q4 2018 - aab

Q4 2018

Selected Mergers & Acquisitions

Date

Announced Seller Buyer

Transaction

Amount Description Sector

26-Dec-18 CLDB Ltd Pat Munro (Alness) Ltd Undisclosed

CLDB Ltd, Invergordon, Scotland, providers of modular construction parts and eco-friendly modular buildings, has

been acquired out of administration by Pat Munro (Alness) Ltd, providers of haulage and construction services for

an undisclosed sum. CLDB Ltd will now trade as Carbon Dynamics (Scotland) Ltd.

Construction

20-Dec-18 Real Good Food plc R&W Scott Ltd £4m

R&W Scott Ltd, Lanarkshire, Scotland, provider of handcraft jams and preserves, has undergone a MBO led by the

firms Managing Director John Easton from its parent company Real Good Food plc, Liverpool, England for a total

consideration of £4m. The deal was supported by Bibby Financial Services Ltd.

Food & Drink

20-Dec-18JA Pollock Property

Consultants LtdDM Hall LLP Undisclosed

DM Hall LLP, Fife, Scotland, provider of commercial and residential property services, has agreed to merge with

JA Pollock Property Consultants Ltd, Livingston, Scotland.Property Services

17-Dec-18Kincardine

Manufacturing Services

Ltd

Plexus Holdings plc £735K

Plexus Holdings plc, Aberdeen, Scotland, a supplier of jack-up exploration well-head equipment to the Oil & Gas

industry, has acquired a 49% stake in Kincardine Manufacturing Services Ltd, Stonehaven, Scotland, for a

consideration of £735K.

Oil & Gas Services

13-Dec-18 Geason Holdings Ltd Speedy Hire Ltd £26m

Speedy Hire Ltd, Liverpool, England, one of the UK's leading equipment rental and tool hire specialists, has

acquired Glasgow training provider Geason Holdings for a total deal consideration of £26m. Geason Holdings is a

provider of training and professional development across the UK.

Industrial

13-Dec-18D&M Manufacturing and

Welding Services LtdAiken Group Ltd Undisclosed

Aiken Group Ltd, Aberdeen, Scotland, a leading supplier of integrated solutions and specialist services principally

focused on engineering and construction has announced the acquisition of Arbroath based D&M Manufacturing

and Welding Services Ltd for an undisclosed sum. D&M is a manufacturer of custom built agricultural equipment.

Industrial

13-Dec-18 2020 Vision Systems Ltd Boston Networks Ltd Undisclosed

Boston Network Ltd, Glasgow, Scotland, a smart-integrated solutions business has acquired 2020 Vision Systems

for an undisclosed sum. 2020 Vision Systems Ltd is a specialist IP-enabled security and video surveillance

provider.

Technology & Software

12-Dec-18 Coretrax Ltd Buckthorn Partners LLP Undisclosed

London-based Private Equity firm Buckthorn Partners LLP has acquired a majority shareholding in Aberdeen

headquartered Coretrax Limited for an undisclosed sum. The investment will allow the oilfield services provider

to focus on expansive growth opportunities globally.

Oil & Gas Services

07-Dec-18Simmons Edeco Europe

Ltd

Well-Centric Oilfield

Services LtdUndisclosed

Well-Centric Oilfield Services Ltd, Aberdeen, Scotland, has announced the acquisition of Simmons Edeco Europe

for an undisclosed sum to create the UK's largest independent supplier of well-integrity services.

Oil & Gas Services

07-Dec-18Premier Oil (stake in

Babbage Area)

Verus Petroleum SNS

Ltd£45.9m

Verus Petroleum SNS Ltd, Aberdeen, Scotland, has acquired a 47% interest in the Babbage gas field for a total

consideration of £45.9m.

Oil & Gas Upstream

(E&P)


Date


Transaction


05-Dec-18 Stainless Metalcraft LtdGlacier Energy Services

LtdUndisclosed

Glacier Energy Services Ltd, Glasgow, Scotland, a provider of specialist products and engineering solutions to the

energy industry has acquired Whiteley Read, Rotherham, England from Stainless Metalcraft for an undisclosed

sum.

Oil & Gas Services

05-Dec-18 Elmwood Nursery Ltd Hjalli Model Ltd UndisclosedHjalli-Model Ltd, Iceland, a significant education group, has acquired Elmwood Nursery Ltd, Newton-Mearns,

Glasgow, for an undisclosed sum, its first acquisition in the UK.Education

29-Nov-18Proactive Diagnostics

Services IncREAD Cased Holes Ltd Undisclosed

READ Cased Holes Limited, Aberdeen, Scotland, a leading independent provider of production logging, well

integrity and reservoir evaluation services to the O&G industry has acquired Proactive Diagnostic Services Inc

(PDS) of Houston, Texas for an undisclosed sum.

Oil & Gas Services

28-Nov-18 Hay Systems Ltd LINK Mobility Group AS Undisclosed

LINK Mobility Group AS, Oslo, Norway, provider of mobile payment, dialogue and application services, will

acquire Hay Systems Ltd, Edinburgh, Scotland, provider of mobile services and infrastructure to organisations and

individuals for an undisclosed sum.


22-Nov-18 Welaptega Marine Inc Ashtead Technology Ltd Undisclosed

Ashtead Technology Ltd, Aberdeen, Scotland, a major global subsea solutions provider has strengthened its

Inspection, Maintenance and Repair (IMR) services through the acquisition of Welaptega Marine Inc, a Canadian

subsea inspection provider.

Oil & Gas Services

22-Nov-18Caledonian Dental Care

LtdPortman Healthcare Ltd Undisclosed

Portman Healthcare Ltd (trading as Portman Dental Care), Cheltenham, England, operator of dental practices,

has acquired Caledonian Dental Care Ltd, Perth, Scotland. Terms not disclosed. Portman Healthcare is a portfolio

company of Core Equity.

Dental

14-Nov-18 Thistle Design (MMC) LtdBEI Precision Systems &

Space Co IncUndisclosed

BEI Precision Systems & Space Co Inc, Arkansas, USA, which engages in designing, developing and manufacturing

optical encoders and sub-systems for space, military, and commercial applications, has acquired Thistle Design

(MMC) Ltd, Loanhead, Scotland, supplier of encoders, resolvers, and other positioning sensors for the defence

and industrial markets. Terms not disclosed.

Industrial

09-Nov-18 Atlas Knowledge Ltd Mintra Trainingportal AS Undisclosed

Mintra Training portal AS, Oslo, Norway, provider of e-learning and HR (human resource) related solutions to the

global Oil & Gas, maritime and construction market, is to acquire Atlas Knowledge Ltd, incorporated in London,

England, headquartered in Aberdeen, Scotland, provider of digital learning solutions to safety critical industries

worldwide.


05-Nov-18 Minoan Group plc

Zachary Asset Holdings

Ltd (alongside Stewart

Travel)

£23m

Zachary Asset Holdings (alongside Stewart Travel) have successfully completed an MBO from Glasgow based

Minoan Group plc. At the same time, it has sealed the acquisition of Lapland holiday provider Canterbury Travel

Ltd. Total deal consideration for both transactions was £23m.

Travel

02-Nov-18 Survivex Group LtdTransforming Training

with Technology LtdUndisclosed

Transforming Training with Technology Ltd, Dorset, England, which provides training services in the energy

sector, a subsidiary of 3T Energy Subco Ltd, has acquired Survivex Group Ltd, Aberdeen, Scotland, which provides

offshore survival and skills training for an undisclosed sum.

Oil & Gas Services


Date


Transaction


01-Nov-18Water Environmental

Treatment LtdBalmoral Tanks Ltd Undisclosed

Balmoral Tanks Ltd, Aberdeen, Scotland, a manufacturer of GRP, steel and concrete storage tanks has acquired

Water Environmental Treatment Ltd, Staffordshire, England, provider of cleaning and disinfection services for an

undisclosed sum.

Industrial

01-Nov-18Cambridge Roof Truss

Ltd

Donaldson Timber

Engineering LtdUndisclosed

Donaldson Timber Engineering Ltd, Glenrothes, Scotland, a manufacturer of structural timber components, a

subsidiary of James Donaldson & Sons Ltd has acquired Cambridge Roof Truss Ltd, Cambridge, England, a

company that manufactures and sells roof trusses and joists for an undisclosed sum.

Construction

22-Oct-18 M2 Subsea Ltd ROVOP Ltd UndisclosedROVOP Ltd, Aberdeen, Scotland, an independent provider of subsea Remote Operated Vehicle (ROV) services,

has acquired the entre ROV fleet from M2 Subsea Ltd for an undisclosed sum.Oil & Gas Services

22-Oct-18 Zonefox Ltd Fortinet Inc UndisclosedFortinet Inc, Sunnyvale, California, USA, provider of network security appliances and network security solutions

has acquired Zonefox Ltd, Edinburgh, Scotland, which provides cybersecurity software for an undisclosed sum.Technology & Software

18-Oct-18 4 Hire Ltd GAP Group Ltd UndisclosedGAP Group Ltd, Gateshead, England, which hires small tools and unmanned plant, a subsidiary of Gap Holdings

Ltd, Glasgow, Scotland, has acquired 4 Hire Ltd, Jersey, a provider of rental services of plant and tools for an

undisclosed sum.

Industrial

15-Oct-18 EnerMech Group LtdPrivate investors led by

Carlyle GroupUndisclosed

Secondary buyout led by Carlyle Group of EnerMech Group Ltd, registered in St Helier, Jersey, trading from

Aberdeen, Scotland, which provides mechanical services solutions to the global energy sector, from Lime Rock

Partners for an undisclosed sum.

Oil & Gas Services

10-Oct-18 Edesix Ltd Vigilant Solutions Inc Undisclosed

Vigilant Solutions Inc, California, USA, provider of artificial intelligence and data analytics technologies for public

safety, acquired Edesix Ltd, Edinburgh, Scotland, manufacturer of body worn camera (BWC) solutions and

develops footage management software, from exiting investor Panoramic Growth Equity. Terms not disclosed.


09-Oct-18Livingston Mechanical

Services Ltd

Morris Group Holdings

LtdUndisclosed

Morris Group Holdings Ltd, Glasgow, Scotland, provider of plumbing, heat and air-conditioning installation

services, has acquired Livingston Mechanical Services Ltd, Livingston, Scotland, provider of plumbing, heat and

air-conditioning installation services. Terms not disclosed.

Industrial

01-Oct-18 ARR Craib Transport Ltd Gregory Distribution Ltd Undisclosed

Gregory Distribution Ltd, headquartered in North Tawton, England, provider of warehousing and freight

transportation services, has acquired ARR Craib Transport Ltd, Aberdeen, Scotland, provider of haulage services.

Terms not disclosed.

Haulage

*AAB transactions are highlighted light grey (Source: Experian MarketIQ)

Selected Fundraising Transactions

Date

Announced Company Funders Consideration Description Sector

18-Dec-18 Totally Money LtdScottish Equity Partners,

Elliot Advisors (UK)£29m

Totally Money Ltd, London, England, a Fintech consumer credit report company has successfully secured

additional funds from Scottish Equity Partners (SEP) and Elliot Advisors (UK).

Technology &

Software

13-Dec-18 Siccar Point Energy Ltd Undisclosed £158m

Siccar Point Energy Ltd, Glasgow, Scotland, a full-cycle production and exploration company have extended

their Reserves-Based Lending (RBL) facility by £158m through an agreement with their existing bank

syndicate.

Oil & Gas Upstream

(E&P)

05-Dec-18 Air Control Entech Ltd Undisclosed Undisclosed

Air Control Entech Ltd, Aberdeen, Scotland, an Unmanned Aerial Vehicles (UAV) inspection company has

secured an undisclosed equity investment through a successful funding round with Anderson Anderson &

Brown Corporate Finance.

Oil & Gas Services

05-Dec-18 Sunamp Ltd

Par Equity,

Scottish Investment Bank,

Equity Gap

£2.2m

Sunamp Limited, East Lothian, Scotland, a technology focused company improving energy storage for

residential and commercial properties has successfully secured £2.2m late-seed funding in partnership with

Par Equity, Equity Gap, and The Scottish Investment Bank.

Technology &

Software

21-Nov-18 Edixomed LtdMorningside Venture

Investments£25m

Edixomed Ltd, Glenrothes, Scotland, developer of an in-situ generation and delivery technology for nitric

oxide, received a £25m investment from Morningside Venture Investments.

Technology &

Software

14-Nov-18 Kumulos LtdMercia Fund Managers,

Scottish Investment Bank£0.75m

Kumulos Ltd, Dundee, Scotland, developer of a platform for managing mobile apps completed a £750,000

funding round. The company intends to use the funds to expand its technical, sales and marketing teams,

and invest in additional marketing activities to drive its growth.

Technology &

Software

13-Nov-18 Martin Aerospace LtdBibby Financial Services

Ltd£2.5m

Martin Aerospace Ltd, Lanark, Scotland, a manufacturer of component parts for the aviation sector, has

secured a £2.5m invoice discounting facility, from Bibby Financial Services Ltd. The facility will be used to

fund the business’s existing growth strategy.

Aviation

08-Nov-18 Cyan Forensics Ltd

Private Investors,

Mercia Fund Managers,

Scottish Investment Bank

£0.9mCyan Forensics Ltd, Edinburgh, Scotland, a developer of digital forensic technology to help law enforcement

catch criminals faster, received funding of £900,000 in a round led by Mercia Fund Managers.

Technology &

Software

23-Oct-18 Freeflow Technologies LtdForesight Williams

Technology EIS Fund£1.7m

Freeflow Technologies Ltd, Glasgow, Scotland, a developer of a patented e-bike system technology, has

secured £1.7m from Foresight Group, via the Foresight Williams Technology EIS Fund.Technology & Software

16-Oct-18 BrewDog plc Crowdfunding £26.2m

BrewDog plc, Ellon, Scotland, an operator of a brewery, secured funding of £26.2m from around 50,000

investors. The proceeds will be used by the company to support the development of Brewdog’s breweries in

Scotland and Ohio, as well as accelerating the construction of its upcoming brewery in Brisbane, Australia.Food & Drink

12-Oct-18 Censo Biotechnologies LtdPar Equity,

Scottish Investment Bank£1.3m

Censo Biotechnologies Ltd, Edinburgh, Scotland, is a provider of facilities and research for the development

of stem cell technologies to life science companies, has received £1.3m from Par Equity. These funds will

allow Censo to expand its marketing and sales team.Technology & Software

*AAB transactions are highlighted light grey (Source: Experian MarketIQ)

Oil & Gas Oil & Gas

Engineering/DistributionLeisure & Retail

Recent AAB Transactions

Acting on behalf of the shareholders of

Precision Technology Supplies

in the disposal to

Survivex

in the disposal to

3T Energy Group

Undisclosed



Unique Group

in the acquisition of

Water Weights Undisclosed

Shipping/Marine


Johnson Marine Limited

in the merger with

CF advisors actingon behalf of

Harbro Limited

in the raising of finance from

Bank of Scotland

Undisclosed

Aquaship

Undisclosed

Trifast Plc

c. £11m

Technology


Equalizer International

in the disposal to

Actuant Corporation

Undisclosed

Oil & Gas


Air Control Entech

in the raising of equity funding

Undisclosed

Education

Elmwood Nursery Limited Undisclosed

Hjalli-Model Limited

in the acquisition of


Oil & Gas

Black Gold Oil Tools

in the disposal to

AJT Engineering

Undisclosed


Fashion & Leisure

Undisclosed

Aphrodite x Venus

in the raising of equity funding


https://www.hjallimodel.com/

Recent AAB Client Case Studies

Anderson Anderson & Brown Corporate Finance ("AABcf") is pleased to

announce the acquisition of Elmwood Nursery Limited (“Elmwood”) by Hjalli-

Model Limited for an undisclosed consideration.

Based in Newton Mearns, Elmwood was founded in 1999 by Denise Bunis and

has established a reputation as a highly regarded nursery which provides a

daily educational programme of activities for all ages following the ‘pre-

birth to three’ document for younger children and the ‘Curriculum for

Excellence’ for older children. The previous owners will exit Elmwood and

the management team will continue to run the business on a day-to-day

basis, alongside the new owners, Margrét Pála Ólafsdóttir and Þórdís Jóna

Sigurðardóttir.

The Hjalli-Model is an independent scholarly organisation, which operates 14

kindergartens and 3 elementary schools around Iceland with service

contracts in 11 municipalities. The total number of children in the schools is

over 2,000 with around 450 employees.

Margrét Pála Ólafsdóttir , Managing Director of Hjalli-Model said, “We are

delighted to conclude the acquisition of Elmwood which is the first move for

Hjalli-Model outside of Iceland. AABcf advised on all accounting & taxation

matters and provided professional & confidential advice throughout the

process.”

AABcf acted as lead advisor, and provided financial due diligence services,

to the purchaser. Hjalli-Model Limited was also supported by Bellwether

Green and Christie Finance, with debt funding from Barclays.

Anderson Anderson & Brown Corporate Finance (“AABcf”), has secured

Aberdeen-based UAV (Unmanned Aerial Vehicles) inspection company Air

Control Entech (ACE) a significant equity investment to support the future

growth of the company.

ACE, founded by Managing Director Kieran Hope in 2016, was established to

revolutionise the way inspection work is carried out. Kieran founded ACE to

engineer and commercialise a range of UAV’s equipped for high performance

and safety in the tough conditions of the North Sea. ACE has now successfully

designed, manufactured, tested and commercialised three UAV models with

different capabilities to meet customer requirements.

Brian McMurray and Michael Edwards of AABcf worked with Kieran and the

team at ACE to deliver equity fundraising advice, introduce potential investors

and secure the desired investment. The investment will be used to increase

the company’s fleet of UAV’s to meet customer demand as well as enhancing

manufacturing capabilities at the newly refurbished premises located in Bridge

of Don.

Brian McMurray, Head of Equity Finance commented, “We are delighted to

have secured the investment needed to accelerate the growth of ACE. Having

worked closely with Kieran and his team during this process, we look forward

to continuing the relationship”

Kieran added “AAB’s advice and assistance for our first EIS round was critical

in securing the relationships and the investment we needed. This investment

will enable ACE to continue to scale quickly, and we’re looking forward to

continuing our relationship with AAB.”

https://www.hjallimodel.com/

Active Acquirers

Project Fleming

Pharmacies

Well funded and acquisitive

pharmacy group seeking to acquire

pharmacies based in Scotland to

expand geographical presence.

Location: Scotland

Turnover: £0.2m - £2m

EBITDA: <£0.25m

Michael Edwards – Contact details

Current Opportunities

Disposal Mandates

Project Harris

Dental Practice

An opportunity to acquire a well-

established, predominantly private

dental practice with a strong

reputation and 4 surgeries.

Location: Scotland

Turnover: c.£1m

EBITDA: <£0.25m

Michael Edwards – Contact details

Project Lyra

Coach Hire & Mechanic Services

Coach hire and mechanic services

business with a fleet of vehicles

available for private or corporate

coach hire.

Location: Scotland

Turnover: c.£1m

EBITDA: c.£0.45m

Graeme Little - Contact details

Project Sigma

Oil & Gas Consultancy

An opportunity to acquire a leading

maintenance & reliability

improvement company focused on

the Upstream Oil & Gas sector.

Location: Scotland

Turnover: c.£1.25m

EBITDA: c.£0.25m


Project Osprey

Childcare Activities Provider

An opportunity to acquire a leading

childcare provider located in

Scotland’s Central Belt.

Location: Scotland

Turnover: c.£1.7m

EBITDA: c.£0.3m

Stuart Cooper - Contact details

Project Cook

Oil & Gas Equipment Rental

International group looking to

acquire companies involved in the

provision of Oil & Gas equipment

rental and associated services.

Location: International

Turnover: £2m - £50m

EBITDA: £0.5m+

Callum Gray – Contact details

Project Bird

Renewable Energy Maintenance

International engineering and

maintenance group looking to

acquire companies that provide

support and maintenance services

to the renewable energy industry.

Location: International

Turnover: £1m+

EBITDA: £0.25m+


Project Pike

White Collar Recruitment

Rapidly expanding group looking to

acquire Scottish based

recruitment, and/or executive

search companies, white collar

placements preferred.

Location: Scotland

Turnover: £5m - £50m

EBITDA: £0.5m - £5m


mailto:[email protected]








Investment Opportunities

Project Globe

Global Travel Technology Business

Up and coming social media platform

based in Scotland acting as a ‘one-

stop shop’ for every aspect of the

holiday and travel market.

Equity Investment: £300K

EIS Qualifying


Project Zuse

Innovative Medical Technology

Technology that improves accuracy

and efficiency in the work of

healthcare professionals.


EIS Qualifying


Consularcare

Global Provider of Consular Solutions

Consularcare offers market leading

consular solutions, including

dedicated consultancy, training and

assistance to clients and affiliates

across the world.


EIS Qualifying


ScramCard

Payment Security & Fraud

Prevention Technology Business

Unique electronic platform allowing

customers to make highly secure

payments using traditional,

alternative & previously incompatible

payment methods at over 38 million

merchants globally.

Equity Investment: £7.5m

Non-EIS Qualifying

Stuart Cooper- Contact details

Project Robin

Aquaculture

Opportunity to invest in a global

leading aquaculture vaccine delivery

and welfare company. Robin is

delivering an innovative and

automated vaccine technology for the

global fish farming markets.

Equity Investment: £1m

EIS Qualifying


SHØRE The Scottish Seaweed Co.

Organic Seaweed Products

Opportunity to invest in an expanding

organic seaweed products business.

SHØRE is based in Northern Scotland

and harvests seaweed locally to

create an innovative healthy range of

products for the retail market.

Equity & Debt Investment: £1m

EIS Qualifying


Current Opportunities (continued)

Porters Gin

Food & Drink

Founded in an award winning cocktail

bar in the North East of Scotland.

Porters Gin provides the opportunity

to invest in a gin brand that is

positioned for global expansion.


EIS Qualifying


Muckle Brig

Food & Drink

Opportunity to invest in the

construction of Scotland’s first

vertical distillery. Muckle Brig is

seeking to create a major new

Scottish tourist landmark for Scotch

Whisky.

Equity Investment: £2.3m

EIS Qualifying










AAB Team Contact Details

Douglas Martin

Partner

Head of Corporate

Finance

Contact details

Gordon Steele

Partner

Head of Transaction

Support

Contact details

Brian McMurray

Partner

Head of Equity

Funding

Contact details

Lyn Calder

Partner

Head of Deals,

Central Belt

Contact details

Callum Gray

Director

Contact details

Eliza Bellamy

Senior Manager

Contact details

Michael Edwards

Senior Manager

Contact details

Andrew Smith

Senior Manager

Contact details

Graeme Little

Manager

Contact details

Stuart Cooper

Assistant Manager

Contact details

Jamie McMillan

Senior Analyst

Contact details

Lauren Malcolm

Analyst

Contact details

Chris Thompson

Senior Manager

Contact details

Kieran McIntosh

Analyst

Contact details

Alasdair Green

Director

Contact details

Claire Smith

Manager

Contact details

















q4 2018 - aab

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