Fenner purchase Down Under is Deal of the Month
FENNER’S deal to buy Australian conveyor belt firm Belle Banne has been voted TheBusinessDesk.com’s latest Deal of the Month winner.
In a busy Novemeber for deals activity, our high profile judging panel chose the Fenner transaction, which will see Fenner subsidiary Fenner Dunlop Conveyor Services initially taking a 50.01% stake in a joint venture with Belle Banne (Victoria) and taking on the balance after six years, as their number one.
Other deals over the course of the month included Pace’s acquisition of Latens Systems, a management buy-in at Unisurf Engineering, the Allam family taking over Hull City Football Club and private equity firm LDC selling part of its stake in Yorkshire-based Formula 1 team Virgin Racing.
Fenner chief executive Mark Abrahams said of the deal: “Belle Banne Victoria and Leading Edge Conveyor Solutions are two great companies with experienced and capable people which build on one of Fenner’s core areas of expertise in the mining services sector.
“It also gives Fenner a broader market reach, including the Victorian brown coal and energy industry. This acquisition further reinforces FDA’s position as the leading provider of conveyor products and value added services in Australia’s buoyant mining sector.”
Click here to meet our high profile Yorkshire Deal of the Month judges
Commenting on the top ranked deal in the November Yorkshire Deal of the Month competition, some of our judges said:
Fenner
Stuart Warriner, of PwC, said: “This £40m acquisition is a real strategic one. It further enhances Fenner’s market leading position in Australia and broadens its market reach.”
Jonathan Jones, of Squire Sanders Hammonds, said: “An earnings enhancing deal for a very well run, global leader.”
Martin Jenkins, of Deloitte, said: “Good to see this business back on the acquisition trail and consolidating its position in one of the key mining markets. Given this board’s consistent track record of delivery I expect this to be another successful development for one of our leading companies.”
David Buckley, of Ernst & Young, said: “Great to see a Yorkshire based group continuing to enhance its global strength with an acquisition in its core area. It further evidences that the best companies are willing to maintain investment throughout the cycle.”
Colin Stirling, of Spirit Capital, said: “This business has been one of the great Yorkshire successes of recent times with a top quality team growing a truly global business in a very judicious manner. This acquisition is a perfect demonstration of what they have been doing well for 10 years.”
Note: Judges’ votes for Northern Foods’ deal merger with Greencore, which had been shortlisted as a candidate for November Deal of the Month, were not counted after Boparan’s £342m offer last week for the Yorkshire food group.
