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December 2005
Partners for GrowtH
HW Corporate Finance South East provided financial due diligence for Partners for Growth, a UK based venture capitalist investing in the medical sector’s £3m investment in G-Cide, a medical and disinfectant brand management company.
HW Corporate Finance advises on sale of Gartec
HW Corporate Finance, the corporate finance practice linked to Haines Watts Chartered Accountants and one of the UK’s leading mid-market corporate finance advisers, has capped a dramatic first full year of trading by completing the sale of Gartec, the UK’s leading supplier of lifts for disabled access.
Gartec, which has installed over 1,500 service platforms to date throughout the country from its base in Aylesbury, Buckinghamshire, including The Lowry in Manchester, has been acquired by its main supplier, the Swedish-based Aritco company, following a brief auction process.
As a result of the merger, the newly combined business becomes Europe’s largest provider of disabled access lifts. Charles Whelan, Managing Partner of HW Corporate Finance, managed the transaction on behalf of the Gartec shareholders. Legal advice was provided by Grundbery Mocatta Rakison LLP. Torbjörn Cardell and Lars Abrahamson of Credelity represented Aritco. Curt Falk, Gartec’s Managing Director commented: “Without the creative advice of HW Corporate Finance during this deal we would not have completed this transaction.” Says Charles Whelan, Managing Partner: “I am delighted to have helped complete the sale of Gartec. It is an excellent business in a growing sector, and I am confident that following the merger it will continue to lead the UK market.”
The purchase of Gartec brings to an end a remarkable year for HW Corporate Finance. Founded only 15 months ago, it has been busy shaking up the world of corporate finance. In the southeast it has completed seven transactions since the start of 2005 with a value in excess of £200 million. During that period it has also recruited some of the brightest talent from within the corporate finance community, most recently Richard Hall, an Equity Partner. Richard previously worked with Charles at Deloitte where he handled in excess of £1bn worth of transactions.
Focused exclusively on the mid market sector, HW Corporate Finance has taken a lead role in a number of high-profile transactions recently. These have included handling the sale of Hertfordshire-based Radio Hertbeat Radio to Shadow Radio Holdings and the MBO of Airtex from UCI.
HW Corporate Finance facilitates multi million deal for fast growing ISP
186k Limited, a leading provider of broadband network services, continue on their acquisition trail by acquiring London based provider Mailbox Internet Limited and software development house Invade International Limited.
Mailbox, a finalist in the best business broadband category of the UK ISPA awards for two years running, is one of the UK’s oldest ISPs. The acquisition is part of 186k’s strategy to expand its business by buying established ISPs. Within the last year or so the company has also acquired Northern based Elite Internet Services, and a major stake in Middlesborough based Onyx Internet.
Invade International was acquired just over a month after the above transaction. The acquisition of the Invade product suite will enable 186k to provide its customers with Voice Over IP technology and the provision of converged communications.
HW Corporate Finance’s team in Leeds, led by Corporate Finance Partner Teresa Fiorentino, acted on behalf of 186k on both acquisitions, project managing the transactions from inception through to their successful completion, including introducing the team to their funding partner, Bank of Scotland Corporate team in Leeds.
Teresa is one of the latest appointments to the HW Corporate Finance team in the UK, whose focus is on the owner managed business and mid corporate sectors, with typical transactions in the range of £1m to £100m. HW Corporate Finance approach is to provide a high level of partner involvement to deliver market leading advice at excellent value.
Legal advice on behalf of 186k was provided by Endeavour Partnership.
Haines Watts Facilitates Disposal of Texecom Limited to Halma p.l.c.
Halma p.l.c., the leading safety, health and sensor technology group, have acquired Texecom Limited from European Private Investment Capital for a total cash consideration of £26 million.
Established in 1986, Texecon Limited is an award winning manufacturer of security sensor and alarm products, including motion detectors, control panels and signalling equipment, perimeter protection devices, external sounders and fire detectors. Based near Manchester, the company is one of Europe’s largest independent intruder alarm manufacturers.
Beaufort International LLC, who specialise exclusively on corporate acquisitions and divestments in the global fire and security sector, initiated the deal.
Legal advice was provided by CMS Cameron McKenna LLP for Halma p.l.c., and by Lopian Wagner Solicitors for Texecom Limited.
HW Corporate Finance’s team in Leeds worked closely with the management team of Texecom to project manage the transaction through to its successful completion.
Commenting on the deal, Teresa Fiorentino, Corporate Finance Partner at HW Corporate Finance said ‘our core market is privately owned companies. Often we are working with clients who have little or no experience of Corporate Finance transactions, our style is to adopt a hands on approach to ensure that our clients are comfortable with the process and their expectations and objectives are met’.
Ramage Young Partnership
HWCF advised the partners of this civil and structural engineering business on the benefits of Limited Company status carrying out a detailed valuation of the business.
Till & Whitehead Limited
HW Corporate Finance (NW) provided financial due diligence for the Yorkshire Bank in their funding of the acquisition of UK Fasteners by Till &Whitehead. UK Fasteners is an importer and distributor of fasteners and the acquisition was completed to complement Till &Whitehead’s position within the hardware market
November 2005
Stewart & Lamont Consultants
HWCF advised the partners of this engineering consultancy business on the benefits of Limited Company status carrying out a detailed valuation of the business.
Environmental Waste Controls Limited
HWCF recently completed the financial due diligence for Lloyds Corporate on the re-banking of this North-West based waste management business.
Centre for Customer Awareness
HWCF advised the partners on the benefits of Limited Company status carrying out a detailed valuation of the business.
MBO Screen Business Limited
Provided financial due diligence for investor group, management and Bank of Scotland.
October 2005
Share Buyback – Edict Training Limited
HWCF completed the off market purchase by Edict Training Limited of its own shares. HWCF managed the process and liaised with legal advisors and financiers as was required in reaching a suitable agreement with Mitel Networks Limited
Acquisition of Parsons Truck Centre Limited
HWCF negotiated the deal, undertook the financial due diligence and managed the acquisition process on behalf of Williamson Motors Limited in Co Durham.
Patrick Gillooly Limited
Haines Watts negotiated and project managed the disposal of the Wilsontown coal site on behalf of the company.
September 2005
MBI of D Hanman
HWCF Advise the buy-in team of David Hanman Associates Limited, a company which represents people suspected or accused of serious fraud or other matters.
George Hunter Demolishers Limited
Haines Watts provided advice on the acquisition of land. We assisted in the preparation and presentation of a funding proposal to Commercial Financial Institutions
MBO of Airtex Products Limited
Advised on the Management buy-out of Airtex Products Limited from UCI.
August 2005
Sale of H Samson
HWCF advised the shareholders of H Samson, a vehicle accident repair business, on a sale to a management buy-in team.
Thistle International Freight Limited
Haines Watts advised and assisted the Directors and shareholders on the company share buyback.
July 2005
Sale of Hertbeat Radio
HWCF completed the sale of Radio Hertford (Commercial) Limited t/a Hertbeat Radio to Shadow Radio Holdings. Hertbeat operates a local radio station in the Hertford, Stevenage and Welyn Garden City area.
Sale of Alfast Engineering Limited
HWCF completed the sale of Luton based specialist fastenings business, Alfast, to RCW Engineering Co.
Finance Raising for a University
HWCF has completed the negotiation of a £30m debt facility for a UK university to enable the development of its estate.
Acquisition of Bluefield Land Limited
HWCF has completed the acquisition / invest in of specialist land remediation business, Bluefield, for Cardiff based Neal Soils.
Mardon Project Services Limited – Finance Raising
HWCF prepared detailed business proposal for re-banking of this project management company.
The Gamble Children’s Centre – Finance Raising
HWCF assisted with the application for National Lottery Funding.
MBO of Lindley Catering Limited
HWCF undertook financial due diligence work on behalf of Sovereign Capital for the £14m MBO of Lindley Catering Limited.
Acquisition of Newstel Information Limited
HWCF undertook the financial due diligence and advised on the acquisition of Newstel Information Limited, a database and telecommunications company on behalf Adrel Holdings Limited.
Multipools Limited
HWCF assisted Multipools Limited with the formal application for regional funding to facilitate the future development of this leisure pool development company.
June 2005
Dane Associates Limited
HWCF assisted the company with obtaining additional private equity funding for the progression of this joint venture project with the Rwandan Government of providing a gas fired power station.
Sale of Mulberry’s Limited
HWCF advised the shareholders of Mulberry’s Limited, a restaurant business, on the disposal of the shares.
Ferguson & Menzies Limited
HWCF were lead advisors on the MBO of this manufacturer of oils and lubricants. HWCF negotiated the deal, undertook a financial due diligence and managed the MBO on behalf of the long term managers Nicholas Proud and William McCann.
May 2005
Texonet Limited
HWCF completed the financial due diligence for management and Bank of Scotland on the restructuring of the company’s debt facilities.
MBO of Power Semiconductors Limited
HWCF completed the management buyout of St Albans based Power Semiconductors, a supplier of power control components.
April 2005
Micropoint Ltd
HW Corporate Finance South East advised on the acquisition of IT Solutions Ltd, a network and communications systems integrator.
Sunshine & Love Limited
HWCF provided the financial due diligence for Concentric (Scotland) Limited on the acquisition of this city centre Bar and Restaurant business.
Sale of CEL Products Limited
HWCF completed the sale of Newcastle based cloakroom furniture specialist CEL, to Broxap Limited.
Acquisition of Spence & Co Limited
HWCF provided the financial due diligence on behalf of Dalziel Limited on the acquisition of Spence & Co Limited.
Transaction support for spin out of Zoobiotic Limited
HWCF undertook the financial due diligence on the spin out of a wound treatment business from a South Wales NHS trust. This was the first ever spin out from a health trust in Wales.
Scottish Foam Limited
HWCF undertook the financial due diligence of a foam manufacturing firm on behalf of Kayfoam Limited for a proposed acquisition.
March 2005
The Angel Cookie Company Limited
HWCF completed the acquisition of Sepia Restaurant.
Transaction support for management buy in to Clarkson Knitting Limited
HWCF undertook the financial due diligence on the management buy in to specialist knitwear manufacturer, Clarkson.
January 2005
MBO of Kay-Metzeler Limited
HWCF advised on the Management Buy Out of the Scottish division of Kay-Metzeler Limited a subsidiary of British Vita Plc. HWCF were involved in negotiating the purchase price and managed the MBO process on behalf of Derek McIntyre and Kayfoam Limited.