Deals round-up: DWF, PwC, Kuits
THE North West corporate team at law firm DWF has completed its fifth major deal over the past four weeks, following its work with Travel Entertainment Group Equity (TEG) on its sale to Global Eagle Entertainment for £22m.
TEG delivers in-flight entertainment services, primarily through its Knutsford based subsidiary IFE Services, such as films, games and safety videos to over 50 airline and cruise ship operators.
Partner Frank Shephard, who led on the deal, said: “The team has been extremely busy over the past few months, not least advising the management team at Travel Entertainment Group on its disposal, the latest in a string of high profile deals. It is particularly pleasing that the team has completed a mix of M&A, private equity and public company deals.”
DWF has advised on four other major deals over the past four weeks: Equiniti Group’s acquisition of Killik & Co Employee Services; The sale of Crewe-based Kindertons to private equity firm Sovereign Capital; LDC’s partial exit from social housing contractor Forrest; and acting for LDC on a deal involving the sale of Manchester energy management company Matrix to E.ON.
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PwC’s northern corporate finance team has completed three deals in the last two weeks.
The deals had a combined value of around £150m involving businesses in the North West and North East operating in travel management, manufacturing and testing and inspection.
It has worked on the sale of travel agent to Inflexion Private Equity for £73m; an investment by LDC in Gateshead-based Express Engineering; and the acquisition of Lancashire-based Mi Technology by Canada’s CSA Group.
Andy Parker, corporate finance partner at PwC in Manchester said: “These deals represent the growing confidence in the region’s deals market, which has seen a good flow of activity in recent months. There is a definite appetite for ambitious companies with a strong management team and international growth potential, across a number of sectors. Activity is also fuelled by the continuing high levels of demand among both private equity and overseas investors as shown by CSA’s acquisition of Mi Technologies.”
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Manchester law firm Kuits Solicitors has advised AIM-listed web hosting provider Daily Internet on its latest acquisition.
Nottingham-based Daily has bought Netplan Internet Solutions in Coventry for £2.5m to help extend its product reach in target markets. The company has also undertaken a share placing to raise £3m to support this phase of growth.
Daily Internet was advised by corporate and AIM specialists Kirsti Pinnell and Jamie Partridge from Kuits.
Ms Pinnell said: “We are pleased to have completed this acquisition and placing for Daily Internet which supports its growth strategy.” Sanlam Securities UK was Daily Internet’s nominated advisor.
