North West Rainmaker awards shortlist is announced
The final shortlist for this year’s Rainmaker Awards in the North West has been revealed.
The awards are returning for a fourth year in a row and celebrate everything that is best about the region’s business community.
The Rainmakers is unique because the winners are voted for by the corporate finance community themselves in a one firm, one vote system.
Eleven awards are handed out – five deals and six team and individual awards – including the prestigious Rainmaker of the Year.
The shortlist has been drawn up following a day of deliberations involving high profile members of the corporate finance community.
In the next stage of the judging invited firms will get the chance to chose their winners in an online poll.
Michael Ribbeck, North West editor of TheBusinessDesk.com, said: “The corporate finance community plays a vital and important role in the region’s success.
“We are proud to highlight their work and celebrate their achievements.”
Leading specialist recruitment company Michael Page has been confirmed as headline sponsor for this year’s awards.
Gareth Davies, operating director at Michael Page, said: “The past 12 months has yet again proven the strength and dynamism of the North West deal making community, and it’s something all professionals in the region can be proud of.”
The winners will be announced at a ceremony at The Midland Hotel on Thursday, June 14.
For more details, and to book your tickets for the night, visit our special page here.
The shortlist in full.
Public Markets
1. JD Sports
Bury based JD Sports acquired American firm The Finish Line in a deal valued at £392m. The Finish Line sells branded sportswear and shoes. The Manchester office of law firm Addleshaw Goddard advised on the deal on behalf of JD Sports. Barclays also advised JD Sports as well as leading the financing in the UK, underwriting the £400m RCF facility alongside HSBC.
2. Footasylum
Rochdale firm Footasylum, a fashion retailer focussing on footwear and apparel launched on the AIM market. As a result the company raised £65m in investment. GCA Altium acted as financial adviser and nominated adviser, with Liberum Capital acting as broker. Deloitte provided due diligence.
3. Halma
Amersham based Halma is a provider of environmental control and fire and gas detection services. It acquired Minicam Enterprises in Warrington in a deal valued at £85m Mini-Cam manufacture cameras used to inspect pipelines. LDC was advised by Clearwater International (David Weavers) and DWF (Frank Shephard). Deloitte provided vendor due diligence to Mini-Cam
4. Sumo
Sumo group provide creative and development services to the video game industry. The company floated on the AIM market and as a result raised £78m. Zeus Capital acted as nominated adviser and sole broker to Sumo Group. Grant Thornton and Addleshaw Goddard provided advisory services to Sumo Digital, while Zeus Capital was advised by Eversheds on the transaction.
5. GB Group
Cheshire firm GB Group provides technology that is used to maximise customer value. It acquired Postcode Anywhere which is based in Worcester in a £73m deal. Postcode Anywhere is a cloud-based address management specialist.
Private Equity Exit
1. Utiligroup
US private equity firm Accel-KKR acquired Lancashire data management software business Utiligroup for a reported £100m, less than three years after NorthEdge Capital backed a management buyout. Accel-KKR has acquired Utiligroup through its services company Energy Services Group (ESG).
KPMG provided corporate finance advice, DWF provided legal advice and EY undertook financial due diligence for the company. Management corporate finance advice was provided by KPMG, legal advice by Fieldfisher and tax by PwC.Results International served as Accel-KKR’s financial advisor for this transaction. Brodies and Kirkland & Ellis represented Accel-KKR as legal advisers.
2. WHP Telecoms
Warrington-headquartered telecoms infrastructure business WHP Telecoms underwent a management buyout backed by Equistone Partners. In 2015, WHP secured investment from private equity firm Palatine. Equistone took a majority stake in the business. The value of the deal was not disclosed but Palatine bought WHP for £38m in 2015.
A team at Clearwater International provided corporate finance and debt advice, with BDO providing financial due diligence and Analysys Mason providing commercial due diligence. Addleshaw Goddard provided legal advice to Equistone, while PwC provided tax advice.
The management team was advised by Convex and Mills & Reeve and Pinsent Masons.
3. DW3
Stoke-on-Trent’s DW3 Products Group, the company behind Fenton door manufacturer Solidor, was acquired by US firm Masonite International Corporation in a deal worth £70 million. The deal was NorthEdge Capital’s eight exit and represented a 3.5x return. Partners Ray Stenton and Jon Pickering led the exit for NorthEdge, supported by investment executive Greg Holmes.
Legal advice was provided to NorthEdge and management by Eversheds Sutherland. EY provided due diligence support to DW3.
4. Concept Life Sciences
Equistone Partners Europe completed the sale of Manchester-headquartered Concept Life Sciences to listed Spectris for £163m. Concept Life Sciences provides integrated drug discovery, development, analytical testing and environmental consulting services. The company was formed in July 2014 with backing from Equistone. Equistone and management shareholders were advised by Rothschild and Addleshaw Goddard.
5. New World Trading Company
LDC exited its investment in the fast-growing pub and restaurant business New World Trading Company (NWTC) in a £150m sale to Graphite Capital. Headquartered in Knutsford, NWTC was founded by the late Tim Bacon and Jeremy Roberts as part of the Living Ventures Group. Dow Schofield Watts Corporate Finance advised the management of NWTC on the deal.
International Deals
1. JD Sports
Bury based JD Sports acquired American firm The Finish Line in a deal valued at £392m. The Finish Line sells branded sportswear and shoes. The Manchester office of law firm Addleshaw Goddard advised on the deal on behalf of JD Sports. Barclays also advised JD Sports as well as leading the financing in the UK, underwriting the £400m RCF facility alongside HSBC.
2. Norcros
Wilmslow based Norcos, manufacturer of shows and bathroom products acquired Irish firm Merlyn Industries. Merlyn design and distribute shower enclosures, the deal was valued at £60m. Lead corporate financial adviser to Norcros was Peter Terry, head of North West corporate finance at Grant Thornton. Addleshaw Goddard provided legal advice to Norcros, with the team led by partner Roger Hart. Addleshaw Goddard also advised Norcros.
3. Utiligroup
US firm Energy Services Group acquired Chorley based Utiligroup. The deal for the developer of data management and process software was valued at £100m. KPMG provided corporate finance advice, DWF provided legal advice and EY undertook financial due diligence for the company. Management corporate finance advice was provided by KPMG, legal advice by Fieldfisher and tax by PwC. Results International served as Accel-KKR’s financial advisor for this transaction. Brodies and Kirkland & Ellis represented Accel-KKR as legal advisers.
4. Dechra
Northwich firm Dechra Pharmaceuticals acquired Duch firm Le Vet Beheer. Both businesses specialise in veterinary products. The deal was valued at £296m.
5. GCP
US firm GCP Applied Technologies, which specialises in construction chemicals and building materials, acquired Stirling Lloyd of Knutsford. The deal was valued at £72m. Stirling Lloyd was advised by the corporate finance and tax teams of Manchester-based accountancy and advisory firm, CLB Coopers and corporate law firm Turner Parkinson. EY acted as advisers to GCP.
Small Cap Deal of the Year
1. Hello Soda
NVM Private Equity invested £4m in global text and data analyst business Hello Soda. The investment in the Manchester firm was jointly funded by NVM Private Equity and with an additional £1.5m venture debt facility from Clydesdale and Yorkshire Bank. Dow Schofield Watts tech team worked with Hello Soda on its fundraising plans. Hill Dickinson advised Hello Soda.
2. Cubic Motion
Manchester-based Cubic Motion, creator of characters for video games such as Hellblade and Call of Duty, attracted fresh funding to expand into Hollywood films and virtual meetings. NorthEdge has taken a minority stake in the company with an investment of up to £20m. Hill Dickinson was the adviser to NorthEdge Capital on its investment. Cubic Motion was advised by GP Bullhound and Osborne Clarke.
3. Lakelovers
LDC has backed the management buyout (MBO) of the Windermere-based provider of luxury holiday cottages. Founded in 1977, Lakelovers manages more than 500 holiday properties. The MBO was led by chief executive Paul Liddel.
LDC was advised by Grant Thornton and DLA Piper provided commercial due diligence, with KPMG providing financial due diligence and Javelin providing digital due diligence.
Lakelovers was advised by KPMG.
4. Mowgli Street Food
Liverpool based Mowgli Street Food received £3.45m capital from the Foresight Regional Investment Fund. The investment is being used to roll out restaurants across the UK. RSM and Grant Thornton advised the company while Addleshaw Godddard advised Foresight and O’Connors advised Katona.
5. Skinbiotherapeutics
Macclesfield based developer of technology to protect skin was admitted onto the AIM market. The shares raised a total £4.5m in gross proceeds. Cairn Financial Advisers acted as nominated adviser and Turner Pope Investments acted as broker.
6. Supply UK
Dutch firm Boels Rental bought Stockport based Supply UK, a tool and building equipment hire firm. The equity value of the deal was £15m. Dow Schofield Watts carried out financial due diligence and JMW provided legal advice to Boels.
M&A Deal of the Year
1. Radius
A £150 million investment in fuel card company Radius Payments Solutions was agreed by Inflexion, valuing the company at £800m. Radius was founded in 1990 by CEO Bill Holmes who still leads the Crewe business. The EY team in Manchester performed vendor due diligence on behalf of Radius. Rothschild provided financial advice to Inflexion and GCA Altium provided debt advice on the transaction.
2. WHP
The Warrington-headquartered telecoms infrastructure business underwent a management buyout (MBO) backed by Equistone Partners. WHP secured investment from Palatine and has since grown significantly. Equistone has taken a majority stake in the business. Clearwater International provided corporate finance and debt advice, BDO provided financial due diligence and Analysys Mason provided commercial due diligence. Addleshaw Goddard provided legal advice to Equistone, while PwC provided tax advice. The management team was advised by Convex and Mills & Reeve and Pinsent Masons.
3. Utiligroup
US private equity firm Accel-KKR acquired Lancashire data management software business Utiligroup for a reported £100m, less than three years after NorthEdge Capital backed a management buyout. Accel-KKR acquired Utiligroup through its services company Energy Services Group (ESG). Management corporate finance advice was provided by KPMG, legal advice by Fieldfisher and tax by PwC. Results International served as Accel-KKR’s financial advisor for this transaction. Brodies and Kirkland & Ellis represented Accel-KKR as legal advisers.
4. GB Group
Cheshire firm GB Group provides technology that is used to maximise customer value. It acquired Postcode Anywhere which is based in Worcester in a £73m deal. Postcode Anywhere is a cloud-based address management specialist.
5. Co-op
The Co-op made an offer to acquire a 100% stake of Nisa Retail based in Scunthorpe. The offer for £143m will strengthen the Co-Op’s presence in the wholesale convenience sector.
Legal Team of the Year
1. DLA Piper
2. Addleshaw Goddard
3. Pinsent Masons
4. Squire Patton Boggs
5. Turner Parkinson
6. DWF
Corporate Finance Team of the Year
1. Dow Schofield Watts
2. GCA Altium
3. Grant Thornton
4. KPMG
5. Clearwater
Private Equity Team
1. NorthEdge Capital
2. LDC
3. Palatine Private Equity
4. Livingbridge
5. Equistone
Funder of the Year
1. Tosca Debt Capital
2. Lloyds
3. HSBC
4. RBS
5. Clydesdale
Rising Star
1. George Potts, NorthEdge
2. Rick Stark, KPMG
3. James Painter, Palatine Private Equity
4. Dan Matkin, NorthEdge
5. Ton Barnwell, Clearwater
Rainmaker of the Year
1. Jon Pickering, NorthEdge
2. Simon Lord, GCA Altium
3. Jonathan Boyers, KPMG
4. Phil Adams, GCA Altium
5. Steve O’Hare, Equistone
