PwC deals team are hat-trick heroes

DEALMAKERS at PwC are celebrating after successfully completing a hat-trick of transactions.

The Midlands deals team has completed the landmark sales of automotive technology group MIRA to HORIBA and Mark Group to SunEdison, as well as advising Prodrive Holdings on a £6m growth capital investment by the Business Growth Fund in its subsidiary Prodrive Composites.

The flurry of completions marks a strong 12 months for the team, which has seen it complete 25 separate M&A transactions, together worth more than £3.3bn. These include advising on the sale of Centre Parcs to Brookfield, the sale of Riviera Travel to Phoenix Equity Partners, and IMI’s sale of Eley and acquisition of Bopp and Reuther.

Matt Waddell, partner and head of PwC’s deals business in the Midlands, said: “We are immensely proud to have achieved these outstanding results for our clients, and each of these deals demonstrates our absolute commitment and ability to deliver.

“We have supported both long-established and new clients through a number of very successful transactions during the last 12 months, with activity increasing during 2015. As a firm, we have made a significant investment to develop a hub of industrial sector expertise in the Midlands, recognising the volume of specialist industrial companies in this region.”

The recent recruitment of Neil Sumner as director in corporate finance has strengthened the deals team, which comprises seven partners, 11 directors and over 90 skilled professionals covering services including corporate finance, transaction services, business recovery services and forensic services.

Sumner said: “The industrial sector is thriving in the Midlands, and it is a privilege to support these businesses in their continued growth. The PwC Midlands deals team acted as lead corporate finance advisors to MIRA and to the Mark Group, and these sales will enable both companies to continue to provide market leading products and services in their sectors.

“Prodrive has developed strong relationships with leading UK automotive players and has recently secured new contracts to support its future growth. The £6m BGF investment in Prodrive Composites will enable the company to pursue its plans to invest in technologies to continue to be a leading player in this market.”

Other M&A transactions the Midlands deals team have supported over the last 12 months include:

• Sale of Ballast Phoenix by H2 Equity Partners
• Sale of Whittan Storage Systems to Bregal
• LDC’s investments in Aspin Group and Away Resorts
• Carve out and sale of GSH Group plc’s operations to ISS
• Straco’s acquisition of Cedo from Rutland Partners

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