Deals Review_WMN_January2016

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Deals Review

2015

Your detailed guide to the Westcountry’s deals: mergers, acquisitions and sales

Deals

Review 2015 Corporate Finance Specialists www.francisclark.co.uk/dealmakers

2 DEALS REVIEW THURSDAY JANUARY 21 2016 WESTERN MORNING NEWS

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‘Revolving door’ grant environment to continue Dave Armstrong , corporate finance director at Francis Clark’s Plymouth office, looks back on the past year and how the grants market has changed

In last year’s Deals Review, I said that there were two themes evident when looking back at the grant regime during 2014. Firstly, the grant environment was like a revolving door – as one scheme opened another closed.

Secondly, at the start of 2015, ie year 2 of the 2014 – 2020 European Programme, there was still a lack of visibility in terms of how the € region had secured would be spent and how the region’s businesses would benefit.

What has changed during 2015? The answer is… very little!

Continuing the trend first highlighted in the 2013 Deals Review, in a period where access to funding remains challenging, there is still an increasing range of grant schemes available. However, few, if any, grant schemes were open for the whole of 2015, with many opening for just a few weeks at a time.

During the year the Regional Growth Fund (“RGF”) remained the largest source of grant funding, with companies able to apply either directly to the UK Government for larger amounts or through programmes operated by various organisations for smaller grants. During the year we were very pleased to help a number of companies successfully apply directly for the

funding with, in particular, Plessey Semiconductor securing £6.7m of RGF towards investment in LED manufacturing capacity which is expected to create some 400 jobs in Plymouth.

A grant scheme which was available for most of the year was the North Devon+ Unlocking Business Investment Fund (‘UBI’). To date this scheme has offered grants totalling £2.7m to 36 companies with 320 jobs forecasted to be created by March 2019. Successful applicants included the likes of the Eurotech Group, Moo Free and South West Metal Finishing. A further £2m of funding remains for companies to apply for towards projects planned to complete by March 2017.

Towards the end of 2015 the South West Growth Fund (SWGF) grant scheme opened for businesses across the wider South West, offering grants of up to £1m. Run along similar lines to UBI this £10m fund is in the process of agreeing offers totalling £1m to 5 successful applicants in Round 1 of the scheme.

The disappointment during 2015, as was also the case during 2014, was the continuing delay to the launch of the 2014 – 2020 European Programme and details of how the £710m the region has received will be invested – in-

710m the

Dave Armstrong and Nick Woodmansey, corporate finance directors (Francis Clark) and Chris Bailey, financial director and controller with Plessey cluding what financial instruments, including grants, will be used to distribute this funding. In the 2013 Deal Review we commented that ‘Draft investment programmes have been prepared with final sign off due in early to mid-2014.’

Well, it was this summer before the first calls for applications were announced and we spent many hours trying to unpick and understand the calls to enable us to advise our clients. Despite the delays well-informed sources are still suggesting it will be towards the middle of 2016 before companies can start receiving this funding.

So, what about 2016 – what

will the grant regime look like? There is no doubt the revolving door approach will continue, with older grant schemes announcing new rounds to mop up any underspend, and the new grant schemes coming forth from the European Programmes.

The SWGF will continue during 2016, as will more R&D-related schemes such as SMART. All eyes still rest on the LEPs and how they will distribute the European Funding and other funding they have available. However, increasing questions are being asked by the local business community as to why there has been such

a delay in unlocking this funding. How buoyant 2016 will be for local businesses is partly dependent upon unlocking this funding – as in 2014 we continue to wait with bated breath. We welcome the Gover nment’s announcement in the recent Comprehensive Spending Review that local areas will be given greater control over public spending; our concern is that the LEPs do not have the resources to do this which will just add to the delay, and increase the frustration felt by local businesses.

Of course, much of the above is beyond the control or influence of local businesses

but one constant which does remain controllable by local businesses is preparation for a grant application, in terms of business plans, financial projections etc. This is vital for any fund raising exercise but, given the revolving door nature of the current grant regime, it is arguably more important than ever.

Almost all grant schemes are either heavily over-subscribed and/or competitive so when you have a project that could be supported by grant and a grant scheme opens its doors the better prepared you are and the quicker you are able to act will impact on your potential success.

Sea salt producer to ramp up UK production A leading provider of natural salt products is set to ramp up its UK production and grow its international sales thanks to a new £1.3 million funding package.

Helston-based Cornish Sea Salt Company received £975,000 in growth capital funding from Santander Corporate and Commercial and a £307,000 grant from the Cornwall Marine Network.

The firm, which already exports to more than 30 markets, is benefiting from strong demand for its high-profile retail products in the UK and increasingly abroad, and is forecasting to double the

number of staff at its Cornwall facilities over the next 18 months to cater for these opportunities.

Established in 2007, the Cornish Sea Salt Company produces a pure, unrefined and natural sea salt which retains more than 60 naturally occurring trace elements such as potassium, calcium and magnesium.

The company, which currently employs 29 staff, has a product range including sea salts, sea flakes and sea peppers with sales to a diversified customer base including food manufacturers, major wholesalers, and leading retailers

such as Waitrose, Asda, Tesco and Sainsbury’s.

Over the past eight years, the business has successfully invested in its product range, production facilities and people, and seen revenues increase steadily. Revenue for its 2015 financial year grew by 28% year-on-year to £2.3m, with earnings up 229% to £230,000.

While new products continue to be a key focus – the firm is looking to create a therapeutic and Spa products range, for example – international expansion and exports have also helped the firm to drive earnings growth.

A spokesman for the com-

pany said: “The £975,000 in Growth Capital funding will be used to expand our Cornwall production facilities to fulfil domestic and international demand and to invest in our international sales infrastructure. It will also help us add 25 full-time personnel by the end of 2017.”

Santander Corporate and Commercial’s growth capital programme is targeted at businesses which have a demonstrated history of high year-onyear growth in turnover, profit or employment. The facility is part of the bank’s Breakthrough product aimed at fastgrowth businesses.

The Cornish Sea Salt Company is looking to ramp up production

When it comes to deals, we understand

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WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 3

2015 is a record-breaking year for deals Despite concerns at the start of the year about the UK economy, the general election and the turmoil in Europe, 2015 was a record breaking year for deals in the region, the UK and globally. The headlines last year were grabbed by a number of mega deals (those > £1 billion) such as Anheuser-Busch/SABMiller and Shell/BG, and the total value of deals completed now easily exceeds the previous high reached before the financial crisis of 2008. These mega deals are, however, less relevant to our region, so it is even more pleasing to report that transactions in the region continue to increase at a faster rate (16%) than in the UK (12%). This growth rate is even more impressive in light of the fact that overall deals volumes were affected by the election with a short hiatus of completions in April/May, followed by a record breaking month of July during which more deals completed than in any previous month.

Despite the oil price collapse and continuing concerns about China and cer-

Welcome to the 2015 WMN Deals Review, sponsored by Francis Clark . Corporate finance partner Andrew Killick looks at the deals of 2015

tain Euro zone members, the availability of cheap debt combined with sluggish organic growth in many sectors resulted in significant demand for acquisitions by corporates and equity. Average prices paid for SMEs continue to increase whether for public markets or for private companies as measured by www.perda.co.uk, and are now at levels not seen since before the financial crisis.

Workloads for local advisers and funders have also continued to increase - both on local and national/international deals, with most reporting good prospects for 2016, albeit with some specific concerns - Andrew Betteridge from Ashfords: “While the slowdown in China and poor performance in emerging markets remain causes for concern globally, the UK’s economic performance remains

attractive to inward investors.

We expect continued growth in the South West in 2016, despite uncertainty over EU membership and the strength of sterling.”

Ken Lewins from Foot Anstey said: “We will continue to see the trend in increased deal volume and pipeline certainly suggests that. However, it is likely that any momentum generated by buyer or seller optimism will be tempered by continued uncertainty. Already clients and contacts are showing concern about the outcome of the in/ out Europe debate, low investment in innovation and processes and a perceived lack of available skills in a reducing potential employee market. Our feeling is that while there will continue to be transaction growth, it will remain modest.”

James Finnegan from

Bishop Fleming: “2015 has been an extremely strong year for M&A globally, with the trickle-down effect being seen in increased deal volumes in the South West. Confidence in the economy seems to be stable rather than surging.

Memories of the last financial crash, and the subsequent hangover, are still vivid and preventing people from getting too carried away at the moment. The outlook for 2016 in terms of the activity levels we are seeing appears pretty good. But an increasing likelihood of Brexit or a London property wobble would quickly check M&A activity across the UK.” As is discussed in a review of funding in this supplement, finance continues to be readily available albeit for the right business with the right business case, and the growth of secondary and alternative debt and equity providers has been very rapid - Richard Cobb from Michelmores: “Equity Crowdfunding, peer to peer lending and alternative finance generally have really matured this year, and

we anticipate something of a shake-out amongst platforms as the compliance burden increases and one or two highprofile failures provide a sobering reality check to smaller investors. Many of the banks will be watching developments closely.”

Paul Oldham from BGF added: “The number of funding options available to busi-

‘Alternative finance generally have really matured this year’ Richard Cobb nesses has also increased.

This is a really positive development. A sustainable alternative funding market will be critical to the continued clawing back of over-reliance on bank debt as the primary source of growth finance.”

Looking forward, most M&A professionals and funders are reporting healthy pipelines of work, and the strategic imperative for ac-

quisitions remains for both corporates and equity funds.

However, as noted above, 2016 will contain a number of challenges and conflicting indicators. Continuing good (albeit somewhat variable) levels of growth in the region and high levels of available finance may be impacted by external factors around the world, concerns over Brexit and in due course the increasing cost of debt when interest rates in the UK start to rise.

The issue for South West based businesses (and their advisors) is to evaluate what is relevant to them, and whilst in today’s well-connected world we may be more aware of challenges around the globe, the skill is assessing the impact on the local market and individual situations and making decisions based upon that – there will remain some great opportunities for business owners and management teams in the South West in 2016, but as ever, confidence will be the key influencer on the actual level of activity over the next 12 months.

Strategic thinking The line between success and failure of a Corporate Finance deal can be very fine, so it makes sense to get the best team behind you - we have successfully completed more deals than anybody else in the region over the last five years.

Named ‘Corporate Finance Advisory Team of the Year’ in the South West Insider Annual Dealmaker Awards 2015, our team consistently show they have the expertise and experience to develop and complete the right strategy for you.

For further information on acquisitions, sales and MBO services, or creative finance raising, tax support and due diligence, call any of our team to discuss further:

Andrew Killick Partner T 07771 945513

Paul Crocker Partner T 07780 331841

Mark Greaves Partner T 07887 725355

francisclark.co.uk/dealmakers

transactions • tax • finance raising • strategy

the challenges and how to overcome them

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Acquisition of Devon tech company Devon-headquartered Eltek Semiconductors has been acquired by technology business Micross Components.

Eltek has a long history of service to the high reliability semiconductor marketplace, demonstrating innovative and creative engineering expertise and has facilities in Dartmouth and France.

Micross is a global provider of distributed and speciality electronic components for military, space, medical, and demanding industrial applications. It also has UK sites in Crewe and Oldham.

The financial value of the takeover was undisclosed.

Micross was advised by Ashton KCJ, led by corporate solicitor Matthew Downing.

He was assisted by associate Mark Watson, paralegal Whitney Leveridge, trainee solicitor Jessica Piper, commercial property solicitor Howard Bailey and employment partner Ross Strowger.

Eltek Semiconductors were advised by Westcountry accountancy firm Bishop Fleming Corporate Finance.

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Plymouth manufacturer Fine Tubes Ltd has been bought by a US-based international electronics company as part of a $200 million deal – after its private equity owner made it more profitable.

The Global Tubes firm – which comprises Estoverbased Fine Tubes and its American sister outfit Superior Tube Company – have been purchased by AMETEK Inc, a global manufacturer of electronic instruments and electromechanical devices which already has 80 factories worldwide.

The deal represents a “significant return” for US private equity business The Watermill Group, and its investors, which bought Fine Tubes, and its sister, in September 2012 and has now sold at a profit.

Watermill said it made “significant investments” to streamline manufacturing at both facilities, increasing production capacity, upgrading equipment, and decreasing product lead times.

At the time Watermill acquired the two businesses they were operated independently by a family holding company.

Since uniting them, Watermill overhauled both production facilities and re-focused on the needs of key customer and market segments, strengthen-

ing capabilities and engineering resources which led to accelerated sales growth.

As a result revenue improved by 16 per cent and earnings more than doubled.

“We are very pleased with the Global Tubes transformation,” said Steven E Karol, managing partner and founder of The Watermill Group.

“In just under three years, the business has developed from two disparate entities that were challenged to keep up with production demands, into an integrated global tubing platfor m.

“This reinvention is reflected in the fact that revenue has improved by 16 per cent and EBITDA (earnings before interest, tax, depreciation and amortisation) has more than doubled.”

David Robinson, chairman of Global Tubes and a Watermill advisor, said: “Superior Tube and Fine Tubes have made significant advancements in service levels and built a strong foundation for accelerated global growth.”

Global Tubes will now join AMETEK’s Electromechanical Group (EMG), which supplies electrical interconnects, precision motion control solutions, speciality metals, thermal management systems, and floor care and speciality motors, with annual sales of four billion US dollars.

All Fine Tube employees will remain with the company and join AMETEK EMG. With annual sales of about $120 million, Global Tubes is a leading manufacturer of highly specialised precision metal tubing.

Fine Tubes Ltd is a leading manufacturer of high-precision metal tubing in stainless steel, nickel, titanium and zirconium alloys.

The company has a fully integrated facility for the manufacture, research and development of high-quality metal tubes, designed for use in environments that endure extreme temperatures, pressure, dynamic stress and corrosion, including in the aerospace, medical and energy industries.

Incorporated in 1943, Fine Tubes’ has consistently developed and manufactured complex, high-performance engineered tubing for the world’s most demanding applications.

Superior Tube makes highprecision, small diameter metal tubing mainly for the nuclear, aerospace, medical and durable goods markets.

The company, which was founded in 1934 to produce high-quality, small diameter steel tubingusing stainless steel, nickel alloys, high-temperature alloys and reactive metals.

Outstanding track record for exceeding

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WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 5

‘Alton Towers’ hopes for Cornwall

BY OLIVIER VERGNAULT

A Westcountry cosmetics company is expanding its scope and reach after acquiring a male grooming firm for almost £1.2 million.

Somerset-based Swallowfield, a market leader in the development, formulation, and supply of personal care and beauty products, whose customers include many of the world’s leading brands, has bought Real Shaving Company from Creightons.

The Real Shaving Company is a well-established premium brand in the male grooming sector. The positioning of the brand is based on quality natural and organic ingredients with a classic ‘expert’ British heritage.

The firm’s products are distributed in the UK through major supermarkets and health and beauty retailers as well as through the fast growing value retail sector. Internationally, the brand is distributed in Canada and France.

The purchase price, payable on completion of the deal, includes an initial cash consideration of £900,000 with further cash consideration of £100,000 dependant on the outcome of certain customer ne-

@OliVergnault The founder of Alton Towers is hoping to create Europe's premier resort right here in the Westcountry after he bought Cornwall's Crealy Adventure Park.

Located between Newquay and Wadebridge, the park has been bought by businessman John Broome.

Mr Broome, who was behind a failed bid to turn Battersea power station into a heritage theme park in the 1980s, has outlined his plans for a new visitor attraction called the Camel Creek Resort.

He has bought nearly 200 acres of adjoining farmland to create the new resort and the project includes up to 236 holiday villas, courtyard properties and tree houses.

Mr Broome said it would create at least 950 new fulltime jobs.

The ambitious plans comprise leisure facilities including a pool, spa and exhibition hall, restaurant and convention centre, a range of retail and restaurant/café uses, including a pub and upgraded access from the B3274, with associated car parking.

Mr Broome said he had bought the site and was funding the construction from his own resources.

He added: “All of the existing staff will keep their jobs. Once we have planning consent, construction of the new resort will probably start in the new year.”

Mr Broome said he had spent six years investigating the Crealy site and preparing his plans.

He added: “This is going to be unique in the United Kingdom, and one of the premier resorts in Europe. There will be a tropical lake, the largest in Britain, heated by a combination of biomass, wind turbines and solar panels, providing a water feature for each of the properties.

The Alton Towers founder is hoping to create Europe's top resort after acquiring Crealy Adventure Park “Admission to the resort will be free to local people within a 1km radius, and at a discount to other local people depending on their distance from the site. Cornwall is just crying out for this kind of operation.

“Some of the properties will be rented out, others sold with a condition that any resale will have to be back to us. But these will be holiday units, not residential.”

The Crealy site, formerly Trelow Farm, was opened to the public as the Shire Horse Centre in 1989 and became Cor nwall’s Crealy when it was acquired by Chris and Katie Down five years later.

The couple also own the

Exeter security firm bought out

by US giant in ‘strategic deal’ Exeter-based Digi has been acquired by Chubb.

The specialist provider of security solutions across the UK and Europe is now part of the larger US-based United Technologies Corp, a leading provider to the aerospace and building systems industries worldwide.

Alastair Reynolds, MD of Chubb Fire & Security, said: “This acquisition enhances our security offering and is beneficial to Chubb, Digi and our customers.”

Dan Gould, founder of Digi, added: “It will provide the ability to increase in scale and continue to develop innovative and optimal security solutions.”

Isca Ventures acted as lead corporate finance advisor to the owner and founder of Digi, with Michelmores providing legal support. Partner Mark Champion said: “This is an opportunity for both organisations to better capitalise on the emerging technologies in the European security market.”

‘This acquisition enhances our security offering’

client expectations

Crealy Great Adventure Park at Clyst St Mary, near Exeter.

Chris Down, managing director of Crealy said: “While we were not looking to sell Cornwall’s Crealy, we were approached by John Broome

‘We can now concentrate on our Devon Crealy park’ Chris Down who presented an opportunity to us which resulted in the sale.

“The sale of Cornwall’s Crealy will mean that we can

concentrate our efforts and investments at our multi award winning Devon’s Crealy Great Adventure Park and its adjoining luxury caravan and camping park Crealy Meadows.”

A statement by Crealy Adventure Park added that the new owners Camel Creek Ltd intend to continue to run the existing adventure park with the name remaining Cornwall’s Crealy Great Adventure Park for the immediate future.

Cor nwall’s 111-acre Crealy site attracts up to 200,000 visitors a year and is popular with small children. It was voted the Best Family Attraction in Cornwall in the

Primary Times Reader Star Awards in 2012, 2013 and 2014.

It currently offers 40 attractions, including thrill rides, 40,000sq ft of indoor play, 35 acres of outdoor play, animal encounters and pony rides.

Westcountry law firm Foot Anstey’s full team of specialists from corporate, real estate, employment and commercial advisors worked on the deal.

Foot Anstey partner and head of real estate Richard Walford said: “Working for a longstanding client and helping them to achieve the best possible result is always satisfying. We were delighted to play a part in this transaction.”

International expansion on the cards The Cornwall-based holding company of several international credit reporting websites is set for international expansion after securing funding following a management buy-out.

Credit Reporting Agency (Holdings) Limited secured the funding from Santander.

The funding package incorporated a growth capital loan, with this cash injection being used to accelerate the international growth strategy of the group.

In addition the transaction enabled the transfer of full ownership of the group to the management team.

Checkmyfile.com, launched in 2000, and the principal busi-

ness within the group was the first company in the UK and Australia to give consumers online access to credit reports and the first internationally to put credit scores online.

The group operates websites across 10 countries including the USA, Canada, South Africa and China.

Now the new team in place is hoping to expand into new markets thanks to the Santander’s funding package.

Barry Stamp, managing director, said: “We were delighted to secure the support and funding from Santander and have no doubt it will enable the continued growth of the group.”

Peter Abel, director at Sant-

Cosmetic firm to expand in new markets

ander, added: “Credit Reporting is an established and successful B2C services business, which is an excellent fit for Growth Capital.

“We are pleased to be supporting the management team as they grow the group’s impressive customer base and develop new channels and services.”

Exeter-based Isca Ventures acted as lead corporate finance advisors within the transaction, with legal and taxation support provided by law firm Michelmores.

Mark Champion, partner at Isca Ventures, said: “This transaction will enable the continued growth of the group, both in the UK and overseas.”

‘It gives us a presence in new trade channels ’ Chris How gotiations, plus stock at valuation, which is expected to be £170,000, to give a total cash consideration of up to £1.17m.

Swallowfield, which was advised on the transaction by Grant Thornton, said the acquisition would be financed with a new five year term loan of £720,000 with the balance from existing bank facilities.

Chief executive Chris How said the acquisition of the Real Shaving Company brand will enable Swallowfield to ‘accelerate development of this strategic pillar and give a branded platform to further leverage already developed innovative technologies such as plastic aerosols’.

He added: “It also gives us a presence in trade channels that we are aiming to access with our other recently introduced brands such as ‘Bagsy‘, our premium beauty brand, and ‘Tru‘, our range aimed at the value retail sector.

Mr How said acquiring the Real Shaving Company fits well with Swallowfield’s markets in North America and France. He added: “It will increase the branded element of our business, in line with our stated strategy. We look forward to bringing our industry leading innovation, both in packaging and formulation, to the Real Shaving brand.”

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SW offshore service firm bought out A Westcountry offshore industry service provider has been acquired by a competitor.

Mojo Maritime Ltd (MML) was bought by James Fisher and Sons in a bid to strengthen service offering in the offshore industry.

James Fisher and Sons acquired the specialist provider of project management, engineering and consultancy services to the offshore industry, with the view to take on larger and more complex marine projects.

MML is a specialist provider of consultancy and design services in the offshore renewable energy sector.

Founded in Falmouth 10 years ago by Richard Parkinson, it has been involved in foundation design, installation methodology and project planning as well as design and development of products aimed at reducing risk and cost of working offshore.

Some of the projects the firm has worked on include designing a high performance dynamic positioning vessel concept for the offshore energy construction, cable routing and stability analysis software and collaborating with leading Norwegian manufacturer IKM Subsea to develop a ROV capable of operating in high tidal flows.

Nick Henry, chief executive officer of James Fisher, said: “The acquisition of Mojo will strengthen our expertise and abilities in servicing the offshore renewables sector.”

MML has successfully cooperated on a number of projects with some of the companies in the James Fisher Group and has a sub-contract with James Fisher Marine Services to work on the construction phase of the MeyGen Inner Sound tidal project.

Richard Parkinson, CEO of Mojo Maritime said: “We are

delighted to be joining James Fisher, the teams from both sides having worked incredibly well together in recent collaborations.”

He added: “Being part of the group means that Mojo is able to undertake larger and more complex marine projects and can leverage the capabilities of the wider James Fisher organisation.”on the acquis The shareholders of Mojo Maritime Limited were advised on the acquisition by Murrell Associates.

Henry Maples, associate said: “I really enjoyed working on this transaction.”

He added: “We have worked with the team at Mojo Maritime Limited for a number of years now and it was exciting to be able to use our knowledge of their business together with our expertise in the renewable energy sector to support them throughout negotiations to a successful completion of the sale.”

Red Paddle Co is looking to expand its market share thanks to a £4m financial package

Stand-up paddle board firm to expand The firm behind the world’s leading brand of inflatable stand-up paddleboards is hoping to maintain its market share thanks to a £4 million investment package.

Tushingham Sails Limited, which owns Red Paddle Co received the growth capital fund from Mobeus Equity Partners to grow its position in the fastgrowing niche watersports sector.

Red Paddle Co is the world’s only dedicated inflatable SUP brand and is sold in 55 countries, enjoys a 18% global market share and a £7m tur nover.

The global SUP market is enjoying rapid growth driven by the sport’s accessibility, its broad demographic appeal, its affordability and the fact it can be undertaken in low wind conditions on the coast or

Maximising chances of success

inland water.

Exeter-based Isca Ventures provided financial due diligence for the transaction. Greg Blin, investment manager at Mobeus, said: “Red Paddle brand has built a reputation for its quality and innovation in the rapidly growing SUP market. The business is extremely well positioned to take advantage of an attractive and fast-growing niche sector.”

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speak louder We’ve received outstanding service and support from Foot Anstey who have taken the time to understand our business. Ultimately, they have played a part in delivering our ongoing success.

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Chief Financial Officer Intelligent Optimisations

CONSISTENTLY RANKED AMONGST THE REGION’S TOP DEAL MAKERS. www.footanstey.com

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Ad technology company IO set to expand Private equity specialists at Foot Anstey have advised fastgrowing marketing technology business Intelligent Optimisations on its latest round of equity investment.

IO is an advertising technology company, combining proprietary cutting-edge machine learning technology with a business model which connects new prospective consumers with advertisers.

The new equity investment will help IO’s expansion in the emerging market of big data analytics. The business has grown significantly since its creation in 2013 and has been named as one of the 50 most exciting and disruptive firms in the UK by Everline.

IO employs 50 people and plans to open offices internationally. Foot Anstey’s Matt Stoate and associate Adam McKenna have worked alongside IO since the business was set up and throughout its current upward growth cycle. He said: “IO is at the forefront of this technology and their ambitions for further expansion always excite.”

The PEC team

Solutions not just advice

Community energy company to expand with crowdfund cash

BY OLIVIER VERGNAULT @OliVergnault

Ashfords is nationally recognised as a leading provider of legal and professional services. Our Corporate & Finance teams advise a wide range of clients – from start-ups to multinationals and listed companies – across the full range of services. The team are ranked amongst the most active legal advisors in the South West and Nationally in the annual Experian deal review and advisor league tables.

ashfords.co.uk

A community energy company has successfully crowdfunded £1.45 million to support its growing portfolio of solar projects.

Plymouth Energy Community’s latest share offer in Spring 2015 successfully hit its target of £850,000.

The cash will allow the local community to share in the returns from the projects constructed on community buildings, including numerous Plymouth schools and Plymouth Life Centre.

The community buildings will benefit from cheaper electricity with any surplus used to support community initiatives in and around Plymouth such as tackling fuel poverty.

The community funding combines with loan support from Plymouth City Council and is an example of a partnership between a local community group and its local council for others to follow.

Matthew Willmott, corporate finance senior associate at

Francis Clark, who worked with PEC and their lawyers Foot Anstey on the project, said: “It was great to see the success of PEC having undertaken two public share offers, the first of which raised over £600k in just six weeks.

“The scheme has provided free solar panels to over 28 Plymouth schools and community buildings, demonstrating how effective this type of partnership can be, especially when you have the proactive and wholehearted support of the local council.”

He added: “The project is designed to be attractive to investors, the Solar PV hosts and the wider Plymouth community, all of whom will benefit. Investors will earn a target return of 6% on their capital invested plus Enterprise Investment Scheme relief for eligible investors.”

Established in 2013, PEC has grown from a council initiative into a large community-led operation offering many different services to help the people of Plymouth.

The ambitions of PEC, winners of the 2015 Observer Eth-

ical Award for Best Community Energy and 2014 UK Social Enterprise ‘Investment Deal of the Year’, as well as a number of regional and local awards, have not stopped there.

The latest and largest project to date, a 4MW, £5m solar park at Ernesettle in Plymouth, aims to generate more community benefit funds for the city.

Alistair Macpherson, chief executive officer of PEC said: “Community shares are a big part of what we do.

“We are seeking to create a new local energy democracy where local people own local green energy infrastructure.”

Mr Macpherson added: “The current energy delivery model is broken in so many ways, from how much it cost the consumer through to its impact on our climate.

“Reduction in support for renewable energy from central government means that our current business model has to change. But we have a pipeline of projects for 2016 and will be bringing new community share opportunities to deliver these.”

Need advice on the real value of your business?

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WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 9

So, what exactly is our investment focus?

From Exmouth to Trowbridge.

High-tech to high street.

Tourism to transport.

Getaways to takeaways.

Lifestyle to life sciences.

Whatever the sector, wherever you are, our focus will always be on you, your business and your plans.

With up to £2.5 billion to invest, BGF is the UK’s most active provider of growth capital for companies with turnover of £5m to £100m.

Since 2011 we have invested in businesses across South West. Our funding is used to help businesses grow. We make initial investments of £2m–£10m in return for a minority equity stake.

And we offer access to huge network and support.

Any more questions?

0345 266 8864 | www.bgf.co.uk | enquiries@bgf.co.uk

10 DEALS REVIEW THURSDAY JANUARY 21 2016 WESTERN MORNING NEWS

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Pioneering telecoms firm in California merger A Newton Abbot company behind pioneering new telecoms technology which creates data bandwidth for mobile phone users in densely populated areas, has merged with a California company.

Sub10 Systems, which provides consumers in builtup and densely populated areas with a faster and more reliable internet connection compared with traditional networks, merged with San Josebased Fastback Networks.

While the value of the merger has not been made public both firms said they had invested $50 million (£33m) in the run up to the deal.

Both companies specialise in new wireless backhaul systems which are much in demand to meet the needs of data hungry consumers on 4G and the next generation 5G networks.

Fastback and Sub10 are respective leaders in complementary backhaul technologies that are displacing legacy microwave radios.

Rapid growth to a $1.6bn (£1.05bn) market is forecast for the areas in which they operate and the two companies said they had now joined forces to take advantage of that.

Kevin Duffy, CEO and cofounder of Fastback Networks, said: “Traditional backhaul is a weak link in the 5G chain, hindering wireless service growth, and driving demand for innovation in high performance backhaul solutions.

“With this merger, we are

consolidating best of breed intellectual property, technology, human talent and investor syndicates to address that opportunity and to be a catalyst and enabler for the acceleration of dense 5G deployments.”

Fastback Networks and Sub10 Systems combined, will operate as Fastback Networks.

The new entity of 75 people will continue to be headquartered in San Jose, California. The Sub10 Systems operation in Devon will become the new European headquarters for Fastback.

Ned Dorbin, director of BGF Investment, one of the firms which put the finance package together to see the merger go through, said: “Sub10’s merger with Fastback represents a particularly exciting development, not only for the company, but also for BGF as a long-term investor in the business.

“It is fantastic to see world leading technology being established by a UK business and the merger with Fastback will allow Sub10 to flourish on a truly global scale.”

Jon Gill who led the TLT team of financial advisers said: “This transaction provides the opportunity to exploit the full potential of their technology as the global market for mobile telecoms continues to grow.

“This was another great example of world-class technology being created in the South West.”

Senior associate Ken Lewins at Foot Anstey with David Armstrong, MD of the Hydra Group

New era for engineers after management buy-out It’s all change at the top for a Cornish engineering company which supplies the water industry following a management buy-out.

Mike Foote has stepped down as managing director of the Hydra Group to pursue other projects, yet remains a non-shareholding chairman.

He has been replaced by David Ar mstrong.

Based at St Columb, near Truro, Hydra manufactures equipment used in the water industry.

The firm counts all 11 water

Plcs in the UK among its customers and was recently awarded the ‘Most Dynamic Growth Business Award’ as the 10th Annual Cornwall Business Awards.

Hydra employs 95 staff and has an annual turnover of around £14 million.

Senior associate Ken Lewins from law firm Foot Anstey led the team advising management, with Mike Foote being advised separately.

David Armstrong said: “Mike has left large shoes to fill and, whilst we wish him well

for his retirement, we are delighted to have his continued support as our company chairman.

“Mike led a successful business which has expanded over the years to provide skills and opportunities within Cornwall, this will remain as a continued aim for the future and we will ensure that our strong company values and ethos continues on.”

Mr Lewins added: “This deal marks the start of a new chapter for Hydra as they continually strengthen their pres-

ence in the industry and region.”

Robert Brightley, corporate partner at Cornwall-based law firm Stephens Scown, which also advised on the MBO deal, said: “We were very pleased to advise on the structure of the buy-out deal, which needed to be done to a tight deadline of just a matter of weeks.

“We were happy to help Hydra position itself for the next phase of its history and development. It is great to see a local Cornish business succeeding on the national stage.”

comfortable with the risks around financing such projects.

This flourishing knowledge in the financial sector comes at a time when after last year’s general election there has been a substantial reversal in support for the sector – reductions in tariffs have been accompanied by a series of more technical changes which are designed to retard the pace at which the sector grows.

Whatever the motivations for such a change in policies,a clear part of the rationale is around concern about the volume of intermittent generation such as wind and solar PV on the system. We would expect to see continued rapid

build out of projects accompanied by a growing diversity of deals; storage technologies and “smarter” energy management models are likely to be an increasing focus of deals.

The pressure to find ways of accommodating more intermittent generation on the electricity grid is likely to grow, and will have substantial benefits for the South West if mass adoption of smart and storage technologies is swift.

Given a level playing field against fossil fuels, renewable generation still looks to be early in its deployment phase in the South West and as last year’s deals show, the money and expertise is there to deliver, given the opportunity.

Renewable Energy – financing the revolution FRANCIS CLARK

The money and expertise is there to deliver renewable energy generation deals – given the opportunity, says Bob Meier, director of energy and sustainability at Francis Clark

The renewable energy sector continued to be an important part of the overall deal flow last year, a testament to how quickly capital costs in the sector have fallen, and how attractive it has become as an asset class to certain financial investors.

Solar PV remains the stand out technology for deployment in the region, a result of light levels being higher than UK av-

erage and SW advisory professionals having developed substantial expertise in the sector in prior years. The rate of build out is likely to remain strong in the early months of 2016, with the emphasis continuing to be, as is shown from last year’s deals, on financing the initial build out of projects and early portfolio building by some of the institutional investors.

In contrast to earlier years,

the tables may however now be about to turn on the financers – early stage project development faces a series of headwinds – changes to planning law, reductions in tariffs, low wholesale electricity prices, EU intervention to “prop up” key capital costs and, in certain areas, apparent saturation of the electricity grid making connections difficult to obtain. Hence while in certain years, there have been many projects seeking comparatively scarce finance, in the coming year we may latterly face a relative project drought: many financial institutions seeking investable projects but fewer being developed for them to finance.

Any such trend will exacerbate the compression in the “risk premium” embedded in the cost of capital – potentially triggering a series of assets sales and project refinancings as projects are aggregated in the hands of those with the cheapest money.

Deployment of other renewable technologies also remained strong last year – anaerobic digestion growing from a very low base and single turbine wind sites being financed more easily than in some prior years, alongside the larger projects. This mirrors the development of solar PV financing – there are simply more and more financial institutions familiar and

Francis Clark – your expert Corporate

WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 11

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A family and management buy-out secures future of building supplier A building supplies company with a £50 million turnover has removed all uncertainties about future growth following a family and management buy out deal.

RGB Building Supplies, based in Barnstaple, was established in 1850 and now has a turnover of more than £50m and has 300 staff at 16 branches across the South West.

With more than 50 shareholders (including several family trusts that were due to vest in 2018), the balance of control between the parties was likely to change and the uncertainty was potentially damaging to the business at the fourth-generation family business.

The uncertainty started back in 2011 when a non-executive director was appointed to ‘help sort out the future ownership’ of the company.

Chief executive Kevin Fenlon and finance director Paul Turner were keen to bring

stability to the ownership and management of the Group to enable it to continue to flourish in future years. They appointed Francis Clark to advise them on the options to meet the diverse objectives of the shareholders.

Mr Turner said: “We wanted to remove the uncertainty that was looming over us all so that we could focus on driving the business forwards.”

After considering various alternatives it was decided that a family and management buyout (FAMBO) was the best solution as it could provide a range of solutions - choice for existing shareholders to either stay in the business or exit, retention of family involvement in the management of the Group, and to bring in nonfamily professional management into the shareholding ownership.

Once this decision had been made, focus could then turn to negotiating the various share-

holdings, considering subsequent exits to reduce the chances of ending up in a similar situation in future, and raising the finance.

Andrew Killick, corporate finance partner at Francis Clark who advised on the deal said: “The key was to consider all parties and to facilitate agreement that was in everybody’s best interest. Kevin and Paul make a great team and their professionalism together with the support from the Isaac family, Colin Worth as chairman, and Christopher Smith as non-executive director together with the flexibility from Santander who provided the finance, certainly eased the process.”

Mr Fenlon said: “The business has continued to grow strongly with work now having begun on a new showroom in Exeter as well as on a new Torquay site. There will also be a relocation of the Okehampton business to a bigger site.”

Kevin Fenlon, chief executive of RGB; Louise Workman, Ashfords; Andrew Killick, Francis Clark and Paul Turner, finance director of RGB

Water firms to merge in £100m deal Utility firm Pennon has acquired Bournemouth Water as part of a £100.3million deal.

The Exeter-headquartered company, which owns South West Water and waste management firm Viridor, bought Bournemouth Water from Singapore-based SembCorp.

The acquisition will now see the merger of South West Water and Bournemouth Water after the deal was approved by the Competition and Markets Authority.

Pennon Group has assets of around £5 billion and a workforce of around 4,500 people.

Bournemouth Water is a water-only company serving 437,600 people in an area including Bournemouth, Wimborne, the New Forest, Lymington and the Fawley oil refinery on the Solent.

Pennon Group said the acquisition was part of its strategy to prepare for changes in the water industry, creating more efficient and effective wholesale and retail services, and preparing for the opening of the non-household retail market from 2017.

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Regional haulier acquires Somerset firm A Somerset transport company has been acquired by the Westcountry’s largest haulage business.

Framptons Transport Services Ltd based in Shepton Mallet has been bought by South West distribution group Gregory Distribution.

The undisclosed deal was realised through the sale of the entire issued share capital in Framptons’ parent company PF Holdings Ltd. Framptons has an annual turnover of around £17 million, employs 245 people and operates 60 vehicles providing high quality transport services including contract distribution and UK and European pallet delivery.

The acquisition includes over 220,000 sq ft of warehouse space in Shepton Mallet.

John Gregory, chief executive of Gregory Distribution said: “The Framptons business has a heritage and reputation which is similar to our own and we both share the same business ethos, so we will be keen to maintain the firstclass standards already in place, and also to build on syn-

ergies between both businesses.”

Andrew Frampton, for Framptons Transport Services, added: “Our company’s diversification in recent years from pure haulage into a highly complex warehousing and distribution operation has led to significant growth in both turnover and employment numbers.

“We hope to expand and improve on our offering to our customers and realise more opportunities.”

Andy Walker, Managing Director at Gregory Distribution added: “Framptons has an excellent reputation for providing a highly professional, quality driven and innovative operation, particularly in the fast moving consumer goods sector.

“Being part of a larger group will provide the resources and dimensions to further develop our services to customers of both businesses.”

Baker Tilly’s merger and acquisition team was lead adviser to Framptons while Exeter-based Ashfords’ corporate team acted as legal ad-

visers to the shareholders.

Baker Tilly corporate finance partner Ian Wherry said: “This deal brings together two important players in the transport and logistics sector.

“This transaction delivered real value for Framptons shareholders, while providing strong strategic future growth opportunities for Gregory Distribution.”

Stuart Mathews, corporate partner at Ashfords said: “We were delighted to represent the Framptons shareholders on the sale of Framptons to Gregory Distribution, which reflects the growth and success of both businesses and their ongoing commitment to the Westcountry transport and logistics sector. We wish the parties the best of luck for the future.”

James Evans, corporate partner at Foot Anstey, who advised on the deal, added: “We are very proud to have worked alongside Gregory Distribution for many years and seen their business grow to the position they are now.

“This latest acquisition is another astute addition to their successful business.”

Gregory Distribution has acquired Frampton's with help from Foot Anstey and Francis Clark

Michelmores works closely with some of the leading businesses in the South West and beyond to help them achieve their global ambitions.

Businesses like Magicseaweed, the world’s largest online surf forecasting platform, which we helped on its acquisition by Australia’s leading surf wear retailer.

Adding value, creating success for Business

With over 20 corporate lawyers in Exeter, London and Bristol, we are able to advise on all aspects of building great businesses, from start up to exit.

For more information call 01392 688688.

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WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 13

Solicitors broker Thai expansion

Barnstaple-based electronics manufacturer Aero Stanrew has been acquired by TT Electronics plc – a global provider of engineered electronics for performance critical applications

Global engineering firm acquires Barnstaple manufacturer Barnstaple-based electronics manufacturer Aero Stanrew has been acquired by TT Electronics plc – a global provider of engineered electronics for performance critical applications.

Following the acquisition, private equity house WestBridge Capital has left Aero

Stanrew. WestBridge backed the £8.5 million management buyout of Aero Stanrew in February 2012 and has worked in partnership with the executive team for the last three years to develop the business.

Since supporting the MBO, WestBridge has provided both

financial support and management development.

Clive Scott, who led the management buy-out in 2012 and will stay on as chief executive officer at Aero Stanrew, said: “We have enjoyed working with the team at WestBridge Capital.

“They have proven to be a

supportive partner with a real understanding of the challenges that face a growing business and a practical approach to adding value during the journey.”

Aero Stanrew designs and manufactures ruggedized electromagnetic components and electronic systems for

harsh environments and safety critical applications, primarily in the commercial aerospace and military markets.

The transaction was advised by Michelmores, PwC London, Momentum Corporate Finace and Capital Law in Cardiff.

Creation of up to 400 jobs in major expansion plan for Plessey

BY OLIVIER VERGNAULT @OliVergnault Plessey Semiconductors is to launch a major expansion programme which could create up to 400 new jobs at its headquarters in Plymouth after securing a £30m loan.

The company announced the major expansion to its LED manufacturing facility, after securing the cash from Deutsche Bank AG and a grant of £6.7 million from the Regional Growth Fund.

The £60 million expansion will create a state of the art Gallium Nitride LED semiconductor manufacturing facility, providing the base for new Solid State Lighting (SSL) technologies and products.

It will substantially increase Plessey’s production capability and capacity, create more than 400 highly skilled jobs and enable it to capture a significant share of the multi-

billion dollar, and growing, global SSL market.

SSL forms a significant part of global efforts to reduce energy consumption and greenhouse gas emissions.

The SSL market size is projected to reach $22 billion by 2020, growing at a compounded annual growth rate of 7.31%. The market will be driven by high brightness LEDs delivering higher energy efficiency in all lighting applications.

Plessey is a leading expert in the manufacture of semiconductor products used in sensing, measurement and controls applications, and is at the forefront of the SSL revolution. Plessey’s award winning technology provides greater design freedom whilst substantially cutting the cost of LED lighting by using standard silicon manufacturing techniques instead of more traditional, expensive sapphire-based techniques.

and beyond

Iain Silvester, Plessey’s chief financial officer, said: “Deutsche Bank is providing us with a senior secured term loan facility that meets our financial needs for the next three to five years. The bank has come up with a progressive flexible facility that supports our expansion plans for our manufacturing capacity here in Plymouth.

“We will increase its manufacturing capacity from over 100 million square millimetres of Gallium Nitride material per year to more than 3 billion square millimetres. The facility modifications will take place during 2015, with additional manufacturing tools and facilities coming on stream to the end of this year and through to 2017. During this time we expect about 400 new jobs to be created.”

Michael LeGoff, Plessey’s chief executive officer, added: “We are entering a very exciting period for the company. .

The expansion is highly significant for the company but also for British high-tech manufacturing. It aligns well with national strategies, such as the Growth Review, that support manufacturing and make the UK a global leading exporter of high value goods.”

Francis Clark began working with Plessey in 2009 when it was approached by Michael LeGoff to assist in the fundraising and deal structuring for a MBO led by Mr LeGoff.

At the time the German parent, XFab, was close to shutting down the facility and transferring the assets back to Germany. To persuade XFab to sell to the management team they needed to present a fully funded turnaround business case.

The Francis Clark team, led

by Mark Greaves and supported by Nick Woodmansey and Dave Armstrong, sourced grant funding and bank debt secured on the property and

assets of the business.

This provided the company with enough cash headroom to trade out the remainder of the work for XFab whilst allowing the management team to implement the start of the new business strategy seen today.

Since the MBO, Francis Clark have helped the business secure more than £10m of RGF grants. Dave Armstrong, who advised Plessey on their RGF applications, said: “Plessey are at the forefront of the development of LED technology.

“The RGF support, when combined with the Deutsche Bank loan, will enable rapid expansion of their manufacturing capacity, bringing undoubted economic benefits to Plymouth and the South West.

From advising on the MBO to helping the company secure grant funding, we have worked closely with Plessey and are thrilled to have contributed to their success.”

A firm of solicitors with offices in Somerset and Devon has brokered a deal that will see Thailand Carpet Manufacturing become joint owners of a leading quality UK upholstery manufacturer.

Colchester-based Alstons announced the sale of the business to a joint venture comprising the existing management team and Thailand Carpet Manufacturing Plc, an affiliate company of the Srivikorn Group.

The move into upholstery by Thailand Carpet Manufacturing reflects the firm’s strategy of diversification.

Everys’ managing partner James Griffin and head of the fir m’s new specialist commercial department was heavily involved in introducing the two businesses to each other and brokering the deal.

Mr Griffin said: “Having been involved with businesses of all types from my role as a legal advisor, I often see companies that would fit together very well or meet people who would benefit from being introduced to clients I work with.

“This deal is the satisfying conclusion of one such introduction. Both parties are family-run businesses while carpets and upholstery are extremely complementary. I am delighted the Everys’ team was able to facilitate this deal.”

£6 million investment in pet food firm Westcountry law firm Bond Dickinson has advised longstanding client and specialist consumer investor Piper on its £6m investment in Forthglade Foods Limited, the Devonbased pet food company.

Piper is a specialist private equity firm focused on investments in consumer brands with strong growth potential in retail, leisure, consumer products and consumer services.

Bond Dickinson, which has an office in Plymouth, advised Piper on a wide range of investments including Weird Fish, Bottlegreen, Turtle Bay restaurants, Loungers, Orlebar Brown and Hickory’s Smokehouse.

On this investment the Bond Dickinson corporate team, led by partner Simon Hewes and solicitor Sammy Hill, worked with its regulatory team. Mr Hewes said: “We are really seeing the benefit of having worked closely with Piper on its investments for a number of years.”

Bond Dickinson advises companies on private equity transactions and MBOs. Clarke Willmott advised the shareholders.

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Farms supplies business acquired by rivals Farms supplies business Countrywide Farmers has acquired rival firm Cornwall Farmers in a £6.05m deal.

The deal, which was first announced in September, saw Countrywide take on the operation of all 12 Cornwall Far mers’ country stores in Cornwall and Devon.

The firm said it intended to retain the Cornwall Farmers name.

Countrywide Farmers said the move will create more choice for Cornwall Farmers’ customers and will give Countrywide a bigger presence in the South West.

Chief executive, John Hardman, said: “We have been working with the Cornwall Farmers team to integrate the business over and plan to introduce our convenient ‘click and collect’ service very soon.”

The deal takes the Countrywide store portfolio to 67, creating the largest store group of its kind in the UK. Cornwall Farmers Ltd will retain the freehold property, with Countrywide entering into long lease agreements as tenant of the stores.

Simon Birch, chief executive of Cornwall Farmers, said: “This deal brings continuity for customers and staff and creates a secure long-term income for our shareholders, underpinned by a strong asset base. Countrywide has a deep commitment to rural communities and the combination of greater choice and continued investment is good news for customers across the South West.”

Bond Dickinson helped facilitate the deal, which involved selling Countrywide’s livestock feed and forage business, comprising compound and alternative feeds, fertiliser and forage seeds, to Dutch company ForFarmers, which is more than 70% farmer-owned.

Corporate managing associate Joe Lewis said: “We are extremely pleased to have assisted Countrywide Farmers in their latest business developments.

“The disposals will allow Countrywide to further support the rural community and agricultural industry and we very much look forward to working with them again in future.”

Countrywide Farmers CEO John Hardman, Cornwall Farmers CEO Simon Birch, and Countrywide Farmers chief commercial officer Andrew Webb

Making the most of your assets We provide legal advice across all manner of Corporate matters to help businesses of all sizes develop and grow.

Our aim is to find the best possible solution for your business needs.

Oldest pasty firm fit for the future The world’s oldest pasty maker has banked £1.6 million worth of funding to stay fit for the future.

Warrens Bakery, the oldest commercial bakery in Cornwall, received the funding from Santander’s Breakthrough Programme to rebrand and expand its retail activities in the Westcountry and beyond.

Established in 1860, the award-winning business is now the region’s largest and best known bakery chain.

It also supplies major retailers and wholesalers, both in the UK and overseas, through its expanding trade division, ‘Simply Cornish’.

Warrens Bakery has two major production units in St Just and Plymouth. The bakery also operates 50 retail outlets across Devon, Cornwall and Somerset, employing approximately 480 people.

Mark Sullivan, chairman of Warrens Bakery, said: “We’ve always had big ambitions for Warrens since acquiring the business in 2013 and recognising the enormous potential of the brand.

“The investment will help us complete the next phase of growth as we develop the brand and product range through our own stores, as well as with wholesale and retail customers.”

The funding package from Santander is comprised of a Growth Capital facility of £1.6 million, structured over a five year term.

Accountants Bishop Fleming provided due diligence on the transaction and law firm Thrings provided legal documentation on behalf of Santander.

Darren Hart, head of growth capital at Santander UK, said: “As the world’s oldest producer of Cornish pasties Warrens Bakery has experienced significant growth in recent years and we are confident that the company will be able to use the additional funding to expand its retail operations in Cornwall and beyond.”

Mobile care home sold in major deal

58 The Terrace | Torquay | Devon TQ1 1DE | Telephone: 01803 403 403

Westcountry law firm Michelmores has helped a local mobile clinic specialist on its sale to a health and social care software provider.

Michelmores advised The Learning Clinic founder on its sale to System C. The fir m’s corporate team advised Roger Killen, founder of Exeter and London-based The Learning Clinic, on its sale to System C, a health and social care software provider.

The Learning Clinic employs 59 clinicians, technologists and other experts, and is best-known for its VitalPAC vital signs recording software.

This enables clinicians to capture, assess and act on

clinical data at the patient, ward and hospital level – it's used at more than 50 hospitals across England.

The benefits of the VitalPAC solution are well documented in peer-reviewed journals such as the BMJ journals and the Nursing Times. Hospitals report reductions in mortality rates (10%), cardiac arrest rates (50%), unplanned ITU admissions (10%), length of stay (10%) and hospital acquired infections (90%).

The Learning Clinic has also developed advanced bed management and whiteboard software in its new VitalFLO product, designed to transform the flow of patients.

Following the deal, System

C plans to integrate additional clinical functionality into the VitalPAC and VitalFLO products, including workflow, results and ordering, as well as access to care community shared records.

The combined business will employ around 500 people.

System C joint chief executive, Ian Denley, said: “The Learning Clinic is a clear market and thought leader in clinical solutions, its products are held in high regard by users, and we are delighted they have joined the System C group.”

London law firm Harbottle and Lewis acted for The Learning Clinic and Travers Smith acted for System C.

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WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 15

Exciting times for region’s property sector

Richard Cobb from Michelmores, Ben Freeston, Ryan Anderson, Nick Lott from Magicseaweed and Henry Taylor from Michelmores

World leading surfing online network acquired by Aussie firm The corporate finance team at Westcountry law firm Michelmores acted on behalf of surfing website firm Magicseaweed on its acquisition by Surfstitch Group.

MSW is the world’s largest user generated surf content network, providing forecasting and live reporting of over 4,000 beaches across the globe.

The business was founded in Devon in 2002 and has become the world’s leading online surf forecasting platform, used by surfers and water sports enthusiasts in over 200 coun-

tries. MSW serves the key markets of North America, Europe and Australia, attracting more than two million unique monthly users to its site, and over one million app downloads.

Surfstitch is a publicly listed company on the Australian Stock Exchange (ASX) which is an industry leading online retailer to more than two million customers through its websites surfstitch.com, swell.com and surfdome.com.

Surfstitch undertook its ASX IPO last year and is

quickly growing into a global leader in the sector. Surfstitch’s focus has historically been on retail and MSW’s has been on content from surf forecasts to user generated editorials.

The Michelmores corporate finance team was led by Richard Cobb and Henry Taylor, with support from Francesca Eastwood, Brian Garner, Tom Torkar and Andrew Tobey.

The shareholders of MSW were advised by Gary Partridge, Richard Day and Tracey

Bentham from PwC’s Bristolbased corporate finance team.

Herbert Smith Freehills acted as lawyers to Surfstitch, KPMG carried out financial due diligence and J P Morgan in Sydney provided corporate finance advice.

Henry Taylor, lead associate, said: “As an enthusiastic user of the MSW website for many years, it was very refreshing to be able to use my passion for a client’s services in the context of a fast-moving international listed transac-

tion. We wish Ryan, Ben and Nick all the best for their exciting future under Surfstitch’s new ownership.”

Ryan Anderson, co-founder of Magicseaweed, said: “We are thrilled to be working with the Surfstitch Group as we look to expand Magicseaweed in the USA, Australasia and Europe.

“It’s a unique opportunity to find the right balance of surf forecasting, inspirational content and product offerings to our global surf community and millions of users.”

Exeter law firm acquired by global company Trowers & Hamlins

BY OLIVIER VERGNAULT @OliVergnault Exeter-based Stones Solicitors has merged with city, national and international law firm Trowers & Hamlins.

This merger is the latest development in a series of moves over the past four years that have seen Trowers & Hamlins bolster its regional presence across the UK to meet increasing client demand.

In 2011 the firm launched a new Birmingham office and more recently expanded capacity in that office. In 2014 the firm took on more space to accommodate growth in Exeter, and in 2015 the firm's Manchester office moved to new, larger premises.

These offices now boast over 90 fee earners, including 21 partners, and provide real estate, construction, public sector/local government, dispute resolution, banking and finance, and employment services as part of the firm's national offering.

The merger, which took place on October 1, creates a combined firm of nearly 800 people with a turnover of approximately £85 million.

The firm will continue to be known as Trowers & Hamlins.

However, in Exeter only the company will be known as Trowers & Hamlins incorporating Stones Solicitors for two years post completion.

Adrian Richards, Stones' chief executive officer, said: “This is a very exciting devel-

raising and strategy

opment for both our firms and we are looking forward to taking advantage of the opportunities this merger will provide for our clients, as well as our lawyers and staff.

“This is very much about Trowers & Hamlins choosing us as a business partner, and it is a reflection of the high quality of our work and expertise, our reputation and our position in the market.”

Jennie Gubbins, Trowers & Hamlins’ senior partner, added: “This merger will allow us to build on the successes of our existing Exeter offering. It positions us to grow our regional presence and reputation in the South West region and to build on our existing real estate offering there, in particular helping us to broaden out

from our social housing and public sector heritage.

“In addition, for the first time, we will be able to offer corporate and private wealth expertise from a regional base, giving us the opportunity to expand our regional nonpublic sector practice and better service our clients. We were fortunate to find in Stones like-minded people with the ambition and desire to grow a business that will enable us to provide the best possible service and legal expertise to our clients.”

From its offices across the UK, the Middle East and Far East, Trowers & Hamlins provides commercial advice across a broad range of practices including corporate, real estate, housing and regenera-

tion, construction, public sector/local government, dispute resolution, private wealth, banking and finance, employment, pensions and tax.

It is ranked in more than 90 categories across the UK and international editions of The Legal 500 and Chambers & Partners, the independent legal directories.

Stones is a leading firm in the South West ranked by both The Legal 500 and Chambers & Partners. Its practice covers litigation, private wealth, real estate, company commercial, and employment. The firm's clients range from owner-manager businesses and regional developers to international travel underwriters and highnet-worth individuals.

Exeter-based surveyor and property consultancy Sanderson Weatherall has acquired a Birmingham practice to bolster its existing national network of nine offices.

The acquisition of PNF Chartered Surveyors will enable the £14m turnover firm to further implement its nationwide growth strategy across ten offices while providing immediate access to commercial opportunities in the Midlands. The value of the acquisition has not been disclosed.

Sanderson Weatherall employs around 200 people. In addition to Exeter, the firm’s other regional offices are located in Bristol, Newcastle, Teesside, Darlington, York, Leeds, Manchester and London.

PNF has now been rebranded Sanderson Weatherall.

The acquisition also sees owner Peter Fowles - who set up the Birmingham office of Sanderson Weatherall predecessor Weatherall Green & Smith in 1992 - join as partner and head of office.

The firm will grow the Birmingham team by appointing additional chartered surveyors to work with Peter.

Sanderson Weatherall finance director, Martin Archer, said: “This is an important strategic acquisition for the firm as it means we now have offices in all key regions. It allows us to deliver our distinct integrated approach to the provision of chartered surveying and property consultancy services to clients in the Midlands with local, regional or national requirements.

“The region has a real confidence about it, and presents significant opportunities, so we are very pleased to have been able to acquire PNF. Thanks to Peter’s hard work and expertise, he has an excellent reputation and an established client base which were both significant factors in the acquisition process.

“We are now looking forward to working with him to build upon these firm foundations with the approach, specialisms and national network that Sanderson Weatherall provides.”

Peter’s areas of expertise are property and asset management, valuation, agency and general practice whilst PNF clients include YMCA, PwC, Eversheds, Wesleyan Assurance, Enterprise Rent-A-Car, Nationwide Windows and high net worth property investors.

Peter said: “These are exciting times for the property sector in the Midlands and I am looking forward to working with other Sanderson Weatherall offices to expand the firm's activities both within the region and beyond.”

16 DEALS REVIEW THURSDAY JANUARY 21 2016 WESTERN MORNING NEWS

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2015 – a year of milestones for crowdfunding Richard Wadman , corporate finance director, Francis Clark, talks about crowdfunding 2015 – a year of milestones for leading players in crowdfunding but none are resting on their laurels In 2015 the crowdfunding scene continued to grow in terms of volumes of funding; a number of firsts; one peer to peer lender featuring as the “UK’s third-biggest small business lender” and one platform achieving the accolade of “top equity investor”. Add to that list significant fund raises by the platforms themselves for future expansion in UK and overseas and one can foresee another year of records for 2016.

Developments in the peer to peer lending sector are perhaps epitomised by some statistics from one of its biggest players, Funding Circle. In 2016 lending to businesses through that platform passed £1b since it was launched in 2010, with £500m of that figure

being lent in 2015 alone. The expectation is for a further £1bn to be lent via the platform in 2017. At Francis Clark we have been involved in assisting businesses to raise in excess of £1m of borrowing through the platform for our clients to date. Speed of response is often cited as a reason for businesses approaching peer to peer sites with one of our clients achieving its £100k fund raise within 18 minutes of listing on the Funding Circle site.

In Q3 2015 Funding Circle was the third biggest lender to UK small businesses behind two of the high street banks: “Proving the power of crowdfunding” as one commentator said.

The alternative funding levels at national level are matched by developments more locally with two prominent examples being Exeter Finance and Folk2Folk.

Exeter Finance was established in 2014 and has now approved and drawn over 50 loans in excess of £9 million.

Peter Keech of Exeter Finance had recognised that the rapid growth will be driven by the

The Crowdfunder directors outside their Newquay office legal process and in that regard Rebecca Dury at Ashfords has delivered a platform to complete every loan efficiently and quickly, with one loan being drawn down in under 24 hours from instruction.

Folk2Folk which launched in 2013 celebrated a doubling

of cumulative volume of lending from £40m in December 2014 to £80m by the end of 2015.

Also, the company achieved the accolade of AltFi award for Best Lending Platform for Small Businesses 2015 and is positioned in the Top 10 Alternative Finance Lenders in the UK. Looking ahead to 2016,

Folk2Folk is preparing for national expansion to replicate its success in the South West in other counties across the UK. Turning to equity investment it is Exeter based Crowdcube who continue to set the pace with the 2015 statistics including £73m invested in start-ups and growth stage businesses; 20 businesses raising in excess of £1m and four of these raising over £3m. These statistics contributed to Crowdcube receiving 12 awards; being named as UK’s fastest growing and most disruptive tech companies by The Future Fifty and being revealed as the 'top equity investor' by Beauhurst. Also, notably the platform saw two exits in 2015 including the world’s first successful crowdfunding exit when E-Car Club was acquired by Europcar. In addition to the equity raises, companies have raised in excess of £10m from minibonds through the Crowdcube platform. Crowdcube will not be resting on those laurels, it raised £6m to fund its own expansion.

Another crowdfunding platform based in the South West

to raise significant funding for itself was Crowdfunder based in Newquay which secured over £1.2m through a Crowdcube campaign. Crowdfunder is the largest reward based crowdfunding platform in the UK and says it will use fund raise to to expand the business, immediately doubling the size of the team, and aims to support up to 150,000 projects across the UK in the next three years. Phil Geraghty, MD of Crowdfunder commented; “Since inception in 2012, Crowdfunder has raised over £12m for projects across the UK. Our ambition now is to become the UK's most effective social investment platform, delivering more social and economic impacts than any other platform”.

At the start of this year I have already been in contact with a number of clients looking at crowdfunding for a variety of reasons from fulfilling a short-term financing requirement to funding a significant expansion program. So it looks like 2016 is all set to be another record year and South West businesses will continue to be at the forefront.

Delivering results 2015 DEAL HIGHLIGHTS Legal adviser to buyer

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Deal Acquisition of Jayex Technology Limited

Deal Acquisition of Sedgemoor Drinks Limited

Deal Acquisition of Woodgate and Clark Limited

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Deal Equity fundraising

Deal Sale of Tonedale Solar

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Deal Acquisition of Agricultural & Industrial Parts

Deal Acquisition of Ashridge Engineering Limited

Deal Equity fundraising

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To speak to a seasoned transactional lawyer contact: James Eveling james.eveling@otbeveling.com | David Gebbie david.gebbie@otbeveling.com | Rebecca Diebner rebecca.diebner@otbeveling.com

T: 01392 823811

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Looking to source debt, equity and grant

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WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 17

Jobs saved at printing firms following MBO The future is assured at two bespoke printing firms following a management buy-out.

Vertical Trading Limited and Corinium Continuous Limited were bought-out from from Multisets (UK) Ltd and brought into a new holding company called Vertical Trading (Europe) limited (VTE).

Vertical Trading Limited and Corinium Continuous Limited (now VTE) provide confidential fast turn-around bespoke printing services to clients.

The buy-outs were led by the corporate finance team at Westcountry-based accountants, Bishop Fleming.

Charles Davey, a corporate finance director at Bishop Fleming said the firms’ futures have now been secured in the sixth major deal arranged the firm in 2015.

Martin Pulley, chief executive of VTE said: “I am really pleased that we have completed this MBO. Although this has been a tough time for the business, we have protected 22 jobs in the company and have given it the best possible chance to succeed into the future.”

The Bank of England is expected to raise interest rates this year

A year of uncertainty despite better finance Raising finance in 2016 by Paul Crocker , Corporate Finance Partner, Francis Clark The most consistent comment from contributors to this year’s Deals Review has been the increasing availability of funding of all types: debt, growth capital, institutional or individual equity and grants. The continued economic growth coupled with low interest rates has not only provided the funds required for deals, but also focused corporate acquirers in using their cash resources to fund acquisitions. All of these factors have resulted in increasing, and in some cases record setting, deal volumes and total deal values for 2015.

However the ability of businesses to raise funds in 2016 is likely to be heavily influenced by economic and political factors as well as their own financial performance.

The recent increase in US interest rates was a significant step and a sign of the Fed’s increased confidence in the strength and sustainability of the US economic recovery.

From a UK perspective, this is positive news for businesses exporting to the US both in terms of future demand prospects together with the fact

that a stronger dollar will reduce the relative cost of UK exports. However, while interest rate rises in the UK have been forecast for many quarters without actually materialising, the economic data and continued wage inflation are placing increasing the pressure on the Bank of England to consider a rate rise later in 2016. If or when a UK rate rise does materialise, current market forecasts are generally consistent in outlining small increases, as opposed to the more material movements experienced historically, for fear of destabilising the recovery.

Having operated in a relatively benign interest rate environment for a number of years, businesses will need to consider their risk appetite when making borrowing decision during 2016 and the impact that potential interest rate rises may have on each investment decision.

As the UK’s main overseas trading partner, Europe’s fortunes are critical and the short term outlook appears much less optimistic than the US. The prospect of the UK’s exit from the EU will only serve to add to this uncertainty.

Growth prospects amongst individual member states are mixed and while the prospect of Greece’s exit from

the Euro is temporarily off the front pages, 2016 will undoubtedly see continued uncertainty fuelled in part by the UK government’s lobbying ahead of the much anticipated EU referendum.

From a funding perspective the UK banks continue to display strong lending appetite both for organic investment and for acquisitions. Many have restructured their teams, allocating an increased level of focus to the small and medium sized enterprise market which plays an integral role in driving the growth of the UK economy. The increased prevalence of the ‘challenger banks’, new asset funders and the growing acceptance of peer to peer lending, has provided local business owners with greater access to finance.

Continued volatility in the Chinese equity markets, ongoing political unrest in the Middle East, the UK’s ‘dangerous cocktail’ of economic risks, forthcoming US presidential elections and continued oil price volatility serve to demonstrate that 2016 will not be without its challenges.

These factors will undoubtedly test the resolve of business owners and managers, but not all businesses will be equally exposed to all the above risks.

funding for your deal?

The support you need to grow We’ve grown in the South West, now let us help you do the same Trowers & Hamlins is an international law firm. We’re here to help businesses and governments change the way we live and work for the better. We do this by providing commercial advice geared towards tackling tomorrow’s challenges in industry.

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18 DEALS REVIEW THURSDAY JANUARY 21 2016 WESTERN MORNING NEWS

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Exciting future for country hotel retreat

Vetswest sold in multimillion deal

Westcountry law firm Ashfords has advised on the sale of a beautiful Elizabethan hideaway to a major hotel chain.

The Combe House Devon has now been sold to The Pig hotel chain, which is part of the Home Grown Hotels Group.

This will be the ‘Restaurant with Rooms’ hotel group's first hotel in Devon.

Located in 3,500 acres of Devonshire countryside, adjoining the village of Gittisham near Honiton in Otter Valley, the newest addition to the hotel group will be open in April 2016.

Combe House Devon is a Grade I-listed Elizabethan Manor. For almost 20 years the award winning hotel and restaurant has been independently operated by Ken and Ruth Hunt on a lease from the Combe Estate.

Ashfords' corporate partner Louise Workman led the team advising on the sale of Combe House Devon.

She said: “We were delighted to work with Ken and Ruth Hunt on the sale of Combe House Devon to the Home Grown Hotels Group.”

Devon-based Vetswest, which acts as a buying group and provides ancillary services to member veterinary practices across the UK, has been bought in a multimillionpound deal.

The company, advised by a corporate finance team from Grant Thornton UK and a corporate law team from TLT, has been acquired by US-based MWI Veterinary Supply.

Following the deal, it will continue to operate as a standalone business.

MWI Veterinary Supply is a veterinary supplies wholesaler with subsidiaries in the UK, including South Westbased Centaur Services.

Vetswest was established in Bideford in 1990 and now has 250 member practices.

The Grant Thornton team was led by Mark Naughton, head of corporate finance South West and Wales. He said: “The sale to MWI is a positive outcome for shareholders, delivering a deal which met their expectations and a great new home for Vetswest where the management team can keep growing the business.”

The Combe House Devon near Gttisham has now been sold to The Pig hotel chain, which is part of the Home Grown Hotels Group

New management team as Firewatch founder steps back

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A fire protection specialist firm have recently completed a successful retirement share purchase.

Chief Executive Martin Smith, who co-founded Firewatch SW Ltd in 1998, taking a majority shareholding in 1999, decided to take semi-retirement and sell his controlling share interest, and those of his wife Jill, to managing director Max Willey and finance director Kevin Smith.

The pair joined the Newton Abbot company in 1999 and 2002 respectively.

Following the share purchase, Mr Smith takes on the role of chairman and continues as shareholder of Firewatch Southwest Ltd. Martin, Max and Kevin were assisted with the deal by Martin Pitcher of HSBC Commercial Exeter, Cris Boyce of Boyce Hatton Solicitors and Paul Beard senior partner of Dar nell’s Accountants based in Newton Abbot.

Firewatch has built its reputation on quality of services

and client satisfaction founded in 1998 has in excess of 2,500 clients serviced by 49 employees based throughout the South West, South Wales and increasingly in the Midlands.

A diversified client base of large blue-chip corporations, NHS hospitals, prestigious schools to small local businesses and church halls, Fire-

‘It was important to secure the longevity of Firewatch’ Martin Smith watch believes in every client receiving the same high standard of service.

Also, having a very successful sign making division in the company called A Signs based at the Newton Abbot Head office in Brunel Road making bespoke signage and vehicle livery and banners.

Mr Willey said: “For Kevin, myself and our employees it mean’s, stability and security for the company and ensures the opportunity for the further

growth of Firewatch SW Ltd. “We still look forward to working together as a board of directors and hope Martin and Jill enjoy their semi-retirement.”

Mr Smith added: “It was very important to me that the longevity of Firewatch was secured and I have every confidence that Max and Kevin will continue with the same ethos of quality service and professional approach to our valued customers.

“Jill and I want to enjoy our four grandchildren and will now have the time to have more holidays and who knows I might be able to hit my golf ball straight for a change. I will now have time to increase my involvement with local charities in particular the Rotary Club of Newton Abbot”.

Also announced was the appointment of Roy Blunt to the board of directors, Roy joined Firewatch as an engineer in 2002 and has regularly been promoted.

He was group operations manager and is now operations director, effective from January 2016.

At Francis Clark, we maximise the

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ACQUISITION/SALES Target: Aero Stanrew Group Acquirer: TT electronics Legal advisors: Michelmores (Henry Taylor, Richard Cobb), Capital Law Financial advisors: PwC (Darren Jukes), Momentum Corporate Finance (Rob Crews) Date: Dec 15 Location: Devon Target: Alstons (Upholstery) Acquirer: Thailand Carpet Manufacturing Public Co Legal advisors: Birketts (Adam Jones, Alex Forwood), Everys Financial advisors: BDO (Keith Ferguson, Ryan Nicholson), Baker Tilly Financed by: Lloyds Date: Apr 15 Location: Essex Target: Arcol UK Acquirer: Ohmite Manufacturing Co Legal advisors: Foot Anstey (Ken Lewins) Financial advisors: Bishop Fleming (Ian Fraser) Date: Apr 15 Location: Cornwall Target: Ashmead Building Supplies Acquirer: Bradford & Sons Legal advisors: Clarke Willmott (Nigel Lindsay, Robert Ridd), Thrings Financed by: HSBC Date: Oct 15 Location: Somerset Target: Ashridge Engineering Acquirer: Seiche Legal advisors: OTB Eveling (James Eveling, Rebecca Diebner), Gard & Co (Simon Mole) Financial advisors: Perrins Ltd (Chris Birch), Beardsley Theobalds Date: Oct 15 Location: Devon Target: Aspex Research & Technology Acquirer: Silhouette America Inc Legal advisors: Michelmores (Francesca Hubbard, Henry Taylor), Mathias Gentle Page Hassan Date: Jul 15 Location: Plymouth Target: Barker Poland Asset Management LLP Acquirer: Walker Crips Group Legal advisors: Ashfords (David Heard, Dominic Ring), Charles Russell Speechlys (Martin Wright) Financial advisors: Asgard Partners (Alexander Rix), Cantor Fitzgerald (Rishi Zaveri) Date: Mar 15 Location: London Target: Beacon Dental Care Acquirer: Gensmile Legal advisors: Hempsons Financial advisors: Elizabeth Eyre Ltd, Milsted Langdon Date: Jul 15 Location: Worcestershire Target: Bolitho School Acquirer: Porthia Group Legal advisors: Stephens Scown (Christian Wilson) Date: Sep 15 Location: Cornwall Target: Bristol Management Centre Acquirer: IMD Bristol Legal advisors: Amicus Law, Mogers Drewett Solicitors Financial advisors: Milsted Langdon (Susannah Adams), Thompson Jenner Date: Aug 15 Location: Bristol Target: BSW Consulting (Exeter) Acquirer: Parkwood Holdings Legal advisors: Stephens Scown (James Keliher) Financial advisors: Francis Clark (Nick Woodmansey), Benchmark International (James Shearer, Nick Hulme) Date: Jun 15 Location: Devon

Target: Business & Assets of Julians Builders Merchants Acquirer: Bradford & Sons Legal advisors: Clarke Willmott (Nigel Lindsay, Robert Ridd), Wilde Law Date: Mar 15 Location: Cornwall Target: C3 Resources Acquirer: Cofely UK Legal advisors: Foot Anstey (Duncan Sykes, George Pawley), Stephenson Harwood Date: Dec 15 Location: Plymouth Target: Care4u Pharmacy Acquirer: Bestway Panacea Holdings Legal advisors: Boyce Hatton (Cris Boyce, Joe Pengelly), Weightmans (Sarah Walton) Financial advisors: Bishop Fleming (Will Hanbury), KPMG Date: Mar 15 Location: Torbay Target: Cassidy Coutts Donald & Partners Acquirer: Succession Group Legal advisors: Foot Anstey (George Pawley, Tim Young), Preston Redman Solicitors Date: Mar 15 Location: Hampshire Target: Cirrus Energy Acquirer: MG SPV No 3 Legal advisors: Murrell Associates Date: Apr 15 Location: Edinburgh Target: Combe House Hotel Acquirer: Home Grown Hotels Legal advisors: Ashfords (Louise Workman), Laceys Solicitors Date: Jun 15 Location: Devon Target: Country Style Products Acquirer: Walter Black Foods Legal advisors: Ashfords (Chloe Riccardi, Stuart Mathews), DWF Date: Oct 15 Location: Devon Target: Crealy Adventure Park Acquirer: Camel Creek Legal advisors: Foot Anstey (George Pawley, Matt Stoate), Jolliffe & Co (Simon Williams) Date: Sep 15 Location: Cornwall Target: DCS Systems Acquirer: Trakm8 Holdings Legal advisors: Gateley (Khurshid Valli, Vicky Jew), Osborne Clarke Financial advisors: FinnCap (Christopher Raggett, Ed Frisby) Date: Jun 15 Location: Cornwall Target: Deltaform Acquirer: Par-Pak Europe Legal advisors: Thrings Financial advisors: Baker Tilly (UK) (Clodagh Muggeridge, Ian Wherry), PwC Date: May 15 Location: Somerset Target: Digi Security Acquirer: Chubb Fire & Security Legal advisors: Edwin Coe, Michelmores Financial advisors: Isca Ventures (Mark Champion), PwC Date: Jul 15 Location: Devon Target: Discovery Records Acquirer: Trapeze Music & Entertainment Legal advisors: Gordon Dadds, Wansbroughs Financial advisors: Milsted Langdon Date: Apr 15 Location: Wiltshire Target: DNG Financial Solutions Acquirer: Succession Group Legal advisors: Foot Anstey (George Pawley, Tim Young), Stephens Scown (Giles Dunning) Date: Jun 15 Location: Northamptonshire Target: Doctor Care Anywhere

Acquirer: Synergix Health Legal advisors: Porter Dodson (Evelyn Adfield), OTB Eveling (James Eveling, Rebecca Diebner) Date: Aug 15 Location: London Target: DPAS Acquirer: Wesleyan Assurance Society Legal advisors: Michelmores (Brian Garner, Roger Fink), Pinsent Masons Financial advisors: Deloitte, Fenchurch Advisory Partners, Hines Associates Date: Aug 15 Location: Wiltshire Target: Edinburgh Investment Consultants Acquirer: Succession Group Legal advisors: Foot Anstey, Gillespie Macandrew Financial advisors: Bishop Fleming (James Finnegan) Date: Oct 15 Location: Edinburgh Target: Eltek Semiconductors Acquirer: Micross Components Legal advisors: Boyce Hatton (Cris Boyce, John Townsend), Ashton KCJ (Howard Bailey, Jessica Piper) Financial advisors: Bishop Fleming (Andy Hawkes, Linda Simmonds) Date: Apr 15 Location: Devon Target: Facts Financial Acquirer: Succession Group Legal advisors: Foot Anstey (George Pawley, John Pindard), Stephens Scown Date: Oct 15 Location: Sheffield Target: Fields of Sidmouth Acquirer: Goulds (Dorchester) Legal advisors: Michelmores (Caroline Lavis, Sam Billingham), Porter Dodson Financial advisors: MHA MacIntyre Hudson, Milsted Langdon Date: Dec 15 Location: Devon Target: Filtration Acquirer: Indutrade AB Legal advisors: Clarke Willmott, (Elinor Jones, Simon Smith), Nabarro (Gordon Anton) Financial advisors: Francis Clark (Andrew Killick, Mike Clark) Date: Mar 15 Location: Bristol Target: Finch Financial Services LLP Acquirer: Succession Group Legal advisors: Foot Anstey (Chris Worrell, George Pawley), Regulatory Legal Solicitors (Paul Crutchley) Date: Jan 15 Location: Wokingham Target: Fine Tubes Acquirer: AMETEK Inc Legal advisors: Goodwin Procter (Anne Cataldo, Eric Swartz) Financed by: Watermill Group Date: May 15 Location: Plymouth Target: Framptons Transport Services Acquirer: Gregory Distribution (Holdings) Legal advisors: Bond Dickinson (Craig Moore), Foot Anstey (George Pawley, James Evans), Ashfords (Stuart Mathews) Financial advisors: Francis Clark (Andrew Killick), Baker Tilly (Ian Wherry, Stephanie Wilson), Old Mill Accountants (Mark Neath) Financed by: Lloyds Date: Apr 15 Location: Somerset Target: Girl Rona Acquirer: Spearco Legal advisors: Boyce Hatton (Cris Boyce), Brixlaw Ltd (David Thomas) Financial advisors: Milsted Langdon (Nigel Fry), A J Shortridge Date: Aug 15 Location: Devon

WESTERN MORNING NEWS THURSDAY JANUARY 21 2016 DEALS REVIEW 19

Target: GL Hearn Acquirer: Capita Legal advisors: Michelmores (Brian Garner, Sam Billingham), Acuity Legal Financial advisors: Equiteq (Dan Bowtell, Paul Collins), Baker Tilly (Peter Vandervelde, Philip Rossiter) Date: Jul 15 Location: London Target: Peel Wind Farms (Frodsham) Acquirer: Belltown Power Legal advisors: CMS (Niall Polson) Financial advisors: Francis Clark (Andrew Killick, Matthew Willmott) Financed by: KfW IPEX-Bank Date: Aug 15 Location: Trafford Target: Gretton Solar Farm Acquirer: CTF Solar GmbH Legal advisors: Michelmores (Alex Watson, David Richardson) Financial advisors: JLL Date: Nov 15 Location: Devon Target: Greycoat Property Investments LP Acquirer: 90 North Real Estate Partners LLP Legal advisors: Foot Anstey (Adam McKenna, Matt Stoate) Date: Jan 15 Location: London Target: Harcombe Cross Service Station Acquirer: WS Retail Legal advisors: OTB Eveling (Keith Biggs, Rebecca Diebner), Ellis Jones Solicitors (Matthew Clake) Date: Nov 15 Location: Devon Target: Highgrove Financial Planning Acquirer: Succession Group Legal advisors: Foot Anstey, Shoosmiths Date: Aug 15 Location: Plymouth Target: Ignition Credit Acquirer: Star Asset Finance Legal advisors: Foot Anstey (Ken Lewins), Hill Dickinson, Slaughter and May Financial advisors: Grant Thornton (Tarun Mistry), Francis Clark (Mark Greaves) Date: Apr 15 Location: Cornwall Target: Isys Group Acquirer: Capita Legal advisors: Michelmores (Brian Garner), Roxburgh Milkins (Charles van der Lande), Acuity Legal (Christian Farrow) Financial advisors: Isca Ventures (Mark Champion, Matt Eves) Date: Jun 15 Location: Swindon Target: IT Solutions 4 Business Acquirer: Vysiion Financial advisors: Isca Ventures (Matt Eves, Peter Doe) Date: Mar 15 Location: Wiltshire Target: KS SPV 27 Acquirer: Pfalzsolar GmbH Legal advisors: Murrell Associates, Simmons & Simmons Date: Dec 15 Location: Surrey Target: KS SPV 32 Acquirer: Perfect Sun Renewables Legal advisors: Bird & Bird, Murrell Associates Date: Jul 15 Location: Buckinghamshire Target: KS SPV 40 Acquirer: Kawa Solar Europe SARL Legal advisors: Murrell Associates, Taylor Wessing Date: Apr 15 Location: Milton Keynes Target: KS SPV 9 Limited Acquirer: Vogt Projekt Holding GmbH Legal advisors: Addleshaw

chances of completing your deal

Goddard, Murrell Associates Date: Jan 15 Location: Cornwall Target: Land Machinery Acquirer: Page-Roberts Holdings Legal advisors: Boyce Hatton (Cris Boyce), Steele Raymond (Nick Davies) Financial advisors: Benchmark International (Jonathon Parkinson, Nick Hulme), Darnells (Paul Beard) Date: Jul 15 Location: Devon Target: Laws Supermarkets Acquirer: Co-Operative Group Legal advisors: Hill Dickinson, Murrell Associates Date: Jul 15 Location: Cornwall Target: Magicseaweed Acquirer: SurfStitch Group Legal advisors: Michelmores (Henry Taylor, Richard Cobb), Herbert Smith Freehills Financial advisors: PwC (Gary Partridge, Richard Day), JP Morgan, KPMG Date: May 15 Location: Devon Target: Mawgan Porth Holiday Park Acquirer: South West Holiday Parks Legal advisors: Tozers (Amy Laver, James Orpin), OTB Eveling (James Eveling, Keith Biggs) Date: Feb 15 Location: London Target: Mill End Hotel (UK) Acquirer: Fox and Hounds Hotel Financial advisors: Bishop Fleming (David Savill) Date: May 15 Location: Devon Target: Mojo Maritime Acquirer: James Fisher and Sons Legal advisors: Murrell Associates (Henry Maples), Campbell Johnston Clark Financial advisors: EC Hambro Rabben & Partners, Lang Bennetts Date: May 15 Location: Cornwall Target: Outback Trading Acquirer: Michco 1505 Legal advisors: Michelmores (Henry Taylor), Nalders Solicitors Date: Aug 15 Location: Devon Target: Penhaligon S Acquirer: Puig SL Legal advisors: Ashfords (Louise Workman, Mark Lomas), Skadden Arps Slate Meagher & Flom LLP Date: Jan 15 Location: London Target: Priors Byne Solar Farm Acquirer: Gamma Solutions SL Legal advisors: Michelmores (Alex Watson, Kieran van Bussell) Date: Jul 15 Location: Spain Target: Quantum Offshore Acquirer: Serba Dinamik Sdn Bhd Legal advisors: Setfords Solicitors (Hugh Mulley), Ashfords (Stuart Mathews) Financial advisors: Atkins Ferrie Date: Apr 15 Location: Cornwall Target: Real Shaving Company Acquirer: Swallowfield Financial advisors: Grant Thornton (Bob Alsop), Beaumont Cornish (Felicity Geidt, Roland Cornish) Date: May 15 Location: Somerset Target: Remploy Employment Services Acquirer: Maximus Health and Human Services Financial advisors: KPMG Date: Apr 15 Location: Devon Target: Research Instruments Acquirer: CooperSurgical Inc Legal advisors: Ashfords (Rebecca

Dury, Stuart Mathews), CMS (Jai Patel, James Parkes), Carter Ledyard & Bilburn, Fish & Richardson Financial advisors: Bishop Fleming (Andy Hawkes), Oasis Europe Limited Date: Dec 15 Location: Cornwall Target: Seafield Emiel Trawlers (Holdings) Acquirer: Waterdance Legal advisors: Ashfords (Charles Hattersley, Louise Workman), Kitsons (Dominic Hollingsworth) Financial advisors: Francis Clark (John Endacott), Bishop Fleming (James Finnegan, Tim Godfrey) Date: Jun 15 Location: Devon Target: Seaton Self Storage Acquirer: Dainton Group Services Legal advisors: Ashfords (Ben Boyland, Stuart Mathews), OTB Eveling (James Eveling, Keith Biggs) Financial advisors: Thompson Jenner (Simon Lewis), Beardsley Theobalds Financed by: Lloyds Date: Apr 15 Location: Devon Target: Sedgemoor Drinks Acquirer: Tolchards Legal advisors: Porter Dodson (Evelyn Adfield), OTB Eveling (James Eveling, Rebecca Diebner) Financial advisors: Simpkins Edwards (Adrian Hemmings), Milsted Langdon (Susannah Adams) Date: Jun 15 Location: Somerset Target: Sembcorp Bournemouth Water Investments Acquirer: Pennon Group Financial advisors: Barclays Bank (Iain Smedley, Mark Todd) Date: Apr 15 Location: South West Target: Sidmouth Garden Centre Acquirer: Wyevale Garden Centres Acquisitions Legal advisors: Michelmores (Caroline Lavis, Sam Billingham), Hogan Lovells Financial advisors: Kirk Hills Date: Oct 15 Location: Devon Target: Smirthwaite Acquirer: Prism Medical Healthcare Legal advisors: Gateley (Andrew Cowan, Andrew Evans), Ashfords (Angus Bauer, Stuart Mathews) Financial advisors: PwC Date: Aug 15 Location: Devon Target: Southlands Care Home Acquirer: Decorum Care & Support Services Legal advisors: SA Law (Peter Goodman) Financial advisors: Hazlewoods (David Main) Financed by: RBS Date: Mar 15 Location: Devon Target: Square Sail Shipyard Acquirer: Square Sail Ventures Legal advisors: Stephens Scown (Giles Dunning), Beers Date: Oct 15 Location: Cornwall Target: Superb Crafts Acquirer: F & W Media International Legal advisors: Foot Anstey (Duncan Sykes, George Pawley) Financial advisors: Francis Clark (Andrew Killick, Matthew Willmott) Date: Jan 15 Location: Devon Target: T‘Gallants Acquirer: St Austell Brewery Company Legal advisors: Foot Anstey (David Williams, George Pawley) Date: Jul 15 Location: Cornwall

Continued on PAGE 20

20 DEALS REVIEW THURSDAY JANUARY 21 2016 WESTERN MORNING NEWS Continued from PAGE 19 Target: Thornton Lane Solar Farm Acquirer: CTF Solar GmbH Legal advisors: Michelmores (Alex Watson, Ian Holyoak) Financial advisors: JLL Date: Nov 15 Location: Devon Target: Titan Furniture (UK) Acquirer: WW (UK) Legal advisors: Boyce Hatton (Cris Boyce), Meade King (James Hawkins) Date: Aug 15 Location: Plymouth Target: TMS Financial Solutions Acquirer: Succession Group Legal advisors: Foot Anstey (George Pawley, Tim Young) Stephens Scown (Giles Dunning) Date: Nov 15 Location: Cornwall Target: Trading Business of Cornwall Farmers Acquirer: Countrywide Farmers Legal advisors: Bond Dickinson (Alex Fergus, Simon Hewes), Foot Anstey (John Pindard, Ken Lewins), Financial advisors: Francis Clark (Andrew Killick, Nick Woodmansey) Date: Sep 15 Location: Cornwall Target: Vetswest Acquirer: MWI Supply (UK Acquisition) Legal advisors: TLT (Alice Gardner, John Wood), Osborne Clarke (Alison Johnson, Mark Wesker) Financial advisors: Grant Thornton (Harry Walker, Mark Naughton) PwC (Simon Bradford) Date: Aug 15 Location: Devon Target: Vision Independent Financial Planning Acquirer: Rathbone Brothers Legal advisors: Foot Anstey (Chris Worrell, John Pindard), Addleshaw Goddard (Graham Cross, Laelia Martin) Date: Oct 15 Location: Cornwall Target: Waste Collection Division of Commercial Recycling Acquirer: Viridor Waste Management Legal advisors: Ashfords (Emma Thomas, Louise Workman), Michelmores Date: Jun 15 Location: Dorset Target: Westcon Products Acquirer: Glenorchy Consulting Legal advisors: OTB Eveling (James Eveling, Rebecca Diebner); Amicus Commercial (Richard Biggs) Financial advisors: Peplows (Paul Guest), Beardsley Theobalds Financed by: Hitachi Capital Invoice Finance (Peter Goring) Date: Jul 15 Location: Devon Target: Widemouth Leisure Enterprises Acquirer: Bridge Leisure Parks (Holdings) Legal advisors: Blake Morgan (Mat Wilson), Clarke Willmott (Philip Brown, Simon Smith) Financial advisors: Colliers International Date: Sep 15 Location: Nottingham Target: Wilscombe Acquirer: Haynes Barton Legal advisors: Foot Anstey (Duncan Sykes), Ashfords (Kirill Kruchinin) Date: Feb 15 Location: Somerset Target: Wilton Solar Farm Acquirer: Primrose Solar Management Legal advisors: Michelmores (Alex Watson, Kieran van Bussell), Wragge Lawrence Graham & Co (David Vaughan, Derek Goodban), Dentons Date: Feb 15

Location: London Target: Wormit Solar Farm Acquirer: CTF Solar GmbH Legal advisors: Michelmores (Alex Watson, Ian Holyoak), Brodies Financial advisors: JLL Date: Nov 15 Location: Devon Target: Zantra Technology Acquirer: Vysiion Financial advisors: Isca Ventures (Matt Eves, Peter Doe) Date: Mar 15 Location: Plymouth

FINANCE RAISING Finance raised by: Boardinghouse Windfarm Legal advisors: Murrell Associates, TLT Financed by: Triodos Bank Date: Apr 15 Location: Cornwall Finance raised by: Cannon Care Homes Financial advisors: Bishop Fleming (Tim Godfrey) Financed by: Barclays Date: Jun 15 Location: Torbay Finance raised by: Chickenhawk Legal advisors: BHW Commercial Solicitors, Murrell Associates Financed by: Thincats Loan Syndicates Date: Mar 15 Location: Leicestershire Finance raised by: ClusterHQ Legal advisors: Ashfords (Andrew Betteridge, Angus Bauer), Cooley (Jim Strawbridge, Lindsy Solanki), Marriott Harrison Financed by: Accel Partners, Canaan Partners Date: Feb 15 Location: Swindon Finance raised by: Condate Biogas Legal advisors: Ashfords (Ruth Murray) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Downing Date: Apr 15 Location: Devon Finance raised by: Cornish Sea Salt Company Legal advisors: Thrings (Mike Tomlin) Financial advisors: Francis Clark (Paul Crocker, Matt Willmott) Financed by: Santander (Peter Abel) Date: Sep 15 Location: Cornwall Finance raised by: Cranbrook Renewables Legal advisors: Ashfords (Ruth Murray) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Downing Date: Apr 15 Location: Westminster Finance raised by: Crowdcube Financial advisors: Grant Thornton (Melanie Frean, Philip Secrett) Financed by: Balderton Capital, DFJ Esprit, Numis Corporation Date: Jul 15 Location: Devon Finance raised by: Eco NRG Solutions Legal advisors: Ashfords (Steve Homer) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Date: Feb 15 Location: Somerset Finance raised by: Folk Group Legal advisors: Murrell Associates Financial advisors: Smith & Williamson Date: Oct 15 Location: Cornwall Finance raised by: Forthglade

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Foods Legal advisors: Clarke Willmott (Robert Ridd, Simon Thomas), Bond Dickinson Financed by: Piper Private Equity (Libby Gibson) Date: Sep 15 Location: Devon Finance raised by: Frogmary Farm Legal advisors: Ashfords (Ruth Murray), Bird & Bird (Vanessa Young) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Downing Date: Jan 15 Location: Somerset Finance raised by: Gametech Legal advisors: Michelmores (Richard Cobb) Date: Sep 15 Location: London Finance raised by: GFLE Hartnoll Legal advisors: Ashfords (Ruth Murray), Bird & Bird (Vanessa Young) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Downing Date: Jan 15 Location: Devon Finance raised by: Green Puffin Legal advisors: Ashfords (Ruth Murray) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Downing Date: Apr 15 Location: London Finance raised by: Hatchet Pub Legal advisors: Michelmores (Alex Watson, Kieran van Bussell) Financed by: Ducalian Capital Date: Nov 15 Location: Birmingham Finance raised by: Ince Bio Power Financial advisors: Francis Clark (Andrew Killick, Matt Willmott) Financed by: Bioenergy Infrastructure Group Date: Oct 15 Location: Staffordshire Finance raised by: IO Technologies Group Legal advisors: Foot Anstey (Adam McKenna, Matt Stoate) Financed by: High net worth investors Date: Nov 15 Location: Plymouth Finance raised by: KWTN Solar Financed by: RBS Date: Nov 15 Location: Somerset Finance raised by: Lympstone Manor Legal advisors: Ashfords (Louise Workman, Tim Heal) Financial advisors: Kirk Hills Date: Sep 15 Location: Devon Finance raised by: Miro Forestry Developments Legal advisors: Michelmores (Henry Taylor), Clyde & Co Financial advisors: Isca Ventures Financed by: CDC Capital Partners, Finnfund Date: Mar 15 Location: London Finance raised by: Murex Energy Legal advisors: Geldards (James Vaughan) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Julian Hodge Date: Jan 15 Location: Somerset Finance raised by: Murex Bake, Murex Fursden and Murex Wilton Legal advisors: Geldards (James Vaughan) Financial advisors: Francis Clark (Andrew Killick, Bob Meier) Financed by: Julian Hodge Bank (Andy Button) Date: Oct 15 Location: Somerset/Devon Finance raised by: Notes: Music & Coffee

Legal advisors: Ashfords Financed by: Crowdcube Ventures Date: Aug 15 Location: Surrey Finance raised by: Phase Focus Legal advisors: Ashfords (Andrew Betteridge), Penningtons Manches (Rob Hayes) Financed by: Ombu Group Date: Jan 15 Location: Sheffield Finance raised by: Plainmoor Legal advisors: Boyce Hatton (Cris Boyce, John Townsend) Financial advisors: John Wain & Co (Ian Hayman) Date: Jul 15 Location: Torbay Finance raised by: Plessey Semiconductors Financial advisors: Francis Clark (Dave Armstrong) Financed by: Regional Growth Fund Date: Sep 15 Location: Devon Finance raised by: Tempus Energy Technology Legal advisors: Ashfords (Dominic Ring) Financed by: Crowdcube Ventures Date: Jun 15 Location: Gloucestershire Finance raised by: Tinc Legal advisors: OTB Eveling (David Gebbie) Date: Feb 15 Location: Lincolnshire Finance raised by: Trelow CE Turbine Legal advisors: Murrell Associates, TLT Financed by: Julian Hodge Bank Date: Sep 15 Location: Cornwall Finance raised by: Tushingham Sails Legal advisors: Michelmores (Henry Taylor), Clarke Willmott (Simon Thomas, Robert Ridd) Financial advisors: BDO (Laura Shaw), Isca Ventures Financed by: Mobeus Equity Partners Date: Jul 15 Location: Yorkshire Finance raised by: Vysiion Legal advisors: Michelmores, Osborne Clarke, Roxburgh Milkins Financial advisors: Isca Ventures (Matt Eves, Peter Doe), Deloitte Financed by: Business Growth Fund Date: Mar 15 Location: Wiltshire Finance raised by: Warrens Bakery Legal advisors: Thrings Financial advisors: Bishop Fleming (James Finnegan) Financed by: Santander Date: Jan 15 Location: Cornwall Finance raised by: Wildcat Automotive Holdings Legal advisors: Boyce Hatton (Cris Boyce, John Townsend) Financial advisors: Channon & Co (Rod Channon) Date: Jul 15 Location: Devon

MANAGEMENT BUY-IN/BUY-OUT Company: International Dance Supplies Legal advisors: Foot Anstey (Chris Worrell, Matt Stoate) Financial advisors: Bishop Fleming Date: Apr 15 Location: Devon

MANAGEMENT BUY-OUT Company: Aero Sense Technologies Legal advisors: Foot Anstey (Duncan Sykes) Financial advisors: Bishop

Fleming (James Finnegan) Date: Jun 15 Location: Devon Company: Ashville Residential Home Legal advisors: Cameron Jones Hussell Howe Financial advisors: Bishop Fleming (Tim Godfrey) Date: Jul 15 Location: Sutton Company: CCWS Legal advisors: OTB Eveling (James Eveling, Rebecca Diebner) Date: Sep 15 Location: West Sussex Company: Credit Reporting Agency Legal advisors: Foot Anstey, Michelmores Financial advisors: Isca Ventures (Mark Champion), PwC Financed by: Santander Date: May 15 Location: Cornwall Company: Firewatch South West Legal advisors: Boyce Hatton (Cris Boyce, John Townsend), Wilde Law (Jonathan Wilde) Financial advisors: Darnells (Paul Beard) Financed by: HSBC Date: Nov 15 Location: Devon Company: FW Rogers Garage (Saltash) Legal advisors: Gill Akaster (James Petersen) Financial advisors: Bishop Fleming Date: May 15 Location: Cornwall Company: Hydra Holdings Legal advisors: Foot Anstey (Ken Lewins), Stephens Scown (Robert Brightley) Date: Jul 15 Location: Cornwall Company: Rawle Gammon & Baker Holdings Legal advisors: Ashfords (Louise Workman) Financial advisors: Francis Clark (Andrew Killick) Financed by: Santander Date: Jan 15 Location: Devon Company: Wessex GS Legal advisors: OTB Eveling (James Eveling, Rebecca Diebner) Financial advisors: Francis Clark (Sean Grinsted) Financed by: RBS (Greg Hanham) Date: Oct 15 Location: Devon Company: Woodward & Co (Environmental) Legal advisors: Ashfords (Louise Workman) Financial advisors: Momentum Corporate Finance (Rob Crews, Ross Bradley) Date: Apr 15 Location: Gloucestershire

MERGER Company: Royale Research Legal advisors: Stephens Scown (James Keliher, Steve Stokes) Financial advisors: Lincoln International Financed by: Next Wave Partners, Qinvest Date: Apr 15 Location: London Company: Secured Express Legal advisors: Stephens Scown Financial advisors: Lincoln International Financed by: Next Wave Partners Date: Apr 15 Location: Warrington Company: Sub10 Systems Legal advisors: TLT, Taylor Wessing Financial advisors: Acuity Advisors Date: Mar 15 Location: Devon

Maximising chances of success

MINORITY STAKE Target: Anchorstone Trading Acquirer: Mole Valley Farmers Legal advisors: Foot Anstey (George Pawley, Ken Lewins), Gill Akaster (Hugh Michelmore) Date: Aug 15 Location: Devon Target: Flourish Creative Acquirer: Set Management LLC Legal advisors: Osborne Clarke (Timothy Birt) Financial advisors: Francis Clark (Andrew Killick, Paul O'Connell) Date: Feb 15 Location: Wiltshire Target: Inshore Support Acquirer: Inshore Support Holdings Legal advisors: Hawkins Hatton (Colin Rodrigues), Boyce Hatton (John Townsend) Financial advisors: Darnells (Paul Beard, Phil Raisey) Date: Sep 15 Location: Dudley Target: Juice Brighton Radio Station Acquirer: UKRD Group Legal advisors: Foot Anstey Date: Jul 15 Location: Brighton and Hove Target: Solution Sciences Acquirer: Bolton Investments Legal advisors: Boyce Hatton (Cris Boyce) Financial advisors: Wise & Co (Steve South) Date: Sep 15 Location: Surrey Target: WFC Contractors Acquirer: Private Group led by Nigel Dixon, Nicholas Moffat and Mark Harris Legal advisors: Ashfords (Louise Workman) Date: Jan 15 Location: Devon

OTHER DEALS Deal Type: Demerger Company: Dunns Motors Exeter (Holdings) Legal advisors: Foot Anstey (Helen Wallwork, Simon Gregory) Financial advisors: Francis Clark (Damian Lannon, Sean Grinsted) Date: Jul 15 Location: Devon Deal Type: Investor Buy-Out Target: Bluewater Bio Holdings Acquirer: Private Group Led by Ombu Legal advisors: Ashfords (Andrew Betteridge, Ross Van De Velde) Financed by: Ombu Group Date: Feb 15 Location: London Deal Type: Investor Buy-Out Target: Greenwood Grange LLP Acquirer: Private Group Led By ESO Capital UK Legal advisors: Tozers (James Orpin, Tracey Bridgewater), OTB Eveling (James Eveling, Keith Biggs) Financed by: ESO Capital Partners Date: Feb 15 Location: Dorset Deal Type: Rights/other share issue Finance raised by: PEC Renewables Legal advisors: Foot Anstey (Ken Lewins) Financial advisors: Francis Clark (Andrew Killick, Bob Meier, Matthew Willmott) Date: Feb 15 Location: Plymouth Deal Type: Rights/other share issue Finance raised by: Pennon Group Plc Legal advisors: Ashfords (Louise Workman) Financial advisors: Credit Suisse (James Green, Stuart Field), Morgan Stanley (Martin Thorneycroft, Robert Foster) Date: Apr 15 Location: Devon