Grant Thornton UK advised on eight private equity mid-market deals last month, accounting for just under a quarter of the 35 investments completed in the mid-market.
The deals Grant Thornton advised on were completed across six industries.
Mo Merali, head of private equity at Grant Thornton UK, ays: “We are seeing increased activity in mid-market M&A during what is normally a quiet time of year for investment. An increase in market confidence across the board has helped and it’s encouraging to see that the mid-market is benefiting from this and continues to be the most active area of private equity.”
Grant Thornton’s advisory team provided a range of services to private equity over the summer month including corporate finance advice, financial and tax due diligence and tax structuring services. Clients included ISIS Equity Partners, which made an investment in Nigel Frank International, a specialist recruitment group based in Newcastle; and the Business Growth Fund, which made a GBP10m growth capital investment in York Mailing, a printer of retail flyers, media inserts and quality catalogues.
A high profile transaction in the tech sector completed after Grant Thornton sold UK SaaS (Software as a Service) business Intelliflo. HG Capital’s Mercury Fund invested an undisclosed amount in the business. Grant Thornton worked with the shareholders to assess their strategic options and deliver a transaction which met the objectives of all the stakeholders.
Andy Morgan, corporate finance partner and technology sector leader at Grant Thornton, who led the deal on IntelliFlo, says: "IntelliFlo has a strategic position in the UK financial advisor market. Our international network and global relationships enabled us to assess fully the appetite of key global players and to deliver a transaction which matched the different requirements of the key stakeholders in the business."
Last month Grant Thornton also advised Stripes Group on its acquisition of a 27 per cent equity stake in Audio Network, a music supplier to some major international media businesses, and assisted with NVM’s buy-in management buy-out of Buoyant Holdings, a manufacturer of upholstered furniture based in Nelson, Lancashire.
Other deals for Grant Thornton in July included Darwin Private Equity’s management buyout of Esendex, a business helping to improve customer service, communicate with employees, increase operational efficiency and generate sales for a range of business, in a deal worth GBP11m, and the acquisition of travel management business Key Travel by ISIS Equity Partners.
Mobeus Equity Partners provided a combined debt and equity-funding package to support the GBP11m management buy-out of Veritek Global Limited. Veritek now plans to expand its European footprint and continue to broaden its offering into new sectors. Grant Thornton provided financial and tax due diligence services to Mobeus, mobilising quickly to get the transaction completed.