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For more information on all our private equity deals, visit www.unquote.com 8 DEALS unquote.com/uk Bowmark Capital acquires CSL in £32m SBO BOWMARK CAPITAL DEAL Secondary buyout VALUE £32m has backed the £32m DEBT RATIO 31.25% secondary buyout of security LOCATION London communications company CSL SECTOR Telecoms equipment DualCom. FOUNDED 1995 The investor took a majority TURNOVER c£11m stake in return for £13m of EBITDA c£3.8m STAFF 50 equity and is looking to further VENDOR Octopus Ventures grow the business in existing and RETURNS 4.3x new markets, both overseas and in adjacent sectors. The vendor, Octopus, originally invested in June 2006 and the investment has returned 4.3x cash. This represents an IRR of 38% for its funds. Octopus has extended its debt structure to £10m as part of the SBO. The GP invested in CSL in 2006 for an enterprise value of £6m. During the holding period, CSL increased its turnover from £5m to £11m in the fiscal year ending in 2012 and managed to double its workforce. The growth was mainly achieved by an increase in market share. ADVISERS Equity – BDO Stoy Hayward, Chris Grove (Financial due diligence); Latitude, Steve Hacking (Commercial due diligence); SJ Berwin, Jonathan Pittal, Tara Bano (Legal). Vendor – Baker Tilly, Rob Donaldson (Corporate finance); Berwin Leighton Paisner, Geraint Lloyd (Legal). Debt – Wragge & Co, Jonathan Segal (Legal). Management – Olswang, Stephen Rosen (Legal). MVC backs £28m Gibdock buyout MVC PRIVATE Equity has acquired transportation services provider Gibdock for £28m. Investec Growth & Acquisition Finance made a minority equity investment alongside MVC, on top of providing senior and mezzanine facilities. NAME Gibdock operates the former Royal Navy-owned dry dockyard in Gibraltar and provides shipyard services to ship owners and operators. ADVISERS Equity – Weightmans (Legal); Deloitte (Financial due diligence). Debt – Macfarlanes, Andrew Perkins (Legal). CSL DualCom NAME Gibdock DEAL Buyout VALUE £28m LOCATION Gibraltar SECTOR Transportation services FOUNDED Early 1990s STAFF 200 VENDOR Private investors GCP invests in World Trade Group GCP CAPITAL Partners has backed the MBO of World Trade Group (WTG) for £27.5m. The investor was convinced by the company’s good growth prospects. Following the transaction, GCP will own a majority stake in the business. Founded in 1997, WTG is a provider of B2B events, training and online lead generation services. The company is headquartered in London and employs about 250 staff. ADVISERS Vendor – Cavendish Corporate Finance, Paul Herman (Corporate finance). Company – Steve Bartlett (Corporate finance). Kelso Place backs Nicole Farhi KELSO PLACE Asset Management has acquired a majority stake in fashion brand Nicole Farhi from OpenGate Capital. The investor will provide financial, strategic and operational support to the management team to pursue further growth of the business. Following the transaction, OpenGate will continue to hold a minority stake in the company. In 2010, OpenGate acquired Nicole Farhi from retail group French Connection. ADVISERS Equity – Hogan Lovells, Amit Nayyar, Monika Przygoda, Ben Coleman, Liz Fuller, Louise Coffey, Sahira Khwaja, Danielle Amor, Daniel Smith, Jamie Hyams, Richard Webber, Anna Jeevanjee, Amal Bhaimia (Legal). Vendor – goetzpartners (Corporate finance). Maven exits Applied Language Solutions MAVEN CAPITAL Partners, manager of the Capital for Enterprise Fund A (CfE Fund), has realised its £1.5m mezzanine investment in Applied Language Solutions (ALS) following its sale NAME World Trade Group DEAL Buyout VALUE £27.5m LOCATION London SECTOR Business training & employment agencies FOUNDED 1997 STAFF 250 VENDOR Private owners NAME Nicole Farhi DEAL Secondary buyout VALUE n/d (
9 DEALS unquote.com/uk to the Capita Group. The exit reaped an initial return of 40% on the fund’s investment. Maven injected a total of £1.5m from CfE Fund in two equal tranches during 2010 to support ALS’s global growth plans, including increasing its sales presence in existing markets and accelerating its expansion into South America and Asia. ADVISERS Equity – DLA Piper, Yunus Maka, Sally Penrose (Legal). Company – Hammonds, Jonathan Jones, Rebecca Aspbury (Legal). Albion backs Hilson Moran MBO ALBION VENTURES has supported the £5m management buyout of engineering and environmental consultancy company Hilson Moran Partnership Limited from Altran Technologies SA. Albion was attracted by Hilson NAME Hilson Moran Partnership Limited DEAL Management buyout VALUE £5m LOCATION London SECTOR Business support services FOUNDED 1977 STAFF 200 Moran’s strong growth record and management team. The investment matches Albion’s preference for investing £1-10m in growing businesses ranging from technology-oriented companies to asset-based firms. Hilson Moran is an international, multi-disciplinary engineering consultancy focusing on the design, procurement, occupation and operation of buildings in the public and private sector. Last year, the company achieved a 20% increase in turnover Foresight in Industrial Engineering Plastics MBI NAME Industrial Engineering FORESIGHT GROUP Plastics DEAL Management buy-in has invested £4m in plastics VALUE £4m manufacturer and distributor LOCATION Hampshire Industrial Engineering Plastics SECTOR Industrial products (IEP) as part of a management FOUNDED 1986 buy-in. The investment will underpin a growth strategy focused on sales and profitability. The transaction is in line with Foresight’s preference for investments of £1-5m in UK-based and European SMEs to support management buyouts, management buy-ins and growth. Founded by Brian Winter in 1986, Industrial Engineering Plastics manufactures and distributes industrial plastics in the UK from its distribution centres in Hampshire and the Midlands. The business has achieved annual turnover and EBITDA growth of 15% in recent years. Sun European Partners acquires Bonmarché Stores SUN EUROPEAN Partners has acquired UK clothing retailer Bonmarché Stores. Media reports value the transaction at less than £10m. The acquirer hopes to develop the niche position of the company. The company was being administered by KPMG. It had been part of the Peacock Group, which went into administration separately in January. Founded in 1982, the company has 2,400 staff and around 230 stores in the UK. As part of the acquisition, approximately 160 stores are expected to close. FSI Régions backs MBI of EBH from RJD Partners FSI RÉGIONS, previously known as Avenir Entreprise, has backed an MBI of European Boating Holidays (EBH) from RJD Partners. A management team led by NAME Bonmarche Stores DEAL Buyout VALUE
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