19 - 23 October: Vol 2, Issue 42 - (Page 14)

14 Crain’s Manchester Business / October 19, 2009 CRAIN’S LIST Corporate Finance Deals Q3 – 2009 Ranked by deal value Target name Location Acquiror name Vendor name Date of deal Deal type Deal value Deal comments Target's advisors Financial Advisor - Deutsche Bank United Kingdom Financial Advisor - Talbot Hughes McKillop LLP Equity - HSBC Principal Investments; Debt - Royal Bank of Scotland Group Plc, Clydesdale Bank Plc, HSBC Bank, Lloyds Financial Advisor - Rothschild; Banking Group Plc; Financial Advisor Lawyer - Eversheds - Simmons Corporate Finance Ltd; Lawyer - Pinsent Masons, Cobbetts; Due Diligence - PricewaterhouseCoopers Financial Advisor - Jefferies & Company Inc. - International; Lawyer - Morrison & Lawyer - Osborne Clarke Foerster LLP - London Equity - Zeus Private Equity LLP; Lawyer - Halliwells LLP; Debt - Barclays Bank Plc Management Consultants - Quinn Partnership Management Consultants LLP, The Due Diligence - KPMG; Commercial due Diligence - Deloitte; Insurer - Marsh Inc Equity - Gresham LLP; Lawyer - Cobbetts - Manchester; Debt Lloyds TSB Corporate Markets; Lawyer - Eversheds; Due Diligence - PricewaterhouseCoopers; Tax Structuring - PricewaterhouseCoopers Acquiror's advisors Vendor's advisors Four Seasons Health Care Group Ltd Wilmslow 29/09/09 Minority stake unknown % 780.00 RBS Special Opportunities took a 40 per cent stake in Four Seasons Health Care Group in a debt for equity swap which reduced the company's borrowings from to £720m from £1.5bn. Viking Moorings Ltd Aberdeen MBO Team - United Kingdom Management, Inﬂexion Private Equity Ltd 27/07/09 Institutional buy-out 100% 170.00 HSBC Principal Investments acquired Viking Moorings in a deal reportedly worth around £170m, of which £85m was net debt. Financial Advisor Rothschild Tax Structuring Ernst & Young DxS Ltd Manchester QIAGEN NV Management YFM Private Equity Ltd Hygea VCT Plc 23/09/09 NVM Private Equity Ltd Acquisition 100% 79.00 DxS was acquired by Qiagen NV from the company’s management and private equity ﬁrms NVM, YFM and Hygea for an initial cash payment of £46m, £12m in deferred payments, and a further £21m of performancerelated earn-outs, making a total of £79m. Air Energi Group Ltd Manchester MBO Team - United Kingdom Individuals 11/08/09 Management buy-out 100% 30.00 The management of Air Energi has completed a buyout of the company with backing from Zeus Private Equity which values the company at £30m. Zeus Private Equity has injected £10m, while Ian Langley, executive chairman of Air Energi and Duncan Gregson, chief executive, increased their stakes. Financial Advisor BDO Stoy Hayward Corporate Finance Financial Advisor - BDO Stoy Hayward - Corporate Finance; Lawyer - Pannone LLP, Lawyer - Hammonds Formation Group assets Hale Barns Cobco 902 Ltd Formation Group Plc 25/08/09 Management buy-out 20.75 Formation Group Plc, a Hale Barns-based talent and wealth management ﬁrm, sold subsidiaries James Grant Media Group Ltd, Proactive Sports Management, Proactive Sports Management USA, OJ Kilkenny & Co. Ltd, OJK (Audit) Ltd and Formation Sports Capital Ltd for £20.75m to a management buyout team backed by Gresham Private Equity and led by Neil Rodford. VirtenSys Ltd, a Stockport-based provider of virtualisation solutions designed to reduce costs and improve performance in data centres, raised $16 million third round funding from its existing investor group of Scottish Equity Partners, Celtic House Venture Partners and GIMV NV of Belgium. The company also has a base in Oregon, USA. Martin Dawes Ltd, the Warrington-based electronic goods rental company, was bought out of administration in a pre-pack deal. Grant Thornton, acting as administrator, facilitated the sale of the company to a management buy-out team led by Martin Dawes. JD Sports Fashion Plc, a Bury-based sports equipment retailer, acquired the key trading assets of Canterbury Europe, a Stockport-based sports clothing wholesaler, from administrators KPMG. Hale-based hotel operator Britannia Hotels Ltd acquired The Heathlands Hotel in Bournemouth from administrators BDO. The consideration was not disclosed, but was reported to be about £4m. UK-based consortium made up of Bowdon Investment Group and former directors John Boden, Jonathan Hood, Brian Hope and Andrew Rink bought Makin Metal Powders Ltd, a Rochdale-based copper and copper alloy powders manufacturer formerly owned by US-based Bronze Powders Inc, out of administration for £2.4m. Manchester-based home shopping company N Brown Group Plc, acquired the brand, website, stock and 14 stores of High & Mighty Ltd, a Berkshire-based tall men’s clothing store operator, from administrators PricewaterhouseCoopers for £1.6m in cash. Impact Holdings (UK) Plc said it had agreed to acquire Sutherland Professional Funding Ltd, an Edinburgh-based ﬁnancial lending company for £800,000 payable in Impact Holdings shares. Cobra Automotive Technologies SpA has acquired the remaining 35 per cent stake not already held in Cobra UK Ltd, a Sale-based stolen vehicle tracking systems manufacturer, from Vestatec Automotive Engineering Ltd. The consideration was £675,000. The business and assets of MK Piling Ltd, a piling company based in Oldham, Greater Manchester, were sold by receiver Cowgill Holloway for £60,000 to a MKNW Ltd, a company formed by former MK Piling directors and shareholders. DRL Holdings Ltd, a Bolton-based white goods distributor, acquired Expert Logistics Ltd, a Bury-based white goods distributor, from Iceland Frozen Foods Ltd. The consideration was reported as £500,000. Cheadle-based APS Group Ltd has acquired the business and assets of Warrington-based Philip Myers Press (Holdings) Ltd for £425,000 from administrators Zolfo Cooper. Salford-based Mawdsley-Brooks & Company Ltd acquired Eclipse Generics Ltd, a Glasgow-based pharmaceuticals wholesaler. The consideration was £310,000. Salford-based mobile communications solutions provider 2 Ergo Group Plc has acquired Activemedia Technologies Ltd, a London-based mobile ticketing and couponing company. The initial consideration was £179,000 in cash with the balance dependent on proﬁts achieved by the company’s proﬁts in the UK and India for the year to 31/08/12. Consideration will be settled by the issue of new 2ergo ordinary shares, or loan notes. Manchester-based Vision Support Services Ltd acquired The Desk Centre Ltd, a Birkenhead-based ofﬁce furniture wholesaler, from administrators Ernst & Young. Sport Media Group Plc sold the business and assets of Flip Media Ltd, the publisher of Front Magazine, to independent start up Kane Ltd for £87,500. Financial Advisor - Citigroup Inc. United Kingdom Lawyer - Allen & Overy LLP - London Financial Advisor - Grant Thornton Corporate Finance Manchester; Financial Advisor - Zeus Capital Ltd; Lawyer - DLA Piper 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 - VirtenSys Ltd Cheadle GIMV NV Scottish Equity Partners Ltd Celtic House International Corporation 11/08/09 Minority stake unknown % 9.71 Equity - GIMV NV; Equity - Scottish Equity Partners Ltd; Equity - Celtic House International Corporation Martin Dawes Ltd Warrington MBO Team - UK Receiver 07/07/09 Management buy-out 100% Acquisition 100% 8.12 Transaction Services - Grant Thornton - Transaction Services - Manchester Transaction Services - KPMG Lawyer - Addleshaw Goddard Transaction Services - BDO Stoy Hayward; Management Consultants - Christie & Co Ltd Canterbury Europe Ltd's key trading assets The Heathlands Hotel Stockport JD Sports Fashion Plc Receiver, Canterbury Europe Ltd 04/08/09 6.50 Bournemouth Britannia Hotels Ltd Receiver 27/07/09 Acquisition 100% 4.00 Makin Metal Powders Ltd Rochdale Consortium Bowdon Investments Group Plc Receiver, US Bronze Powders Inc. 22/09/09 Acquisition 100% 2.4 Transaction Services - KPMG High & Mighty Ltd's certain assets Sutherland Professional Funding Ltd Berkshire N Brown Group Plc Receiver, High & Mighty Ltd 11/09/09 Acquisition 100% 0.96 Transaction Services PricewaterhouseCoopers Edingburgh Impact Holdings (UK) Plc 11/09/09 Acquisition 100% Acquisition increased from 65% to 100% Acquisition 100% 0.80 Financial Advisor - Daniel Stewart & Co Cobra UK Ltd Sale Cobra Automotive Technologies SpA Vestatec Automotive Engineering Ltd 10/09/09 0.68 MK Piling Ltd's business and assets Expert Logistics Ltd Philip Myers Press (Holdings) Ltd Eclipse Generics Ltd Oldham Unnamed buyer Receiver 03/08/09 0.60 Transaction Services - Cowgill Holloway Bury DRL Holdings Ltd Iceland Frozen Foods Ltd 22/07/09 Acquisition 100% Acquisition 100% Acquisition 100% 0.50 Lawyer - DLA Piper; Lawyer - Atticus Legal LLP Financial Advisor - Grant Thornton Corporate Finance Transaction Services - Zolfo Cooper Warrington APS Group Ltd Receiver 16/09/09 0.425 Glasgow Mawdsley-Brooks & Company Ltd 24/09/09 0.31 Activemedia Technologies Ltd London 2 Ergo Group Plc 27/07/09 Acquisition 100% 0.179 Financial Advisor - Rainmaker Corporate Finance Financial Advisor - Numis Securities Ltd Financial Advisor - RSM Bentley Jennison; Due Diligence - Grant Thornton Transaction Services; Lawyer - Pannone LLP Financial Advisor - Rickitt Mitchell & Partners Ltd; Lawyer - Halliwells LLP Transaction Services - Ernst & Young - United Kingdom Financial Advisor - Daniel Stewart & Co Plc Desk Centre Ltd, The Birkenhead Vision Support Services Ltd Receiver 04/08/09 Acquisition 100% Acquisition 100% 0.135 Flip Media Ltd London Kane Ltd Sport Media Group Plc 03/08/09 0.09 Britannia Building Leek Society Co-Operative Financial Services Ltd 03/08/09 Acquisition 100% Leek-based Britannia Building Society merged Manchester-based Co-Operative Financial Services Ltd Financial Advisor - JPMorgan Cazenove; Lawyer - Slaughter & May Robinson Way & Company Ltd Salford Robinson Way & Company 2009 Ltd Receiver 04/08/09 Management buy-out 100% Robinson Way & Company was acquired by a management buyout team from Ernst & Young, the administrator of London Scottish Bank. The amount payable by deferred consideration

Table of Contents for the Digital Edition of 19 - 23 October: Vol 2, Issue 42

Taking Stock
Opinion / Our View
Banking & Finance
Crain's List
For the record
Events, People, Gossip

19 - 23 October: Vol 2, Issue 42