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."
Foot Anstey advised Aareon AG, a wholly-owned subsidiary of Aareal Bank AG, on the acquisition of 1st Touch Limited, the UK's leading developer of mobile systems for the social housing and public sectors. The deal saw Germany based Aareon AG, the leading consultancy and IT systems house for the European property sector, invest in its belief in the significant opportunities presented by mobile technology in the property sector across Europe. The move also complemented the Group's other software investments in the sector.
Commenting on the news, Dr. Manfred Alflen, CEO of Aareon AG said; "Following the acquisition, 1st Touch will continue to provide mobile solutions across multiple back office and ERP Housing systems and will become an essential element of our technology strategy, in the UK and the rest of Europe. It is this independence which makes this such a good acquisition for Aareon AG and with the backing that the Group can offer, we are confident that 1st Touch will continue to grow significantly."
Robert Dent, Managing Director of Southampton based 1st Touch echoed Dr. Alflen's comments adding, "This is excellent news for both 1st Touch employees and also for our customers. We look forward to witnessing the first fruits of this very compatible union and therein taking full advantage of the opportunities now available to us."
Duncan Sykes, Corporate Partner at Foot Anstey said: "With 1st Touch recognised as the market leader for supplying mobile technology to the UK social housing and public sectors and Aareon AG's brand strength across Europe, this is an excellent strategic fit. We are delighted to have played our part in this deal."
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 their 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.” Succession Group
Turner & Co (GB) Limited
We advised Turner & Co (GB) Limited on the disposal of the business and assets of Turner Butler, one of the UK's leading business brokerages, to Amberglobe Limited. The disposal established a business sales agency which is one of the predominant forces in the SME sales market in the UK. The deal, funded by niche venture capital provider BP Marsh & Company plc, involved an upfront payment, with additional consideration linked to a complex mechanism regarding the recovery of book debts.
This was a crucial deal for Turner & Co (GB) Limited; it was the prerogative of the company's Managing Director and key shareholder to ensure the job security of his staff and the continuance of the Turner Butler brand as he nears retirement.