensional’ First and foremost a business should providers are also viable options. funding options available to them, and approach typically associated with weigh up the cost of finance compared lending isn’t an option, bridging more importantly, to successfully secure traditional bank lending. with overall gain. Traditional bank lending he funding gaps businesses Lack of time & funding expertise the capital they’re seeking. Therefore, it is essential that business is cheaper than alternative funding. often encounter.” According to the British Business Bank’s With limited time to consider the owners take the time to talk to trusted However, if bank lending is not suitable

For more information on alternative lending visit www.frontierdevelopmentcapital.com

CFGFDC dpsp1-21.indd profile 16651.indd 16 All Pages 02/06/2021 15:13 25/05/2021 15:52 ADVERTISING PROFILE

For more information on alternative lending visit www.frontierdevelopmentcapital.com

FDC dps profile 16651.indd All Pages CFG p1-21.indd 17 25/05/202102/06/2021 15:5215:13 CORPORATE FINANCE PROFILES

NORTHEDGE CATTANEO CORPORATE FINANCE

NorthEdge manages over £900m of private equity funds Established in 2005, Cattaneo specialises in providing bespoke aimed at lower-mid market buy-out and development capital corporate fi nance advice and transaction execution services transactions. With offi ces in Birmingham, Manchester and to private companies, public companies, management teams Leeds, NorthEdge backs the most entrepreneurial and and shareholders. We originate, structure, negotiate and project ambitious management teams who recognise the value manage corporate acquisitions, disposals and fundraisings on in having an experienced business partner alongside them behalf of clients, with each assignment being led by a senior to help them build a better business. corporate fi nancier. We are experts in cross border transactions.

Andrew Skinner Kevin James Hales Charles Cattaneo Martyn Pilley Scott Peters Matt Jones Director, Head O’Loughlin Director, Head Partner Partner Associate Executive of Midlands Investment of Origination Director Director

DEALS DEALS

CORRELA AVANTIS – CASH OUT/DEVELOPMENT CAPITAL Acquired Correla to support its strategy £4.25m Private Equity investment from of assisting the gas industry meet net Key Capital Partners zero ambitions

ALTIA MASIMO – TAKEOVER OFFER Backed primary MBO of Altia to grow £31m Takeover Code offer for LiDCO Group the business’ target market through PLC by California based Masimo acquisitions and product investment

CATALIS GROUP FALFISH – SALE Completed two bolt-on acquisitions Sale to Wm Morrison Supermarkets PLC during lockdown to drive forward the business’ international expansion plans

ORBIS PROTECT SILMID – SALE Completed the acquisition of Optosafe Sale to GracoRoberts of the US following a strong period of organic growth in 2020

The Colmore Building, 20 Colmore Circus Queensway, Birmingham B4 6AT Tel: 0121 312 4660 Email: [email protected] Web: www.northedge.com Cattaneo Corporate Finance, Livery Place, LinkedIn: www.linkedin.com/ 35 Livery Street, Birmingham B3 2PB company/northedge-capital Tel: 0121 274 2300 | Web: www.cattaneo.co.uk

CFG_Corporate p1-21.indd Finance 18 Guide_MBI July.indd 60 02/06/202101/06/2021 15:1310:41 MIDLANDS Corporate Finance Guide 2021 CORPORATE FINANCE PROFILES

NORTHEDGE CATTANEO CORPORATE FINANCE

NorthEdge manages over £900m of private equity funds Established in 2005, Cattaneo specialises in providing bespoke LAWYERS aimed at lower-mid market buy-out and development capital corporate fi nance advice and transaction execution services BY SECTOR SPECIALISM transactions. With offi ces in Birmingham, Manchester and to private companies, public companies, management teams ACTONS BHW BROWNE JACOBSON DLA PIPER DWF EVERSHEDS SUTHERLAND FREETHS FLINT BISHOP GATELEY GELDARDS HARRISON CLARK RICKERBYS HOWES PERCIVAL MILLS & REEVE KNIGHTS MFG NELSONS PATTERSONS PINSENT MASONS ROYTHORNES SHAKESPEARE MARTINEAU SHOOSMITHS SILLS & BETTERIDGE BOGGS SQUIRE PATTON THURSFIELDS WEIGHTMANS Leeds, NorthEdge backs the most entrepreneurial and and shareholders. We originate, structure, negotiate and project ACCOMMODATION n n n n n n n n n n n n n n n n n n ambitious management teams who recognise the value manage corporate acquisitions, disposals and fundraisings on in having an experienced business partner alongside them behalf of clients, with each assignment being led by a senior ADMIN & SUPPORT SERVICES n n n n n n n n n n n n n n n n n n to help them build a better business. corporate fi nancier. We are experts in cross border transactions. AGRICULTURE, FISHING & FORESTRY n n n n n n n n n n n n n CONSTRUCTION n n n n n n n n n n n n n n n n EDUCATION n n n n n n n n n n n n n n n n n FINANCIAL & INSURANCE SERVICES n n n n n n n n n n n n n n n n n n n n n n n n n FOOD & DRINK n n n n n n n n n n n n n n n n n n n n n n n n n HUMAN HEALTH & SOCIAL WORK n n n n n n n n n n n n n n n n n n n n n IT & TELECOM n n n n n n n n n n n n n n n n n n n n n n

Andrew Skinner Kevin James Hales Charles Cattaneo Martyn Pilley Scott Peters Matt Jones LEISURE n n n n n n n n n n n n n n n n n n n n n n n Director, Head O’Loughlin Director, Head Partner Partner Associate Executive MANUFACTURING (METAL & MACHINE PRODUCTS) n n n n n n n n n n n n n n n n n n n n n n n of Midlands Investment of Origination Director Director MANUFACTURING (OTHER) n n n n n n n n n n n n n n n n n n n n n n MINING & MINERALS n n n n n n n n n n n n OTHER SERVICES n n n n n n n n n n n n n n n n n n n DEALS DEALS PROFESSIONAL, SCIENTIFIC & TECHNICAL n n n n n n n n n n n n n n n n n n n n n n PROPERTY (NOT CONSTRUCTION) n n n n n n n n n n n n n n n n n n n n n n n RECRUITMENT & HR n n n n n n n n n n n n n n n n n n n n n n n CORRELA AVANTIS – CASH OUT/DEVELOPMENT CAPITAL RETAIL n n n n n n n n n n n n n n n n n n n n n n n Acquired Correla to support its strategy £4.25m Private Equity investment from of assisting the gas industry meet net Key Capital Partners TRANSPORT & STORAGE n n n n n n n n n n n n n n n n n n n n n n n zero ambitions UTILITIES (EXC IT & TELECOM) n n n n n n n n n n n n n n ALTIA MASIMO – TAKEOVER OFFER WHOLESALE n n n n n n n n n n n n n n n Backed primary MBO of Altia to grow £31m Takeover Code offer for LiDCO Group the business’ target market through PLC by California based Masimo acquisitions and product investment

CATALIS GROUP FALFISH – SALE Wattbike Completed two bolt-on acquisitions Sale to Wm Morrison Supermarkets PLC Wattbike, which makes during lockdown to drive forward the static bikes for the likes of business’ international expansion plans Olympians, the Army and the England football team, secured ORBIS PROTECT SILMID – SALE an £11.5m investment from Completed the acquisition of Optosafe Sale to GracoRoberts of the US private equity house Piper. following a strong period of organic The investment is helping the growth in 2020 Nottingham-based company, established in 2007 by former world champion rower Ian The Colmore Building, Wilson in collaboration with 20 Colmore Circus Queensway, British Cycling, grow in the Birmingham B4 6AT UK and expand in the US and Tel: 0121 312 4660 Asia. Ashcombe, Houlihan Email: [email protected] Lokey and White & Case Web: www.northedge.com Cattaneo Corporate Finance, Livery Place, advised the company on the LinkedIn: www.linkedin.com/ 35 Livery Street, Birmingham B3 2PB transaction. Pinsent Masons company/northedge-capital Tel: 0121 274 2300 | Web: www.cattaneo.co.uk and RSM advised Piper.

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CORPORATE FINANCE ADVISERS BY SECTOR ALANTRA AZETS BDO BISHOP FLEMMING BISHOPSGATE & BULLOCK BURGIS BREEZE CATTANEO CLEARWATER PARRY COOPER CROWE DAINS DELOITTE EY FRP GRANT THORNTON GCA ALTIUM GOODMAN HSKS GREENHALGH MHA MACINTYRE HUDSON KPMG LEE MAZARS MIDSHORE PRIME PROVANTAGE PWC RSM SKYE SPRINGBOARD SMITH COOPER TOUCHSTONE UHY HACKER YOUNG

ACCOMMODATION n n n n n n n n n n n n n n n n n n n n ADMIN & SUPPORT SERVICES n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n AGRICULTURE, FISHING & FORESTRY n n n n n n n n n n n n n n n n CONSTRUCTION n n n n n n n n n n n n n n n n n n n n n n n n n n n n n EDUCATION n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n FINANCIAL & INSURANCE SERVICES n n n n n n n n n n n n n n n n n n n n n n n n n n n n FOOD & DRINK n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n HUMAN HEALTH & SOCIAL WORK n n n n n n n n n n n n n n n n n n n n n n n n n n n IT & TELECOM n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n LEISURE n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n

MANUFACTURING (METAL & MACHINE PRODUCTS) n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n MANUFACTURING (OTHER) n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n MINING & MINERALS n n n n n n n n OTHER SERVICES n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n PROFESSIONAL, SCIENTIFIC& TECHNICAL n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n PROPERTY (NOT CONSTRUCTION) n n n n n n n n n n n n n n n n n n n n n RECRUITMENT & HR n n n n n n n n n n n n n n n n n n n n n n n n n n n n n RETAIL n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n TRANSPORT & STORAGE n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n UTILITIES (EXC IT & TELECOM) n n n n n n n n n n n n n n n n n n n n n n n n n n WHOLESALE n n n n n n n n n n n n n n n n n n n n n n n n n n n n

Panther Panther, the Northampton-based £60m-turnover logistics business, was acquired by US counterpart AIT Worldwide Logistics, providing an exit for private equity house LDC. LDC’s Midlands team originally invested in 2016 as part of a £17m management buyout. Arrowpoint Advisory and Eversheds Sutherland advised. “It was a great example of a private equity partnership helping a management team to deliver an organic growth strategy,” said LDC’s Midlands head Richard Whitwell. “The deal concluded a successful four-year partnership with the management team which helped the business to develop its position as the UK’s largest independent, two-man home delivery firm, and support international expansion. We helped the business increase its headcount by 300, and strengthen its board and management team. “When the pandemic hit, we stayed close to the business and helped it go from strength-to-strength ahead of the exit in November 2020.”

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CORPORATE FINANCE ADVISERS BY SPECIALISM ALANTRA AZETS BDO BISHOP FLEMMING BISHOPSGATE BREEZE & BULLOCK BURGIS CATTANEO CLEARWATER PARRY COOPER CROWE DAINS DELOITTE FRP EY GCA ALTIUM GOODMAN GRANT THORNTON HSKS GREENHALGH KPMG LEE MAZARS MHA MACINTYRE HUDSON MIDSHORE PRIME PROVANTAGE PWC RSM SKYE SMITH COOPER SPRINGBOARD TOUCHSTONE UHY HACKER YOUNG

ACQUISITIONS n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n BUY & BUILD n n n n n n n n n n n n n n n n n n n n n n n n n n n n n

BUYOUTS (INC MBOS, MBIS, BUY-INS AND EBOS) n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n CASH OUT TRANSACTIONS n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n COMPANY RESTRUCTURING & RE-ORGANISATIONS n n n n n n n n n n n n n n n n n n n n n n n n CORPORATE VALUATIONS n n n n n n n n n n n n n n n n n n n n n n n n n n n n DEAL CREATION & ORIGINATION n n n n n n n n n n n n n n n n n n n n n n n n n n n n n DEBT ADVICE n n n n n n n n n n n n n n n n n n n n n n n n n n n n DEPOSIT & INVESTMENT ADVICE n n n n n DUE DILIGENCE (SALE AND BUYSIDE) n n n n n n n n n n n n n n n n n n n n n EMPLOYEE SHARE INVECTIVES n n n n n n n n n n n n n n n n n n n n n n n EXIT STRATEGIES n n n n n n n n n n n n n n n n n n n n n n n n n n n n n FINANCIAL RISK ASSESSMENT n n n n n n n n n n n n n FLOTATIONS & STOCK EXCHANGE ADVICE n n n n n n n n n n n n GRANT SOURCING & APPLICATIONS n n n n n n n n INDUSTRY COMPETITOR RESEARCH n n n n n n n n n n n n n n n n

INFRASTRUCTURE FINANCE (PPP/PFI) n n n n n n INSTITUTIONAL TRANSACTIONS n n n n n n n n n n n n n n n n n n n n n n n JOINT VENTURES n n n n n n n n n n n n n n n n n n n n n n LICENCING AGREEMENTS n n n n n n LIMITED LIABILITY PARTNERSHIPS & PARTNERSHIP AGREEMENTS n n n n n n n n n n n n n MARKET VALUATIONS n n n n n n n n n n n n n n n n n n n n n n n MERGERS & DEMERGERS n n n n n n n n n n n n n n n n n n n n n n n n n n n n n PRE-SALE PLANNING/GROOMING n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n PUBLIC TO PRIVATE n n n n n n n n n n n n n n n n n RAISING FINANCE, REFINANCING & RECAPITALISATION n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n SALES & LEASEBACK n n n n n n n n n n n n SECURITISATION n n n n n SHARE ISSUES & VALUATIONS n n n n n n n n n n n n n n n n n n n n n n n SHAREHOLDER AGREEMENTS n n n n n n n n n n n n n n n n n n n STARTUPS/SEED FUNDING ADVICE n n n n n n n n n n n n n n n STRATEGIC PLANNING n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n SUCCESSION PLANNING n n n n n n n n n n n n n n n n n n n n n n n n n n n n n TAX ADVICE n n n n n n n n n n n n n n n

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HIGGS & SONS

Richard Grifﬁ ths – Partner, Head of Corporate Geoff Kettle – Partner, Head of Healthcare Specialises in all corporate ﬁ nance matters, including A focussed healthcare lawyer, specialising in mergers asset and share acquisitions and disposals, corporate and acquisitions within the sector, assisting both reorganisations, funding arrangements and corporate owner-managed businesses and corporate groups. governance.

John Heaton – Partner, Head of Business Services Jamie Partington – Partner, Head of Tech and High Growth An experienced M&A specialist heading up the Specialises in venture capital, private equity and M&A, Business Services Department which incorporates guiding funds and fast-growing businesses through the ﬁ rm’s corporate, tax, commercial, restructuring and investment rounds, scale up and exit. succession offering.

DEALS

GFORCES ESP INTERSERVE OLD STATION NURSERY GROUP Higgs advised the sharehold- Higgs advised the shareholders Higgs supported a management Retained advisors to top ers of automotive technology on their sale of the share capital team, backed by Endless LLP’s 20 nursery group Old Station business GForces on its private of Malvern based manufacturer Enact fund, on its buyout of Nursery advising on numerous equity investment from Inﬂ exion of professional hygiene prod- Interserve Learning & Employ- acquisitions as part of its Private Equity and subsequent ucts, Essential Supply Products ment from the Interserve Group. strategic expansion. Higgs merger with fellow automotive Limited to the Italian corporate, Moving forward as ‘Realise’, offers broad spectrum support industry software supplier Auto- Lucart Group. The deal saw the business is one of the and guidance from corporate futura. Headquartered out of the Lucart become one of Europe’s UK’s leading training providers, tax to pensions, employment UK, the group’s global presence largest tissue producers for the delivering apprenticeships, adult to property matters. OSN was includes ofﬁ ces in Australia, commercial ‘away from home’ learning and development pro- acquired by French childcare Canada, Germany, Vietnam, UAE market. grammes across the country. giant La Maison Bleue in 2019, and the USA. a deal also orchestrated by Higgs.

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

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HIGGS & SONS

Higgs’ Corporate Team is fi rmly established as one of the largest and most progressive M&A teams in the region. With its enviable client base, the team is established as a prolifi c adviser to entrepreneurs, owner managed businesses, banks, VCs and major corporates. It has DEAL US IN! forged a reputation as being a no-nonsense and commercially astute adviser on high value and complex transactions across the region and very much beyond. True partner led advice is provided where the partners roll their sleeves up and fully immerse themselves in the The pandemic may have delayed the announcement of the detail of the transaction from day one right through to completion. 2020 Midlands Dealmakers Awards, but there are still plenty of good reasons to celebrate the stars and successes of the region’s M&A community Richard Griffi ths – Partner, Head of Corporate Geoff Kettle – Partner, Head of Healthcare Specialises in all corporate fi nance matters, including A focussed healthcare lawyer, specialising in mergers asset and share acquisitions and disposals, corporate and acquisitions within the sector, assisting both reorganisations, funding arrangements and corporate owner-managed businesses and corporate groups. Corporate Social Responsibility governance. Shortlisted l LDC John Heaton – Partner, Head of Business Services Jamie Partington – Partner, Head of Tech and High Growth l Claritas Tax An experienced M&A specialist heading up the Specialises in venture capital, private equity and M&A, l HSBC Leveraged Finance Business Services Department which incorporates guiding funds and fast-growing businesses through the fi rm’s corporate, tax, commercial, restructuring and investment rounds, scale up and exit. Winner: Lloyds Bank succession offering. The Lloyds Bank corporate social responsibility programme underpinned its Helping Britain Prosper Plan. Among its support work was teaming up with DEALS Birmingham University to open the Lloyds Banking Group Centre for Responsible Business, launched with a £2.5m initial investment; making a £10m multi-year commitment to the Lloyds Bank Advanced Esterform Manufacturing Training Centre in Coventry; and a £5m donation to the Defence and GFORCES ESP INTERSERVE OLD STATION NURSERY GROUP National Rehabilitation Centre. The Lloyds Asset-Based Lender of the Year l Gateley Higgs advised the sharehold- Higgs advised the shareholders Higgs supported a management Retained advisors to top Bank Foundation supported almost 150 l Gowling WLG ers of automotive technology on their sale of the share capital team, backed by Endless LLP’s 20 nursery group Old Station charities in the Midlands. Shortlisted: l Higgs & Sons business GForces on its private of Malvern based manufacturer Enact fund, on its buyout of Nursery advising on numerous l Arbuthnot Commercial ABL l Mills & Reeve equity investment from Infl exion of professional hygiene prod- Interserve Learning & Employ- acquisitions as part of its l Close Brothers l Pinsent Masons Private Equity and subsequent ucts, Essential Supply Products ment from the Interserve Group. strategic expansion. Higgs Corporate Finance Advisory l Leumi ABL merger with fellow automotive Limited to the Italian corporate, Moving forward as ‘Realise’, offers broad spectrum support Team of the Year l PNC Winner: Freeths industry software supplier Auto- Lucart Group. The deal saw the business is one of the and guidance from corporate “A relaxed but focused approach to deal- futura. Headquartered out of the Lucart become one of Europe’s UK’s leading training providers, tax to pensions, employment Shortlisted: making and a hungry desire to proceed”: UK, the group’s global presence largest tissue producers for the delivering apprenticeships, adult to property matters. OSN was Winner: Shawbrook Bank l includes offi ces in Australia, commercial ‘away from home’ learning and development pro- acquired by French childcare Alantra Shawbrook won after being described as Freeths was indeed hungry, giving advice Canada, Germany, Vietnam, UAE market. grammes across the country. giant La Maison Bleue in 2019, l Orbis Partners “very active in the M&A market, providing on more than 30 deals in the region, and the USA. a deal also orchestrated by l Clearwater International an excellent service…with an appetite to including BGF’s £8m investment in Emma Higgs. l PwC deliver,” by handling deals such as the Bridgewater; Fastenex's acquisition of MBO of Window Widgets, United Tooling Cofast; and Funeral Partners’ £12.5m Winner: KPMG Solutions' triple acquisition, the secondary acquisition of a Northern Irish peer. Described as the “most active team across buyout of Stone Computers and the £26m the Midlands and involved in many of the Esterform Packaging growth funding. region’s high profile deals” KPMG was Funder of the Year deeply involved in transactions such as the sale of Winbro Group Technologies to Corporate Law Firm of the Year Shortlisted: Quaser Machine Tools, ICON’s acquisition l BGF Higgs & Sons Solicitors, 3 Waterfront Business Park, Brierley Hill, West Midlands DY5 1LX of MeDiNova, the MBO of Bespoke Health Shortlisted: l Livingbridge Tel: 0345 111 5050 | Web: www.higgsandsons.co.uk and Social Care and Esterform’s £26m l Browne Jacobson l Maven Capital Partners Email: [email protected] growth package. l Eversheds Sutherland l NorthEdge Capital

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BISHOP FLEMING FREETHS

Bishop Fleming’s Corporate Finance advisory team are proud Freeths is a top 50, £100m+ turnover, full service law fi rm. Our to have supported many businesses in the West Midlands Corporate team advises a range of clients on all aspects of with the full spectrum of corporate fi nance advisory services. corporate and fi nance transactions. With partners specialising Our highly experienced and qualifi ed team of corporate fi nance in M&A, Private Equity and Banking & Finance supported by and transaction tax specialists provide a professional and a dedicated senior team and over 190 specialist partners/ creative consultancy service to our clients including UK & directors nationally across all disciplines, we are passionate international M&A, fundraising advice, and transaction support. about delivering, quality, partner-led legal services.

James Charles Davey Chris Walklett Phil Redgate Lee Clifford Tom Brown Jody Webb Ateeq Ahmed Finnegan M&A and Debt Tax Advisory Senior Manager Partner Partner Director Director M&A and Private Funding Partner Partner M&A Equity Partner

DEALS DEALS

OXFORD HARDWARE ADVISING TERRAQUEST SOLUTIONS Lead advisor on the sale of Warwickshire on the investment by Apse Capital based commercial kitchen supplier to Kason Industries Inc.

EXPROMET ADVISING NEMESIS NOW Transaction support & due diligence on the investment by Alcuin Capital Partners on Expromet’s acquisiton of Metaltech Precision Ltd, an HSBC funded deal

FASTFIT NATIONWIDE ADVISING ICOSA WATER Management buy-out funded on the sale of a controlling stake in Icosa by Shawbrook Bank Water to Infracapital

ADVISING POLLARD BOXES on the sale to Pusterla 1880

Bishop Fleming LLP, 1-3 College Yard, Lee Clifford, Partner, 3rd Floor, Worcester WR1 2LB The Colmore Building, 20 Colmore Circus, Tel: 01905 732100 Queensway, Birmingham B4 6AT Web: www.bishopﬂ eming.co.uk Tel: 0845 634 2575 | Web: www.freeths.co.uk

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BISHOP FLEMING FREETHS Bank of the Year

Bishop Fleming’s Corporate Finance advisory team are proud Freeths is a top 50, £100m+ turnover, full service law fi rm. Our Shortlisted: to have supported many businesses in the West Midlands Corporate team advises a range of clients on all aspects of l Allied Irish Bank with the full spectrum of corporate fi nance advisory services. corporate and fi nance transactions. With partners specialising l Barclays Our highly experienced and qualifi ed team of corporate fi nance in M&A, Private Equity and Banking & Finance supported by l HSBC and transaction tax specialists provide a professional and a dedicated senior team and over 190 specialist partners/ l Lloyds creative consultancy service to our clients including UK & directors nationally across all disciplines, we are passionate l Santander international M&A, fundraising advice, and transaction support. about delivering, quality, partner-led legal services. Winner: Virgin Money “The team at Virgin has remained focused on mid-market lending and commitment to the Midlands is a reason the region continues to be a great place for deal making,” said one of the bank’s nominators.

SMC Corstorphine & Wright Mike Lampard and Richard Wagenhauser International Deal of the Year James Charles Davey Chris Walklett Phil Redgate Lee Clifford Tom Brown Jody Webb Ateeq Ahmed l Palatine Private Equity Specialist Services Team of the Year Finnegan M&A and Debt Tax Advisory Senior Manager Partner Partner Director Director l ThinCats Shortlisted: M&A and Private Funding Partner Partner M&A l YFM Shortlisted: l Sale of RSM Partners to BMC Software Equity Partner lBDO (team: Mazars, The Wilkes Partnership) Winner: LDC l EY l Acquisition of MeDiNova by ICON “Another consistent year for the most active l Fairgrove Partners (team: Springboard Corporate Finance, HCB Solicitors, investor in the Midlands.” LDC’s team has l KPMG Claritas, KPMG, AL Goodbody) DEALS DEALS been backing the ambitions of manage- l Kuehne + Nagel's sale of UK contract ment teams in the region for more than 30 Winner: PwC logistics operations to XPO years. During the year in question, it kept PwC had “the most active back room (team: KPMG, PwC, Hill Dickinson, Macfarlanes) OXFORD HARDWARE ADVISING TERRAQUEST SOLUTIONS up its high deal rate, with transactions team and produced the best quality work l MBO of Window Widgets from Masonite Lead advisor on the sale of Warwickshire on the investment by Apse Capital such as the £90m EV minority investment this year.” (team: Cattaneo Corporate Finance, Legal Clarity, BDO, based commercial kitchen supplier to in Solid Solutions and taking positions Pinsent Masons, Duff & Phelps, Parisi Tax, Shawbrook Kason Industries Inc. in corporate clothing group Measured Bank, HSBC) Identity Hub; specialist manufacturer ELE Turnaround Team of the Year l MBO of Ascent Software and acquisition EXPROMET ADVISING NEMESIS NOW Advanced Technologies; and communica- of TechHuddle Transaction support & due diligence on the investment by Alcuin Capital Partners tions consultancy Instinctif Partners. Shortlisted: (team: HSBC, Horizon Capital, GCA Altium) on Expromet’s acquisiton of Metaltech l Begbies Traynor Precision Ltd, an HSBC funded deal l Duff & Phelps Highly commended: FASTFIT NATIONWIDE ADVISING ICOSA WATER SME Advisory Team of the Year l Elaghmore l £80m Sale of Norman Hay Management buy-out funded on the sale of a controlling stake in Icosa l Grant Thornton (team: Deloitte, BDO, Eversheds Sutherland) by Shawbrook Bank Water to Infracapital Shortlisted: l Leonard Curtis l Breeze Corporate Finance l Poppleton & Appleby Winner: Dimensions Clothing MBO l Cooper Parry l RSM (team: Clearwater International, LDC, PNC Business Credit, ADVISING POLLARD BOXES l FRP Corporate Finance HSBC, Browne Jacobson, Eversheds Sutherland, KPMG) on the sale to Pusterla 1880 l Keystone Partners Winner: FRP Advisory LDC backed the MBO of the Castle l Smith Cooper Corporate Finance “Thorough with their processes, developing Donington corporate clothing group from great relationships with their clients US-based Tailored Brands as part of a Winner: and continuously providing best execution £50m deal from its Nottingham office. Springboard Corporate Finance on their behalf,” said one fan of FRP. Springboard led on as series of great The Birmingham team advised on a deals over the year, including the number of cases which have helped to SME Deal of the Year sale of MeDiNova to ICON, the sale of save approximately 300 jobs, including the Johnson Fleming to Mackenzie Taylor and restructuring of Darlaston-based George Shortlisted: Bishop Fleming LLP, 1-3 College Yard, Lee Clifford, Partner, 3rd Floor, the MBO of Arden Fine Foods. Dyke, the sale of machine moving and l MBO of Corstorphine + Wright Worcester WR1 2LB The Colmore Building, 20 Colmore Circus, installation specialists Vanguard VML (team: Beechbrook Capital, Smith Cooper Corporate Tel: 01905 732100 Queensway, Birmingham B4 6AT Group, and business and assets of J&P Finance, Gateley, Claritas Tax, Pinsent Masons, Haines Web: www.bishopﬂ eming.co.uk Tel: 0845 634 2575 | Web: www.freeths.co.uk Carpentry and Joinery. Watts, Mazars)

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At the heart of dealmaking in the Midlands. A corporate team Our continued support for clients means, according to Experian, dealing in M&A, disposals, MBOs, investments, refinances, we’re the UK’s second most active advisor for M&A deals in the reorganisations and employee ownership transactions. Our UK and Republic of Ireland. With ofﬁ ces across the Midlands, wealth of experience and high levels of personal service make including Birmingham City Centre, and nearly 800 staff, we’re us trusted advisors on challenging projects. Specialist support well placed to help you move your deal forward. from other teams within our full-service law firm ensures strong support for owners and management teams embarking on Meet the team pivotal transactions.

Alison Scott, Partner M: 07990 537 905 I E: [email protected]

Tom Bartley-Smith, Partner M: 07471 497 665 I E: [email protected]

Charlotte Thornton-Smith, Partner Clare Lang James Hayes Matthew Allen Stephen Wyer M: 07790 131 843 I E: [email protected] Partner Partner Senior Solicitor Partner

Rebecca Leask, Partner, Head of Health & Social Care M: 07779 053 422 I E: [email protected]

Our deals snapshot VALUE OF DEALS: £132M DEALS VOLUME OF DEALS: 38* *Nationally Poundland Advised Poundland on its FASTFIT NATIONWIDE acquisition of frozen food retailer, Acted on management buyout of this Fultons Foods creating c.1,000 jobs supplier of commercial vehicle ply-lining, over two years conversions and accessories FALCO CONSTRUCTION Holmleigh Care Homes Limited Advised trustee of employee ownership trust Advised the owners of Holmleigh on transition of Falco Construction Limited to employee ownership Care Homes Limited on their sale to Ancala Bidco Limited FBS INTELLIGENT ENGINEERING (IE) Acted on management buyout of FBS Intelligent Muddy Boots Software Limited Engineering (iE) Limited, supplier of mechanical and electrical services to the construction industry Provided legal advice to Muddy Boots Software on its sale to Telus THE DCS GROUP Agriculture Solutions Acted on sale of the DCS Group, offering photocopier and IT support to businesses, Matara to Managed Technology Corporation Advised the shareholders of industrial automation products supplier, Matara UK Ltd on its successful sale to Rubix Group UK

Get in touch today Tel: 0121 2367 388 Email: [email protected] www.hcrlaw.com Web: mfgsolicitors.com LinkedIn: www.linkedin.com/company/mfg-solicitors-llp

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MFG SOLICITORS LLP l BGF’s £8m Investment in Solid Solutions, the 3D CAD reseller, went Dealmaker of the Year Emma Bridgewater through an MBO that was one of the team: BGF, HSBC, Freeths, Michelmores, Mazars, Lexington highest-value deals in the region during Shortlisted: At the heart of dealmaking in the Midlands. A corporate team Our continued support for clients means, according to Experian, Corporate Finance, Bishop Fleming) the period, and marked the cash-out by l Gary Ecob, Orbis Partners dealing in M&A, disposals, MBOs, investments, refinances, we’re the UK’s second most active advisor for M&A deals in the l Sale of AWS Electronics to Incap Oyj mid-market backer, BGF, for an impressive l Joe Dyke, Clearwater International reorganisations and employee ownership transactions. Our UK and Republic of Ireland. With ofﬁ ces across the Midlands, (team: Springboard Corporate Finance, Higgs & Sons, Orbis return on its original £8m investment in l Richard Whitwell, LDC wealth of experience and high levels of personal service make including Birmingham City Centre, and nearly 800 staff, we’re Partners, Fieldfisher) 2016. “Advisers from across the Midlands l Rob Schofield, LDC us trusted advisors on challenging projects. Specialist support well placed to help you move your deal forward. l United Tooling Solutions' triple acquisition worked together tirelessly to get the l Simon Ward, Springboard from other teams within our full-service law firm ensures strong (team: Breeze Corporate Finance, Dains, Shawbrook Bank) transaction over the line,” said one Corporate Finance support for owners and management teams embarking on l GIL Investments' acquisition of Sandland dealmaker involved in the transaction. Meet the team pivotal transactions. Packaging Winner: Khush Purewal, KPMG (team: Frontier Development Capital, Independent Growth “Khush has led the KPMG team with dis- Alison Scott, Partner Finance, Lodders, Mazars, Shoosmiths, Mazars, BSN Emerging Dealmaker of the Year tinction for a number of years,” said one of M: 07990 537 905 I E: [email protected] Associates, Waldrons, Parisi Tax) his nominators. The year saw him instru- l Fastenex's acquisition of Cofast Shortlisted: mental in a number of high-profile deals. Tom Bartley-Smith, Partner (team: Baldwins, ThinCats, Legal Clarity, Nicklins, Freeths, l Ben Cartwright, Beech Tree Private Equity M: 07471 497 665 I E: [email protected] PKF Francis Clark) l Tom Copeland, PwC l Tom Joy, Smith Cooper Corporate Finance Outstanding Contribution Award Charlotte Thornton-Smith, Partner Winner: YFM’s investment into l Niall Chantrill, Cooper Parry Clare Lang James Hayes Matthew Allen Stephen Wyer Innovative Safety Systems Corporate Finance Winner: Jon Hustler, M: 07790 131 843 I E: [email protected] Partner Partner Senior Solicitor Partner (team: Grant Thornton, Gateley, Freeths, Cooper Parry, l Kevin O'Loughlin, NorthEdge Capital Clearwater International l Rebecca Leask, Partner, Head of Health Virgin Money, Claritas Tax, Parisi Tax) Colin Strevens, FRP Advisory Hustler is one of the giants of Midlands & Social Care Known to those on the deal as Project dealmaking, and over 18 years has M: 07779 053 422 I E: [email protected] Wren, this was a “well-controlled Winner: Joanne Smith, BGF been a key part of building up the sales process for a growing business”. Smith joined BGF at the start 2015 and company, which he co-founded, from a VALUE OF DEALS: £132M The investment by YFM into the Pershore- is responsible for sourcing and small Midland boutique to an international Our deals snapshot based commercial vehicle safety completing investments in the Midlands. institution. Among his stand-out transac- DEALS VOLUME OF DEALS: 38* *Nationally company has accelerated development She has worked on deals including tions in a dealmaking career going back a Poundland of pioneering software projects. BGF’s investments in Emma Bridgewater quarter of a century are the £115m MBO of Advised Poundland on its FASTFIT NATIONWIDE and Purity Brewing. Prior to BGF, she Exchange FS, the £98m SBO of Coventry acquisition of frozen food retailer, Acted on management buyout of this worked for KPMG for three years in its flooring group Amtico and the £93m Fultons Foods creating c.1,000 jobs supplier of commercial vehicle ply-lining, Deal of the Year transaction services team, providing acquisition of Derbyshire conservatory and over two years conversions and accessories buy-side, sell-side, and IPO advisory work double gazing manufacturer Flamstead Shortlisted: to private equity clients. Holdings by a US group. FALCO CONSTRUCTION l Easy Autocentres sale Holmleigh Care Homes Limited Advised trustee of employee ownership trust (team: Springboard Corporate Finance, The Wilkes on transition of Falco Construction Limited Advised the owners of Holmleigh Partnership, Browne Jacobson, Claritas Tax) to employee ownership Care Homes Limited on their sale l Sale of Geary's Bakeries to the to Ancala Bidco Limited FBS INTELLIGENT ENGINEERING (IE) Unsworth Family Acted on management buyout of FBS Intelligent (team: Orbis Partners, Knights, Mills & Reeve, Provantage Muddy Boots Software Limited Engineering (iE) Limited, supplier of mechanical Corporate Finance, Smith & Williamson, NatWest, Lombard) and electrical services to the construction industry l Foster & Freeman MBO Provided legal advice to Muddy (team: Primary Capital Partners, HSBC, PwC, Pinsent Boots Software on its sale to Telus THE DCS GROUP Masons, DLA Piper) Agriculture Solutions Acted on sale of the DCS Group, offering l MBO of Bespoke Health and Social Care photocopier and IT support to businesses, (team: WestBridge Capital, Cooper Parry Corporate Finance, to Managed Technology Corporation Matara KPMG, Browne Jacobson, Capital Law, RSM, CIL, Armstrong, Advised the shareholders of Claritas, Geldards) industrial automation products l Esterform Packaging £26m supplier, Matara UK Ltd on its growth package successful sale to Rubix Group UK (team: Shawbrook Bank, Pinsent Masons) Winner: SBO of Solid Solutions Management Get in touch today Tel: 0121 2367 388 Email: [email protected] (team: KPMG, Claritas Tax, LDC, BGF, Santander, BDO, Shoosmiths, Osborne Clarke, EY, Gowling WLG, DC Advisory, www.hcrlaw.com Web: mfgsolicitors.com LinkedIn: www.linkedin.com/company/mfg-solicitors-llp Baker & McKenzie, CIL) Jon Hustler

insider MIDLANDS CORPORATE FINANCE GUIDE 2021 | 27

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REGIONAL DEALS WEST MIDLANDS DATE DEAL ADVISERS

EDUCATION 20 May 2021 Development capital for Supply Register (finance: cash, venture capital) C - Midlands Engine Investment Fund - Supply Register, Midven - Supply Register 20 May 2021 Management buyout at TTC Driver Training (finance: cash, bank debt, venture capital) C - Palatine Private Equity - TTC Driver Training, Pricoa Private Capital Bidder: Management of TTC Driver Training Partners - Management of TTC Driver Training, Santander UK - Management of TTC Driver Training, FA - GCA Altium, Liberty Corporate Finance - TTC Driver Training, L - Akin Gump Strauss Hauer & Feld, Gateley, Osborne Clarke - TTC Driver Training

HUMAN HEALTH & SOCIAL WORK 12 May 2021 Acquisition of Healthnet Homecare (finance: bank debt, cash) D - Barclays Bank - Healthnet Homecare, L - Irwin Mitchell - Lexon UK, Pinsent Masons, Bidder: Global Orphan Vendor: Lexon UK Weightmans - Global Orphan 17 May 2021 Acquisition of St Anthony’s Residential Home (Erdington) (finance: bank debt, cash) A - Marion Lawson - St Anthonys Residential Home (Erdington), D - ThinCats - Pegasus Care Homes, Bidder: Pegasus Care Homes L - Royds Withy King - St Anthonys Residential Home (Erdington), Talbots - Pegasus Care Homes

IT & TELECOMS 17 May 2021 Acquisition of Smart Apprentices (finance: existing / nd) FA - FinnCap - Smart Apprentices Bidder: Advanced Computer Software 20 May 2021 Secondary buyout at Wavenet (finance: cash, venture capital) C - Beech Tree Private Equity - Wavenet, Macquarie Capital Principal Finance, FA - Oakley Bidder: Macquarie Capital Principal Finance Advisory - Wavenet, L - Eversheds Sutherland - Wavenet, Travers Smith

MEDIA 10 May 2021 Acquisition of TSB Returns (finance: existing / nd) C - Business Growth Fund - TSB Returns Bidder: Reconomy (UK)

OTHER MANUFACTURING 4 May 2021 £42.8m acquisition of Edel BV (finance: cash) B - Berenberg Bank - Victoria, Peel Hunt - Victoria, FA - N+1 Singer - Victoria Bidder: Victoria 6 May 2021 £4.5m of development capital for China Industries (finance: cash, bank debt) D - Independent Growth Finance - China Industries, FA - Springboard Corporate Finance - China Industries 11 May 2021 £7.9m of development capital for Rem3dy Health (finance: cash, venture capital) C - ADM Ventures - Rem3dy Health, Apater Capital - Rem3dy Health, Cibus Fund - Rem3dy Health, Henkel Ventures - Rem3dy Health 18 May 2021 £0.54m of development capital for Percuro Primal Pet Food (finance: cash, venture capital) C - Seedrs - Percuro Primal Pet Food

OTHER SERVICES 7 May 2021 Acquisition of Cloudthing (finance: xistinge / nd) L - Pinsent Masons - Kerv Bidder: Kerv

PROFESSIONAL, SCIENTIFIC & TECHNICAL ACTIVITIES 4 May 2021 (Pending) £11.54m acquisition of Keebles (finance: cash, vendor placing) (EV/EBITDA:8.2) FA - Numis Securities - Knights Bidder: Knights

PROPERTY (NOT CONSTRUCTION) 7 May 2021 (Pending) £1.2bn investor buyout at St Modwen Properties (finance: cash, venture capital) C - Blackstone - Brighton Bidco, B - Numis Securities - St Modwen Properties, FA - JP Morgan Bidder: Brighton Bidco Chase - St Modwen Properties, Lazard - St Modwen Properties, Rothschild & Co, L - Kirkland & Ellis - Brighton Bidco, Slaughter and May - St Modwen Properties

TRANSPORT & STORAGE 6 May 2021 £4m acquisition of Intercity Private Hire (finance: existing / nd) L - Knights - Intercity Private Hire Bidder: MBH Corp

UTILITIES EXC TELECOMS 19 May 2021 (Pending) Rights issue/other issue by Severn Trent (finance: cash) FA - Bank of America Securities - Severn Trent, Morgan Stanley - Severn Trent

WHOLESALE 1 May 2021 Acquisition of Kingdon (finance: xistinge / nd) FA - PKF Francis Clark - Kingdon, L - Knights - Kingdon Bidder: Adams-Morey 12 May 2021 Development capital for Three Pears (finance: bank debt, cash) D - Arbuthnot Commercial Asset Based Lending Vendor: Three Pears

A ACCOUNTANT C CAPITAL D DEBT B BROKER FA FINANCIAL ADVISER L LAWYER EV/EBITDA RATIO = ENTERPRISE VALUE / EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION ND = NOT DISCLOSED

If you would like your deals to feature in the monthly tables, you will need to send your announcements to [email protected]

28 | insider MIDLANDS CORPORATE FINANCE GUIDE 2021

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REGIONAL DEALS EAST MIDLANDS DATE DEAL ADVISERS

ADMINISTRATION & SUPPORT SERVICES 28 Apr 2021 Development capital for Bis Henderson (finance: cash, venture capital) C - TPA Capital - Bis Henderson, FA - Azets, Dow Schofield Watts - Bis Henderson, L - Hill Dickinson - Bis Henderson, Squire Patton Boggs 17 May 2021 £0.5m of development capital for Robot Exchange (finance: cash, venture capital) C - Foresight - Robot Exchange, Midlands Engine Investment Fund - Robot Exchange, FA - Smith Cooper Corporate Finance - Robot Exchange, L - Lipman Karas - Robot Exchange 19 May 2021 Employee buyout at JGW Training (finance: existing / nd) FA - RVE Corporate Finance - JGW Training Bidder: Employees of Ascento 21 May 2021 (Pending) £48.4m rights issue/other issue by Staffline (finance: cash) FA - Canaccord Genuity - Staffline, Liberum Capital - Staffline 21 May 2021 (Pending) £90m reconstruction/refinancing of Staffline (finance: bank debt, cash) D - ABN AMRO Bank NV - Staffline, Leumi ABL - Staffline, RBS Invoice Finance - Staffline 24 May 2021 (Pending) £0.95m share buy-back by RTC (finance: cash) (EV/EBITDA:2.8) B - Panmure Gordon - RTC, FA - SPARK Advisory Partners - RTC

EDUCATION 28 Apr 2021 Acquisition of BKSB (finance: xistinge / nd) Bidder: Advanced Computer Software

FINANCIAL & INSURANCE SERVICES 10 May 2021 £11.75m acquisition of MAF Property (finance: cash, endorv placing) B - Shore Capital - Begbies Traynor, FA - Canaccord Genuity - Begbies Traynor Bidder: Begbies Traynor

IT & TELECOMS 11 May 2021 Development capital for Ekkosense (finance: cash, venture capital) C - Maven Capital Partners - Ekkosense

MEDIA 4 May 2021 (Pending) £1.5m acquisition of Integra Associates (finance: cash, vendor placing) Bidder: Arribatec Solutions ASA

OTHER MANUFACTURING 5 May 2021 £43.15m acquisition of HK Wentworth (finance: cash) (EV/EBITDA:13.1) FA - Alantra - HK Wentworth Bidder: Element Solutions Inc 6 May 2021 £0.5m of development capital for Sylvan Enterprises of Sherwood Forest (finance: bank debt, cash) D - Maven Capital Partners - Sylvan Enterprises, Midlands Engine Investment Fund - Sylvan Enterprises Vendor: Sylvan Enterprises 11 May 2021 Acquisition of Four04 Packaging (finance: existing / nd) Bidder: Coveris Management GmbH

PROFESSIONAL, SCIENTIFIC & TECHNICAL ACTIVITIES 28 Apr 2021 Acquisition of Pension Geeks (finance: existing / nd) Bidder: Aegon UK 25 May 2021 Acquisition of Spiral Media (finance: existing / nd) Bidder: de Fontenay

WHOLESALE 17 May 2021 Acquisition of Granarolo UK (finance: existing / nd) Bidder: Granarolo SpA Vendor: Fratelli Bosco 21 May 2021 (Pending) £325m investor buyout of plumbing and heating business of Travis Perkins (finance: cash, venture capital) Bidder: HIG Capital Vendor: Travis Perkins C - HIG Capital, FA - Morgan Stanley - Travis Perkins, L - Linklaters - Travis Perkins, Skadden Arps Slate Meagher & Flom

A ACCOUNTANT C CAPITAL D DEBT B BROKER FA FINANCIAL ADVISER L LAWYER EV/EBITDA RATIO = ENTERPRISE VALUE / EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION ND = NOT DISCLOSED

If you would like your deals to feature in the monthly tables, you will need to send your announcements to [email protected]

28 | insider MIDLANDS CORPORATE FINANCE GUIDE 2021

CFG p28 deals table EAST.indd 28 02/06/2021 15:14