east midlands corporate finance annual review spring 2016 (single)
TRANSCRIPT
EAST MIDLANDS CORPORATE FINANCEAnnual Review – Spring 2016
01 Welcome 1
02 Selected 2015 transactions 5
03 Return of the MBO 7
04 News and events 9
05 The year ahead 15
06 2015 completed deals 17
CONTENTS
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The East Midlands practice has experienced exceptional growth over the last couple of years, growing from a team of 23, to more than 100 professionals at the turn of 2016.
What is great is that this growth has been emulated at a global level too, with Mazars having added a further five nations to our international partnership in 2015 alone. Mazars is now fully-integrated across 77 countries, allowing us to offer a truly ‘worldwide’ advisory service. (Our global reach can be seen on page 12).
Reflecting on the year from a Corporate Finance perspective, there are some stand-out features, all of which helped to make 2015 our best year yet:
• There is a genuine eagerness within the banking community to support transactions – which is such a reassuring feeling, both for us as advisers, and for our clients.
• Equity investments, at all levels, are most certainly playing their part, and we have seen the solutions become ever-more imaginative and varied.
• Overseas corporates are back in the UK seeking out strategic purchases, and the East Midlands is emerging as one of the most sought-after regions for international investment.
• And overall we cannot cease to be impressed by the sheer quality of our clients. We are blessed with fabulous businesses, and it has been a delight to work with so many.
Over the next few pages you will get a sense of what we have been working on. Principally we go quietly and confidentially about our business, so my personal thanks to our clients who have so kindly agreed to be featured.
Looking ahead, I marvel at the diversity of the transactions we are working on. I know 2016 will be even better for all the deal-making community; we hope to play our part and find ways to contribute and celebrate.
From all of us, we wish you all every success, whatever journey you are planning.
01 WELCOME
We are delighted to introduce our very first Corporate Finance Review; we sincerely hope it captures the excitement and confidence we have been building over the last two years.
Paul commented…
We are particularly proud to have advised on more than 20 transactions over the last two years. Key to this level of activity has been the continued growth of our East Midlands team at all levels – whom you will meet over the coming pages.
We remain very focussed and committed to Privately-Owned Businesses; in fact, transacting with owners, and achieving great results is what it’s all about for us. The days are long, but the fun is back.
In short, our clients are our passion.
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Paul Bevan Partner
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We are seeing a real emphasis on positive growth stories with acquisition and consolidation featuring in most transactions. Management teams and funders are showing real appetite for further growth, suggesting more of the same in 2016. The advisory community remains very active in bringing opportunities, management teams, and funders together.
Capital markets funding has continued its resurgence with flotation once again seen as an excellent source of development capital for growth businesses. AIM celebrated its 20th anniversary in 2015, and recorded its fifth-highest year since inception in terms of further money raised, in addition to seeing 61 admissions. We saw this activity in action in the £58 million recruitment sector acquisition of Networkers plc by Matchtech Group plc and the return of the ‘reverse’ with Inspiration Healthcare using this mechanism very effectively to move the business forward. AIM in particular remains a real option for any growth business to consider alongside other forms of finance.
Strong growth stories proliferated and are typified by transactions such as the acquisition of CP Bigwood by Shepherd Direct, the Nottingham-headquartered residential property services company, who had been supported earlier in the year by a £10 million investment from the Business Growth Fund.
We are delighted to see the return of MBOs such as The Energy Brokers with more management teams taking the opportunity to put into place their growth plans.
There have been busy sectors, notably recruitment and staffing, property, healthcare and a pleasing resurgence in the strength of manufacturing, but there appears to be appetite ‘across the board’ as profitability improves and strategic opportunities present themselves.
Funders are open for business, and matching their appetite with opportunities is more achievable with improved business profitability and strong management teams presenting themselves. 2016 promises to be a good year for management to take forward their business plans, with no shortage of opportunities or funding partners.
Julian commented… We are seeing a higher proportion of deals progressing to completion, but perhaps more significantly, a greater alignment of vendor and acquirer expectations and more predictable profit trends.
With an emphasis on acquisitions, focus is increasingly turning to successful integration, systems and governance strengthening along with creating platforms to move onto the next stage of growth. There is no indication that management teams who have successfully guided their businesses through recession will now want to ‘rest on their laurels’.
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Julian Clough Partner
01 WELCOME (CONTINUED)
AIM in particular remains a real option for any growth business to consider alongside other forms of finance.
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Pete WoodSenior Manager Lead AdvisoryT: +44 (0)7881 283 529E: [email protected]
East Midlands Corporate Finance teamShould you require any further information, or wish to discuss our services, please don’t hesitate to contact any of the team.
Paul BevanPartner Lead AdvisoryT: +44 (0)7881 283 531E: [email protected]
Adam FosterSenior Manager Transaction ServicesT: +44 (0)7881 283 608E: [email protected]
Julian CloughPartner Transaction ServicesT: +44 (0)7552 002 563E: [email protected]
Lisa HuckerbySenior Manager Lead AdvisoryT: +44 (0)7881 284 178E: [email protected]
Rebecca O’DwyerExecutive Transaction ServicesT: +44 (0)7881 284 258E: rebecca.o’[email protected]
01 WELCOME (CONTINUED)
James KingAssistant Manager Lead AdvisoryT: +44 (0)7881 284 270E: [email protected]
Watson GardinerExecutive Lead AdvisoryT: +44 (0)7881 284 069E: [email protected]
Andy BreezeSenior Manager Lead AdvisoryT: +44 (0)7881 283 991E: [email protected]
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Mazars advises BWB Consulting Limited on fundraise to support growth strategy BWB Consulting Ltd (BWB), which has offices in Nottingham, Birmingham, Leeds, Manchester & London, has established an enviable reputation for
delivering high quality, commercial consultancy services across a broad spectrum of professional disciplines that constitute BWB’s Buildings & Built Environment, Transportation & Infrastructure and Environment Groups.
With funding support from Yorkshire Bank, Finance Birmingham, and Catapult Ventures, Mazars advised the shareholders of BWB Consulting Limited in respect of a fundraise and debt restructure.
The deal enables BWB to create a platform for strong organic growth and growth via strategic acquisitions, whilst helping the business to further strengthen its position in servicing a prestigious list of international clients across a variety of sectors.
Mazars has advised Savoury & Sweet Limited on a multi-million pound fundraiseLeicester-based Savoury & Sweet Limited (S&S), one of the UK’s largest manufacturers of popcorn and other healthy snacking products for blue chip brands and retailers, has raised a multi-million pound investment programme.
The funding package, from Permira Credit Solutions II (PCS2), a fund advised by Permira Debt Managers (PDM), saw a multi-million pound investment into the company which will enable S&S to invest heavily in both state of the art popcorn manufacturing equipment and R&D.
At the core of our practice as corporate financiers is our appreciation of the confidentiality required when transacting a deal. It is therefore greatly appreciated whenever our clients agree for us to divulge our roles in their transactions, and over the next couple of pages we provide insight into a handful of transactions that we completed over the course of 2015.
02 SELECTED 2015 TRANSACTIONS
Tinku Durrani, CEO – Savoury & Sweet Limited commented…
We are excited to be able to announce this transaction. This investment enables S&S to support its customers in the rapidly expanding popcorn market. It will enable us to drive real product innovation and we have some exciting flavourings and other developments in the pipeline which consumers will see in early 2016.
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Mazars have advised the vendors on the sale of POS Direct Limited to Bunzl plcPOS Direct Ltd (POS Direct), based in Leicester, specialises in fulfilment, distribution, e-commerce and storage solutions. POS undertake these
services for several global organisations across a multitude of sectors including POS & Print, Internet Retail and Collateral Management in both the B2B and B2C markets respectively.
POS Direct has become part of the international distribution and outsourcing group Bunzl plc, adding expertise. Acquisitive growth is a key element of Bunzl’s growth strategy, aiding the Group’s geographic expansion as well as extending the product offering and customer base.
Mazars advises on the MBO of Morris Vermaport Ltd and Vermaport LtdBased in Chilwell, with revenues of almost £7 million, Morris Vermaport has been involved in the service and maintenance, as well as the design, supply, installation, commissioning and testing of new lift equipment for the UK
market since 1979. Its sister business, Vermaport Limited, supplies a unique shopping cart travellator which operates on the same incline as a standard escalator; the ‘Vermaport’ is typically used in a multi-floor retail environment where floor space is particularly limited.
Morris Vermaport Ltd and Vermaport Ltd announced the completion of a Management Buy-Out (MBO) for an undisclosed amount, led by its existing Management Team. Funding to support the deal was provided by Santander. Mazars provided comprehensive Corporate Finance advice to Management.
Jason Swingewood, Managing Director – Morris Vermaport commented…
The enthusiasm for this deal, from Paul Bevan, Pete Wood and the rest of the team from Mazars was apparent from our very first meeting. They listened to our requirements and expertly guided us through every stage of the process to broker the best solution for all parties. Their dedication and commitment to the deal ensured that it kept it’s momentum right through to conclusion.
Roger Crosse, Managing Director – POS Direct commented…
We grew POS Direct from a start up position several years ago to a place where we could seriously consider the right exit. However, in order to achieve this next stage we realised that we needed to seek the professional advice that we could trust, served with integrity and with the shareholders’ best interests at heart. Through careful due diligence we found the right advisers who could deliver. The dedication and commitment of Mazars throughout the process helped to create and preserve value for the shareholders. It was a carefully planned and executed strategy, with Mazars being integral to the success of the deal.
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Over recent years the East Midlands has experienced a reduced number of Management Buy-Out’s (MBOs), as alternative transaction formats have dominated in the aftermath of the financial crisis. However over the course of 2015, there was a noticeable re-emergence of the MBO.
One of the key facilitators to the MBO upswing was the increased availability of finance for leveraged transactions. Whilst the purse-strings were hard to prize open in the few years post-crash, affording management teams inadequate funds to independently transact in the absence of intermediary support, 2015 saw a change in focus from financial backers, and a subsequent upturn in MBO activity.
The benefits of management buy-outs make them a win-win-win to the seller, the buyer and to the local economy. Managers often cite their newfound control as a key benefit. With new ownership and energy, the business gains a new lease of life. Sellers who are concerned with leaving a legacy are often motivated to see their ‘baby’ continue under the stewardship of people they trust. Importantly for the economy, business ownership and jobs stay in local hands.
However, MBOs can often be high-risk investments with relatively high debt levels so it is essential that the management team is properly advised in terms of valuing and structuring a deal.
As ever, the key factors are:
A strong cash generative company – does the business turn profit into cash?
The management team – will it deliver?
The right price and structure
They may seem simple to bring together, however, achieving the right mix of the above ingredients can prove to be quite a challenge. You must be prepared to shape your business for the transaction and seek professional advice.
A strong cash generative businessIn the majority of buy-outs, there are often new levels of debt to contend with so a strong cash flow is imperative as backers will want to be repaid quickly – usually within three or four years. And make sure you do not confuse profit with cash.
It is a good idea to perform a brief health check on the business covering: the consistency of financial performance and cash generation; whether there are solid plans in place; if the business maintains a strong and defendable competitive position.
Funding for the buy-out often comes from a range of sources. The essential ones are bank debt and asset funders; venture capitalists; the seller; and the management team.
03 RETURN OF THE MBO
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Pete commented…
In the current M&A market, Mazars Corporate Finance are experiencing a need for more patience and positioning when engaging with larger corporates as potential acquirers of our clients’ businesses. Whilst many plc’s have retained significant cash balances and are now seeking external growth via M&A, the reality is that they have downsized their M&A teams; and as a result, are taking a much more cautious approach to progressing with these opportunities. This has led us into more and more conversations with our vendor clients about alternative forms of ‘de-risking’.
For years, many business owners have demonstrated a preference for the MBO route for the disposal of their business and why should this change? Many are successfully completed due to a number of advantages; namely flexibility, confidentiality and timing.
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Pete Wood Senior Manager
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When starting the MBO process a good philosophy is not to rule anything in or out. Start with a blank piece of paper, and move forward from there.
The management teamThis is, of course, the most significant factor. Potential backers will need convincing that the team has the adaptable all-round ability to independently manage the business. A natural leader should materialise from the team, around whom the business will unite. The team needs to be sensible but ambitious, with a desire to make more money.
A clear strategy should be put in place for the team on how the business is to be conducted: this could include new markets, new products, new contracts etc. It is not enough to repeat past performance.
In order for the management team to obtain credibility with its potential backers it will be required to make an investment in the business itself.
With a helping of sheer determination and good planning the deal will be on.
The right price and structureThe right price is vital to make the deal worthwhile, not only for the owners to sell but also to be attractive to the management team. Set it too high and the business could hit early problems and put deferred consideration at risk for the sellers. Buying well obviously makes it more feasible for the MBO team to generate attractive returns in the future.
Completed MBOs
Management Buy Out of Morris Vermaport Ltd
& Vermaport Ltd
April 2015
Management Buy Out of UK Gas Services Ltd
March 2015
Management Buy Out of The Energy Brokers Limited
October 2015
SummaryPreparation is a must with buy-outs, they may take months to complete and so can be a major distraction to day-to-day work. Don’t let this happen.
It is vital to choose the right advisers for your business who can look at all your options and ensure you don’t just drift in to one.
MBOs are highly prone to failure if planning elements have not been thoroughly looked into and all areas fully considered. So don’t leave it to chance.
Mazars Corporate Finance has significant experience and a proven track record in advising management teams and vendors in order to deliver successful MBOs.
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Paul added… We know Andy well and are thrilled to have him on board. He has a first class track record and reputation, and has already had a positive impact on the team. The growth of our business demands that we have a dedicated and senior CF presence in Leicester and in Andy we have the ideal person.
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04 NEWS AND EVENTS
East Midlands NewsA common theme for both East Midlands offices over the course of 2015 was growth, as an increasingly robust pipeline necessitated further recruitment within the Corporate Finance team, whilst triumph at the British Accountancy Awards paid testament to the firm’s sustained success.
Team growthThere is a noticeable buzz in Mazars’ Nottingham and Leicester offices now, much of which can be attributed to the continued growth the firm has enjoyed over the past year, with new faces appearing in both offices on a weekly basis. The East Midlands’ Corporate Finance offering, which at the turn of last year, was serviced by a four-man team, now has nine dedicated professionals operating across both cities.
New face, old headDecember saw the arrival of the latest recruit to our growing team, and a familiar face to many in the East Midlands deal-making community. We’re delighted to have Andy Breeze on board – he has vast experience from his previous career in banking and, for the last 18 years, in corporate finance; initially with a London-based boutique (The Business Exchange) and latterly RSM Tenon & Baker Tilly.
Andy has slotted straight into our team, picking up a number of existing opportunities and providing a dedicated corporate finance presence in the Leicester market. He has a proven track record of winning and delivering deals that complements our existing focus and his expertise will be a real asset to the team and business as a whole.
Andy’s experience spans the full range of disposals, corporate acquisitions, MBOs/MBIs and cash out transactions, in addition to raising debt and equity to support these deals.
Andy said… I’m delighted to have joined Mazars and teamed up again with some great people. The business is growing quickly and has a very vibrant feel to it – we have a strong list of engaged clients and a number of other opportunities in the pipeline so we’re very optimistic about the outlook for 2016. I’m looking forward to meeting up again and doing some deals with colleagues in the local professional community.
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Executive recruitsIn addition to attracting seasoned dealmakers, the East Midlands team has grown its professional base by adding two young executives to the team, both with enviable academic records and genuine business experience.
Watson GardinerWatson has joined the firm as a Trainee Accountant (ACA) and Corporate Finance Executive, having recently graduated with First Class Honours from the University of Birmingham. He brings with him a commitment to delivering genuine ‘value-add’ to clients, along with a focus on working with private companies and entrepreneurs to help them maximise their business value. Prior to joining Mazars, during his university studies, Watson spent a placement year at IBM as part of their Global Business Services division, where he worked closely with NHS Healthcare Trusts to deliver process improvements.
Rebecca O’DwyerRebecca is a recently qualified chartered accountant, currently on a secondment in Transaction Services, having spent the past three years in the external audit department within Mazars working with an extensive range of clients.
Having grasped the technical aspects of the accounting world, Rebecca now hopes to spend this year applying this knowledge and gaining new commercial experiences as an Executive in Transaction Services.
Watson commented… the opportunity to work alongside a seasoned team whose ethos is to give real responsibility from the outset is a hugely exciting prospect. I’ve joined the team at a real boom time within the M&A market, and I’m looking forward to helping fulfil the objectives of many of the great companies that we’re currently working with.
During Rebecca’s studies… she was awarded the Spicer and Pegler prize at the international ceremony for the World’s top-scoring ICAEW chartered accountancy students, who were hailed as ‘finance’s future’. This immense accolade accompanies her Michael Hawley prize for achievement at a regional level.
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National & International News
04 NEWS AND EVENTS (CONTINUED)
Mazars was delighted to be named National Firm of the Year at the recent 2015 British Accountancy Awards.
Run by Accountancy Age, the British Accountancy Awards ceremony took place in central London and was attended by hundreds of people from across the profession representing both the largest firms, and smaller local practices.
The National Firm of the Year Category was decided on the strength of responses to a survey that Accountancy Age sent to the reader database of its sister title, Financial Director.
Mazars has 19 offices across the UK and forms a key arm of the wider international, integrated global firm which has 77 countries around the world and a turnover of more than €1 billion.
UK Senior Partner Phil Verity said… We are absolutely thrilled with this award: particularly as the category was not open to self-nomination; but was instead based on an independent client survey. To win on the strength of client feedback is a great testimony to our commitment to client service, outstanding quality and technical excellence.
I’m really proud of our entire UK team. Their exceptional skills, experience and hard work have helped us build and maintain a great client base. In turn, those clients have voluntarily come forward to share very positive feedback about their experience of working with us. It’s a great result.”
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Mazars named National Firm of the Year at the British Accountancy Awards
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Mazars announced the finalisation of a merger with Chinese audit firm ZhongShen ZhongHuan in December 2015, to create a full-service firm with the ability to support clients in 77 countries. Since 1997, Mazars’ unique integrated partnership model has proven successful in China, and the merger will enable the Mazars partnership to continue delivering exceptional value in the Chinese audit and advisory sector.
The merger will bring together more than 1,800 professionals, including 83 partners, from 15 offices across mainland China, to add to our existing global team of 17,000. The new group’s unique integrated partnership structure offers numerous growth opportunities for professionals and will deliver high value to both existing and new clients, with stronger teams and offices in all major Chinese cities.
This merger will ensure that Mazars continues to strengthen its position in high-growth economies on all continents, and follows mergers in Germany, Australia, Mozambique and Cyprus during 2015.
Mazars are uniquely positioned to support your international ambitions.
Mazars announces strategic merger in China
UK Senior Partner Phil Verity added… This is great news for our UK clients. The merger will significantly increase capacity across mainland China, enabling us to better support Chinese companies that are keen to invest or expand in the UK.
Philippe Castagnac, CEO of Mazars and Chairman of the Executive Board, commented… After the integration of an important German structure in 2015, this operation in China is not only a significant boost to Mazars’ presence and capacities, but also an undertaking for additional development within one of the world’s leading economies.
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Mazars globally
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Upcoming events Cash is kingFollowing on from the first two workshops, which discussed Effective Succession and Seizing Growth Opportunities, this complementary initiative is specifically designed for privately owned businesses, and will explore whether your assets are being held tax efficiently.
Financing your transactionThe final instalment in the series of four, a panel of presenters will introduce the concept of how best to finance a variety of transactions. Whether it be an entry or an exit, it is essential to consider the types of finance available, and which format will work best in order to achieve your desired objectives.
Maximising your business value
WHEN… WHERE… RSVP…
4 March 2016
Radisson Blu Hotel, East Midlands Airport
WHEN… WHERE… RSVP…
17 June 2016
Radisson Blu Hotel, East Midlands Airport
04 NEWS AND EVENTS (CONTINUED)
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At retirementIn addition to planning for your business exit, it is essential to plan how to manage your wealth post-transaction. This workshop will introduce new regulations and make you aware of the best ways to manage your financial affairs, both in the run up to retirement and thereafter. Tailored to individuals/couples who are 12-18 months away from retirement, our expert speakers will guide you through the pre-retirement planning process, your ‘at retirement’ options and making the right choices to ensure a successful retirement.
Financial planning: after you sell
WHEN… WHERE… RSVP…
18 February 2016
Park View House, The Ropewalk
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05 THE YEAR AHEAD
The team had a great year in 2015 with significant growth, and we’re expecting more of the same in 2016. Our pipeline is looking very healthy at present and we’re very optimistic for another excellent year.
The positive climate is being driven by a number of factors – the East Midlands economy is one of the fastest growing regions outside of London; the increased business confidence that has gradually developed in recent times has created an appetite amongst both buyers and sellers to implement their strategic plans; and there are clear signs of banks and other funding institutions also looking to increase activity.
These external features obviously make for a healthier backdrop to deal flow and we’re keen to capitalise on this locally by working closely with our clients and professional colleagues to originate and deliver some more great transactions both in 2016 and beyond.
Andy BreezeSenior Manager
Predicting activity in M&A is an inexact science; however, the trends that led to a bumper year for the UK market in 2015 look set to continue in 2016, with the food and beverage industry a key player.
Having contributed towards a recent Mazars deal in the snack food industry, one of the underlying features that is driving M&A activity in the sector is the shifting consumer preference for healthier products. This trend looks set to continue as governmental pressures on snack food producers influences market dynamics.
Significant deals in 2015 such as the consolidation of Kraft and Heinz in the U.S., together with the acquisition of the Birds Eye group by Nomad Holdings indicated the increased level of confidence, which is anticipated to continue in 2016.
At the top of many acquirers shopping lists are companies illustrating strong growth and a focus on healthy lifestyles and responsibly sourced ingredients, with the potential to enter both new product categories and geographies.
James KingAssistant Manager
One of the foremost developments in the East Midlands market over the last year has been the increased investment interest from companies, both internationally and from other regions of the UK. With Large Corporates and Mid-Market players identifying the Midlands as an area with substantial growth prospects, we have seen an influx of cross-border M&A activity and there is no suggestion of a slowdown in 2016.
With Mazars’ global footprint now spanning 77 countries – having added representation in China, Germany, Australia, Mozambique, and Cyprus to our portfolio during 2015 – the East Midlands team are well positioned to leverage our international network, and their knowledge of acquirers in other jurisdictions.
This truly international partnership is a key feature of the Mazars service offering. As a result, we are confident that we are in a unique position in the market to advise owner managed and mid-sized businesses whose ambitions include any overseas transactions.
Watson GardinerExecutive
The view from a few
2015 spelled increased buoyancy for the East Midlands market, with a continued growth in the volume of deals being transacted across the
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In their latest instalment, Experian noted that 2015 saw an upturn in the overall UK M&A market, marking the busiest period for deal-makers since 2007. The Midlands saw a total of 882 transactions announced in 2015, representing an increase of 17.8% from 2014 levels – far surpassing the national average of 10.3%.
The Midlands accounted for 13.5% of the nationwide deal volumes, and 4.87% in terms of value. The most prolific sector for dealmakers was manufacturing, which surged ahead to account for 292 deals (33% of total deal volumes), worth £10.4bn (49% of deal values).
Interestingly, the volume of small deals with transaction value between £0.5m-£10m, rose 41.4% to 181, whilst values were up 27% to £553m. Similarly in the Mid-market (£10m-100m), total values increased 11.6% to £4.5bn. This is and exciting prospect moving into 2016, as Mazars’ speciality lies in the advisory and transaction of owner-managed businesses, with a transactional value of £5m-£30m.
Adam FosterSenior Manager
The changes to the taxation of dividends, published in the draft Finance Bill on 9 December, will have a significant impact on directors and shareholders of companies, as the cost to those who extract profits by way of dividends will increase substantially.
As a result of the above change, the Government is also concerned that company owners will seek to extract value in such a way that the receipt is taxed as capital rather than income. Draft clauses are included that will strengthen the transactions in securities rules, which will explicitly include repayments of share capital or share premium, and distributions on a winding up from April 2016.
If you’d like to hear some more about the above changes, and how best to structure your business operations in order to cater for these modifications, feel free to come along to our Maximising Business Value seminars on the 4 March & 17 June at the Radisson Blu Hotel, East Midlands Airport (see Page 13).
Lisa HuckerbySenior Manager
We have known about the new FRS 102 financial reporting framework for some time, but 2016 is a significant year, as many UK companies will only now be putting figures under the new standard and the effects will start to impact.
Clearly this varies company to company, but with areas such as revenue recognition, leases, financial instruments, provisioning and goodwill amortisation featuring in most company’s accounts – these impacts should be considered universally. This is critically relevant within the deal environment, and we have been working closely with our clients to carefully consider the implications of these changes on key deal metrics like EBITDA, and their comparability with previous years’ accounts.
The changes may also impact on the calculation of figures enshrined into legal documentation such as covenants, completion accounts or earn-out arrangements, in addition to having non-financial considerations such as changes to accounting systems or the way bonus schemes are constructed.
Rebecca O’DwyerExecutive
M&A landscape, and the underlying economic climate indicates a continuance of this trend in 2016. Six of the team offer their insights into some of the developments we expect to emerge, as well as a some food for thought in light of recent legislative changes.
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06 2015 COMPLETED DEALS
M&A deal flow is increasing as the appetite for financing returns. Our Corporate Finance team are all ‘hands on’ specialists, led by partners who love to deliver a successful transaction for our clients.
2015 has been another busy year for the team in the East Midlands. Here’s a selection of the deals that we have seen complete in the last twelve months. It’s fair to say that we do not see it stopping there. We are helping more and more clients achieve their long term business objectives via acquisitions, fundraisings and disposals.
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Management Buy Out of UK Gas Services Ltd
March 2015
Please get in touch…
Mazars LLP is the UK firm of Mazars, an international advisory and accountancy organisation, and is a limited liability partnership registered in England with registered number OC308299. A list of partners’ names is available for inspection at the firm’s registered office, Tower Bridge House, St Katharine’s Way, London E1W 1DD.
Registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001139861.
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