PwC Deal Team 2012 activity update (June 2012)
Follow @PwC_WestThe following is a flavour of what our Advisory teams have been involved with recently across the South West and Wales. We have been extremely busy so far in 2012, completing upwards of 16 deals, with a number of others in progress. Of course, we'd be happy to talk to you or your contacts in more detail about the roles that we played on these transactions and how our experiences might help you.
We continue to work with a variety of different businesses - from the larger corporates to smaller SMEs in the region. Similarly, we have been involved in a number of cross-border transactions such as the disposals of Starbev (Eastern European breweries) to Molson-Coors, Anglo American's steel business in South Africa and Cordenka, CVC's industrial chemicals business in Germany. We have also provided valuation advice for oil major ConocoPhillips supporting the split into two separate listed companies.
Our work also covers many different sectors. In addition to the examples highlighted below, our deal activity has spanned postal services, plastics manufacturing, precision engineering, care lines, education and financial services (deals either confidential or in-progress).
Recent deals
Cambrian Pet Foods
PwC Corporate Finance advised the shareholders of Cambrian Pet Foods on the recent sale of the business to Swander Pace Capital. Cambrian Pet Foods is a leading UK manufacturer of both dried and wet pet food. Specialist advice was also provided by PwC's local Valuations, Tax, SPA and Transaction Services teams.
The Consortium for Purchasing and Distribution
PwC Transaction Services provided financial and tax due diligence services to The Consortium on its recent acquisition of West Mercia Supplies, a public sector buying organisation, from its four owning local authorities. Specialist advice was also provided by PwC's local Tax, Pensions and SPA teams.
Smiths News plc
PwC Transaction Services provided financial and tax due diligence services to Smiths News plc on its recent £38m acquisition of The Consortium, the UK's leading independent supplier of consumable products to schools. Specialist advice was also provided by PwC's local Tax and Pensions teams.
F H Gilman & Co
PwC Business Recovery Services, acting in the receivership of F H Gilman & Co, recently completed the sale of the West Wales quarrying activities as a going concern, preserving 60 jobs. Specialist input was also provided by PwC's local tax team.
Adapt
PwC Transaction Services provided financial and tax due diligence services to Lyceum Capital's portfolio company Adapt on its recent £13m acquisition of eLinia, a Cardiff based business providing cloud computing services, secure managed hosting and infrastructure outsourcing.
Dr Organic
PwC Transaction Services provided financial and tax diligence services to Dr Organic on its £3m acquisition of Optima Consumer Health, a leading UK provider of natural beauty and body care products.
Coffee #1
PwC Corporate Finance advised the shareholders of Coffee #1 on the sale of the business to SA Brains. Coffee #1 is a strong brand in the Wales & West region and leading regional coffee chain, with 15 high street coffee stores spread throughout South Wales and the South West. Specialist Tax M&A and SPA advice was also provided.
PHS
PwC Transaction Services provided financial and tax due diligence services to PHS on four recent bolt-on acquisitions.
Brandon Hire
PwC Transaction Services provided financial and tax due diligence services to Rutland Partners' portfolio company, Brandon Hire on its acquisition of Phoenix Surveying Equipment, a leading supplier of construction related electronic surveying and safety equipment.
Finance Wales
PwC Transaction Services provided financial due diligence service to Finance Wales on its investment in the management buy-in of Viscose Closures Limited. Viscose manufactures tamper proof closures for the consumer and pharma sectors from its Swansea manufacturing base.
Viridor
A PwC deal team, led by Corporate Finance Infrastructure specialists, acted as financial advisors to Viridor on the Trident Park Energy from Waste facility in Cardiff. The facility will generate approximately 30MW of electrical power, enough to supply around 50,000 homes. The near £200m cost of developing the facility will be funded corporately by Viridor, supported by its parent company, Pennon Group.
Milford Haven Port Authority
PwC Transaction Services provided financial due diligence services to Milford Haven Port Authority on two separate investments in boat builder Mustang Marine and navigation software developer Marimatech A/S.
Other news
PwC Deal Team Quiz
The last biannual quiz in January, organised and hosted by Matthew Bambery, raised £13,785 for the Gloucestershire based charity, the National Star College. The winning team was Thrings in a close fought contest involving 31 teams and 180 people. The total amount raised for local charities in the 10 events to date has reached an impressive £59,588. The next event (#11) on Thursday 5th July is expected to be another sell-out. For further information, please contact Matthew Bambery.
On Sunday 20 May the Deal Team entered two teams into the Bristol 10km Clarke Willmott Business Challenge. We secured a great result with "Catch Me if you Can" and "Cool Runnings" placing 5th and 7th respectively out of a total of 123. The team is keen to continue with their sporting pursuits, so if you're interested in any joint sporting challenges/socials, please feel free to contact Heather Sowry
Contact details
Email: Gary Partridge
Tel: + 44 (0) 117 928 1110
