Bumper summer for Clearwater International

MANCHESTER-based corporate finance adviser Clearwater International says its global network has completed 13 deals in the past two months, with a combined value of £410m.

In June Clearwater conducted a double merger to boost its international capabilities which saw it tie-up with Danish firm Advizer, and IMAP Lynx based in Spain and Portugal.

In addition, it formed a strategic partnership with Chinese investment bank InterChina.

Five of the summer deals were handled by the UK team, including the sale of van rental business Burnt Tree to Enterprise Rent-A-Car, the sale of digital advertising firm Signature Outdoor to LDC-backed Ocean Outdoor, and a £10m investment in the gym chain Gymbox by the Business Growth Fund.

The Danish arm advised on the sale of publishing company Datagraf Group to Aller Media and the sale of gift card provider Gavekortet to Nordisk Film, part of Denmark’s largest media group, Egmont. In Portugal, the firm advised on the management buyout of metalwork production business Eurogalva; and has negotiated the restructuring of €38m debt for Gascan, a distributor and marketer of propane gas.

Chief executive Michael Reeves said: “Deal activity has been relatively active across the UK and wider European markets. At Clearwater International, we have been able to capitalise on businesses gaining more confidence as well as private equity firms looking to buy and sell. This has resulted in a strong summer period and we expect the market to remain open for the rest of the year with deal pipelines looking solid across our offices.

“The formation of Clearwater International has been fantastic in strengthening our cross-border expertise and has helped to put us in touch with a greater number of businesses, both across Europe and the rest of the world.”