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The total value of UK private equity club deals hit GBP19.7 billion last year, a fourfold increase from the GBP4.5 billion last year, says Pinsent Masons, the multinational law firm.
The number of these ‘club deals’ has reached a three-year high (see graph below) – there were 56 deals last year, up 30 per cent from 43 the year before. A ‘club deal’ is when two or more private equity or trade buyers jointly acquire a company. One of the biggest club deals of recent years was the GBP6.8 billion acquisition of ASDA, in October last year by the Issa
By Sam Gilbert-Ward, Business Analyst, Pollen Street Capital – With governments, businesses and people looking towards the ‘new normal’ post Covid-19 we begin to see the areas where the pandemic has been a catalyst for change. Across the globe businesses are galvanised to consider what ESG really means for them. The refocusing of priorities has given many the opportunity to re-assess their ESG framework and ensure that the strategy put in place creates real impact.
Par Equity is celebrating a record-breaking year despite the challenges inflicted by Covid-19 on much of the economy. Par deployed more than GBP17 million of capital – 48 per cent more than last year – into its portfolio companies, which in turn raised a further GBP26 million from third party investors. Specialising in investing in young, high-growth businesses, Par was the “lead investor” for more than 75 per cent of those transactions.
Over the last 13 years, Par has backed some of the most exciting technology companies across the North of the UK. Its Edinburgh-based investment team identifies and backs
Tech-focused investment bank, ICON Corporate Finance, has advised Swindon-headquartered Retrac Group – one of the UK’s advanced manufacturing specialists in the Formula 1, Formula E, aerospace and defence sectors – enabling its employees to acquire the business in an eight-figure deal.
ICON acted as lead adviser to Retrac, enabling the staff to acquire the business through an Employees Ownership Trust. Under the deal, five decades of ownership by the Carter family, has been transferred to the 115-strong workforce, who will be the beneficiaries of the company’s future success.
In a dual announcement, experienced automotive and motorsport executive Dan Walmsley has
Consolis, a European manufacturer of precast construction solutions, has received a binding offer for its French civil works division Bonna Sabla from EIM Capital, a private equity firm focused on the acquisition, transformation and development of companies of tomorrow in need of a new impetus.
The French civil works division Bonna Sabla consists of a portfolio of brands and activities that are leaders in their respective markets, including MPB, ABM, and a funeral business.
This project remains subject to consultation with employees’ representatives. Consolis will continue to own and operate Bonna Sabla until completion of the transaction, which is
JAB has appointed Lubomira Rochet as partner, effective 1 June, 2021. Based in London, Rochet is a specialist business transformer with extensive global experience across multiple industries. She joins JAB following seven years at L’Oréal, where she served as Chief Digital Officer and a member of the Executive Committee.
LSL has formed a joint venture with Pollen Street Capital (PSC) to establish Pivotal Growth, a vehicle seeking to become a leading mortgage broker powered by market leading technology, first class regulatory compliance and exemplary customer service.
It is planned that at least GBP200 million will be made available by way of equity and debt to fund acquisitions. LSL has committed up to GBP33.5 million and PSC up to GBP62.4 million to support the acquisitions to be made by Pivotal Growth. The investment by LSL and PSC will be supplemented with external debt finance in Pivotal Growth to fund purchases,
Bowmark Capital has made four promotions – Antonia Cheong and Tom Elliott become partners while Tom Keen has been promoted to investment director and Alex McRae to investment manager.
Cheong joined Bowmark in 2014 from DC Advisory. She has played a key role in the development of the firm’s business services practice and co-leads the healthcare team. Antonia has been involved in a number of Bowmark’s investments including Lawyers on Demand, Pirum and Node4.
Elliott, who joined Bowmark from PwC, also in 2014, is a member of the firm’s technology team and leads the financial services practice. He has
O’Melveny has advised client Kayne Partners, the growth equity strategy of Kayne Anderson Capital Advisors, on two consecutive healthcare IT exits.
In the first deal, O’Melveny advised Kayne Partners’ portfolio company rfXcel Corporation, a global leader in digital supply chain traceability solutions, in its acquisition by Antares Vision Group. Headquartered in Reno, Nevada, rfXcel provides leading-edge software solutions to help companies build and manage their digital supply chain, lower costs, and protect their products and brand reputation. Antares is an Italy-based global provider of intelligent track & trace, inspection and smart data management solutions for the life science and food
MidCap Financial, a credit solutions firm focused on serving the middle market, has raised more than USD800 million of new equity from a diverse group of global investors that included Apollo clients, including Athene, as well as pensions, sovereign wealth funds and other leading institutions.
Proceeds from the raise will be used to fund business growth and for general corporate purposes. MidCap primarily focuses on senior debt solutions to companies across all industries, and as of 31 December, 2020 has provided management or other services for approximately USD29.8 billion of commitments, of which USD5 billion is managed by MidCap Financial
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