Friend gives a helping hand to London & Zurich takeover deal
FACILITIES management business London & Zurich has been acquired by a Canadian-listed group in an undisclosed deal part advised out of Birmingham.
London & Zurich, which is the UK’s leading provider of direct debit facilities management services, has been taken over by Jonas Computing (UK) Ltd, a wholly-owned subsidiary of Constellation Software Inc.
London & Zurich, which has an operaion in Birmingham, was advised on the deal by lead advisors Denise Friend and Georgina Clark, of Friend LLP. Alastair Peet and Alistair Hammerton, both of Shoosmiths, provided legal advice to the group.
Commenting on the acquisition, Ms Clark said: “We’re delighted to have been able to assist the shareholders of London & Zurich with the sale of the company to Constellation Software.
“We worked hard to identify a purchaser that could really add value to the existing service offering, and we believe that Constellation is absolutely the right company to increase London & Zurich’s presence in markets such as the leisure industry, and they also provide a potential platform for expansion into Europe. This acquisition offers both parties a very exciting opportunity.”
London & Zurich provides facilities management to companies requiring direct debit services. It provides a direct debit facility to SMEs which may be of insufficient size or credit worthiness to negotiate their own direct debit facility with a bank, and to larger corporates which want to outsource their direct debit function.
Friend assisted by preparing forecasts and an information memorandum for use by prospective acquirers, researching potential acquirers and contacting suitable candidates to enquire about their interest, preparing the management presentation for use in meetings with the short-list of suitable potential acquirers and negotiated with potential acquirers to secure the best deal for the shareholders.
It also advised on and reviewed the deal structure and financial elements within the SPA, managed the flow of information between parties during the due diligence process and project managed the sale to completion.
Chris Barnes, Head of Sales (and pre-deal director) of London & Zurich, said: “Friend worked extremely hard throughout the sale process. They grasped the complexities of the London & Zurich service very quickly and used their knowledge to produce a well-drafted, concise Information Memorandum, praised by many of the potential acquirers we came into contact with.
“The advice they provided throughout the sale process in terms of producing forecasts and negotiating with potential acquirers was invaluable, and we believe that their high level of service was instrumental in completing the deal with Constellation, who we believe to be absolutely the right acquirer to enable the London & Zurich service grow to its full potential.”
