PRIVATE EQUITY AND VENTURE CAPITAL
Foot Anstey's dedicated cross departmental private equity team advised new client Genghis Midco, an HgCapital backed company, on its acquisition of The Parts Alliance.
The Parts Alliance is an industry leader in the automotive buying and distribution groups in the UK and Ireland. Consisting of strategically located distributor companies, it specialises in the national and local supply of manufacturer branded products and support services with an annual group turnover of more than £365 million. The Parts Alliance customers range from independent garages to multi branch workshops and fast-fits, and they are served by a fleet of over 1,600 vehicles and 3,300 staff across the membership.
The acquisition of The Parts Alliance is first transaction that Foot Anstey have completed for Genghis Midco or any other HgCapital backed company.
At the same time Foot Anstey's Commercial Group advised on new shared services arrangements between the PA members designed to achieve a best in class commercial structure with a consultative business group at its heart, operating with joined-up commercial thinking.
Matt Stoate, head of Foot Anstey's private equity group, led the team which advised on the transaction. Matt commented, "This is a significant new relationship for Foot Anstey for a client accustomed to instructing lead City and international firms. We were delighted to be involved with this key strategic acquisition and to demonstrate our private equity expertise in the style and manner which the client demanded."
CHARLIE PARSONS CREATIVE, BOUTIQUE INVESTMENT COMPANY
Foot Anstey’s Private Equity team, led by partner Matt Stoate, has advised Charlie Parsons Creative, the boutique investment company, on its backing of a management buyout of the Gaydar online dating business for an undisclosed sum.
The team advised television entrepreneur Charlie Parsons on the transaction which sees Charlie joining the board of Gaydar, which will be led by CEO Trevor Martin. The Gaydar brand will now focus entirely on its dating business; with six million registered users across more than 140 countries, it is one of the most popular global gay dating brands.
Charlie Parsons is one of the UK’s best known innovators within international media and entertainment. He previously co-founded Planet 24 where he created and produced award winning programming including 'The Big Breakfast' and 'The Word'. A double Emmy award winner for the reality show ‘Survivor’ which he created, Charlie brings a track record of international business success to the Gaydar brand.
Mark Speeks will also join the board of Gaydar. Mark has more than 20 years’ experience in the finance industry and was instrumental in the negotiation of the MBO.
Charlie Parsons, Founder of Charlie Parsons Creative said: “Although Gaydar is one of the best known gay brands in the world, there are many more opportunities to build on the success to date. The services provided to us by Foot Anstey throughout the MBO process were exceptional; we felt like they were an additional member of our MBO team, working tirelessly to completion and fully participating in all the key business decisions we had to make along the way”.
PRIVATE EQUITY AND VENTURE CAPITAL
BUSINESS GROWTH FUND
The private equity team at premier regional law firm Foot Anstey has recently advised BGF, the provider of growth capital, on its £2.5 million investment in Sub10 Systems (Sub10), a specialist telecoms development and manufacturing company specialising in developing high speed wireless devices for data transfer across mobile networks.
BGF was established in 2011 to help Britain’s growing smaller and medium sized businesses with a fund of up to £2.5 billion with which to make long-term equity investments. BGF’s mission is to unlock the potential of growing UK businesses that need long-term capital to drive their future success.
Based in Devon, Sub10 has grown rapidly since its formation in 2010 and is forecast to deliver FY14 revenues of c.£10m. The company’s head office is in Newton Abbot and it currently employs 37 people.
The investment of growth capital from BGF will support Sub10 as it invests in R&D, recruits additional staff, increases sales and marketing spend, and will provide additional working capital so that Sub10 can meet larger future orders.
Ned Dorbin, Senior Investment Manager at BGF said “Foot Anstey made this deal possible by identifying the suitability of Sub10 for an investment by BGF, facilitating an introduction and working tirelessly with us, Sub10 and Sub10’s advisors to successfully execute the transaction. We look forward to identifying more suitable deals with them across the South West.”
Private Equity Partner Matt Stoate commented, “We have worked hard to get to know BGF and what they are looking for in an investment. Both BGF and Sub10 have very exciting propositions with a great desire to succeed at what they do – we were delighted to help put this deal together.”
PRIVATE EQUITY and Venture Capital
90 NORTH REAL ESTATE PARTNERS LLP
Islamic finance specialists at premier regional law firm Foot Anstey LLP have just completed the second of two major real estate transactions for London-based independent property advisory firm 90 North Real Estate Partners LLP (90 North).
The latest transaction sees the Shari'ah compliant real estate advisors 90 North complete a £46,000,000 acquisition of Parham Road Student Village (The Village) in Canterbury on behalf of Gulf investors.
Philip Churchill Co-Founder Partner of 90 North, said: "Canterbury is a long established centre for education and we are delighted to work with our partners to provide high quality student housing in an excellent location. This transaction takes deals that we have concluded in the student sector by 90 North's Founder Partners to more than £150,000,000."
The Canterbury acquisition closely follows 90 North's £18,000,000 transaction to acquire Siemens PLC's new HQ at Teal Park, Lincoln to house the conglomerate's new gas turbine facility. The Canterbury transaction takes the company's 2012 deals executed to circa £64,000,000.
Imam Qazi, Real Estate Partner and Islamic finance specialist at Foot Anstey commented: "We are delighted to have been involved with 90 North from the outset and to help see the two transactions through to a successful conclusion. It was a great team effort involving a range of our specialist practice areas including investment structuring, tax, real estate, construction and Islamic finance. 90 North is clearly very active in pursuing investment opportunities for its Middle Eastern client base and we look forward to continuing our relationship with them."
James Caan, former BBC Dragon and Chairman of 90 North added: "Both our recent transactions highlight how we work in partnership with Gulf investors, developers and other parties. I am delighted with our progress in 2012 and look forward to progressing further deals where they match our clients' wants and needs and can deliver superior risk adjusted returns."
PRIVATE EQUITY AND VENTURE CAPITAL
Foot Anstey advised Succession Group, one of the UK’s largest privately owned wealth management businesses on the sale of 50.1% of the business to private equity group Inflexion.
Founded in 2009 by four Directors, including CEO Simon Chamberlain and Corporate Director Paul Morrish, Succession delivers bespoke financial advice to private and corporate clients alongside operating a client asset custody platform.
Inflexion’s investment will enable the Succession management team to deliver their vision of creating the UK’s largest independent wealth management business through a focused ‘buy & build’ programme.
Further funding will be made available by Inflexion to Succession to fund the continued acquisition of their membership base.
“This was a hugely important transaction for the Succession Group and we were immensely impressed with Foot Anstey’s contribution to making it happen, not just the quality of advice, but also how they invested the time to understand our business and way of working and delivered a highly effective, bespoke, commercially focused service in what was often a complex and fast moving transaction. The team worked seamlessly and provided the level of advice and service one would expect from a City of London firm, working effectively with both the various Succession boards and our team of advisers. We look forward to continuing our relationship with them as we work to deliver our vision of creating the UK’s largest independent wealth management business through a focused ‘buy & build’ programme.” Paul Morrish, Succession Group