Deal hungry Restore strikes again
AIM-listed office services provider Restore, which has a significant presence in the North West, has announced a major acquisition.
The company, whcih has bases in Middleton, Manchester, Leigh and Bolton is buying the records management business of Wincanton for £55.7m.
Wincanton Records Management is one of the largest records management businesses in the UK as well as having a significant presence in the Republic of Ireland records management market. It operates from two major sites in both London and Dublin as well as having operations in Bristol, Telford and Motherwell.
Restore has funded the deal, which is subject to a general meeting to be held on December 7, and gained additional working capital through a £34m placing by its broker Cenkos Securities and a rebanking of up to £80m by a syndicate of Barclays and Royal Bank of Scotland.
Charles Skinner, chief executive of Restore said: “The acquisition of Wincanton Records Management is a significant next step in our stated strategy of continuing to consolidate the UK records management market. We have been tracking this opportunity for some time and we are excited by the potential to combine two businesses of scale to materially expand our platform for growth.
“We have consistently achieved substantial post-acquisition cost savings and we are confident of realising significant synergies from this transaction that will drive increased returns for Restore’s shareholders.”
Restore’s legal adviser is Brabners. Corporate partner David Bowcock, led a team advising Restore. He said: “We’re delighted that Restore has been able to agree terms on its largest acquisition to date and take such a significant step forward. The support of its broker, institutional investors and banks bears testament to its success to date in efficiently executing so many acquisitions and its stated strategy.”
The Brabners team also included Mark Morrell, Charlotte Round and Matthew O’Brien.
Simon Masters and Nicola Brookes of Eversheds in Manchester acted for Wincanton.
