Deals 2010
PROJECT VICTORY
HW Corporate Finance conducted Financial Due Diligence for Barclays of a >£30m EBITDA BPO and Customer Management Outsourcing company.
ISOQAR HOLDINGS LIMITED
HW Corporate Finance has provided deal support to Alcumus Group on its acquisition of Isoqar Holdings Limited. Based out of Trafford Park, Manchester, Isoqar is one of the UK’s largest independent providers of UKAS accredited certification services. The acquisition will augment the workplace risk management expertise of the Alcumus Group which already includes previous acquisitions Sypol (Aug 2009) and Enable Infomatrix (Aug 2010), deals which HW Corporate Finance also advised on. Alcumus Group continue to seek further bolt-on acquisition opportunities.
TM FACILITIES SERVICES LTD
HW Corporate Finance South East is pleased to announce the successful disposal of TM Facilities Services Ltd, specialist in portable appliance and environmental testing, to OCS Group UK Ltd, a leading support services provider. This transaction has provided OCS with an excellent platform from which to expand into the growing compliance market. The team at HWCF was led by Partner Charles Whelan closely supported by Matthew Wright. View full details.
CROWN BUSINESS COMMUNICATIONS
Crown retained HW Corporate Finance to source possible acquisitions. Acclaim was initially reviewed but the funding requirements caused Crown to be unwilling to proceed. Acclaim then considered administration options, leading to 2 competing bids. Richard Hall from HW Corporate Finance provided negotiation and structuring advice on Crown's successful bid. View full details.
ENABLE INFORMATIX
HW Corporate Finance provided deal support to Sypol Holdings Limited in its acquisition of Enable Infomatrix Limited (Enable). Enable is based in Stratford upon Avon and is a provider of cost effective, web-based information management software solutions encompassing health and safety, compliance, audit and inspection, property and project management. Enable is a bolt-on acquisition for Sypol who are actively pursuing further opportunities.
OAKBASE LTD
HW Corporate Finance provided lead advisory services to Nick Bradshaw on his Management Buy-out of Oakbase Limited. The Company is based in Chester and is a provider of marketing services in the specialism’s of design & production, media, PR and interactive. HW Corporate Finance negotiated the terms of the deal, introduced the provider of finance and structured the transaction.
FORTH WINES
Scottish wine merchant Forth Wines has been acquired by a syndicate of private investors. The deal sees Forth Wines return to Scottish ownership and will preserve the 51 jobs at its premises in Milnathort. Forth Wines was formed in 1961 and sells a range of 1,100 wines from around the world. The company has established relationships with a number of smaller wine producers who sell exclusively to Forth Wines. HW Corporate Finance Glasgow acted as lead advisors to the buyers and were responsible for the preparation of the business plan, arranging bank funding, sourcing additional equity finance and carrying out the financial due diligence. The HW Team was led by director, Richard Gibson, who was assisted by corporate finance executive, Paul Black. The firm will continue to act as business advisors to Forth Wines through the transition period under independent ownership. View full details.
DIGITAL BARRIERS PLC
Following the successful acquisition of Security Applications Limited, HW Corporate Finance South East has continued to assist Digital Barriers Plc, conducting their third piece of work for the AIM listed business, Due Diligence on the Solutions division of Overtis Group Limited. Digital Barriers Plc acquired Overtis Solutions for a total consideration of £3.20 million in cash. Overtis Solutions is a UK-based specialist provider of integrated security solutions for government departments, public sector bodies and major corporations. Richard Hall, partner at HWCF, led the team closely supported by Stephen Wicks.
EQUITY OUT
Many business owners hold a significant proportion of their wealth in their business, a factor that has been highlighted more to them in the light of recent economic turmoil. HWCF was approached by one such owner looking to diversify this risk, and was able to successfully negotiate an increased debt facility of £20m to enable an equity out transaction. Whilst these types of transactions have become steadily harder to execute, it was pleasing to note that they are nonetheless still achievable with the right combination of business and bank.
H DOCHERTY LTD
HW Corporate Finance South East provided transaction support to H Docherty Ltd in their cash and shares acquisition of Independent Components Ltd. The combined group is the UK’s largest independent manufacturer and distributor of flue and chimney products.
OASIS FOODS LTD
HW Corporate Finance South East is pleased to announce the sale of Oasis Foods Ltd to Atlantic Foods Ltd. The acquisition makes considerable strategic sense for Atlantic and the deal provided an excellent opportunity for Martin Ebbetts, founder of Oasis, to realise 18 years of hard work. Martin was advised by a team led by Charles Whelan, supported closely by Matthew Wright.
PROJECT ALPHA
HW Corporate Finance North West has provided financial advice to Sovereign Capital for their MBO of 8 Solutions Limited. 8 Solutions is the UK's market leading data-centre deep cleaning provider and is headquartered in Bolsover, Derbyshire. The business' technicians test for and remove contaminants that become imbedded in server racks and within the data-centre environment, thereby minimising the risk of data-centre downtime for clients. HWCF's role was to advise on the deal structure including the selection of the most appropriate debt provider and the optimisation of the institutional equity returns. 8 Solutions is expected to make further acquisitions in this sector.
DIGITAL BARRIERS PLC
HW Corporate Finance South East conducted financial due diligence for Digital Barriers Plc on their acquisition of Security Applications Ltd. The deal, with a maximum consideration of £2.5 million, is Digital Barriers first since being listed on AIM. Security Applications Ltd is a UK-based specialist supplier, installer and integrator of thermal imaging equipment for perimeter surveillance, law enforcement and the protection of high-profile target locations.
MBO OF SPECIALIST DESIGN AND ENGINEERING BUSINESS
HW Corporate Finance North West has advised on the MBO of a leading national business in the specialist safety sector. Sean Moriarty and Gregg Pendlington negotiated and structured the transaction which allowed the management team to take control of the business and to implement their own strategic growth plan. Commenting on the transaction Sean Moriarty said;
"Bank appetite for the transaction was very high due to the successful track record of the company which is underpinned by a strong customer base and a highly legislative environment. However we did notice large differentials in the amount, structure, terms and pricing of the debt offers. Part of our role is always to secure the best possible terms for the debt finance and to ensure that it closely meets the client's needs. In addition we always want to ensure that the up front offers are delivered as indicated and this requires a high degree of input and project management from ourselves. Our professionalism and skill secured a superb banking package for this deal and the company is now on a sound footing for further development."
FINANCIAL DUE DILIGENCE FOR A PRIVATE INVESTOR
HW Corporate Finance North West has advised a high net-worth individual on his proposed investment into a specialist doorset manufacturer. Our role was to provide financial due diligence on the target, reporting on the businesses historical and forecast operational trading and cash flows.
PROJECT WINSTON
HW Corporate Finance South West assisted a partnership of medical practitioners in the demerger of their business, providing valuation, accounting and due diligence advice and working closely with a team of other professional advisors to achieve an orderly transfer of the business.
CARDIFF MARINE GROUP LTD
HW Corporate Finance South West provided financial due diligence support to Finance Wales Investments Limited and Cooperative Bank in their refinancing of Cardiff Marine Group. CMG operates a 350 berth marina, a marine village / Business Park, storage facilities and a marine parts distribution business in the Cardiff Bay area.
HW FINANCIAL SERVICES LTD
HW Corporate Finance South East is delighted to announce the disposal of HW Financial Services Ltd to Bestinvest Ltd. After an initial strategic business review a targeted search led to the emergence of Bestinvest as the preferred buyer. The combined group has more than 150 staff at 20 locations advising over 70,000 clients with £4 billion of assets. HW Financial Services was advised by HW Corporate Finance South East.