Deloitte passes £1.5bn deals milestone

Dealmakers at Deloitte in Yorkshire have advised on more than £1.5bn-worth of deals in six months, including financial and tax due diligence for Brockton Capital on the acquisition of The Pinnacle, Leeds city centre’s tallest office building, for £65m.

The mergers and acquisitions (M&A) milestone was passed with the completion of investment in Castleford-based Sigma Retail Solutions, a provider of outsourced solutions to blue chip retailers, by Three Hills Capital Partners. The Deloitte team provided financial due diligence services for the transaction.

Also in March the Deloitte team provided tax due diligence services on the acquisition of Freedom Group by NG Bailey, the Ilkley-based independent engineering, IT and facilities services business. The combined business now has a turnover of more than £600m a year.

Earlier in 2018, Deloitte completed the reporting accountants work on the £331m rights issue for Bradford-based provider of personal credit products, Provident Financial, and financial and tax due diligence for LRC Group on the €676m acquisition of a portfolio of hotels from Lonestar, including the Mercure St Paul’s Hotel and Spa in Sheffield.

Other significant deals completed in the period included financial and tax due diligence for StepStone Real Estate, real estate affiliate of StepStone group the global private markets firm, funding the acquisition of 122 care homes from Bupa Care Services by HC-One; tax due diligence services on the £223.9m return to private ownership of Sheffield-based Servelec by Montagu Private Equity, and financial and tax due diligence on three transactions for Arrow Global Group.

Over the past 24 months, the transaction services specialists at Deloitte’s Leeds office have advised on more than £3.5bn-worth of deals.

Matt Henderson, partner and leader of the transaction services team in Yorkshire and the North East, said: “We are witnessing very high levels of interest in high-quality local businesses from overseas funders, and our local corporate client base is also very active in searching out and executing transformational M&A activity. This is supported by strong balance sheet positions and the advice and support of our fantastic local M&A advisory and funder community.”

Click here to sign up to receive our new South West business news...
Close