european deal book 2018 - warth & klein grant thornton ag · © 2019 grant thornton...
TRANSCRIPT
European Deal Book 2018
10.07.2019
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Contact
For more information about how we can help you to optimize the value of your business, please contact:
Kai BartelsGlobal leader M&AWarth & Klein Grant ThorntonT +49 40 4321862 13E [email protected]
Grant Thornton – A truly global organisation
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firms. Wherever you choose to do business, you want access to people with the best ideas and critical thinking that will enable you to grow your business at home and abroad. To ensure continuity of service, we have 40 international business centres (IBC) led by experts from around the world, that work together to provide and co-ordinate the gateway to the resources of Grant Thornton.
700+offices globally
US$5.4bnglobal revenue
53,000people around the world
in over 140 countries
Andy MorganGlobal leader M&A (starting from May 2019)Grant Thornton UK LLPT +44 207 865 2626E [email protected]
320+ concluded European transactions
208 displayed transactions in this deal book
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. The member firms are members of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provideservices to clients. GTIL and its member firms are not agents of, and do not obligate, one another and arenot liable for one another’s acts or omissions.
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
VALUATION Transactional and expert
valuations Fairness Opinion Purchase Price
Allocation, Impairment Test
Evaluation of claims for damages
Providing forensic support within the field of corporate law and bankruptcy law
Evaluation of corporate action
TRANSACTION SUPPORT Financial Due Diligence Business modelling Sale and Purchase Agreement advisory Structuring transactions Financial Vendor Due Diligence and Fact
Book Carve Out-support Pre-/Post-Deal analysis and Bid support
MERGERS & ACQUISITIONS Lead advice in buying / selling a business Finance raising Managing the transactions process Develop transaction strategy and approach Target analysis Initial valuation Contract negotiations Vendor Assistance
RECOVERY & REORGANISATION Diagnostic analysis and
forecasting Operational restructuring and
strategic turnaround Interim
management/CRO/Management coaching
Advice on formal and informal insolvency proceedings
Financial restructuring and valuation services
Due diligence investigations Trading options and exit
readiness Advice on applications for state
aids/assessment of viability
DEBT ADVISORY / FINANCING Identification of
appropriate financial instruments (restructuring of liabilities)
Debt capacity and liquidity
Developing transaction and project financing
Fund raising and financial restructuring
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Business Support services mainly includes facilities management, freight and logistics, professional practices and recruitment. Competition and cost pressure are mostly high across these sectors and require efficiency management to sustain profitability and achieve healthy growth.
In rather fragmented industries such as recruitment, buy-and-build strategies are promising alternatives compared to organic growth as they allow to quickly develop a leading market position and acquire presence in certain geographies and capability niches that would otherwise be very difficult or even impossible to build up organically.
4Cross-border
December 2018
Acquisition of Hermes & Richard AG
Provider of customs and clearances services
Grant Thornton (CH) provided transaction services
KGH Customs Services AB
November 2018
Sale to HIVEST Capital Partners
Temperature controlled logistics and transport
Adviso Partners (FR) provided corporate finance advisory services
STG
December 2018
Acquisition of A-VASK
Rent out and cleans textiles
Grant Thornton (DK) provided transaction services
Elis
October 2018
Sale to China-CEE Funds and creation of Joint-Venture
Railway fleet rental business
Grant Thornton (PL) provided transaction services
Elbudprojekt
October 2018
Sale to Groupe TREUIL and Normandie Participations
Removable buildings rental
Adviso Partners (FR) provided corporate finance advisory services
LEGOUPIL Industrie
December 2018
Acquisition of Inprova Finance Limited
Energy procurement and management services
Grant Thornton (UK) provided transaction services
Inspired Energy plc
Private Equity
Colour legend:
Cross-border
Private Equity
December 2018
Acquisition of JK Education
Transportation
Grant Thornton (CZ) provided transaction services
ESPIRA
October 2018
Logistics & Transport
Grant Thornton (IT) provided transaction services
Trasporti Romagna
Acquisition of Blue City
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019 5
International
Private Equity
September 2018
Sale to ACCESS Ind. and ParquestCapital
Elevation equipment rental
Adviso Partners (FR) provided corporate finance advisory services
MATELEV
October 2018
Acquisition of AAC Global
Translation services
Grant Thornton (FI) provided transaction services
Technicis Group
September 2018
Debt raise for Proco Global Group with Aurelius Finance Company
Supply chain recruitment
Grant Thornton (UK) provided debt advisory services
Proco Global Group
July 2018
Minority stake in Port of Moerdijk
Port company
Grant Thornton (NL) provided transaction services
Port of Rotterdam
Sale to Sauter AG
Engineering
Grant Thornton (IE) provided corporate finance advisory services
Sirus
August 2018
June 2018
Acquisition of VTT Expert Services
Testing, inspection, and certification services
Grant Thornton (FI) provided transaction services
Eurofins Group
June 2018
Acquisition of Rema Holland
Industrial equipment wholesaler
Grant Thornton (NL) provided transaction services
Axel Johnson International
August 2018
Disposal to EDUCAS.
Private Education
Grant Thornton (IT) provided corporate finance advisory services
International School of Bergamo
September 2018
Buy out sale to EDUCAS.
Private Education
Grant Thornton (IT) provided corporate finance advisory services
Saint Louis School
June 2018
Acquisition
Grant Thornton (GR) provided transaction services
HELESI SA
Environmental systems
June 2018
Acquisition of Kongskilde Systems Division from DLG Group.
Develops, builds and markets handling solutions
Grant Thornton (DK) provided transaction services
Green Park Partners
October 2018
Acquisition of De Blaa Omnibusser
Public transport company
Grant Thornton (DK) provided transaction services
Nobina
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019 6
International
Private Equity
February 2018
Sale of Groupe I-TA to FONCIA
Property Management
Groupe I-TA
GROUPE I-TA
Adviso Partners (FR) provided corporate finance advisory services
March 2018
Financial Engineering
Economic intelligence consulting
Adviso Partners (FR) provided corporate finance advisory services
AVISA Partners
March 2018
Sale to Three Hills Capital Partners
Provider of outsourced solutions to global blue chip retailers
Grant Thornton (UK) provided corporate finance advisory services
Sigma GRP Limited
March 2018
AIM Admission
Business support services
Grant Thornton (UK) acted as nominated advisor and reporting accountant
GRC International Group plc
March 2018
Sale of Thermotech to Servest Arthur McKay
Facilities management
Grant Thornton (UK) provided corporate finance advisory services
Thermotech Solutions Limited
January 2018
Sale of Claremont School to International Schools Partnership
K12 Education
Grant Thornton (UK) provided corporate finance advisory services
Claremont School
Sale to the Loxam Group
Plant and machinery hire
Grant Thornton (IE) provided corporate finance advisory services
Swan Plant Hire
January 2018
April 2018
Sale to Newbury Investments (UK) Limited
Distributor of fire alarm and security systems
Grant Thornton (UK) provided corporate finance advisory services
E.U. Fire & Security Limited
April 2018
Acquisition of J.B. Cambas Ltd
Environmental consulting
Grant Thornton (GR) provided transaction services
SICK AG
May 2018
Acquisition of Advin from Dura Vermeer
Engineering firm in infrastructure
Grant Thornton (NL) provided transaction services
IV-Groep B.V.
April 2018
Financial Engineering
Education
Adviso Partners (FR) provided corporate finance advisory services
FORPROF
April 2018
Purchase of JORDENEN
Promotional products
Adviso Partners (FR) provided corporate finance advisory services
AZULIS Capital
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:Claremont School
Sector:Education services
Transaction type:Sale
Services provided:Corporate finance advisory andSPA advisory services
Founded in 1925 and located in EastSussex, Claremont delivers a highquality and well rounded education tostudents from age 1 to 18, ratedOutstanding by Ofsted across allareas.
“Selling a school after 25 years ofownership is a very delicate andemotional process but GrantThornton managed this transactionwith the utmost degree ofprofessionalism, dedication andconfidentiality, whilst allowing me to carry on running the business untilthe day the deal was completed.They led a meticulous and thoroughprocess, leaving no stone unturned,finding the most suitable partner forthe future of Claremont and expertlynegotiating the best possibleoutcome for me with a high degree ofcertainty. They provided all the help,guidance and support I needed, coordinating bidder meetings andschool visits across Europe. I amextremely grateful to the team ofexperts they assembled that broughtthis process to a most successful conclusion for all parties involved.”
Backgroundto dealIn early 2017, the owner of Claremont made the strategic decision to find apartner and investor who could build and add value to the school’s existingeducational resources, experience and support.
We were engaged by the owner to run a competitive, targeted sales processdue to our global network and proven market knowledge of the K-12 educationsector.
SolutionWe acted as lead advisors on the transaction with seamless supportfrom the financial modelling and SPA advisory services lines.
In what was a highly competitive process, the successful acquirer wasInternational Schools Partnership (ISP) who recognised the uniquepotential to acquire a quality UK school with significant potential for further growth.
ISP is an international schools group of quality and scale with 25schools located in Spain, Mexico, Malaysia, USA, UK, UAE and Qatar.They are a focused and financially secure group, with backing fromSwiss headquartered Partners Group.
Steve Brown, Group Managing Director of ISP, commented “Claremont School achieves outstanding academic results and provides a learning-focused education to its children and students.The school is ambitiousand fits the profile of high-quality schools within the ISP perfectly. Weare very excited about the bright future of the school.”
Our team ran a streamlined process which ultimately resulted in ahighly successful outcome for the shareholders and found the idealpartner for the school’s future.
Simon Woodcock, who led the deal, commented “We are privileged tohave worked with such an experienced owner and fantastic school tosecure an exciting future for its next phase of development and growth.”
Mark Beaumont
Owner of Claremont School
Case Study
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:One Placement
Sector:Temporary staffing
Transaction type:Sale
Services provided:Corporate finance advisory
Founded in 2002 by Ronaldo GARCIA and mainly based in Geneva, ONE PLACEMENT is a reference in the temporary staffing market in French-speaking Switzerland, with a leading position in the medical and construction sectors, among others. Operating from its 3 agencies in Geneva, Lausanne and Basel, the company reported 2018 revenues of close to CHF60 million.
“ONE PLACEMENT was one of the last independent players to have achieved critical mass in French-speaking Switzerland, which sparked interest from a large number of strategic buyers, particularly in France. Throughout the process, ACTUAL LEADER GROUP has shown genuine motivation and a real strategic vision for ONE PLACEMENT. Sylvie ROLLIN was seeking an ambitious partner for ONE PLACEMENT and a group with strong human and entrepreneurial values.”
Introduction of Adviso PartnersADVISO PARTNERS, the strategic M&A partner of Grant Thornton in the French market, is an independent financial advisory firm founded by Bertrand Thimonier. Our French partner is specialized in mergers and acquisitions, fundraising and corporate finance, dealing typically with transactions valued at €10 to €150 million. Its services are mainly aimed at entrepreneurs, executive shareholders and family-owned companies. ADVISO PARTNERS also advises listed corporate groups, institutional investors and investment funds. Its team comprises more than thirty professionals across five locations (Paris, Lille, Bordeaux, Lyon and Nantes). Grant Thornton has entered into a strategic partnership with ADVISO PARTNERS to benefit from each other’s capabilities on the French and international markets.
SolutionADVISO PARTNERS and Grant Thornton Switzerland have advised investment fund MBO PARTENAIRES (which acquired a majority stake in the Company in 2014), Sylvie ROLLIN (current CEO) and Ronaldo GARCIA (company founder) on the sale of ONE PLACEMENT to French company ACTUAL LEADER GROUP.
Created in November 2018 from the merger of GROUPE ACTUAL and LEADER INTERIM, ACTUAL LEADER GROUP generates revenues of €1.1 billion through its network of 350 agencies and is France’s 7th largest temporary staffing group.
Gilles Coudon, Managing Director of ADVISO PARTNERS commented: “ This structuring cross-border deal, executed in collaboration with GRANT THORNTON's Swiss Corporate Finance teams, will enable ONE PLACEMENT to accelerate its development plan by capitalizing on its historical positions, further expanding its regional coverage, reaching out to new markets, offering a wider range of services and being actively involved in the sector’s consolidation. The transaction is also in line with ACTUAL LEADER GROUP's policy of international external growth. The group already operates in Switzerland under its MAX STUDER brand. Thanks to this acquisition, it will rank among the top 5 temporary staffing groups in French-speaking Switzerland.”
Edouard Malandrin & Médéric Gaillard
Partner & CIO of MBO Partenaires
Case Study
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Emerging markets and shifting consumer demand and behaviour are creating new challenges and opportunities. While E-commerce concepts have been broadly adopted during the last two decades, technology remains one of the core success drivers in the consumer industry. Artificial intelligence, structured mass data processing and integrated multichannel presences are only some of the most pressing trends in the consumer and retail sector.
Consumer businesses and in particular retailers who are not agile enough to transform in the digital age – either in-house or through M&A – face the risk of falling behind or of becoming subject to a distressed M&A sooner or later.
9
International
Private Equity
December 2018
Sale to GRODNO SA
Chain of electrical wholesalers
Grant Thornton (PL) provided corporate finance advisory services
Magma Sp. z o.o.
December 2018
Sale to First Retail International 2and creation of Joint-Venture
Shopping centers
Grant Thornton (PL) provided corporate finance advisory services
Karuzela Group
December 2018
Sale to Cargill
Chicken production and processing
Grant Thornton (PL) provided transaction services
Konspol Group
Fundraising
Agri-food sector
Grant Thornton (IE) provided transaction services
Monaghan Mushrooms
December 2018
December 2018
Acquisition of a smaller company
Retail
Grant Thornton (IT) provided transaction services
Gruppo Argenta
December 2018
Food & Beverage
Grant Thornton (IT) provided transaction services
Fondo AgroalimentareItaliano
Investment in an Italian player in the bakery industry
December 2018
Acquisition of Glaxi Pane, an Italian player in frozen bread field
Retail
Grant Thornton (IT) provided transaction services
Orienta Partners
December 2018
Disposal to UNIGRAINS and an investments club
Packaging
Grant Thornton (IT) provided corporate finance advisory services
Pack +
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
August 2018
Minority acquisition of GrupoLarrumba
Restaurants
Grant Thornton (ES) provided corporate finance advisory services
Aurica Capital
July 2018
Acquisition
Greek food wholesaler
Grant Thornton (GR) provided transaction services
OLIX OIL
July 2018
Acquisition of make-up and beauty products brand
Retail
Grant Thornton (UK) provided transaction services
Bluegem II LP
October 2018
Strategic investment in JarrKombucha Ltd from Duvel Mortgat N.V.
Grant Thornton (UK) provided corporate finance advisory services
Jarr Kombucha Ltd
Consumer
Disposal of Shaws Citroen to Donnelly Group
Motor retail sector
Grant Thornton (IE) provided corporate finance advisory services
Shaws of Bangor Ltd
October 2018
September 2018
Food & Beverage
Grant Thornton (IT) provided transaction services
Fondo AgroalimentareItaliano
Acquisition of an Italian chestnuts specialist
November 2018
Foresight Group investment in the Children’s Furniture Co.
Furniture retail
Grant Thornton (UK) provided transaction services
The Children’s Furniture Co. Limited
October 2018
Acquisition of a caravan leisure and holiday park site
Hospitality
Grant Thornton (UK) provided transaction services
Bridge Leisure Parks Limited
October 2018
Acquisition of Premiere Coffee Limited
Food and beverage
Grant Thornton (UK) provided transaction services
Scoffs Group Limited
October 2018
Target Share Valuation
Retail
Grant Thornton provided transaction services
Royal Invest Consulting, a.s.
November 2018
Food & Beverage
Grant Thornton (IT) provided transaction services
Stock SpA
Acquisition of DistillerieFranciacorta
November 2018
A group of investors has acquired an Italian based competitor operating in the pet food business
Pet food
Grant Thornton (IT) provided transaction services
Club Deal
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
May 2018
Merger with Travelgenio
Travel and hospitality
Grant Thornton (ES) provided transaction services
Travelgenio
May 2018
Acquisition of Cotton Traders Limited
Clothing retail
Grant Thornton (UK) provided transaction services
CorpAcq Limited
May 2018
Acquisition of cosmetics retailer
Retail
Grant Thornton (UK) provided transaction services
Bluegem II LP
May 2018
Acquisition of Hillgate Travel
Travel management
Grant Thornton (UK) provided transaction services
Reed & Mackay
May 2018
Acquisition of Jollyes Retail Group Limited
Pet food
Grant Thornton (UK) provided transaction services
Kester Capital LLP
Acquisition of Joseph Morton Limited
Agricultural product retail and wholesale sector
Grant Thornton (IE) provided transaction services
Fane Valley Co-operative Society Limited
May 2018
July 2018
Sale to EKKIO Capital
Spa and Fitness centers
Adviso Partners (FR) provided corporate finance advisory services
CALICEO
July 2018
Sale to HIVEST Capital Partners
Canned fruit products manufacturing
Adviso Partners (FR) provided corporate finance advisory services
ST MAMET
June 2018
Sale of Rosa’s Thai Café to TriSpanRising Stars LP
Casual dining
Grant Thornton (UK) provided corporate finance advisory services
Rosa’s London Limited
May 2018
Acquisition of a food manufacturer
Food & Beverage
Grant Thornton (IT) provided transaction services
Monviso
July 2018
Refinancing
Food-processing
Adviso Partners (FR) provided corporate finance advisory services
Groupe DAUCY
July 2018
Acquisition of a competitor (Stop & Go)
Retail
Grant Thornton (IT) provided transaction services
Gruppo Argenta
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
January 2018
Sale to Groupe FINDIS
Retail of domestic appliances
Adviso Partners (FR) provided corporate finance advisory services
JONCOUX
January 2018
Fundraising
Craft brewery
Grant Thornton (UK) provided corporate finance advisory services
The West Berkshire Brewery plc
January 2018
Fundraising for a wet-led pub company
Pub operator
Grant Thornton (UK) provided corporate finance advisory services
Maverick Pubs Limited
January 2018
Refinancing and acquisition of 4 KFC restaurants from Kentucky Fried Chicken (UK) Ltd
Retail food and drink
Grant Thornton (UK) provided transaction services
SBR South Limited
SBR SouthLimited
Disposal to Norcros plc
Consumer products
Grant Thornton (IE) provided provided transaction services
Merlyn Industries
January 2018
January 2018
Acquisition of the UK and Spanish subsidiaries from PACTIV
Food plastic manufacturing
Grant Thornton (IT) provided corporate finance advisory services
Sirap Group
February 2018
Disposal to partesa (controlled by Heineken)
Food & beverage distribution
Grant Thornton (IT) provided corporate finance advisory services
Baldi
March 2018
Acquisition of Ladbrokes Coral plc
Online gaming and sports betting
Grant Thornton (UK) acted as reporting accountant
GVC Holdings plc
February 2018
Acquisition of a competitor
Retail
Grant Thornton (IT) provided transaction services
Gruppo Argenta
February 2018
Acquisition of the “Fish” brand
Consumer goods / cosmetics
Grant Thornton (UK) provided transaction services
Swallowfield plc
March 2018
Acquisition of Gorm’s
High-end pizza restaurant chain
Grant Thornton (DK) provided transaction services
Orkla
April 2018
Leading Advisory Services
Dairy Products / Consumer
Grant Thornton (GR) provided transaction services
Dodoni SA
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:Carrs Foods Limited
Sector:Food & Beverage
Transaction type:Private Equity investment
Services provided:Corporate finance advisory and tax advisory services
Carrs Foods is a market leading international branded bakery business, supplying brioche and other bakery products across the world via its three brands: St Pierre; Baker Street; and Paul Hollywood.
“We have built Carrs Foods up over a number of years and we are delighted with the outcome. We’re thankful to the Grant Thornton team for all their help and support throughout this transaction. We are excited to enter into this new era partnered with BGF and continue building on our recent success.”
Jeremy Gilboy, Managing Director Carrs Foods International Limited
Background to dealCarrs Foods engaged us to act as lead advisors on securing investment as a result of our sector, local and private equity credentials.
SolutionWe introduced BGF, the UK’s most active investment company that provides patient capital for small and medium-sized enterprises.
Our deal experience, relationships and technical capability ensured a seamless process and successful outcome.
Trefor Griffith, Corporate Finance Partner at Grant Thornton, commented: “We are extremely proud to have advised the shareholders of Carrs Foods; it’s an incredible business and we believe BGF is a great new partner for the Company.”
Case Study
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
The evolvement of the FS sector is increasingly driven by FinTechs that have successfully challenged the traditional players. While FinTechs used to focus on the retail side of the business, they are now in the process of disrupting the commercial and institutional parts as well – being innovators in terms of digitalisation and implementation of Blockchain technologies.
Thus, it is not surprising that FinTech disruptors have raised the attention of the proven FS players in the market – leading to an M&A wave with two-digits EBITDA multiples in the past years. It is interesting to observe whether the high valuations will prove to be justified or whether these are only the result of pressured traditional players who are desperate to innovate and digitize by all mean.
14
International
Private Equity
December 2018
Acquisition of Volksbank AG Liechtenstein
Universal bank with a focus on private banking and asset management
Grant Thornton (CH) provided transaction services
Sigma Kreditbank AG
December 2018
Debt financing of an alternativelender to SMEs
SME finance provider
Grant Thornton (UK) provided transaction services
Goldman Sachs International
Grant Thornton (UK) provided corporate finance advisory services
Minority sale of PMC Treasury to Inflexion Private Equity
Global financial risk management and treasury services consultancy
PMC Treasury
June 2018
Management Buy-Out
Financial Services
Grant Thornton (GR) provided transaction services
MOUNT STREET MORTGAGE SERVICING
April 2018
Participation
Financial Services - Business Consulting
Grant Thornton (GR) provided transaction services
ICAP OUTSOURCING SOLUTIONS
August 2018
Acquisitions of SSL Insurance Group and Endeavour Insurance Services
Insurance Broking
Grant Thornton (UK) provided corporate finance advisory, and transaction services
J.C. Flowers & Co. LLC
October 2018
Sale to PCF Group plc
Specialist asset financing andleasing solutions
Grant Thornton (UK) provided corporate finance advisory services
Azule Limited
December 2018
Acquisition of Cavendish Corporate Finance & Admission to AIM
Corporate finance & broking
Grant Thornton (UK) acted as nominated adviser
finnCap Group plc
October 2018
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
Grant Thornton (UK) provided debt advisory services
Working capital debt raise
Financial Services
Aftab Currency Exchange Limited
March 2018
Admission to the Specialist Fund Segment of the LSE
Closed Ended Investment Fund
Grant Thornton (UK) acted as reporting accountant
Life Settlement Assets plc
January 2018
Introduction to the Official List(Premium Listing Segment)
Closed Ended Investment Fund
Grant Thornton (UK) acted as reporting accountant
India Capital Growth Fund Limited
January 2018
Refinancing
Insurance broker
Grant Thornton (UK) provided transaction services
My Policy Limited
March 2018
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:J.C. Flowers & Co. LLC
Sector:Financial services
Transaction type:Acquisition
Services provided:Corporate finance advisory, financial, tax and regulatory due diligence, financial modelling, tax and structuring services
Founded in 2001, JC Flowers is a US private investment firmdedicated to investing globally in the financial services industry
Background to dealEndeavour Insurance Services was founded in 1999 and specialises in the placement of business produced by North American and European agents handled under delegated authorities.
SSL is a leading marine broker established in 2003 and supports clients in more than 80 countries. As well as its marine expertise, SSL has expertise in many other insurance classes including cash in transit, financial institution and political risk.
We were engaged to provide lead advisory, financial, tax and regulatory due diligence, financial modelling and tax structuring services.
SolutionWe worked closely with JC Flowers to coordinate the two separate acquisition processes and ensure they remained aligned throughout and provided a robust due diligence service focusing on key risk areas.
We combined our strong sector specialism with the integrated approach taken across our lead advisory, due diligence, modelling and tax structuring teams when advising our client.
Our senior team members were hands on throughout the transaction to ensure that we provided JC Flowers with advice from our most experienced people.
Case Study
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Greater prevalence of chronic diseases, advances in innovative, but expensive digital technologies as well as aging and growing populations continue to increase health care demand and expenditures. The European Union globally has the highest average age with Germany being Europe’s nursing home. Ever increasing life expectancy and shortage of skilled workforce will even fuel the challenges in the care of elderly people.
This irreversible trend requires solutions to offer better care both in terms of quality and quantity. As it will be almost impossible to meet those challenges by expanding stationary care offers only, home care, assisted living and age-appropriate living forms will encounter extraordinary growth. Paired with a fragmented private market – we expect the healthcare market and in particular the elderly care market to remain across the most active M&A markets with high Private Equity attention.
17
International
Private Equity
October 2018
Purchase of HTL Technologies
Biotech / Pharma
Adviso Partners (FR) provided corporate finance advisory services
BRIDGEPOINT
October 2018
Sale to DEDALUS and ARDIAN
Healthcare software publishing
Adviso Partners (FR) provided corporate finance advisory services
INFOLOGIC-Santé
December 2018
Investment in Alpha Vitality backed by Apposite Capital
Dental
Grant Thornton (UK) provided corporate finance advisory services
Riverdale Healthcare Limited
November 2018
Investment in digital resourcing platform for healthcare providers
Healthcare platform
Grant Thornton (UK) provided transaction services
BMJ Publishing Group Limited
December 2018
Sale of TLC Care Homes
Specialist provider of residential and supported living care
Grant Thornton (UK) provided corporate finance advisory services
TLC Care Homes Limited
August 2018
Acquisition of Choices Home Care Limited
Domiciliary care and community support
Grant Thornton (UK) provided transaction services
Optimo Care Group Limited
Acquisition of Mediasource
Healthcare sector
Grant Thornton (IE) provided transaction services
DCC Plc
September 2018 September 2018
Acquisition of Medineos
Healthcare
Grant Thornton (IT) provided transaction services
IQVIA AG
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
June 2018
Fundraising
Nurseries
Adviso Partners (FR) provided corporate finance advisory services
PEOPLE & BABY
May 2018
Acquisition of StatFinn – EPID Research
Healthcare
Grant Thornton (FI & UK) provided transaction services
IQVIA AG
Fundraising
Nursing homes sector
Grant Thornton (IE) provided transaction services
TLC Nursing Home Group
July 2018
Sale of Origin Group to VetPartners
Animal healthcare
Grant Thornton (UK) provided transaction services
August Equity Partners and Origin Group Limited
May 2018
Investment in Care SourcerLimited
Healthcare
Grant Thornton (UK) provided due diligence services
Legal & General Capital Investments Limited and Care Sourcer Limited
March 2018
Acquisition of London Travel Clinics Limited
Healthcare
Grant Thornton (UK) provided transaction services
European Lifecare Group A/S
Acquisition of Aquilant
Healthcare distribution sector
Grant Thornton I(E) provided transaction services
H2 Equity Partners
August 2018
Acquisition of Healthcare 21
Healthcare distribution sector
Grant Thornton (IE) provided transaction services
H2 Equity Partners
August 2018
Acquisition of Sensile Medical
Health care / Technology
Grant Thornton (DE) provided transaction services
Gerresheimer AG
July 2018 June 2018
Acquisition of shares in a company owning UK residential property
Social housing
Grant Thornton (UK) provided transaction services
Residential Secure Income plc
2018
Acquisition of its franchisees
Healthcare
Grant Thornton (IT) provided transaction services
Dental Coop
2018
Sale to Evidensia Nederland B.V.
Veterinary care
Grant Thornton (NL) provided corporate finance advisory services
DAP Bodegraven
2018
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:TLC Care Homes Limited
Sector:Care homes
Transaction type:Sale
Services provided:Corporate finance advisory and tax advisory services
Founded in 1998, TLC Care Homes Limited (“TLC”) is a leading provider of high acuity, complex residential and supported living care to individuals with severe learning disabilities and autism.
“We want to thank the Grant Thornton Corporate Finance team for their continued tenacity and agility throughout the transaction. They gave us endless support throughout the process and ultimately secured an exciting home for the company. The guidance helped us personally through the challenge of running the business whilst preparing for sale. The deal expertise and commitment of the team was outstanding, delivering an incredible result for us as shareholders and the business with new investors.”
Glen Harms and Ralph Charles, Directors and Owners, TLC Care Homes Limited
Background to dealTLC has grown organically to become a best-in-class specialist care provider with over 110 service users across over 40 well invested sites, predominately located in the East of England.
The shareholders of TLC engaged us to act as lead advisors on the disposal of the company.
SolutionHaving worked closely with the management team throughout the transaction, we generated significant interest in the business which led to a fantastic result for the shareholders.
As part of the transaction, we provided lead advisory services, as well tax advice. We utilised our strong network in the healthcare space and significant sector knowledge to find the right strategic acquirer.
Peter Jennings, Corporate Finance Partner, who led the deal, commented: “TLC have shown real innovation to develop services in line with commissioners’ requirements and have created a very special business. The role that specialist care providers play in our communities has never been more important so we are thrilled to have supported the shareholders of TLC through such an important phase of the business’ lifecycle.”
Case Study
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
The fourth industrial revolution is taking place right now. Implementing Internet of Things (IoT) in a customized way is one major challenge to be mastered to achieve the great promises of industry 4.0: cost reduction, increased efficiency, improved safety, meeting compliance requirements and product innovation. It is obvious that industrial manufacturers need to invest in their machinery, IT equipment and processes to stay competitive. Acquisitions may make sense to either complement the product range or to acquire capability and technology that helps to make up for missed investments.
Companies who fail to adjust will ultimately left behind in terms of competitiveness and – in the end – might become targets for the “industry 4.0” winners.
20
International
Private Equity
December 2018
Acquisition of Prime Light Electrical Limited
Distribution of specialist lighting components
Grant Thornton (UK) provided transaction services
Bay Tree Private Equity LLP
December 2018
Buy side Due Diligence on the acquisition of Plano Pack
Production of packaging
Grant Thornton (DK) provided corporate finance advisory services
Highlander Partners
Disposal of Leuna Tenside to Vantage Speciality Chemicals Holding Inc.
Manufacturer of speciality chemicals
Grant Thornton (DE) provided transaction services
Leuna Tenside GmbH
November 2018
Acquisition of Kuhnle Engineering GmbH
Motorbike equipment
Grant Thornton (DE) provided transaction services
RGI Star Limited/ Rubicon Partners
December 2018
December 2018
Acquisition of SIG RoofspaceLimited
Off-site manufacturing ofconstruction systems
Grant Thornton (UK) provided transaction services
Saint-Gobain Building Distribution Limited
December 2018
Sale of United Closures and Plastics Limited by RPC Group plc
Manufacturer of closures for the spirits industry
Grant Thornton (UK) provided transaction services
RPC Group plc
Disposal to Marposs Group
Manufacturer of high-precision gauges and measuring instruments
Grant Thornton (DE) provided corporate finance advisory services
Lehren-und MeßgerätewerkSchmalkalden GmbH
December 2018
Acquisition of Kehren GmbH
Metallographic products and Services
Grant Thornton (DE) provided transaction services
Lapmaster Wolters GmbH
December 2018
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
Acquisition of the Flamm Group
Metal forming and machining
Grant Thornton (DE) provided transaction services
Muhr und Bender-Unternehmensgruppe
September 2018
November 2018
Acquisition of Ewii Fuel Cell
R&D and production of fuel-cell technology
Grant Thornton (DK) provided transaction services
Troowin
November 2018
Shareholder buyout
Industrial Automation
Grant Thornton (HU) provided corporate finance advisory services
Vesz-Mont 2000 Kft.
October 2018
Information memorandum
Manufacturing
Grant Thornton (CZ) provided transaction services
CEFC Group (Europe) Company a.s.
September 2018
Acquisition of Aufderhaar KunststofRecycling B.V.
Recycling
Grant Thornton (NL) provided due diligence services
Veolia Nederland B.V.
September 2018
Divestment of Grupo Halcón
Manufacturing and Industrial
Grant Thornton (ES) provided corporate finance advisory services
Grupo Halcón Cerámicas
October 2018
Acquisition of Briar Consulting Engineers Limited
Energy procurement and consultancy
Grant Thornton (UK) provided transaction services
Zenergi Group Limited
September 2018
Sale of Recycling Lives to Three Hills Captial Partners
Total waste management solutions
Grant Thornton (UK) provided corporate finance advisory services
Recycling Lives Limited
September 2018
Sale to RPC Group plc
Plastic recycling
Grant Thornton (UK) provided corporate finance advisory services
PLASgran Limited
August 2018
Sale of Mobile Windscreens Limited to Ryds Bilglas AB
Automotive
Grant Thornton (UK) provided corporate finance advisory services
Mobile Windscreens Limited
November 2018
Acquisition
Energy services
Grant Thornton (CZ) provided transaction services
ČEZ ESCO
Disposal of Drehtainer to Hesco, a subsidiary of Praesidiad Group
Manufacturer of special containers
Grant Thornton (DE) provided transaction services
Drehtainer GmbH
November 2018
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
Acquisition of FFT GmbH
Industry 4.0/ Digitalized Manufacturing
Grant Thornton (DE) provided transaction services
Fosun Capital Investment Management Co., Ltd
June 2018
Acquisition of Pichler & Strobl GmbH
Creator of technically sophisticated components
Grant Thornton (DE) provided transaction services
HÖR Technology GmbH
March 2018
June 2018
Sale to MAXBURG Capital Partners
Asbestos removal equipment
Adviso Partners (FR) provided corporate finance advisory services
LAPRO
Acquisition of Arthur Friedrichs Kältemittel GmbH
Refrigerant gases
Grant Thornton (DE) provided transaction services
A-Gas International Ltd.
May 2018
Acquisition of RasselsteinRaumsysteme GmbH & Co. KG
Bathroom furniture manufacturer
Grant Thornton (DE) provided transaction services
BWK GmbHUnternehmensbeteiligung
July 2018July 2018
Purchase of COFIDEP
Electrical equipment for individual houses
Adviso Partners (FR) provided corporate finance advisory services
Groupe IPELEC
June 2018
Divestment of Plafesa
Industrial manufacturing
Grant Thornton (ES) provided corporate finance advisory services
Plafesa
June 2018
Admission to trading on AIM
Technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services
Grant Thornton (UK) acted as nominated adviser and reporting accountant
Tekmar Group plc
January 2018
Sale of Blue Sky Plastic and Electrical Recycling Limited to EnvaGroup
WEEE plastic recycler
Grant Thornton (UK) provided corporate finance advisory services
Blue Sky Plastic and Electrical Recycling Limited
Acquisition of a majority interest in siccum GmbH
Renovation of building damages
Grant Thornton (DE) provided transaction services
RIGETO Unternehmer-kapital GmbH
July 2018
April 2018
Sale of Majority Equity Stake to Ramco Plexus Limited
Security printing of mobile phone recharge vouchers
Grant Thornton (Kenya) provided corporate finance advisory services
Sintel Security Print Solutions Limited
January 2018
Virtual data room administration
Manufacturing
Grant Thornton (CZ) provided data room administration
ŠKODA INVESTMENT
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:PLASgran Limited
Sector:Recycling
Transaction type:Sale
Services provided:Corporate finance advisory services
PLASgran Limited (“PLASgran”) is a market leading rigid plastic recycler specialising in a wide range of plastic polymers. The company was founded in 1999 and soon established itself as a reputable brand within the industry.
“I want to thank Grant Thornton for their efforts on this transaction. Their dedication and commitment throughout was exceptional. Their negotiation skills were fantastic and achieved our desired outcome. I wouldn’t hesitate to recommend them.”
Carl Waters, Founder and Chairman, PLASgran Limited
Background to dealPLASgran had received interest from RPC Group plc (“RPC”). The seller acknowledged the strong commercial fit between RPC and PLASgran, and we were engaged as lead advisers on the sale of the company.
SolutionWe worked with PLASgran to demonstrate and present the growth opportunities of the business and ultimately drive value.
We led the detailed negotiations with RPC, significantly improving the initial offer and deal structure. The team also project managed various diligence streams and advised on the key commercial terms of the transaction.
Case Study
How we made a differenceWe were able to negotiate and increase the offer by understanding the business and its drivers, which represents a fantastic deal. Our deal expertise meant that the transaction was closely managed through to completion.
Stuart Davies, Advisory Associate Director commented: “This is a great result for both parties and I look forward to seeing the next phase of PLASgran’s journey under RPC.”
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:Shareholder of Lehren- und Meßgerätewerk GmbH Schmalkalden, Germany
Sector:Industrial manufacturing
Transaction type:Sale
Services provided:Corporate finance advisory services
LMW has been manufacturing high-precision gauges and measuring instruments at its traditional Schmalkalden location for 80 years. With an annual turnover of approximately 11 million euros and 200 employees
LMW occupies an attractive niche in the market for measuring instruments. The Italian Marposs Group is active in the measurement and testing technology with 3,280 employees.
“The German Grant Thornton team convinced us with a clear structure and exceptional commitment to transparency and progress in the process. The high level of motivation was clearly perceptible at all times and has significantly advanced the transaction.”
Backgroundto dealIn lack of an appropriate internal management successor and in light of a diverse private owner structure, the shareholders of LMW engaged Warth & Klein Grant Thornton (Grant Thornton Germany) to run a structured selling process.
SolutionThe M&A Team of Grant Thornton Germany advised the shareholder of LMW on the initiation, preparation and implementation of the transaction. Through intensive research, a tailor-made selection of financial investors and strategic interested parties has been identified.
The Grant Thornton network has demonstrated its efficiency worldwide and has promoted the international approach to investors. The shareholders of LMW then entered into negotiations with the Marposs Group, which resulted in the singing of the purchase agreement in October 2018.
With the integration of LMW into a complementary product portfolio, the Marposs Group can continue to implement the expansion, and LMW has been able to initiate a sustainable strategic orientation.
Klaus Ulrich, Owner and Managing Director ofLehren- und MeßgerätewerkSchmalkalden GmbH
Case Study
How we make a differenceThe M&A team has once again fulfilled the wishes of medium-sized clients seeking support in the demanding task of selling a company. Understanding the needs of the other side, Grant Thornton Germany has moderated the interests and led the parties to a successful closing of this transaction.
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
The development of artificial intelligence solutions and software combined with investments in cloud computing to manage big data will further drive Artificial Intelligence (AI) penetration in almost any market segment. The implementation of 5G networks will be the enabler of connected factories, smart cities and connected cars and 5G technology will increase China’s influence on the TMT sectors, also driving growing demand for cybersecurity products and services.
In an ever evolving sector that impacts our economies and societies like no other, it is not surprising that most of our presented transactions are found here.
25
International
Private Equity
December 2018
Investment in ROI Hunter
Technology
Grant Thornton (CZ) provided transaction services.
Agora SA
December 2018
Acquisition
Telecommmunicaitons
Grant Thornton (CZ) provided transaction services
Telco Pro Services, a.s.
December 2018
Investment in Findologic
eCommerce SaaS
Grant Thornton (DE) provided transaction services
BE Beteiligungen
November 2018
Acquisition of Silverbear Limited
Membership software provider
Grant Thornton (UK) provided transaction services
Clearcourse Partnership Acquireco Limited
October 2018
Sale of Brookcourt Solutions to Shearwater Group Plc
Next Generation IT and Cyber Security Managed Services
Grant Thornton (UK) provided corporate finance advisory services
Brookcourt Solutions
October 2018
Sale to DEDALUS and ARDIAN
Healthcare software publishing
Adviso Partners (FR) provided corporate finance advisory services
INFOLOGIC-Santé
October 2018
Acquisition of Channel Pilot Solutions GmbH
eCommerce Software
Grant Thornton (DE) provided transaction services
Oxatis S.A.
December 2018
Acquisition of a branch of an Italian player in the virtual boardroom business
Information & communication
Grant Thornton (IT) provided transaction services
Dilitrust
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
July 2018
Determination of company rating
Plasma technology well drilling
Grant Thornton (CZ) provided rating services
GA Drilling
Acquisition of Landmark Media
Media and news
Grant Thornton (IE) provided transaction services
The Irish Times
July 2018
August 2018
Acquisition of CHAPS
Technology
Grant Thornton (CZ) provided transaction services
ČD – Informační Systémy
August 2018
Sale of CNS Group to Six Degrees Holdings Limited
Cybersecurity
Grant Thornton (UK) provided transaction services
Convergent Holdings (London) Limited
August 2018
Investment into iPortalis Limited
Provision of cloud based software services
Grant Thornton (UK) provided corporate finance advisory and transaction services
NorthEdge Capital LLP
August 2018
Acquisition
Queue management system software
Grant Thornton (Bahrain) provided transaction services
Skiplino Bahrain
September 2018
Acquisition of Jayway
Consulting companies with technology
Grant Thornton (DK) provided corporate finance advisory services
Devoteam
September 2018
MBO backed by Palatine Private Equity Fund
Provider of IT, digital and technology apprenticeships
Grant Thornton (UK) provided corporate finance advisory services
Estio Training Limited
August 2018
Carve-out of Showcare division to NEP Group
Delivery of technical equipment for live events
Grant Thornton (DK) provided corporate finance advisory services
FilmGEAR
August 2018
Sale of Henderson Scott’ to Search Consultancy Group
IT Recruitment
Grant Thornton (UK) provided corporate finance advisory services
Henderson Scott International Group
July 2018
Sale to DP Logiciels
Specialized publishing
Adviso Partners (FR) provided corporate finance advisory services
TISSOT
October 2018
Acquisition of CallHosted B.V.
Providing ICT solutions
Grant Thornton (NL) provided transaction services
SolunoBC AB
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019 27
International
Private Equity
June 2018
MBO of Marketsquare from De Persgroep
Advertising agency
Grant Thornton (DK) provided corporate finance advisory services
Marketsquare
Management buy-out
Information technology
Grant Thornton (IE) provided corporate finance advisory services
Client Solutions
June 2018June 2018
Acquisition
Smart watering
Grant Thornton (GR) provided transaction services
RACHIO LTD
June 2018
Acquisition of Insite Security
Digital security
Grant Thornton (NL) provided transaction services
Eurofins Scientific
July 2018
Acquisition of Gruppo Sintesi
ICT services and solutions
Grant Thornton (IT) provided transaction services
Vinci Energies
June 2018
Acquisition of Unisoft SA
Software
Grant Thornton (GR) provided transaction services
SOFTONE TECHNOLOGIES SA
Acquisition of iCabbi Limited
Dispatch software
Grant Thornton (IE) provided transaction services
RCI bank and services
June 2018
April 2018
Acquisition of Bergauer Holding AG
Developing & implementing control systems for traffic management
Grant Thornton (CH) provided transaction services
SWARCO AG
May 2018
Sale of Livingstone Holdings Limited to Carlyle Group
Software asset management managed services provider
Grant Thornton (UK) provided transaction services
Livingstone Holdings Limited
May 2018
Acquisition of Hobs On-Site Limited
Managed document services
Grant Thornton (UK) provided transaction services
Rigby Private Equity / M2 Digital Limited
June 2018
Acquisition of multiple smaller competitors
Telecommunications
Grant Thornton (IT) provided transaction services
EI Towers
June 2018
Acquisition of Fen Technologies
Product development consultancy
Grant Thornton (ES) provided advisory services to Inspiralia in the acquisition of Fen Technology.
Inspiralia
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
International
Private Equity
March 2018
Financial and transactional advisory, valuation
Technology
Grant Thornton (CZ / SK) provided transaction services
Slovenská záručná a rozvojová banka
April 2018
Acquisition of Allgeier Medital IT in a buy-and-build strategy of RVC
Software
Grant Thornton (DE) provided transaction services
Main Capital Partners GmbH
March 2018
Acquisition of Ocean Intelligent Communications Limited
IT services
Grant Thornton (DE) provided transaction services
CANCOM SE
March 2018
Acquisition of the BAG Group
Electronics / Semiconductor Technology
Grant Thornton (DE) provided transaction services
OSRAM GmbH
March 2018
Acquisition of GECO Deutschland GmbH
IT staffing service
Grant Thornton (DE) provided transaction services
Yoh Services LLC
February 2018
Acquisition of 50.1% of Zona Paradoxal, Lda.
Game development company
Grant Thornton (PT) provided transaction services
Funcom N.V.
Merger between Star2Star and Blueface
Telecoms sector
Grant Thornton (IE) provided due diligence services
Star2Star
January 2018 January 2018
Sale of ION Investmetn Group
Software
Grant Thornton (UK) provided corporate finance advisory services
Aspect Enterprise Solutions
January 2018
Acquisiton of eSolve AG and santixAG
IT services
Grant Thornton (DE) provided transaction services
Ausy S.A.
Acquisition of the 1&1 telecommunication SE
IT services
Grant Thornton (DE) provided transaction services
Drillisch AG
December 2017
2018
Growth Financing
Airport solutions
Grant Thornton (NL) provided corporate finance advisory services
Scarabee Aviation Group
April 2018
Sale of Stirling Dynamics to Assystem S.A.
Aerospace and marine engineering design services
Grant Thornton (UK) provided corporate finance advisory services
Stirling Dynamics
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Client name:Connect Advertising & Marketing LLP
Sector:Advertising and marketing
Transaction type:Sale
Services provided:Corporate finance advisory and tax advisory services
Founded in 1993, Connect Advertising & Marketing LLP (“Connect”) is an award winning, tech-centric digital marketing and communications agency.
“It was a pleasure working with the Grant Thornton team, who provided quality advice and service across the board. Claire and her team ran a smooth process and helped to negotiate a number of deal complications. We are grateful to them for their hard work and commitment in getting the right structure in place and getting this deal across the line.”
Antony Green, Managing Director, Connect Advertising & Marketing LLP
Background to dealConnect’s team of skilled IT and advertising professionals work with blue-chip clients in the automotive, consumer, infrastructure and retail sectors, amongst others.
We were engaged by the partners of Connect to act as lead advisors on the sale of the business.
SolutionOur team ran a full marketing and sales process, attracting a wide range of interest.
We leveraged our sector expertise in the digital advertising and marketing services sector which introduced the ultimate buyer, Inspired Thinking Group (“ITG”).
ITG is a multinational agency providing specialist marketing services to a global customer base, backed by Equistone Partners Europe.
Our team of lead advisors ran a smooth process and worked to provide a deal structure that provided each partner with a deal to suit their ambitions.
Case Study
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019 30
International
Private Equity
December 2018
Acquisition of an Italian Photovoltaic business
Energy
Grant Thornton (IT) provided transaction services
Clere AG
December 2018
Acquisition of multiple wind power businesses
Energy
Grant Thornton (IT) provided transaction services
Enel Green Power
December 2018
Acquisition of a group that manages a photovoltaic portfolio
Energy
Grant Thornton (IT) provided transaction services
Nordic Solar
October 2018
Acquisition of a competitor operating in the electricity distribution services
Energy
Grant Thornton (IT) provided transaction services
Alperia
Acquisition of M.S.C. Objekt Berlin GmbH
Real Estate
Grant Thornton (DE) provided transaction services
Fortress Investment Group LLC
October 2018October 2018
Investment in a real estate project
Real Estate
Grant Thornton (NL) provided transaction services
55 Gresham Ventures Ltd.
55 Gresham
Grant Thornton (NL & FIN) provided transaction services
October 2018
Merger of BVB Substrates and Kekkilä
Horticultural products
BVB Substrates
October 2018
Merger of BVB Substrated and Vapo Oy
Supplier of substrates
Grant Thornton (NL) provided transaction services
BVB Substrates
July 2018
Acquisition of Icepage Limited (parent company of FloranovaLimited)
Flower and vegetable seed breeder
Grant Thornton (UK & CH) provided transaction, anti-bribery and corruption services
Syngenta International AG
June 2018
Acquisition of renewable energy parks
Energy
Grant Thornton (GR) provided transaction services
FORTRESS INVESTMENT GROUP LLC
June 2018
Acquisition of Real Estate Properties
Real Estate
Grant Thornton (PT) provided transaction services
Signal Real Estate Opportunities
May 2018
Financial, tax and legal due diligence, valuation
Energy services
Grant Thornton (SK) provided transaction services
Slovenský Plynárenský Priemysel, a.s.
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019 31
International
Private Equity
2018
Management buy-out
Composting services
Grant Thornton (NL) provided corporate finance advisory services
Wagro
May 2018
Acquisition of LocoFlex B.V. and MLBS
Rail Services
Grant Thornton (NL) provided corporate finance advisory services
Trans Europa Express Holding
Acquisition of Kreuzmayr Bayern Gruppe
Energy trade and services
Grant Thornton (DE) provided transaction services
Diersch & Schröder
April 2018
March 2018
Sale of Chambers and Partners to Infexion Private Equity
Publishing
Grant Thornton (UK) provided corporate finance advisory
Chambers and Partners
May 2018
Sale of Earthoil PlanatationsLimited to Univar Limited
Supplier of personal care ingredients
Grant Thornton (UK) provided corporate finance advisory services
Treatt plc
January 2018
Acquisition of Burgeon & Ball Limited
Manufacturer and distributor of garden and agricultural tools
Grant Thornton (UK) provided transaction services
Venanpri Group
Sale to Baywa AG
Food Industry
Grant Thornton (IT & DE) provided transaction services
Premium Crops
January 2018
Acquisition of a US based business
Security
Grant Thornton (IE) provided transaction services
Netwatch
April 2018
Management buy-out
Travel and hospitality
Grant Thornton (IE) provided corporate finance advisory services
Abbey Tours
2018
May 2018
Acquisition of Down The Drain Group
Organizer and host of some of Denmark’s largest festivals
Grant Thornton (DK) provided transaction services
Orkila Capital
February 2018
Financial and tax due diligence
Real estate
Grant Thornton (CZ) provided transaction services
Nemomax
February 2018
Acquisition of RigLogix from DHI Group, Inc
Oil & gas data analytics
Grant Thornton (UK) provided transaction services
Westwood Global Energy Group
© 2019 Grant Thornton International Ltd European Deal Book 2018 | July 2019
Peter Vaš[email protected]
Selected M&A contacts
Rafał Śmigórski rafal.smigorski.pl.gt.com
Nela [email protected]
Andy [email protected]
Evert [email protected]
Jesper [email protected]
Kari [email protected]
Michael [email protected]
Gilles [email protected]
Michael Chomba [email protected]
Jatin [email protected]
János Kővágó[email protected]
George [email protected]
Vincenzo [email protected]
Gonçalo Guerra [email protected]
Ramón Galcerá[email protected]
Sante [email protected]