global deal review 2012

Global deal review 2012

Contents

01 Introduction

02 Key highlights

04 Healthcare

06 Financial services

08 Technology

11 Food & beverage

12 Real estate & construction

14 Media & communications

15 Manufacturing

18 Support services

20 Private equity

22 Energy & cleantech

23 Hospitality & tourism

24 Education

25 Contact us

Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisoryfirms. These firms help dynamic organisations unlock theirpotential for growth by providing meaningful, forwardlooking advice. Proactive teams, led by approachablepartners in these firms, use insights, experience and instinct to understand complex issues for privately owned,publicly listed and public sector clients and help them tofind solutions. More than 35,000 Grant Thornton people,across over 100 countries, are focused on making adifference to clients, colleagues and the communities in which we live and work.

Global deal review 2012 1

Introduction

Globally, Grant Thornton’s transactional teamshave once again been advising corporates, privateequity and banks in a number of high profile dealsin 2012.

Though the economic backdrop continues toimpact the M&A market, the level of activityGrant Thornton has experienced over the past 12months underlines the benefits from the furtherinvestment made in our transactional teams acrossthe world.

Whilst our teams in North America, WesternEurope, India and Australia continue to completequality transactions across all sectors, investmentsin our Nordic, Chinese and Latin American teamshave further strengthened our global capability andability to support cross-border M&A activitythroughout the world.

Across the network key senior hires have beenmade in the US, UK, Germany and Chinahighlighting the importance Grant Thornton isplacing on advisory services.

Overall, our global teams remain optimisticabout the next 18 months as mid-market dealvolumes remain relatively strong. There is no doubt that the volume of private equity funds andcorporate cash sitting on balance sheets gives theindication that deal volumes are set to rise, althoughthe main challenge remains the number of qualityopportunities available.

This demand for quality has led to more andmore acquirers seeking cross-border growthopportunities to satisfy these ambitions. Withinvestors and acquirers showing this increasedappetite to transact globally, together with theincreasing ease of doing so, having the support andadvice of a global team of advisors ensures thatclients have the best chance of achieving theirambitions.

With our truly global network and track record,we at Grant Thornton believe we are ideally placedto advise and support clients execute their growthstrategies.

MARTIN GODDARDGLOBAL SERVICE LINE LEADER – TRANSACTIONSGRANT THORNTON

2 Global deal review 2012

Key highlights


GRANT THORNTON HAS SPECIALISTTRANSACTIONAL ADVISORY CAPABILITY IN

OVER70 COUNTRIES

OVER250DEALS COMPLETED GLOBALLY IN 2012


Healthcare

Due diligence servicesprovided during the acquisitionof a pharmaceuticalmanufacturing company

Grant Thornton China providedtransaction advisory services

Essex Woodlands

BioPharm Communications has been recapitalised bySouthfield Capital Advisors

Grant Thornton US provided financialadvice

BioPharmCommunications

Financial and tax due diligencefor the acquisition ofSpecialistkliniken

Grant Thornton Nordic advisoryservices provided due diligence

Akademikliniken

Financial and tax due diligence

Grant Thornton Vietnam provided advisory services

Eurofins

Acquisition of Comfort CallLimited

Homecare

Grant Thornton UK provided duediligence services

City and County HealthcareHoldings Limited

Acquisition of Opus GroupHoldings Limited and itssubsidiaries

Medical appliances

Grant Thornton UK provided financialand tax due diligence services

Alliance Pharma plc

Acquisition of Direct HealthGroup Limited

Social housing


Accord HousingAssociation

Refinancing

Care homes


Abbey Care InvestmentsLimited/Life Style Care Plc

Merger withHammerson Home

Operator of care homes


Nightingale House

“The Australian market remains buoyant as the economy continuesto experience growth. There appears to be a real opportunity inhealthcare and education with an ageing population and skillshortages still prevalent. Both sectors have government support andwith a number of high quality, profitable companies that cancompete on the international stage, these sectors are set to underpinthe domestic and cross-border M&A market in Australia.”

PAUL GOOLEYGRANT THORNTON AUSTRALIA

Disposal to Accord HousingAssociation

Domiciliary care provider

Grant Thornton UK provided vendordue diligence services

Direct Health GroupLimited

Acquisition of Medical GasSolutions Limited

Medical gas supplies

Grant Thornton UK provided financialdue diligence services

DCC plc

Adoption

Healthcare

Grant Thornton UK acted ascorporate adviser

MiLOC Group

Disposal to Capita Group plc

Social care recruitment

Grant Thornton UK provided corporatefinance advisory and tax services

Medicare First Ltd

Case study

First Leaside Grant Thornton provided M&A advisory services to First Leaside in a transaction with a totalenterprise value of CA$51.5m. The divestiture mandate included designing and executing thesale process around a portfolio of three independent living facilities in British Columbia and acontrolling interest in an Ontario based limited partnership called PrimeTime. The processculminated in the sale of both to Baybridge Seniors Housing Trust, the retirement home arm ofOntario Teachers Pension Plan.

Grant Thornton was able to leverage their industry and regional knowledge to identify arobust buyers list to maximise competition. The team provided complete project management ofa three phased sales process including managing each of the exploratory and confirmatory duediligence processes on behalf of First Leaside.

Greg Wright commented: “In this deal, Grant Thornton was able to tailor a sale process andexecute a transaction that generated maximum value for the client in light of a complex situationcreated by First Leaside’s CCAA and the presence of a minority partner. This was accomplishedthrough careful planning, superior project management, and a consistent focus on strongcommunication with stakeholders and the buying group. The result was a significant win forFirst Leaside and the smooth transition of the portfolio of independent living facilities andPrimeTime interest to a strong buyer in Baybridge Seniors Housing Trust.”


Divestiture of First Leaside'sOkanagan portfolio and interestin the PrimeTime Living Ltd.Partnership to BaybridgeSeniors Housing Trust

Grant Thornton Canada acted asfinancial advisor

First Leaside

Acquisition of the Bioanalyticalservices division

Grant Thornton Canada provided duediligence services

Biotrial Research

Asset-backed financing

Grant Thornton India providedfinancial advice

Vivo Bio Tech Ltd.

Financial and tax due diligencefor the acquisition of ninedifferent local animal hospitals


Valedo

Polysem – veterinarianprotection items. Transactionconducted by IMV Technologiesand Pragma Capital

Grant Thornton France provided duediligence

Polysem

Placing, subscription, issue ofconvertible loan notes andoffer

Grant Thornton UK acted as reportingaccountant

Allergy Therapeutics plc

Rupee convertible debt ofBalaji Distilleries Ltd

$40m deal

Grant Thornton India providedacquisition services

Standard Chartered

Financial services

Adoption

Financial services

Grant Thornton UK acted asnominated adviser

Shore Capital GroupLimited


Acquisition of V12 FinanceGroup

Financial services

£36 million loan book

Grant Thornton UK provided financial, IT and taxdue diligence, valuations, SPA and tax services

Secure Trust Bank

Acquisition of Robinson WayLimited

Financial services


Hoist Kredit AB

Fund acquisition of HomeSunLimited

Financial services


Aviva Investors

MBO of Harrington Brooks,backed by RJD Partners

Consumer debt management

Grant Thornton UK provided financial, tax,IT and regulatory due diligence services

Harrington Brooks/RJD Partners

Acquisition of Neon CapitalPartners Limited

Investment fund management


Braveheart InvestmentGroup Limited

Sale to AJ Gallagher Ltd

Grant Thornton Australia providedsell-side advisory services

SRS UnderwritingAgency

Acquisition

Eveho Conseil – Specialises infinancial services

Transaction conducted bySolucom


Eveho Conseil

Développement

Axelliance – insurancebrokerage

Transaction conducted byTurenne Capital

Grant Thornton France performed duediligence

Axelliance

Business case set-up of thepension company and CNBlicence acquisition

Grant Thornton Czech Republicprovided transaction advisory services

Raiffeisenbank a.s.


Acquisition of Financial leasingservices


Shawbrook Bank

Acquisition of BMS Finance AB


Greenwich LoanIncome Fund Limited

Finance and tax due diligenceand business valuation


VPBank Securities

Business risk management


Far East National Bank

Finance and tax due diligence


Orix Corporation

Services included financial duediligence, business valuationand purchase price allocation


Group Lease FinancePlc

“Although not at pre-crisis level, private Germancompanies continue to generate a decent level ofprofits. With significant cash resources behindthem we are optimistic for an increase in M&Aactivity in 2013.”

KAI BARTELSGRANT THORNTON GERMANY

Syntech Associates acquiredby SCM Insurance Services

Grant Thornton Canada providedfinancial and tax due diligence services

SCM Insurance Services

Reclassification of securities

Cyrus Conseil – Wealthmanagement

Transaction conducted byBlackfin Capital Partners


Cyrus Conseil

Acquisition

Domidep – EHPAD

Transaction conducted by U | Igestion


Domidep

Bluestone Investment Partnersinvest in CIS Secure ComputingInc.

Grant Thornton US providedtransaction advisory services

Bluestone InvestmentPartners

TransDigm Group Inc. completethe acquisition of AmSafeGlobal Holdings Inc.

Grant Thornton US provided due diligence & transaction advisory services

TransDigm Group Inc.

ABS Capital Partnerscomplete an equity investmentin Accurate Group HoldingsLLC


ABS Capital Partners

Lubar & Co. complete theacquisition of ChemDesignProducts Inc.


Lubar & Co.

Business valuation services

Grant Thornton Vietnam providedadvisory services

Asia Star InvestmentJSC

Cross Border Acquisition ofAviva Group Entities

$230m deal


WNS

Acquisition of Acumus Limited

Insurance intermediary


Arthur J. Gallagher

Buy-side advisory an post-acquisition restructuring


ZUQ Czech s.r.o.


Technology

Financial Due Diligence

Acquisition of majority stake inShanthi Gears Limited

Grant Thornton India provided duediligence services

Tube Investments “With the government now demonstratingpolicy initiatives and addressing some of theforeign investment deterrents, there areexpectations of an increase in M&A activity in2013, with private equity exits and investments at the forefront.”

HARISH HVGRANT THORNTON INDIA

Partial sell-down and capitalraising to Harbert PrivateEquity

AU $20m


Fast Track Pty

Disposal of the B2B activitiesto DB Telecom

Grant Thornton Netherlands acted asadvisor to the seller

Pocket Partner

LBO

Prowebce

Transaction conducted byEdmond de Rothschild,Edenred and Iris Capital


Prowebce

Ask

Transaction conducted by CDCInnovation, Equimax Partnersand Amundi


ASK


Acquisition

CertEurope

Transaction conducted byOodrive


CertEurope

Advice on shareholder buyout

Grant Thornton Netherlands acted asadvisor to the buyer

Crunding

Risque

Redox Maritime Technologies

Transaction conducted bySuez Environnement


Redox MaritimeTechnologies

Investment in Dr. Födisch AG –Measurement equipment

Grant Thornton Germany provideddue diligence services

Demeter Partners

MBO of IESA backed byGresham LLP

Integrated supply solutions


Integrated Engineering StoresAssociates Limited (IESA)

Acquisition of IntegralComputers Limited by SagePay (a division of The SageGroup plc)

Computerised paymentservices


The Sage Group plc

Acquisition of Seba KTMHolding – Measurementequipment

Grant Thornton Germany provided duediligence services

Megger Group Ltd.

Noblis Inc. complete theacquisition of ElanTechSystems Inc.

Grant Thornton US provided due diligenceand transaction advisory services

Noblis, Inc.

Case study

VXi Corporation Grant Thornton acted as financial advisor to the board of VXi Corporation on recapitalisation with Vicente capital Partners(VCP) in conjunction with the management team, which included:North Atlantic Capital, Egan-Managed Capital, the Dodge D.Morgan Family and management.

Headquartered in New Hampshire, US, VXi offers best-in-class corded and wireless headset solutions designed specifically for high-noise environments. Company CEO Mike Fergusoncommented: “Grant Thornton did a fabulous job getting us where we wanted to go and exceeding valuation expectations. Thanks to the Grant Thornton team we were well prepared to handle theprocess and the in depth inspection necessary for a successfuloutcome. Ian Cookson was also a good coach, mentor, fun to workwith, and a calming influence when needed. We are very pleased GrantThornton was the group we chose to use and it was good to havetheir considerable resources, talent and experience on our team.”

Weezevent – Online ticketingprovider. Transactionconducted by A Plus Finance


Weezevent

Disposal of 100% of its shares


Promax

Geomedia SAS – A topographicand infrastructure softwarepublisher – acquiredGeomensura. Equity providedCICLAD

Grant Thornton France acted asfinancial advisor to Géomensura sellers

Geomedia SAS

Fiancial and tax due diligencefor the acquisition of Accel


Littelfuse


Financial advisor in connectionwith the sale to Brokk

Grant Thornton Nordic advisoryservices provided financial advice

Ahlberg Electronics

Acquisition of the “SearchBusiness” assets ofTradeDoubler. Transactionconducted by Netbooster


TradeDoubler

Nanocomp Technologies, Inc.has received investment from DuPont


NanocompTechnologies, Inc.

Divestiture of Plato ConsultingInc. to KPMG LLP

Grant Thornton Canada acted asfinancial advisor to the vendor

Plato Consulting

GREE International Inc. hasinvested in IUGO MobileEntertainment Inc.

Grant Thornton Canada provided duediligence to the acquirer

IUGO

Financial, tax and legal duediligence related to theacquisition of Hirschmann CarCommunication, a provider ofautomotive IT&C systems

Grant Thornton Germany providedadvisory services

VOXX International

Disposal of Maxima Holdingsplc to Redstone plc

IT managed services


Maxima Holdings plc

Acquisition of SystemsAlternatives International LLC

Software and consultingservices


Brady plc

MBO of SDH UK Ltd backed byAugust Equity

IT security


SecureData/AugustEquity

Disposal of Gyron Internet Ltdto NTT Communications

Specialist datacentre serviceprovider

Grant Thornton UK provided corporatefinance and tax advisory services

Gyron Internet Ltd

Disposal to Daisy Plc

Telecoms audio conferencingspecialist

Grant Thornton UK provided corporatefinance advisory services

Worldwide GroupHoldings

Acquisition of UBS IndiaService Centre Pvt Ltd


Cognizant

VXi Corporation has beenrecapitalised by Vicente CapitalPartners


VXi Corporation

“We have seen a notable increase in the numberof our transactions having an interest from orcompleting with overseas buyers. The UKremains a strategically important market toglobal businesses and through our global reach,we have been able to ensure our clients have thebest chance of transacting with the most suitablebuyer, be they British, European, NorthAmerican, Japanese or from elsewhere. Ourglobal reach is a hugely powerful tool and onethat reaps significant benefits to clients.”

GEOFF DAVIESGRANT THORNTON UK


Food & beverage

Acquisition of Adelie Foods

Grant Thornton UK providedacquisition advice

Adelie Foods

Valley Proteins Inc. acquirePerdue Fats and Proteins LLC adivision of Perdue AgriBusiness

Grant Thornton US performedtransaction advisory services

Valley Proteins, Inc.Case study

India Hospitality CorporationIn April 2012, Grant Thornton advised India HospitalityCorporation (IHC) on its acquisition of the Adelie Food group. Thiscross border transaction saw IHC acquire a leading independentfood-to-go business to further its development into the UK market.The Adelie Food Group’s principal products are sandwiches, wrapsand salads sold to the food services and retail sectors.

India based IHC acquire and successfully operate businesses orassets in the food, hospitality, leisure, tourism, travel and relatedindustries, including but not limited to hotels, resorts, timeshares,serviced apartments and restaurants. The transaction provides an exitfor the outgoing shareholders including a private equity investor andsees IHC take ownership of a business with a number of blue chipcustomers. The financial strength of the new group added to the scaleof its operators will create competitive advantage and will benefit thebusiness, employees and customers alike.

Anju Chande, Head of South Asia group at Grant Thornton UK,said, “We were able to bring a unique blend of experience in advisingIndian corporates on UK corporate acquisitions over the last 20 yearsthrough our South Asia group and our extensive food sectorexpertise, to deliver what was a very complex transaction in very tighttimescales.”

Grant Thornton’s team delivered comprehensive multi-disciplinary services to IHC including origination, M&A, duediligence, transaction tax and capital markets advisory that highlightsour ability to offer clients a bespoke service which is tailored toindividual needs.

Due diligence servicesprovided during acquisition of an alcohol company


Legend Holdings

MBO of Iceland Foods GroupLimited

Grant Thornton UK provided financialdue diligence and tax advisory services

Iceland Foods GroupLimited

Sale of a food & beveragebusiness – confidential


Project Kent

Acquisition of Bar & RestaurantFoods Limited

Grant Thornton UK providedcorporate finance advisory services

Edward Billington &Son Limited

Sale to NBC Private Equity.

AU $10m


Degani

Real estate & construction

Acquisition of Dek Canada Inc.

Electrical wiring andconstruction supplies

Grant Thornton Canada acted asfinancial advisor

Individual investor

Financial and tax due diligencefor the acquisition of CGM


ABB

Due diligence servicesprovided during acquisition ofan infrastructure company


China InvestmentCorporation


“Whilst the private equity market faceschallenging times in France, the French largecorporate is becoming hugely influential as theirdemand for domestic and global acquisitionsincreases.”

THIERRY DARTUSGRANT THORNTON FRANCE

Managment buy-out

Grant Thornton Netherlands acted asadvisor to the management

BBCI Frijwijk

Financial due diligence inconnection with an investmentin Llentanb Group


Nordstejernan

“Cross-border M&A activity has becomeincreasingly important to the US over the lastdecade. Historically the US has been a netacquirer, though this changed slightly in 2012 as aresult of significant investment from Asia Pacificbuyers. There has been a flurry of dealannouncements in recent weeks as credit marketshave improved at a time when business optimismis increasing, which has been reflected by thelevel of the stock market.”

DAN GALANTEGRANT THORNTON US

AIM flotation – Lettingfranchisor

£15.5 million market cap

Grant Thornton UK acted as reporting accountant

Belvoir Lettings plc

Lower Nicola Backhoe wasacquired by LNB AcquisitionCorp.

Grant Thornton Canada provided financialdue diligence services to the Acquirer

LNB Construction

Issue of Zero DividendPreference shares


Picton Property IncomeLimited

Investment in Wälderhaus

Green building concept


Vattenfall Europe AG

Due diligence servicesprovided during acquisition of a construction company


Baird Capital PartnersAsia

Acquisition of United FibreSystem Limited


GMR


Media & communications

Transaction advisory services –E-commerce & media

Grant Thornton China providedadvisory services

China 33 Media Group

Acquisition of Cream EventsPvt. Ltd.


Edelman

Acquisition

Kali Communication – offsetand digital printing

Transaction conducted byTechniphoto, UFG-Siparex andRe-sources

Grant Thornton France provided duediligence services

Kali Communication

Acquisition of FunkwerkDabendorf GmbH


Novero GmbH

Investment in dtp youngentertainment – Gamespublisher


WGZ InitiativkapitalGmbH

Acquisition of a Shanghaibased online shopping rewardsplatform


Points InternationalLimited

Public to private – Media

Grant Thornton UK provided advisoryservices in relation to the City Code

Content MediaCorporation plc

Acquisition of Colman Getty

Culture and campaigningagency

Grant Thornton UK undertook areview of completion accounts

Four CommunicationsGroup plc

Acquisition of 64%shareholding of Agatha ChristieLimited from Chorion Limited

Intellectual property rights

Grant Thornton UK provided corporatefinance advisory and due diligence

Acorn Media Group Inc

Disposal of the Ian Allanmagazine portfolio to KeyPublishing Ltd

B2C magazine publisher

Grant Thornton UK provided corporatefinance advisory services

Ian Allan Group Ltd

Acquisition of Iris AssociatesLimited

Creative marketing agency

Grant Thornton UK rovided corporatefinance and financial due diligence

WEARE 2020 plc

MBI of Farmers Guardian andPulse assets from UBM plc

Publishing

Grant Thornton UK provided corporatefinance advisory and due diligence

Briefing Media Limited/GCP Capital Partners

Class 1 acquisition ofRunningBall

Real-time sports data provider

Grant Thornton UK provided reportingaccountant and financial due diligence

Perform Group Plc

Sale of the distressed businessto a trade participant

AUD <$10m


United BroadcastingInternational Pty Ltd

Sale to STW CommunicationsGroup Limited

AUD <$10m


Maverick Marketing &Communication

Financial and tax due diligence with the acquisition of Chellozone


bti



Complex advisory during saleof business and integration intoT-Mobile

ČeskéRadiokomunikace a.s.

Manufacturing

Acquisition of a marine fire protection and safety productsmanufacturer


Drew Marine

Special review of a supplier


Praxair Inc

Business valuation and leadadvisory


Vietnam ChemicalCorporation

Acquisition of AmSafe GlobalHoldings Inc.


Trans DIGM

Financial, tax and legal duediligence related to theacquisition of Gohlke Elektronikan electronic equipmentmanufacturer

Grant Thornton Germany providedadvisory services

CCS Holding AG

Disposal of beverage cratedivision to Delbrouck GmbH

Grant Thornton Germany providedlead advisory services

Linpac Allibert GmbH


Acquisition of GMA Group –Industrial services


Mistras Inc.

Acquisition of Scherer FeinbauGmbH – Industrial machinery


Chiron Werke

Acquisition of AmericanIndustrial Plastics Inc (USA)

Manufacturer of precisionplastics

Grant Thornton UK provided financial,tax and IT due diligence services

Fenner plc

Acquisition of ANCeram GmbH& Co. KG – Industrial materials


CoorsTek Inc.

Acquisition of Chemring MarineGroup PLC's marine business


Drew Marine

Build-up

Diapro (Belgique)

Transaction conducted byRobopolis


Diapro (Belgique)

Reclassification of securities

Consortium Ménager ParisienConception

Transaction conducted by BNPParibas and Edmond deRothschild


Consortium MénagerParisien Conception

Vendor due diligence inconnection with the sale ofPergo to Mohawk


Pfleiderer

Financial and tax due diligencefor the acquisition of EME SteelService Centre


SSAB

The Charles Machine Works, Inc.acquired American Augers, Inc


The Charles MachineWorks, Inc.

Acquisition of Marine SystemsTechnology Limited

Specialist material manufacture


PaR Systems Group Inc

Acquisition of IQA OperationsGroup Limited


Elecnor S.A.

Disposal to Zep Inc

Branded and private labelchemical manufacturer


Mykal IndustriesLimited

Disposal of majorityshareholding to MitsubishiCorporation and DevelopmentBank of Japan

Aircraft engines and aero-engine parts


TES Holdings Ltd/DVB Bank SE

Disposal of BOCM PAULSto ForFarmers Group

Feed manufacturer

Grant Thornton UK provided corporatefinance, pension and tax advisory

BOCM PAULS

Reorganised its shareholdingstructure around a minoritymanagement buy-in and itshistorical lead shareholder

Grant Thornton France providedfinancial advice

Flexico

Rasec International

Transaction conducted by CDC Enterprises and FSI


Rasec International

Acrotec (Suisse)

Transaction conducted by EPF Partners


Acrotec (Suisse)

Investment of Finatem –Automotive parts producer


WST PräzisionstechnikGmbH


Acquisition

Poujaud – Scaffolding

Transaction conducted byAltrad


Poujaud

Pioneer Metal FInishing hascompleted the acquisition ofParts Finishing Group Inc.


Pioneer Metal Finishing

DXP Enterprises Inc. hascompleted the acquisition ofIndustrial Paramedic ServicesLtd.


DXP Enterprises, Inc.

Build-up

Polysem

Transaction conducted by IMVTechnologies and Pragma


Polysem

“Cross-border M&A involving Chinesecompanies continues to grow. Being part of astrong global organisation provides us with theability to support both inbound and outboundinvestment to a level that many other advisoryfirms cannot support. Working with our US andEuropean teams regularly has providedsignificant benefits to our clients, and we onlyexpect work with our global colleagues toincrease as cross-border work involving Chinesecompanies is set to rise.”

CAROL CHEUNGGRANT THORNTON CHINA

Old World Industries LLCcomplete the sale of itsEthylene Oxide/Ethylene Glycoldivision to Indorama Group


Old World Industries

Acquisition of BEMaschinenmesser– Machinery and equipment


Primedge Inc.

Listing on JSE

Raisbore drilling


Master Drilling GroupLimited

Sale of Sprey Hout to Jongeel


Sprey Hout


Sab – Manufacturer of metalparts for luxury leather goods

Transaction conducted bySiparex and FSI Régions


Sab

CL Thomas Inc. has completedthe carve-out acquisition of 61convenience stores from ExxonMobile


CL Thomas, Inc.

PMFG Inc. has completed theacquisition of Nitram EnergyInc.


PMFG, Inc.

Acquisition

Ingedia – Engineering

Transaction conducted byHECD


Ingedia

Case study

TES Holdings Limited In June 2012, Grant Thornton advised DVB Bank SE (‘DVB’) on thesale of its majority shareholding in TES Holdings Limited (‘TES’) toMitsubishi Corporation (‘MC’) and the Development Bank of Japan(‘DBJ’). TES manages and trades in aircraft engines and aero-engineparts and is headquartered in Bridgend, Wales, UK with regionaloperations in both Asia and the US.

The deal follows an extensive strategic review of the businesscarried out by Grant Thornton and the decision to seek new partnersto join DVB to support TES’s next stage of development under itsfounder and Chief Executive Ashley Cooper. It is expected that theaddition of two such prestigious shareholders (MC and DBJ), eachwith ambitious growth plans in the sector, will bring new businessdimensions and opportunities for TES, as each shareholder seeks toleverage their own relationships and infrastructure for the benefit ofthe company.

Ashley Cooper, said; “We are delighted to welcome MitsubishiCorporation and Development Bank of Japan to join with DVB asour new shareholder group.

The combined financial strength, global presence and forwardlooking approach of our shareholders will fuel the significant growthof TES over the coming years.”

Trevor Griffith, partner, Grant Thornton, who advised on thetransaction said; “Having advised the founding shareholders on thesale of TES to DVB in 2007 it has been immensely rewarding to seethe continued growth of the business since and to advise DVB on thistransaction.”

“DVB has been an excellent strategic partner to TES and theytasked us with helping them bring on board new strategic investorsthat would provide further impetus for growth. We spoke to atargeted group of international strategic partners as part of thisprocess and were impressed with the commitment and strategic visionthat MC and DJB conveyed. I am confident that they will be excellentpartners for DVB and the TES management team in driving thecontinued growth of the business.”


Support services

Acquisition of Aptara Inc

Grant Thornton India acted as financialadvisor

I Energizer

Financial and tax due diligencein connection with theacquisition of LogentSupporting Logistics


IKEA

Financial advisor in connectionwith the sale to SENAB

Grant Thornton Nordic advisoryservices acted as financial advisor

Svensk Inredning

Pack Solutions

Transaction conducted by Soridec & FSI Regions


Pack Solutions

Ealis Group

Transaction conducted by CM-CIC


Ealis Group

Centre Européen deFormation – specialist indistance training – subsidiaryof Editions Atlas was sold toXynergy and Naxicap Parters

Grant Thornton France acted asfinancial advisor to Editions Atlas

Centre Européen deFormation

Costa Layman LLC completethe acquisition of the assets ofLayman Wholesale Nurseries,Inc.


Costa Farms

ISS – Facility services providersold it s mail services activity toElior Facility Management

Grant Thornton France acted asfinancial advisor to ISS France

ISS France

LBO

WC.LOC – Portable toilet hire

Transaction conducted by FSI Regions & Societe Generale


WC.LOC

Acquisition

Stance Partners –Organisational consulting andmanagement

Transaction conducted by Solucom


Stance Partners

Admission to AIM and IPO

Logistics services to theChinese domestic market

£7.5 million raised £87.5 million market cap

Grant Thornton UK acted as reporting accountant

China Chaintek United

Financial and tax due diligenceservices


Securitas China &Southeast Asia Limited

Acquisition of TNT India’sdomestic road expressbusiness


IEP

Financial and tax due diligencefor the acquisition of Mobytech


AUSY

Build up

Neogrid – Life cyclemanagement for products

Transaction conducted byTrace One & Agentrics PLM


Neogrid

Dick Blick Holdings, Inc. hascompleted the acquisition ofUtrecht Art Supplies


Dick Blick Holdings,Inc.


Charlestown – specialist incorporate reception subsidiaryof ISS was sold to GroupePhone Régie – corporatereception outsourcing

Grant Thornton France acted asfinancial advisor to ISS France

Charlestown

Achat-Terrain – web specialistin displaying land sales adswas sold to Figaro Classifieds

Grant Thornton France acted asfinancial advisor to Achat-Terrain

Achat-Terrain

Acquisition

Roche-Brune AssetManagement

Transaction conducted by Primonial


Roche-Brune AssetManagement

Paperflow – Office furniture

Transaction conducted byParticipex and Finorpa


Paperflow

Ealis Group

Transaction conducted by CM-CIC Capital Finance


Ealis Group

Développement

CDM/Allobébé.fr

Transaction conducted by Nord Capital & Turenne Capital


CDM/Allobébé.fr

Acquisition of Modus FMLimited

Facilities management


Rentokil Initial plc

Acquisition of OsirisHydrographic & GeophysicalProjects Limited

Hydrographic and geophysicalsurveys


Bibby Marine Limited

Talentsoft – HR solutionsprovider. Transactionconducted by Alto, Seventureand CDC Enterprises


Talentsoft

Partial sell-down and capitalraising to Archer Growth.

AU $20m


Best Friends PetSupercentres

Merger of four recruitmentbusinesses

AU $15m


Spinifex AustraliaGroup

Sale to McPherson’s Limited

AU $20m-$50m


Cosmex

Acquisition

Alturia Consulting – Specialisesin operational, organisationaland management consulting

Transaction conducted bySolucom


Alturia Consulting

Due diligence servicesprovided during acquisition of a retailer


Asuka DBJ Partners

Complex advisory duringcompany sale


PST-CLC, a.s.

Financial due diligence inconnection with an investmentin CEDE Group AB


Fouriertransform

Private equity

NP5 reorganised itsshareholding structure around aminority Management Buy-Out

Equity provided by Naxicap andInitiative Finance

Grant Thornton France acted asfinancial advisor to Naxicap Partners

NP5

Private equity investment inGreenko Plc – US$ 34m deal


TPG Growth

Private equity investment inDevyani International Ltd –US$ 55m deal


ICICI Venture

Pouschine Cook CapitalManagement LLC hascompleted the acquisition ofGriswold International LLC


Pouschine Cook CapitalMangement LLC

Private equity investment inCare Hospitals – US$ 105mdeal

Grant Thornton India provided duediligence

Advent International

Axum Capital Partners hascompleted the acquisition of a controlling interest in Wild Wing Café


Axum Capital Partners


Acquisition of The BridgmanGroup (Marston Group) byManagement and InflexionPrivate Equity


The Bridgman GroupLimited

“Exit activity is likely to pickup as a result of fund cycles.Funds have a lot of moneythey are going to have tospend, which will drivedemand and entice people tosell. At the same time, peoplehave been holding offdivesting, but there comes atime when they need to sell.”

TROY MACDONALDGRANT THORNTON CANADA

Private equity investment inNarayana Hrudalaya –US$ 100m deal


AIG & JP Morgan

Pine Tree Equity Partners hascompleted the acquisition ofJewellery Repair EnterprisesInc. and its affiliates


Pine Tree EquityPartners


Investment in Instant OfficesLimited


MML Capital Partners

Investment in The SR GroupHolding Company Limited


Baird Capital

Management buy-out of NobletMunicipal Services Limited


Praetura Ventures

Investment in BarburritoLimited


Business GrowthFund/Barburrito

Acquisition of Iglu.comHolidays Limited


Growth CapitalPartners

Disposal to MBO team backedby Mobeus Equity Partners


Tessella Limited

Acquisition of the sensorbusinesses from e2vtechnologies plc


SGX Sensortech Ltd

Elm Park Capital Managementhas announced the closing of its $16.5 million seniorsecured credit facility withOutcomes Health InformationSolutions LLC


Elm Park CapitalManagement

Details in case study

Private equity


Sutures India

Case study

Sutures IndiaGrant Thornton advised Sutures India on a US$37 millioninvestment by CX Partners which represents the largest deal in themedical consumables space in India to date.

The deal saw the first exit for Evolvence India Life Sciences Fund, a 3.2x return on their investment, within a three year period.

CX Partners is an India focused private equity firm based out ofMauritius, specialising in making growth equity investments in themid-market.

Bangalore-based Sutures India is a manufacturer and exporter of all types of surgical sutures. It manufactures absorbable and non-absorbable sutures, surgical tapes, gloves, surgical needles andskin staplers among other products, exporting to over 50 countries in Europe, South America, Africa and Asia.

Commenting on the deal, Mahadevan Narayanamoni of GrantThornton, said: “The Indian healthcare industry largely depends onimports of high-end medical devices from established multinationalcompanies, but local manufacturing of products is also gaining pace.Partnerships, M&A and private equity investments should acceleratethis trend. The Sutures India transaction is a clear indicator of this trend,as the largest deal to date in the Indian medical consumables space.”

Sale to Proserpine PrivateEquity

AU $10m


Meredith Clothing

Industries & Finances acquiredLTM from its shareholders CM-CIC, FSI Regions, OestCroissance and BNP Paribas

Grant Thornton France acted as financialadvisor to Industries & Finances

Industries & Finances

Investment in AFG MediaLimited


Business Growth Fund/AFG Media Limited


Energy & cleantech

Recapitalisation of FeeneyBrothers Excavation Corp.by CAI Private Equity

Grant Thornton US acted as financialadvisor

Feeney BrothersExcavation Corp.

Halcón Resources hasannounced the acquisition ofGeo Resources


Halcón Resources

Disposal to EDF Trading


VisNova TradingGmbH

Acquisition of an engineeringdivision from E.ON


MAX Streicher GmbH& Co. KGaA

Acquisition of Solon – producerof solar modules

Grant Thornton Germany provided duediligence and tax advisory

Microsol International

Acquisition of Direct EnergyPurchasing Limited

Energy procurement services


Investment in BiogenGreenfinch

Anaerobic digestion services


Inspired Energy plc

Kier ProjectInvestments Limited

Financial and tax due diligenceand business valuation


PetroVietnam OilCorporation

Buy-side advisory for thenational grid operator


ČEPS, a.s.

Hospitality & tourism

Divestiture of Parkside VictoriaResort to a local equityconsortium

Grant Thornton Canada acted asfinancial advisor to the Receiver

Parkside Victoria

Divestiture of Pacific ShoresResort to existing management

Grant Thornton Canada acted as financialadvisor to the Monitor under CCAA

Pacific Shores

Divestiture of Aviawest ResortsGroup to VacationInternationale

Grant Thornton Canada acted as financialadvisor to the Monitor under CCAA

Aviawest

Locaboat – Boat hire withoutlicence for river tourism

Transaction conducted byFSI Regions

Grant Thornton France provided duediligence services

Locaboat

Acquisition

Mayotte Vacances

Transaction conducted byCompagnie de Bel Air & Octant


Mayotte Vacances

Homair – specialist in mobilehome tourism

Transaction conducted by Naxicap Partners


Homair

E vent entertainment agency

Transaction conducted byA Plus Finance


Profete

Upscale hotel was sold toInwood Hotels

Equity provided by Algonquin

Grant Thornton France acted as financialadvisor to Hôtel la Bourdonnais’ seller

Upscale hotel

Acquisition

Grande Métairie – La Pinède/La Palmyre

Transaction conducted byCompagnie de Bel Air & Octant


Grande Métairie

Acquisition of Danbook Limitedand Scandic BookmakersLimited

Grant Thornton UK provided corporatefinance, due diligence and tax

India Hospitality Corp.



Education

Financial advisor in connection with the sale toPysslingen

Grant Thornton Nordic advisoryservices acted as financial advisor

Soder Triaden Förskolor Skolor

YES – English language trainingin the workplace

Transaction performed byCreadev

Grant Thornton France performeddue diligence

YES | your englishsolution

“The strong Yen led to unprecedented interest incross-border deals for Japanese firms in 2012.Large corporate and investment companiescontinue to show significant appetite for overseasopportunities and even with changes in domesticeconomic policies, this appetite will remain.”

YOSHI KAWAMURAGRANT THORNTON JAPAN

Acquisition of West MerciaSupplies

Education resources supplier


The Consortium for Purchasing and Distribution Ltd

Disposal to Ashridge Capital

LD & BESD care and education

Grant Thornton UK providedcorporate finance, advisory services

Phoenix Learning &Care

Issue of £250 million 5.486%secured bonds due 2042

Housing trust


East Finance plc

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global deal review 2012

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