™ 06/08/2019 12:42 19/07/2019 11:38:16 PROMOTIONAL COVER PROMOTIONAL www.midlandsbusinessinsider.com SEPTEMBER 2019 MIDLANDS BUSINESS INSIDER FUNDING FUNDING MORE THAT’S ON YOUR WAVELENGTH VOL.27 NO.9 £10 wavelength a4 front cover.indd 1 SEPTEMBER 2019 midlands businessinsider insider DEALMAKERS 25 | GIFFGAFF’S MARK STANSFELD | TECH 100 | AGILE WORKING | SOUTH KESTEVEN | EAST MIDLAND KEY SITES | CONSTRUCTION & MANUFACTURING SKILLS VOL.27 NO9 EXCELLENCE YEARS OF MBI Sept 2019_PROMO COVER.indd 1 The veterans 9 25 years of achievement? The next generation 31 It’s just the start… How much do you think you are worth? If you are a Midland dealmaker then in review probably a good few hundred million, if you count all the deals done here. The next few pages give just a glimpse of what this community has 1994–1998 3 achieved since the very first Midlands Dealmakers Awards 25 years ago: 1998–2003 5 the winners, the deals, the trends. Over the past 25 years this region 2003–2008 13 has managed to notch up an incredible 18,000 recorded deals, according to my researchers, worth at least – and take a deep breath at this – £421bn. 2008–2013 19 They’re quite astounding figures. 2013–2018 25 And that 18,000 total does not do justice to what the mergers and acquisitions (M&A) sector now regularly achieves outside of the region, because Midland dealmaking has not only grown, it’s evolved. It has matured from a parochial industry to a profession that now operates on a national and international basis, working in well-defined market sectors. And arguably, the best is still to come. While we rightly celebrate the achievements of the past quarter of a decade, there is a new, more inclusive and technologically-aware generation of dealmakers emerging. They’re doing deals in very different ways but are just as hungry for transactions as their predecessors. This supplement is so much more than a historic document detailing past glories: it describes the platform on which one of the Midlands’ most successful professional sectors has been built and still greater achievements will be made. Kurt Jacobs Editor, Midlands Business Insider insider DEALMAKERS AWARDS 2019 | 1 DM p1 leader.indd 1 06/08/2019 13:28 ADVERTISEMENT GET THE HEADLINE SPONSOR DEAL DONE SPONSORS Not all lawyers are the same. We pride ourselves on consistently doing three things: • delivering excellence for our clients; • providing creative solutions to complex legal issues; and • putting innovation at the heart of what we do. Added to being one of the largest corporate finance law teams across the Midlands, this makes us the obvious team to choose when you need to get the deal done. Contact: Ben Turner 03700 864038 [email protected] Alastair Peet 03700 864163 [email protected] Crispin Bridges Webb 03700 865070 [email protected] NETWORKING BOOKLET GIFT SPONSOR SPONSOR DRINKS RECEPTION ENTERTAINMENT SPONSOR SPONSOR www.shoosmiths.co.uk Completing deals, with confidence 2 | insider DEALMAKERS AWARDS 2019 DM p2-3 1994-1998.indd 2 06/08/2019 13:29 1994-1998 review MIDLANDS DEALS BY DEAL TYPE 1994–98 PETER NAYLOR DEALMAKER OF THE YEAR 1998 l Acquisition 1,691 l Buyouts & buy-ins 414 Naylor started his working life as a equity house Gresham, he retired in 2004 draughtsman’s assistant in Northampton, and since then he has been “doing what l Divestment 109 earning £2.50 per week. He qualified retired people do” – as well as becoming a l Flotation 97 as a chartered surveyor in 1976 and, qualified gemmologist and horologist. l Startup 75 after completing an MBA, joined Bank of Naylor says the deals were too long ago Scotland’s corporate division in 1991. In to remember. To jog his memory, they were l Development capital 66 1996 he launched the bank’s Midlands a succession of institutional buyouts (IBOs) l Refinancing 45 Structured Finance Office in Birmingham. including £30m for Kidderminster boat- l Minority stake 42 Naylor says he owes his success as a maker Sealine, £86m for Wellingborough dealmaker to being in the right place at dried fruit and nut supplier Whitworths l Merger 38 the right time as well as having a great and £53m for mechanical handling plant l Others 20 team around him. After five years at private business Alstom Automation International. THE BIG DEALS 1994-1998 25 Years of Dealmaking VALUE (£) DEAL TYPE BIDDER TARGET How we came 5,000,000,000 Demerger National Grid Group to the figures 2,500,000,000 Divestment Department of Transport British Rail All the pie charts and tables on Deal Types, Big Numbers, Big Deals 1,728,342,000 Acquisition Avon Energy Partners Holdings Midlands Electricity and Sectors have been drawn by 1,381,000,000 Divestment At&T Istel AT&T Capital Corp Insider’s research team from figures and stats derived from Experian’s 1,329,628,045 Acquisition Dominion Resources East Midlands Electricity Market IQ database. We’ve concen- 1,325,388,000 Merger Lucas Industries Varity Corp trated on deals where the vendor, buyer or business being invested in 1,300,000,000 Acquisition Williams Holdings Chubb Security was based in the Midlands. 850,000,000 Acquisition BASF Boots Company 825,000,000 Acquisition Stagecoach Holdings Porterbrook Leasing Company 815,000,000 Acquisition Rjb Mining Central & Northern Mining insider DEALMAKERS AWARDS 2019 | 3 DM p2-3 1994-1998.indd 3 06/08/2019 13:29 ADVERTISEMENT CELEBRATING ELAGHMORE Elaghmore is a private investment partnership specialising in transforming company performance. Over more than a decade, the partners have achieved an average 7.6 times return YEARS OF on capital. Focusing on small to mid-cap companies, 25 Elaghmore aims to create strong growth, working closely with INSIDER DEALMAKERS management teams. In 2016, Elaghmore closed the £60 million Elaghmore 1 LP fund, making seven acquisitions so far. The team at Smith Cooper Corporate Finance would like to congratulate Insider for 25 years of Dealmakers. Thank you for the support over the years. Our FY19 deal stats Andy Ducker David Manning Greg Koral David Morley 43 £266m Founding Partner Founding Partner Partner Chairman deals nationally collective deal value th 11 6 DEALS dedicated advisors Experian Financial Adviser ranking Q1 2019 TVS GROUP acquired and brought together three specialist manufacturing firms – SB Components, Priden £75m £6m Engineering, McPhee Mixers largest deal average deal size ALUCRAFT GROUP Ireland’s leading designer, Our international member network manufacturer and installer of has completed 300+ deals. architectural glazing HEXCITE GROUP Darren Hodson comprising Kesslers, Gardners and Birmingham SFD, offering design, build and print Partner display propositions to retail 0121 237 6935 [email protected] Dan Bowtell Nottingham Partner 0115 945 4338 [email protected] Elaghmore John Farnsworth 36 Hamilton Terrace Derby Leamington Spa CV32 4LY Partner Tel: 01926 430077 01332 374419 Email: [email protected] [email protected] Web: www.elaghmore.com LinkedIn: https://www.linkedin.com/ Acquisitions | Disposals | Raising Finance company/elaghmore-partners-llp www.smithcooper.co.uk MBIDM Sept p4-7 19_For 1998-2003.indd Your Consideration 4 Half Pages.indd 77 05/08/201906/08/2019 16:16 13:29 1998-2003 ELAGHMORE review Elaghmore is a private investment partnership specialising in transforming company performance. Over more than a decade, the partners have achieved an average 7.6 times return on capital. Focusing on small to mid-cap companies, Elaghmore aims to create strong growth, working closely with management teams. In 2016, Elaghmore closed the £60 million MIDLANDS DEALS BY Elaghmore 1 LP fund, making seven acquisitions so far. DEAL TYPE 1998-03 Andy Ducker David Manning Greg Koral David Morley Founding Partner Founding Partner Partner Chairman l Acquisition 2,247 l Buyouts & buy-ins 489 l Development capital 102 DARRYL EALES DEALMAKER OF THE YEAR 2000 l Share buy-back 99 l Merger 83 DEALS From finance to football to formalities, management teams and is also chairman l Minority stake 81 Eales has had arguably the most eclectic of the Entrepreneurial Exchange. l Startup 70 career of all former dealmakers. Eales has been involved in scores of l Flotation 65 TVS GROUP During his 27 years with LDC, starting in deals, but notable transactions in the l Divestment 63 l Refinancing 51 acquired and brought together Birmingham, he rose to managing director Midlands include the £70m US acquisition l Reverse takeover 20 three specialist manufacturing and then chief executive, overseeing of Birmingham cable maker Dundas firms – SB Components, Priden the private equity (PE) firm’s growth to a Group, the £30m buy-in into Kidderminster Engineering, McPhee Mixers powerhouse investing £2.6bn in more than boatmaker Sealine International and 160 businesses. £27.5m acquisition of Birmingham control MIDLANDS DEALS BY ALUCRAFT GROUP Standing down as chief executive in valves and boiler maker A&J Gummers. Ireland’s leading designer, SECTOR 1998-03 2014, he took control of Oxford United as “With quality advisers and quality investors, manufacturer and installer of majority owner and chairman during the there is no reason why the Midlands architectural glazing club’s rise to League One and two trips to should not be a leading dealmaking hub HEXCITE GROUP Wembley. both in the UK and internationally,” he says. comprising Kesslers, Gardners and After selling to Sumrith “Tiger” “The Midlands remains ideally placed SFD, offering design, build and print Thanakarnjanasuth last year, he became to continue to be both a national and display propositions to retail chairman and co-owner of National international player. League Solihull Moors who promptly “Dealmaking is a state of mind and achieved their highest ever position with needs combinations of people who excel ambitious aspirations to reach the Football together and bring complementary skills League.