National Slimming Clinics
Harwood Private Equity has acquired National Slimming and Cosmetic Clinics (NSC) with a management buy-in of the UK’s largest group of medicated weight-loss treatment centres. NSC has 26 clinics across the UK and will be led by chief executive officer Maurice Kelly, who has worked within the Harwood Private Equity portfolio before and has wide experience of multi-site businesses and the weight-loss sector.
Partner Mike Simson led a team which initiated the transaction and advised Slim Holdings, the parent company of NSC, on the sale of the business to Harwood Private Equity.
Welbeing
We advised management on the buyout of Wealden and Eastbourne Lifeline (“Welbeing”).
Welbeing had been set up by two local councils some years ago to provide telecare services to the people of the region. Telecare at its simplest is a remote monitoring service for vulnerable adults to help them retain independence and live in their own home. In the event of a problem in the home, an alarm is activated and the customer is instantly in touch with the contact centre who can alert friends and family or emergency services as necessary.
When Regent Evolution met the management team of Welbeing, there was need for a recapitalisation of the business to take advantage of a consolidating market, coupled with a strengthening of the management team.
The resultant MBO/MBI which was financially supported by one of the two sponsoring councils has left the business independent, in a strong financial position and with an internationally experienced management team to take advantage of a growing sector.
Access UK Ltd
Lyceum Capital has backed a £50m management buyout of software company Access UK, which has a base in Sheffield. The deal involves Lyceum investing alongside Access’ existing management led by CEO Chris Bayne. The investment is intended to fund an expansion strategy focused on rapid organic growth and the acquisition of complementary businesses.
Bayne has been responsible for driving a 15 per cent growth in sales over the last 12 months and Access said it hoped the private equity firm's investment would help it execute ambitious growth plans.
Joining Bayne in the management team will be new chairman Gareth Denley, who has held senior executive positions at IBM UK, Spring Group and Rebus HR, and non-executive director David England who was formally chief operating officer at Computer Software Group.
The deal involves the acquisition of the stakes previously held by founder Alistair O’Reilly and a number of other shareholders. Lyceum Capital’s Jeremy Hand and Phillip Buscombe have joined the board of Access.
Bayne said: “It’s fitting that on the 20th anniversary of Access’ incorporation we’ve agreed a deal which marks a significant step change in the speed and scale of the business’ expansion and secured the backing of an investment partner with an outstanding track record of generating sustainable growth.
“We’ll be focused on the continued development of our market-leading product and service portfolio through a combination of in-house development and the targeted acquisition of complementary solutions and will be looking to further develop our offering across the mid-market space.
“Our thanks go to exiting group managing director Alistair O’Reilly and non-executive chairman Paul Druckman, who have played a key role in helping the business get to where we are today.”
Established in 1991, Access is now a £28m-turnover business with an EBITDA of £5.5m.
The business has nine offices across the UK and Ireland and employs over 300 people, with 33 based in the Sheffield office.
It provides a full range of enterprise resource planning software and services, with a particular focus on financial management systems and human capital management.
It serves a 5,000-strong client base, which includes Spice Group, Yorkshire Coast Homes, Kirklees College and Bradford College.
Jeremy Hand, who led the deal for Lyceum Capital, said: “Access is a highly attractive company with a successful operating model, proven management team and a strong position in the rapidly growing business segment of the software market.
“This deal will give the business the funding and additional insight and expertise to broaden its services and penetrate further into key vertical industries.”
Funders and advisors on the deal included debt funding provided by Lloyds Bank Corporate Markets Acquisition Finance and HSBC.
The buyers were advised by Wragge & Co, KPMG, Highwire, Intuitus, Aon, PwC, Investec and Oakley Capital. The exiting shareholders were advised by Regent, Maxwell Winward and Ensors.
Robnor Resins
Robnor Resins, a subsidiary of Bridgepoint Capital Private Equity owned Halifax Industrial has been acquired by its management team.
Robnor manufactures a range of epoxy & polyurethane potting compounds for electrical and electronic applications.
We advised Bridgepoint and Halifax Industrial on the sale of the business to its management team.
WaterRower
A team led by our Partner, Mike Simson advised the management team in buying out the founding shareholders of gym equipment business, WaterRower.
Since 1988 WaterRower has been high end fitness equipment . Designed not to be hidden away like other unsightly gym equipment, the WaterRower rowing machines fuse industry leading functionality with stunning aesthetics.
Searchflow
Online conveyancing search service SearchFlow has announced that it is to acquire its majority shareholder ESRI (UK) stake, giving the SearchFlow management full ownership of The Conveyancing Channel, the licensed provider of the National Land Information Service.
SearchFlow was the UK’s first online service for conveyancing searches and was given three years exclusivity to allow it to build the new market and stimulate Local Authority involvement. The transaction was funded by Barclays Ventures.
Stephen Bennett and Mike Simson advised Searchflow on the transaction.
SDI Displays Limited
A team led by Partner, Mike Simson advised the shareholders of the retail fittings designer and provider, SDI Displays on a sale of the company to its management team.
Funding for the transaction was provided by Lloyds Bank.
Gateley acted as lawyers for the SDI shareholders.
Rollalong Hire Ltd
Barclays Ventures has backed an £11 million MBO of portable accommodation specialist Rollalong Hire, which has been acquired from its previous owners the Newman family.
Rollalong Hire operates from eight regional hire centres across England, leasing a range of portable accommodation units (including offices, toilets and classrooms) to those in the construction, education, local authority and events sectors. Past contracts have seen the group service high-profile events, ranging from Wimbledon to The Notting Hill Carnival.
Following the MBO Hickton says Rollalong, which is expected to achieve an EBITDA of £2.5 million in 2006, ‘will implement growth plans by further increasing [its] geographical coverage through selective acquisitions and new depot openings.
Partner, Mike Simson led a team who introduced Barclays Ventures to the transaction and advised the management team.
Motorclean
Motorclean, a professional valeting services to the motor trade has been bought by its management team in a transaction financed by Lloyds Development Capital (LDC).
Regent Assay acted as exclusive financial advisers to the Management Team.
Montal Computer Services
Established in 1985 and headquartered in Dorking, Surrey, Montal Computer Services Ltd is an IT Services & Solutions organisation with nationwide reach. Montal is dedicated to providing outstanding IT support, service and solutions to organisations of all sizes across the UK, with a particular focus on Housing Associations, Charities and SMEs.
In a transaction advised on by Mike Simson and Stephen Bennett of Regent Assay, the founders of the business sold their shares to a Management Buy-in team.