Deal news: Altium; Addleshaws; Pinsents & more
MANCHESTER-based investment bank Altium has led a deal in which TotalMobile, a developer of enterprise mobility, received major investment from Lyceum Capital.
The deal was Altium’s 11th transaction in the technology sector in the last 12 months.
Based in Belfast, TotalMobile supplies cloud-based, on-premise and SaaS products to more than 30,000 workers across the healthcare, local government and private sectors including oil and gas, utilities and facilities management.
Altium ran a dual-track process for the shareholders of TotalMobile alongside its US investment banking partner Petsky Prunier. It managed a competitive bidding process, achieving a highly attractive valuation and securing a full exit for the previous backer MMC Ventures at an 11x return.
The deal was led by Altium’s Manchester team, including managing director Adrian Reed, assistant director Dominic Orsini and analyst Jon Stead.
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ADDLESHAW Goddard says deal activity has rebounded after a pre-election hiatus.
Its corporate team advised on high-profile deals, including: Norcros’s acquisition of bathroom supplier Croydex, Frenkel Topping’s acquisition of FC Fund Managers, LDC’s investment into Mini-Cam Holdings, Concept Life Sciences’ acquisition of CXR Biosciences, the sale of Bifold to Rotork, the disposal of CTC Aviation and PZ Cussons buying out Glanbia plc’s stake in their Nutricima joint venture.
The team have also acted for Stockport company Grace Cole in a buyout of one of the founder shareholders and have advised on the sale of REN Skincare to Unilever, Peel Energy’s disposal of 50% equity in the Frodsham Wind Farm development, Endless’s acquisition of Bright Blue Foods and ITC Luxury Travel Group’s acquisition of Western & Oriental Limited and Regent Holidays (UK).
Richard Lee, corporate partner in Addleshaw Goddard’s Manchester office, said “There was a slight lull in activity prior to this year’s General Election, although it has picked up strongly since then, supported by increased levels of equity and debt available in the market. “
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A TEAM from Shoosmiths Manchester advised NVM Private Equity on its £4.5m investment of development capital into Love Energy Savings (LES), a Bolton-based comparison and procurement service.
Corporate partner, Kieran Toal, led the deal with support from senior associate Damien Brown.
Andy Leach, the lead investment partner at NVM on the transaction, said: “Shoosmiths were instrumental in ensuring that our investment progressed smoothly to completion. The deal team’s refreshingly commercial and solution-oriented approach has won them many friends amongst the parties to this transaction.”
Kieran Toal said: “LES is clearly going from strength to strength and with a growing portfolio of SME customers and strong customer service ethos, as a trusted partner of SMEs, LES is well placed to benefit from the shift by SMEs towards switching their gas and electricity providers.
“We are delighted to have acted for NVM on this transaction and again demonstrates the progress Shoosmiths is making in the Manchester and wider North West market for acting on private equity transactions and specifically acting for private equity funders.”
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Law firm Pinsent Masons and Irish solicitors A&L Goodbod advised UDG Healthcare on the sale of part of its healthcare supply chain services division and second unit, to US company McKesson Corporation, a NYSE listed pharmaceuticals, medical supplies and healthcare information technology company, for an aggregate cash consideration of €407.5m on a cash and debt free basis.
Pinsent Masons partners Rosalie Chadwick and Louise Wolfson, together with Manchester associate, Alasdair Weir, advised UDG.
Manchester partner Helen Ridge, who has acted on a string of acquisitions and disposals for UDG over the last few years, said: “We are delighted to have supported UDG on a number of corporate deals in the past. We are pleased to have advised UDG again on this transformational deal which is a very significant development in the group’s strategic development from its legacy Irish-based supply chain services business to an international outsourced pharmaceutical services provider.”
