Investment bank advises on series of high-profile deals
Independent investment bank Zeus Capital has advised on four transactions across both public and private markets last month, totalling more than £450m.
This includes acting as lead manager to Manchester-based law firm DWF’s £366m initial public offering (IPO), which included a £95m fundraise.
The deal marked the biggest flotation of any legal practice, eclipsing Knights’ £103.5m valuation in June 2018.
DWF plans to use the net proceeds to fund a £10m IT overhaul and increase working capital to support future acquisitions.
In addition, the Manchester-based firm acted as nominated advisor (NOMAD) and joint bookrunner to SimplyBiz, the UK’s largest provider of compliance and business support to the financial services sector, on its £74.3m acquisition of Defaqto, a financial services technology business.
The acquisition will help SimplyBiz advance its services into the general insurance and banking markets.
Having acted as financial advisor to Likewise on its £12m IPO in January, Zeus also acted as joint broker and advisor on its £10m acquisition of Heatseam, a distributor of residential flooring products.
The deal will allow Likewise to add significant scale to its existing activities and increase its product portfolio.
Most recently, Zeus acted as exclusive financial adviser to the shareholders of Prestat, the manufacturer, wholesaler and retailer of premium chocolates, on its sale to Gruppo illy.
The company, is well known for its connections with the British Royal family and Roald Dahl, who referenced Prestat’s truffles in his novel, My Uncle Oswald.
Over the past year Zeus has advised on 11 mergers and acquisitions.
To maintain this momentum, the firm recently joined Global M&A Partners, a network of more than 30 independent investment banking firms across the world, offering international M&A advisory services.
Tremayne Ducker, head of corporate finance at Zeus Capital, said: “Using our multi-track process, we’re able to walk companies through a number of fundraising scenarios simultaneously, guaranteeing the management team the best possible returns.
“The deals market has been particularly buoyant in the first quarter of the year, with a growing number of businesses going down the trade sale route.
“As well as M&A, we’re still seeing lots of appetite for public listings, despite the ongoing economic uncertainty.
“IPOs remain a viable option for businesses looking to raise capital to fund growth – investors remain on the lookout for innovative companies, with DWF’s £95m fundraise a good example of this.
“As we enter the busy second quarter of the year, we expect our good form to continue as more businesses look to maximise shareholder value during this period.”
