Global deal review 2012 - outsourcingportal.eu · Europe, India and Australia continue to complete...
Transcript of Global deal review 2012 - outsourcingportal.eu · Europe, India and Australia continue to complete...
Global deal review 2012
Contents01 Introduction
02 Key highlights
04 Healthcare
06 Financial services
08 Technology
11 Food & beverage
12 Real estate & construction
14 Media & communications
15 Manufacturing
18 Support services
20 Private equity
22 Energy & cleantech
23 Hospitality & tourism
24 Education
25 Contact us
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisoryfirms. These firms help dynamic organisations unlock theirpotential for growth by providing meaningful, forwardlooking advice. Proactive teams, led by approachablepartners in these firms, use insights, experience and instinct to understand complex issues for privately owned,publicly listed and public sector clients and help them tofind solutions. More than 35,000 Grant Thornton people,across over 100 countries, are focused on making adifference to clients, colleagues and the communities in which we live and work.
Global deal review 2012 1
Introduction
Globally, Grant Thornton’s transactional teamshave once again been advising corporates, privateequity and banks in a number of high profile dealsin 2012.
Though the economic backdrop continues toimpact the M&A market, the level of activityGrant Thornton has experienced over the past 12months underlines the benefits from the furtherinvestment made in our transactional teams acrossthe world.
Whilst our teams in North America, WesternEurope, India and Australia continue to completequality transactions across all sectors, investmentsin our Nordic, Chinese and Latin American teamshave further strengthened our global capability andability to support cross-border M&A activitythroughout the world.
Across the network key senior hires have beenmade in the US, UK, Germany and Chinahighlighting the importance Grant Thornton isplacing on advisory services.
Overall, our global teams remain optimisticabout the next 18 months as mid-market dealvolumes remain relatively strong. There is no doubt that the volume of private equity funds andcorporate cash sitting on balance sheets gives theindication that deal volumes are set to rise, althoughthe main challenge remains the number of qualityopportunities available.
This demand for quality has led to more andmore acquirers seeking cross-border growthopportunities to satisfy these ambitions. Withinvestors and acquirers showing this increasedappetite to transact globally, together with theincreasing ease of doing so, having the support andadvice of a global team of advisors ensures thatclients have the best chance of achieving theirambitions.
With our truly global network and track record,we at Grant Thornton believe we are ideally placedto advise and support clients execute their growthstrategies.
MARTIN GODDARDGLOBAL SERVICE LINE LEADER – TRANSACTIONSGRANT THORNTON
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Key highlights
Global deal review 2012 3
GRANT THORNTON HAS SPECIALISTTRANSACTIONAL ADVISORY CAPABILITY IN
OVER70 COUNTRIES
OVER250DEALS COMPLETED GLOBALLY IN 2012
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Healthcare
Due diligence servicesprovided during the acquisitionof a pharmaceuticalmanufacturing company
Grant Thornton China providedtransaction advisory services
Essex Woodlands
BioPharm Communications has been recapitalised bySouthfield Capital Advisors
Grant Thornton US provided financialadvice
BioPharmCommunications
Financial and tax due diligencefor the acquisition ofSpecialistkliniken
Grant Thornton Nordic advisoryservices provided due diligence
Akademikliniken
Financial and tax due diligence
Grant Thornton Vietnam provided advisory services
Eurofins
Acquisition of Comfort CallLimited
Homecare
Grant Thornton UK provided duediligence services
City and County HealthcareHoldings Limited
Acquisition of Opus GroupHoldings Limited and itssubsidiaries
Medical appliances
Grant Thornton UK provided financialand tax due diligence services
Alliance Pharma plc
Acquisition of Direct HealthGroup Limited
Social housing
Grant Thornton UK provided financialand tax due diligence services
Accord HousingAssociation
Refinancing
Care homes
Grant Thornton UK provided duediligence services
Abbey Care InvestmentsLimited/Life Style Care Plc
Merger withHammerson Home
Operator of care homes
Grant Thornton UK provided duediligence services
Nightingale House
“The Australian market remains buoyant as the economy continuesto experience growth. There appears to be a real opportunity inhealthcare and education with an ageing population and skillshortages still prevalent. Both sectors have government support andwith a number of high quality, profitable companies that cancompete on the international stage, these sectors are set to underpinthe domestic and cross-border M&A market in Australia.”
PAUL GOOLEYGRANT THORNTON AUSTRALIA
Disposal to Accord HousingAssociation
Domiciliary care provider
Grant Thornton UK provided vendordue diligence services
Direct Health GroupLimited
Acquisition of Medical GasSolutions Limited
Medical gas supplies
Grant Thornton UK provided financialdue diligence services
DCC plc
Adoption
Healthcare
Grant Thornton UK acted ascorporate adviser
MiLOC Group
Disposal to Capita Group plc
Social care recruitment
Grant Thornton UK provided corporatefinance advisory and tax services
Medicare First Ltd
Case study
First Leaside Grant Thornton provided M&A advisory services to First Leaside in a transaction with a totalenterprise value of CA$51.5m. The divestiture mandate included designing and executing thesale process around a portfolio of three independent living facilities in British Columbia and acontrolling interest in an Ontario based limited partnership called PrimeTime. The processculminated in the sale of both to Baybridge Seniors Housing Trust, the retirement home arm ofOntario Teachers Pension Plan.
Grant Thornton was able to leverage their industry and regional knowledge to identify arobust buyers list to maximise competition. The team provided complete project management ofa three phased sales process including managing each of the exploratory and confirmatory duediligence processes on behalf of First Leaside.
Greg Wright commented: “In this deal, Grant Thornton was able to tailor a sale process andexecute a transaction that generated maximum value for the client in light of a complex situationcreated by First Leaside’s CCAA and the presence of a minority partner. This was accomplishedthrough careful planning, superior project management, and a consistent focus on strongcommunication with stakeholders and the buying group. The result was a significant win forFirst Leaside and the smooth transition of the portfolio of independent living facilities andPrimeTime interest to a strong buyer in Baybridge Seniors Housing Trust.”
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Divestiture of First Leaside'sOkanagan portfolio and interestin the PrimeTime Living Ltd.Partnership to BaybridgeSeniors Housing Trust
Grant Thornton Canada acted asfinancial advisor
First Leaside
Acquisition of the Bioanalyticalservices division
Grant Thornton Canada provided duediligence services
Biotrial Research
Asset-backed financing
Grant Thornton India providedfinancial advice
Vivo Bio Tech Ltd.
Financial and tax due diligencefor the acquisition of ninedifferent local animal hospitals
Grant Thornton Nordic advisoryservices provided due diligence
Valedo
Polysem – veterinarianprotection items. Transactionconducted by IMV Technologiesand Pragma Capital
Grant Thornton France provided duediligence
Polysem
Placing, subscription, issue ofconvertible loan notes andoffer
Grant Thornton UK acted as reportingaccountant
Allergy Therapeutics plc
Rupee convertible debt ofBalaji Distilleries Ltd
$40m deal
Grant Thornton India providedacquisition services
Standard Chartered
Financial services
Adoption
Financial services
Grant Thornton UK acted asnominated adviser
Shore Capital GroupLimited
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Acquisition of V12 FinanceGroup
Financial services
£36 million loan book
Grant Thornton UK provided financial, IT and taxdue diligence, valuations, SPA and tax services
Secure Trust Bank
Acquisition of Robinson WayLimited
Financial services
Grant Thornton UK provided financialdue diligence services
Hoist Kredit AB
Fund acquisition of HomeSunLimited
Financial services
Grant Thornton UK provided financialdue diligence services
Aviva Investors
MBO of Harrington Brooks,backed by RJD Partners
Consumer debt management
Grant Thornton UK provided financial, tax,IT and regulatory due diligence services
Harrington Brooks/RJD Partners
Acquisition of Neon CapitalPartners Limited
Investment fund management
Grant Thornton UK provided financialdue diligence services
Braveheart InvestmentGroup Limited
Sale to AJ Gallagher Ltd
Grant Thornton Australia providedsell-side advisory services
SRS UnderwritingAgency
Acquisition
Eveho Conseil – Specialises infinancial services
Transaction conducted bySolucom
Grant Thornton France provided duediligence
Eveho Conseil
Développement
Axelliance – insurancebrokerage
Transaction conducted byTurenne Capital
Grant Thornton France performed duediligence
Axelliance
Business case set-up of thepension company and CNBlicence acquisition
Grant Thornton Czech Republicprovided transaction advisory services
Raiffeisenbank a.s.
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Acquisition of Financial leasingservices
Grant Thornton UK provided financialand tax due diligence services
Shawbrook Bank
Acquisition of BMS Finance AB
Grant Thornton UK acted as reportingaccountant
Greenwich LoanIncome Fund Limited
Finance and tax due diligenceand business valuation
Grant Thornton Vietnam provided advisory services
VPBank Securities
Business risk management
Grant Thornton Vietnam provided advisory services
Far East National Bank
Finance and tax due diligence
Grant Thornton Vietnam provided advisory services
Orix Corporation
Services included financial duediligence, business valuationand purchase price allocation
Grant Thornton Vietnam provided advisory services
Group Lease FinancePlc
“Although not at pre-crisis level, private Germancompanies continue to generate a decent level ofprofits. With significant cash resources behindthem we are optimistic for an increase in M&Aactivity in 2013.”
KAI BARTELSGRANT THORNTON GERMANY
Syntech Associates acquiredby SCM Insurance Services
Grant Thornton Canada providedfinancial and tax due diligence services
SCM Insurance Services
Reclassification of securities
Cyrus Conseil – Wealthmanagement
Transaction conducted byBlackfin Capital Partners
Grant Thornton France performed duediligence
Cyrus Conseil
Acquisition
Domidep – EHPAD
Transaction conducted by U | Igestion
Grant Thornton France performed duediligence
Domidep
Bluestone Investment Partnersinvest in CIS Secure ComputingInc.
Grant Thornton US providedtransaction advisory services
Bluestone InvestmentPartners
TransDigm Group Inc. completethe acquisition of AmSafeGlobal Holdings Inc.
Grant Thornton US provided due diligence & transaction advisory services
TransDigm Group Inc.
ABS Capital Partnerscomplete an equity investmentin Accurate Group HoldingsLLC
Grant Thornton US providedtransaction advisory services
ABS Capital Partners
Lubar & Co. complete theacquisition of ChemDesignProducts Inc.
Grant Thornton US providedtransaction advisory services
Lubar & Co.
Business valuation services
Grant Thornton Vietnam providedadvisory services
Asia Star InvestmentJSC
Cross Border Acquisition ofAviva Group Entities
$230m deal
Grant Thornton India providedacquisition services
WNS
Acquisition of Acumus Limited
Insurance intermediary
Grant Thornton UK provided financialdue diligence services
Arthur J. Gallagher
Buy-side advisory an post-acquisition restructuring
Grant Thornton Czech Republicprovided transaction advisory services
ZUQ Czech s.r.o.
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Technology
Financial Due Diligence
Acquisition of majority stake inShanthi Gears Limited
Grant Thornton India provided duediligence services
Tube Investments “With the government now demonstratingpolicy initiatives and addressing some of theforeign investment deterrents, there areexpectations of an increase in M&A activity in2013, with private equity exits and investments at the forefront.”
HARISH HVGRANT THORNTON INDIA
Partial sell-down and capitalraising to Harbert PrivateEquity
AU $20m
Grant Thornton Australia providedsell-side advisory services
Fast Track Pty
Disposal of the B2B activitiesto DB Telecom
Grant Thornton Netherlands acted asadvisor to the seller
Pocket Partner
LBO
Prowebce
Transaction conducted byEdmond de Rothschild,Edenred and Iris Capital
Grant Thornton France provided duediligence
Prowebce
Ask
Transaction conducted by CDCInnovation, Equimax Partnersand Amundi
Grant Thornton France provided duediligence
ASK
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Acquisition
CertEurope
Transaction conducted byOodrive
Grant Thornton France provided duediligence
CertEurope
Advice on shareholder buyout
Grant Thornton Netherlands acted asadvisor to the buyer
Crunding
Risque
Redox Maritime Technologies
Transaction conducted bySuez Environnement
Grant Thornton France provided duediligence
Redox MaritimeTechnologies
Investment in Dr. Födisch AG –Measurement equipment
Grant Thornton Germany provideddue diligence services
Demeter Partners
Acquisition of IntegralComputers Limited by SagePay (a division of The SageGroup plc)
Computerised paymentservices
Grant Thornton UK provided financialand tax due diligence services
The Sage Group plc
Acquisition of Seba KTMHolding – Measurementequipment
Grant Thornton Germany provided duediligence services
Megger Group Ltd.
Noblis Inc. complete theacquisition of ElanTechSystems Inc.
Grant Thornton US provided due diligenceand transaction advisory services
Noblis, Inc.
Case study
VXi Corporation Grant Thornton acted as financial advisor to the board of VXi Corporation on recapitalisation with Vicente capital Partners(VCP) in conjunction with the management team, which included:North Atlantic Capital, Egan-Managed Capital, the Dodge D.Morgan Family and management.
Headquartered in New Hampshire, US, VXi offers best-in-class corded and wireless headset solutions designed specifically for high-noise environments. Company CEO Mike Fergusoncommented: “Grant Thornton did a fabulous job getting us where we wanted to go and exceeding valuation expectations. Thanks to the Grant Thornton team we were well prepared to handle theprocess and the in depth inspection necessary for a successfuloutcome. Ian Cookson was also a good coach, mentor, fun to workwith, and a calming influence when needed. We are very pleased Grant Thornton was the group we chose to use and it was good tohave their considerable resources, talent and experience on our team.”
Weezevent – Online ticketingprovider. Transactionconducted by A Plus Finance
Grant Thornton France provided duediligence
Weezevent
Disposal of 100% of its shares
Grant Thornton Netherlands acted asadvisor to the seller
Promax
Geomedia SAS – A topographicand infrastructure softwarepublisher – acquiredGeomensura. Equity providedCICLAD
Grant Thornton France acted asfinancial advisor to Géomensura sellers
Geomedia SAS
Fiancial and tax due diligencefor the acquisition of Accel
Grant Thornton Nordic advisoryservices provided due diligence
Littelfuse
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Financial advisor in connectionwith the sale to Brokk
Grant Thornton Nordic advisoryservices provided financial advice
Ahlberg Electronics
Acquisition of the “SearchBusiness” assets ofTradeDoubler. Transactionconducted by Netbooster
Grant Thornton France provided duediligence
TradeDoubler
Nanocomp Technologies, Inc.has received investment from DuPont
Grant Thornton US provided financialadvice
NanocompTechnologies, Inc.
Divestiture of Plato ConsultingInc. to KPMG LLP
Grant Thornton Canada acted asfinancial advisor to the vendor
Plato Consulting
GREE International Inc. hasinvested in IUGO MobileEntertainment Inc.
Grant Thornton Canada provided duediligence to the acquirer
IUGO
Financial, tax and legal duediligence related to theacquisition of Hirschmann CarCommunication, a provider ofautomotive IT&C systems
Grant Thornton Germany providedadvisory services
VOXX International
Disposal of Maxima Holdingsplc to Redstone plc
IT managed services
Grant Thornton UK provided financialdue diligence services
Maxima Holdings plc
Acquisition of SystemsAlternatives International LLC
Software and consultingservices
Grant Thornton UK provided duediligence services
Brady plc
MBO of SDH UK Ltd backed byAugust Equity
IT security
Grant Thornton UK provided financialand tax due diligence services
SecureData/AugustEquity
Disposal of Gyron Internet Ltdto NTT Communications
Specialist datacentre serviceprovider
Grant Thornton UK provided corporatefinance and tax advisory services
Gyron Internet Ltd
Disposal to Daisy Plc
Telecoms audio conferencingspecialist
Grant Thornton UK provided corporatefinance advisory services
Worldwide GroupHoldings
Acquisition of UBS IndiaService Centre Pvt Ltd
Grant Thornton India providedacquisition services
Cognizant
VXi Corporation has beenrecapitalised by Vicente CapitalPartners
Grant Thornton US provided financialadvice
VXi Corporation
“We have seen a notable increase in the numberof our transactions having an interest from orcompleting with overseas buyers. The UKremains a strategically important market toglobal businesses and through our global reach,we have been able to ensure our clients have thebest chance of transacting with the most suitablebuyer, be they British, European, NorthAmerican, Japanese or from elsewhere. Ourglobal reach is a hugely powerful tool and onethat reaps significant benefits to clients.”
GEOFF DAVIESGRANT THORNTON UK
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Food & beverage
Acquisition of Adelie FoodsGrant Thornton UK provided corporatefinance, due diligence and tax advisoryservices
Adelie Foods
Valley Proteins Inc. acquirePerdue Fats and Proteins LLC adivision of Perdue AgriBusiness
Grant Thornton US performedtransaction advisory services
Valley Proteins, Inc.Case study
India Hospitality CorporationIn April 2012, Grant Thornton advised India HospitalityCorporation (IHC) on its acquisition of the Adelie Food group. Thiscross border transaction saw IHC acquire a leading independentfood-to-go business to further its development into the UK market.The Adelie Food Group’s principal products are sandwiches, wrapsand salads sold to the food services and retail sectors.
India based IHC acquire and successfully operate businesses orassets in the food, hospitality, leisure, tourism, travel and relatedindustries, including but not limited to hotels, resorts, timeshares,serviced apartments and restaurants. The transaction provides an exitfor the outgoing shareholders including a private equity investor andsees IHC take ownership of a business with a number of blue chipcustomers. The financial strength of the new group added to the scaleof its operators will create competitive advantage and will benefit thebusiness, employees and customers alike.
Anju Chande, Head of South Asia group at Grant Thornton UK,said, “We were able to bring a unique blend of experience in advisingIndian corporates on UK corporate acquisitions over the last 20 yearsthrough our South Asia group and our extensive food sectorexpertise, to deliver what was a very complex transaction in very tighttimescales.”
Grant Thornton’s team delivered comprehensive multi-disciplinary services to IHC including origination, M&A, duediligence, transaction tax and capital markets advisory that highlightsour ability to offer clients a bespoke service which is tailored toindividual needs.
Due diligence servicesprovided during acquisition of an alcohol company
Grant Thornton China providedtransaction advisory services
Legend Holdings
MBO of Iceland Foods GroupLimited
Grant Thornton UK provided financialdue diligence and tax advisory services
Iceland Foods GroupLimited
Sale of a food & beveragebusiness – confidential
Grant Thornton Australia providedsell-side advisory services
Project Kent
Acquisition of Bar & RestaurantFoods Limited
Grant Thornton UK providedcorporate finance advisory services
Edward Billington &Son Limited
Sale to NBC Private Equity.
AU $10m
Grant Thornton Australia providedsell-side advisory services
Degani
Real estate & construction
Acquisition of Dek Canada Inc.
Electrical wiring andconstruction supplies
Grant Thornton Canada acted asfinancial advisor
Individual investor
Financial and tax due diligencefor the acquisition of CGM
Grant Thornton Nordic advisoryservices provided due diligence
ABB
Due diligence servicesprovided during acquisition ofan infrastructure company
Grant Thornton China providedtransaction advisory services
China InvestmentCorporation
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“Whilst the private equity market faceschallenging times in France, the French largecorporate is becoming hugely influential as theirdemand for domestic and global acquisitionsincreases.”
THIERRY DARTUSGRANT THORNTON FRANCE
Managment buy-out
Grant Thornton Netherlands acted asadvisor to the management
BBCI Frijwijk
Financial due diligence inconnection with an investmentin Llentanb Group
Grant Thornton Nordic advisoryservices provided due diligence
Nordstejernan
“Cross-border M&A activity has becomeincreasingly important to the US over the lastdecade. Historically the US has been a netacquirer, though this changed slightly in 2012 as aresult of significant investment from Asia Pacificbuyers. There has been a flurry of dealannouncements in recent weeks as credit marketshave improved at a time when business optimismis increasing, which has been reflected by thelevel of the stock market.”
DAN GALANTEGRANT THORNTON US
AIM flotation – Lettingfranchisor
£15.5 million market cap
Grant Thornton UK acted as reporting accountant
Belvoir Lettings plc
Lower Nicola Backhoe wasacquired by LNB AcquisitionCorp.
Grant Thornton Canada provided financialdue diligence services to the Acquirer
LNB Construction
Issue of Zero DividendPreference shares
Grant Thornton UK acted as reportingaccountant
Picton Property IncomeLimited
Investment in Wälderhaus
Green building concept
Grant Thornton Germany provideddue diligence services
Vattenfall Europe AG
Due diligence servicesprovided during acquisition of a construction company
Grant Thornton China providedtransaction advisory services
Baird Capital PartnersAsia
Acquisition of United FibreSystem Limited
Grant Thornton India providedacquisition services
GMR
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Media & communications
Transaction advisory services –E-commerce & media
Grant Thornton China providedadvisory services
China 33 Media Group
Acquisition of Cream EventsPvt. Ltd.
Grant Thornton India providedfinancial advice
Edelman
Acquisition
Kali Communication – offsetand digital printing
Transaction conducted byTechniphoto, UFG-Siparex andRe-sources
Grant Thornton France provided duediligence services
Kali Communication
Acquisition of FunkwerkDabendorf GmbH
Grant Thornton Germany provideddue diligence services
Novero GmbH
Investment in dtp youngentertainment – Gamespublisher
Grant Thornton Germany provided duediligence services
WGZ InitiativkapitalGmbH
Acquisition of a Shanghaibased online shopping rewardsplatform
Grant Thornton China providedadvisory services
Points InternationalLimited
Public to private – Media
Grant Thornton UK provided advisoryservices in relation to the City Code
Content MediaCorporation plc
Acquisition of Colman Getty
Culture and campaigningagency
Grant Thornton UK undertook areview of completion accounts
Four CommunicationsGroup plc
Acquisition of 64%shareholding of Agatha ChristieLimited from Chorion Limited
Intellectual property rights
Grant Thornton UK provided corporatefinance advisory and due diligence
Acorn Media Group Inc
Disposal of the Ian Allanmagazine portfolio to KeyPublishing Ltd
B2C magazine publisher
Grant Thornton UK provided corporatefinance advisory services
Ian Allan Group Ltd
Acquisition of Iris AssociatesLimited
Creative marketing agency
Grant Thornton UK rovided corporatefinance and financial due diligence
WEARE 2020 plc
MBI of Farmers Guardian andPulse assets from UBM plc
Publishing
Grant Thornton UK provided corporatefinance advisory and due diligence
Briefing Media Limited/GCP Capital Partners
Class 1 acquisition ofRunningBall
Real-time sports data provider
Grant Thornton UK provided reportingaccountant and financial due diligence
Perform Group Plc
Sale of the distressed businessto a trade participant
AUD <$10m
Grant Thornton Australia providedsell-side advisory services
United BroadcastingInternational Pty Ltd
Sale to STW CommunicationsGroup Limited
AUD <$10m
Grant Thornton Australia providedsell-side advisory services
Maverick Marketing &Communication
Financial and tax due diligence with the acquisition of Chellozone
Grant Thornton Nordic advisoryservices provided due diligence
bti
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Grant Thornton Czech Republicprovided transaction advisory services
Complex advisory during saleof business and integration intoT-Mobile
?eské Radiokomunikacea.s.
Manufacturing
Acquisition of a marine fire protection and safety productsmanufacturer
Grant Thornton China providedadvisory services
Drew Marine
Special review of a supplier
Grant Thornton China providedadvisory services
Praxair Inc
Business valuation and leadadvisory
Grant Thornton Vietnam provided advisory services
Vietnam ChemicalCorporation
Acquisition of AmSafe GlobalHoldings Inc.
Grant Thornton India providedacquisition services
Trans DIGM
Financial, tax and legal duediligence related to theacquisition of Gohlke Elektronikan electronic equipmentmanufacturer
Grant Thornton Germany providedadvisory services
CCS Holding AG
Disposal of beverage cratedivision to Delbrouck GmbH
Grant Thornton Germany providedlead advisory services
Linpac Allibert GmbH
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Acquisition of GMA Group –Industrial services
Grant Thornton Germany provideddue diligence services
Mistras Inc.
Acquisition of Scherer FeinbauGmbH – Industrial machinery
Grant Thornton Germany provideddue diligence services
Chiron Werke
Acquisition of AmericanIndustrial Plastics Inc (USA)
Manufacturer of precisionplastics
Grant Thornton UK provided financial,tax and IT due diligence services
Fenner plc
Acquisition of ANCeram GmbH& Co. KG – Industrial materials
Grant Thornton Germany provideddue diligence services
CoorsTek Inc.
Acquisition of Chemring MarineGroup PLC's marine business
Grant Thornton UK provided financialand tax due diligence services
Drew Marine
Build-up
Diapro (Belgique)
Transaction conducted byRobopolis
Grant Thornton France provided duediligence
Diapro (Belgique)
Reclassification of securities
Consortium Ménager ParisienConception
Transaction conducted by BNPParibas and Edmond deRothschild
Grant Thornton France provided duediligence
Consortium MénagerParisien Conception
Vendor due diligence inconnection with the sale ofPergo to Mohawk
Grant Thornton Nordic advisoryservices provided due diligence
Pfleiderer
Financial and tax due diligencefor the acquisition of EME SteelService Centre
Grant Thornton Nordic advisoryservices provided due diligence
SSAB
The Charles Machine Works, Inc.acquired American Augers, Inc
Grant Thornton US providedtransaction advisory services
The Charles MachineWorks, Inc.
Acquisition of Marine SystemsTechnology Limited
Specialist material manufacture
Grant Thornton UK provided financialand tax due diligence services
PaR Systems Group Inc
Acquisition of IQA OperationsGroup Limited
Grant Thornton UK provided financialdue diligence services
Elecnor S.A.
Disposal to Zep Inc
Branded and private labelchemical manufacturer
Grant Thornton UK providedcorporate finance advisory services
Mykal IndustriesLimited
Disposal of majorityshareholding to MitsubishiCorporation and DevelopmentBank of Japan
Aircraft engines and aero-engine parts
Grant Thornton UK providedcorporate finance advisory services
TES Holdings Ltd/DVB Bank SE
Disposal of BOCM PAULSto ForFarmers Group
Feed manufacturer
Grant Thornton UK provided corporatefinance, pension and tax advisory
BOCM PAULS
Reorganised its shareholdingstructure around a minoritymanagement buy-in and itshistorical lead shareholder
Grant Thornton France providedfinancial advice
Flexico
Rasec International
Transaction conducted by CDC Enterprises and FSI
Grant Thornton France provided duediligence
Rasec International
Acrotec (Suisse)
Transaction conducted by EPF Partners
Grant Thornton France provided duediligence
Acrotec (Suisse)
Investment of Finatem –Automotive parts producer
Grant Thornton Germany providedlead advisory services
WST PräzisionstechnikGmbH
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Acquisition
Poujaud – Scaffolding
Transaction conducted byAltrad
Grant Thornton France provided duediligence
Poujaud
Pioneer Metal FInishing hascompleted the acquisition ofParts Finishing Group Inc.
Grant Thornton US providedtransaction advisory services
Pioneer Metal Finishing
DXP Enterprises Inc. hascompleted the acquisition ofIndustrial Paramedic ServicesLtd.
Grant Thornton US providedtransaction advisory services
DXP Enterprises, Inc.
Build-up
Polysem
Transaction conducted by IMVTechnologies and Pragma
Grant Thornton France provided duediligence
Polysem
“Cross-border M&A involving Chinesecompanies continues to grow. Being part of astrong global organisation provides us with theability to support both inbound and outboundinvestment to a level that many other advisoryfirms cannot support. Working with our US andEuropean teams regularly has providedsignificant benefits to our clients, and we onlyexpect work with our global colleagues toincrease as cross-border work involving Chinesecompanies is set to rise.”
CAROL CHEUNGGRANT THORNTON CHINA
Old World Industries LLCcomplete the sale of itsEthylene Oxide/Ethylene Glycoldivision to Indorama Group
Grant Thornton US provided due diligenceand transaction advisory services
Old World Industries
Acquisition of BEMaschinenmesser– Machinery and equipment
Grant Thornton Germany provideddue diligence services
Primedge Inc.
Listing on JSE
Raisbore drilling
Grant Thornton UK acted as reportingaccountant
Master Drilling GroupLimited
Sale of Sprey Hout to Jongeel
Grant Thornton Netherlands acted asadvisor to the seller
Sprey Hout
Global deal review 2012 17
Sab – Manufacturer of metalparts for luxury leather goods
Transaction conducted bySiparex and FSI Régions
Grant Thornton France provided duediligence
Sab
CL Thomas Inc. has completedthe carve-out acquisition of 61convenience stores from ExxonMobile
Grant Thornton US providedtransaction advisory services
CL Thomas, Inc.
PMFG Inc. has completed theacquisition of Nitram EnergyInc.
Grant Thornton US provided due diligenceand transaction advisory services
PMFG, Inc.
Acquisition
Ingedia – Engineering
Transaction conducted byHECD
Grant Thornton France provided duediligence
Ingedia
Case study
TES Holdings Limited In June 2012, Grant Thornton advised DVB Bank SE (‘DVB’) on thesale of its majority shareholding in TES Holdings Limited (‘TES’) toMitsubishi Corporation (‘MC’) and the Development Bank of Japan(‘DBJ’). TES manages and trades in aircraft engines and aero-engineparts and is headquartered in Bridgend, Wales, UK with regionaloperations in both Asia and the US.
The deal follows an extensive strategic review of the businesscarried out by Grant Thornton and the decision to seek new partnersto join DVB to support TES’s next stage of development under itsfounder and Chief Executive Ashley Cooper. It is expected that theaddition of two such prestigious shareholders (MC and DBJ), eachwith ambitious growth plans in the sector, will bring new businessdimensions and opportunities for TES, as each shareholder seeks toleverage their own relationships and infrastructure for the benefit ofthe company.
Ashley Cooper, said; “We are delighted to welcome MitsubishiCorporation and Development Bank of Japan to join with DVB asour new shareholder group.
The combined financial strength, global presence and forwardlooking approach of our shareholders will fuel the significant growthof TES over the coming years.”
Trevor Griffith, partner, Grant Thornton, who advised on thetransaction said; “Having advised the founding shareholders on thesale of TES to DVB in 2007 it has been immensely rewarding to seethe continued growth of the business since and to advise DVB on thistransaction.”
“DVB has been an excellent strategic partner to TES and theytasked us with helping them bring on board new strategic investorsthat would provide further impetus for growth. We spoke to atargeted group of international strategic partners as part of thisprocess and were impressed with the commitment and strategic visionthat MC and DJB conveyed. I am confident that they will be excellentpartners for DVB and the TES management team in driving thecontinued growth of the business.”
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Support services
Acquisition of Aptara Inc
Grant Thornton India acted as financialadvisor
I Energizer
Financial and tax due diligencein connection with theacquisition of LogentSupporting Logistics
Grant Thornton Nordic advisoryservices provided due diligence
IKEA
Financial advisor in connectionwith the sale to SENAB
Grant Thornton Nordic advisoryservices acted as financial advisor
Svensk Inredning
Pack Solutions
Transaction conducted by Soridec & FSI Regions
Grant Thornton France provided duediligence
Pack Solutions
Ealis Group
Transaction conducted by CM-CIC
Grant Thornton France provided duediligence
Ealis Group
Centre Européen deFormation – specialist indistance training – subsidiaryof Editions Atlas was sold toXynergy and Naxicap Parters
Grant Thornton France acted asfinancial advisor to Editions Atlas
Centre Européen deFormation
Costa Layman LLC completethe acquisition of the assets ofLayman Wholesale Nurseries,Inc.
Grant Thornton US provided due diligenceand transaction advisory services
Costa Farms
ISS – Facility services providersold it s mail services activity toElior Facility Management
Grant Thornton France acted asfinancial advisor to ISS France
ISS France
LBO
WC.LOC – Portable toilet hire
Transaction conducted by FSI Regions & Societe Generale
Grant Thornton France provided duediligence
WC.LOC
Acquisition
Stance Partners –Organisational consulting andmanagement
Transaction conducted by Solucom
Grant Thornton France provided duediligence
Stance Partners
Admission to AIM and IPO
Logistics services to theChinese domestic market
£7.5 million raised £87.5 million market cap
Grant Thornton UK acted as reporting accountant
China Chaintek United
Financial and tax due diligenceservices
Grant Thornton Vietnam provided advisory services
Securitas China &Southeast Asia Limited
Acquisition of TNT India’sdomestic road expressbusiness
Grant Thornton India acted as financialadvisor
IEP
Financial and tax due diligencefor the acquisition of Mobytech
Grant Thornton Nordic advisoryservices provided due diligence
AUSY
Build up
Neogrid – Life cyclemanagement for products
Transaction conducted byTrace One & Agentrics PLM
Grant Thornton France provided duediligence
Neogrid
Dick Blick Holdings, Inc. hascompleted the acquisition ofUtrecht Art Supplies
Grant Thornton US provided due diligenceand transaction advisory services
Dick Blick Holdings,Inc.
Global deal review 2012 19
Charlestown – specialist incorporate reception subsidiaryof ISS was sold to GroupePhone Régie – corporatereception outsourcing
Grant Thornton France acted asfinancial advisor to ISS France
Charlestown
Achat-Terrain – web specialistin displaying land sales adswas sold to Figaro Classifieds
Grant Thornton France acted asfinancial advisor to Achat-Terrain
Achat-Terrain
Acquisition
Roche-Brune AssetManagement
Transaction conducted by Primonial
Grant Thornton France provided duediligence
Roche-Brune AssetManagement
Paperflow – Office furniture
Transaction conducted byParticipex and Finorpa
Grant Thornton France provided duediligence
Paperflow
Ealis Group
Transaction conducted by CM-CIC Capital Finance
Grant Thornton France provided duediligence
Ealis Group
Développement
CDM/Allobébé.fr
Transaction conducted by Nord Capital & Turenne Capital
Grant Thornton France provided duediligence
CDM/Allobébé.fr
Acquisition of Modus FMLimited
Facilities management
Grant Thornton UK provided financialdue diligence services
Rentokil Initial plc
Acquisition of OsirisHydrographic & GeophysicalProjects Limited
Hydrographic and geophysicalsurveys
Grant Thornton UK provided duediligence services
Bibby Marine Limited
Talentsoft – HR solutionsprovider. Transactionconducted by Alto, Seventureand CDC Enterprises
Grant Thornton France provided duediligence
Talentsoft
Partial sell-down and capitalraising to Archer Growth.
AU $20m
Grant Thornton Australia providedsell-side advisory services
Best Friends PetSupercentres
Merger of four recruitmentbusinesses
AU $15m
Grant Thornton Australia providedsell-side advisory services
Spinifex AustraliaGroup
Sale to McPherson’s Limited
AU $20m-$50m
Grant Thornton Australia providedsell-side advisory services
Cosmex
Acquisition
Alturia Consulting – Specialisesin operational, organisationaland management consulting
Transaction conducted bySolucom
Grant Thornton France provided duediligence
Alturia Consulting
Due diligence servicesprovided during acquisition of a retailer
Grant Thornton China providedtransaction advisory services
Asuka DBJ Partners
Complex advisory duringcompany sale
Grant Thornton Czech Republicprovided transaction advisory services
PST-CLC, a.s.
Financial due diligence inconnection with an investmentin CEDE Group AB
Grant Thornton Nordic advisoryservices provided due diligence
Fouriertransform
Private equity
NP5 reorganised itsshareholding structure around aminority Management Buy-Out
Equity provided by Naxicap andInitiative Finance
Grant Thornton France acted asfinancial advisor to Naxicap Partners
NP5
Private equity investment inGreenko Plc – US$ 34m deal
Grant Thornton India acted as financialadvisor
TPG Growth
Private equity investment inDevyani International Ltd –US$ 55m deal
Grant Thornton India acted as financialadvisor
ICICI Venture
Pouschine Cook CapitalManagement LLC hascompleted the acquisition ofGriswold International LLC
Grant Thornton US providedtransaction advisory services
Pouschine Cook CapitalMangement LLC
Private equity investment inCare Hospitals – US$ 105mdeal
Grant Thornton India provided duediligence
Advent International
Axum Capital Partners hascompleted the acquisition of a controlling interest in Wild Wing Café
Grant Thornton US provided due diligenceand transaction advisory services
Axum Capital Partners
20 Global deal review 2012
Acquisition of The BridgmanGroup (Marston Group) byManagement and InflexionPrivate Equity
Grant Thornton UK provided financialdue diligence services
The Bridgman GroupLimited
“Exit activity is likely to pickup as a result of fund cycles.Funds have a lot of moneythey are going to have tospend, which will drivedemand and entice people tosell. At the same time, peoplehave been holding offdivesting, but there comes atime when they need to sell.”
TROY MACDONALDGRANT THORNTON CANADA
Private equity investment inNarayana Hrudalaya –US$ 100m deal
Grant Thornton India acted as financialadvisor
AIG & JP Morgan
Pine Tree Equity Partners hascompleted the acquisition ofJewellery Repair EnterprisesInc. and its affiliates
Grant Thornton US providedtransaction advisory services
Pine Tree EquityPartners
Global deal review 2012 21
Investment in Instant OfficesLimited
Grant Thornton UK provided financialand tax due diligence services
MML Capital Partners
Investment in The SR GroupHolding Company Limited
Grant Thornton UK provided financialand tax due diligence services
Baird Capital
Management buy-out of NobletMunicipal Services Limited
Grant Thornton UK provided financialand tax due diligence services
Praetura Ventures
Investment in BarburritoLimited
Grant Thornton UK provided financialand tax due diligence services
Business GrowthFund/Barburrito
Acquisition of Iglu.comHolidays Limited
Grant Thornton UK provided duediligence services
Growth CapitalPartners
Disposal to MBO team backedby Mobeus Equity Partners
Grant Thornton UK providedcorporate finance advisory services
Tessella Limited
Acquisition of the sensorbusinesses from e2vtechnologies plc
Grant Thornton UK providedcorporate finance advisory services
SGX Sensortech Ltd
Elm Park Capital Managementhas announced the closing of its $16.5 million seniorsecured credit facility withOutcomes Health InformationSolutions LLC
Grant Thornton US providedtransaction advisory services
Elm Park CapitalManagement
Details in case study
Private equity
Grant Thornton India providedfinancial advice
Sutures India
Case study
Sutures IndiaGrant Thornton advised Sutures India on a US$37 millioninvestment by CX Partners which represents the largest deal in themedical consumables space in India to date.
The deal saw the first exit for Evolvence India Life Sciences Fund, a 3.2x return on their investment, within a three year period.
CX Partners is an India focused private equity firm based out ofMauritius, specialising in making growth equity investments in themid-market.
Bangalore-based Sutures India is a manufacturer and exporter of all types of surgical sutures. It manufactures absorbable and non-absorbable sutures, surgical tapes, gloves, surgical needles andskin staplers among other products, exporting to over 50 countries in Europe, South America, Africa and Asia.
Commenting on the deal, Mahadevan Narayanamoni of GrantThornton, said: “The Indian healthcare industry largely depends onimports of high-end medical devices from established multinationalcompanies, but local manufacturing of products is also gaining pace.Partnerships, M&A and private equity investments should acceleratethis trend. The Sutures India transaction is a clear indicator of this trend,as the largest deal to date in the Indian medical consumables space.”
Sale to Proserpine PrivateEquity
AU $10m
Grant Thornton Australia providedsell-side advisory services
Meredith Clothing
Industries & Finances acquiredLTM from its shareholders CM-CIC, FSI Regions, OestCroissance and BNP Paribas
Grant Thornton France acted as financialadvisor to Industries & Finances
Industries & Finances
Investment in AFG MediaLimited
Grant Thornton UK provided financialdue diligence services
Business Growth Fund/AFG Media Limited
22 Global deal review 2012
Energy & cleantech
Recapitalisation of FeeneyBrothers Excavation Corp.by CAI Private Equity
Grant Thornton US acted as financialadvisor
Feeney BrothersExcavation Corp.
Halcón Resources hasannounced the acquisition ofGeo Resources
Grant Thornton US providedtransaction advisory services
Halcón Resources
Disposal to EDF Trading
Grant Thornton Germany providedlead advisory services
VisNova TradingGmbH
Acquisition of an engineeringdivision from E.ON
Grant Thornton Germany provided duediligence services
MAX Streicher GmbH& Co. KGaA
Acquisition of Solon – producerof solar modules
Grant Thornton Germany provided duediligence and tax advisory
Microsol International
Acquisition of Direct EnergyPurchasing Limited
Energy procurement services
Grant Thornton UK provided financialand tax due diligence services
Investment in BiogenGreenfinch
Anaerobic digestion services
Grant Thornton UK provided financialand tax due diligence services
Inspired Energy plc
Kier ProjectInvestments Limited
Financial and tax due diligenceand business valuation
Grant Thornton Vietnam provided advisory services
PetroVietnam OilCorporation
Buy-side advisory for thenational grid operator
Grant Thornton Czech Republicprovided transaction advisory services
?EPS, a.s.
Hospitality & tourism
Divestiture of Parkside VictoriaResort to a local equityconsortium
Grant Thornton Canada acted asfinancial advisor to the Receiver
Parkside Victoria
Divestiture of Pacific ShoresResort to existing management
Grant Thornton Canada acted as financialadvisor to the Monitor under CCAA
Pacific Shores
Divestiture of Aviawest ResortsGroup to VacationInternationale
Grant Thornton Canada acted as financialadvisor to the Monitor under CCAA
Aviawest
Locaboat – Boat hire withoutlicence for river tourism
Transaction conducted byFSI Regions
Grant Thornton France provided duediligence services
Locaboat
Acquisition
Mayotte Vacances
Transaction conducted byCompagnie de Bel Air & Octant
Grant Thornton France provided duediligence
Mayotte Vacances
Homair – specialist in mobilehome tourism
Transaction conducted by Naxicap Partners
Grant Thornton France provided duediligence
Homair
E vent entertainment agency
Transaction conducted byA Plus Finance
Grant Thornton France provided duediligence
Profete
Upscale hotel was sold toInwood Hotels
Equity provided by Algonquin
Grant Thornton France acted as financialadvisor to Hôtel la Bourdonnais’ seller
Upscale hotel
Acquisition
Grande Métairie – La Pinède/La Palmyre
Transaction conducted byCompagnie de Bel Air & Octant
Grant Thornton France provided duediligence
Grande Métairie
Acquisition of Danbook Limitedand Scandic BookmakersLimited
Grant Thornton UK provided corporatefinance, due diligence and tax
India Hospitality Corp.
Global deal review 2012 23
24 Global deal review 2012
Education
Financial advisor in connection with the sale toPysslingen
Grant Thornton Nordic advisoryservices acted as financial advisor
Soder Triaden Förskolor Skolor
YES – English language trainingin the workplace
Transaction performed byCreadev
Grant Thornton France performeddue diligence
YES | your englishsolution
“The strong Yen led to unprecedented interest incross-border deals for Japanese firms in 2012.Large corporate and investment companiescontinue to show significant appetite for overseasopportunities and even with changes in domesticeconomic policies, this appetite will remain.”
YOSHI KAWAMURAGRANT THORNTON JAPAN
Acquisition of West MerciaSupplies
Education resources supplier
Grant Thornton UK providedcorporate finance advisory services
The Consortium for Purchasing and Distribution Ltd
Disposal to Ashridge Capital
LD & BESD care and education
Grant Thornton UK providedcorporate finance, advisory services
Phoenix Learning &Care
Issue of £250 million 5.486%secured bonds due 2042
Housing trust
Grant Thornton UK acted as reportingaccountant
East Finance plc
Contact us
Global deal review 2012 25
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