The Midlands deals market remains buoyant and demonstrates an optimistic pipeline of deals despite uncertainty facing businesses as the UK prepares to leave the EU, according to PwC’s TS team.
The team continues to work alongside a diverse range of corporate and Private Equity (PE) clients and across a spectrum of businesses and sectors, including TMT, Healthcare, Financial Services, Retail Consumer and Leisure, and Industrial Products, working on over 21 completed transactions between January and August.
In 2019, the TS team has provided core financial, commercial, technology, operational and tax due diligence services alongside the work of specialist teams including data analytics; sale and purchase advice; valuations support; capital markets advice and debt advisory services.
The start of 2019 saw significant completions including the sale of Valpak Ltd to Reconomy and the purchase of ATG Access Ltd by Hill & Smith Holdings Plc in January, followed by investment in MyHome Move Ltd by Palamon Capital Partners. In March PwC advised on the acquisition of Pallet Track Ltd by TPA Capital and the sale of Care Fertility Holdings to Silverfleet Capital. In June the team provided buyside due diligence for a European pharmaceutical distributor.
Other notable transactions supported by the local team include the acquisition of Away Resorts by Bregal Freshstream (April 19), the purchase of Secura Hosting by Node 4 (April 19), the sale of Texthelp Limited to LDC (May 19), the purchase of Medtrade Products Ltd by Tikehau Investment Management SAS (May 19), and the acquisitions of Stamco by Cairngorm-backed Parker Building Supplies and Farsound Aviation by AGIC Capital (June 18).
In August the team advised the management team of Foster + Freeman on their management buy-out from founder shareholders supported by Primary Capital Partners, as well as advising on the acquisition of Millbrook Healthcare by Cairngorm Capital.
Matthew Tombs, Transaction Services Partner for PwC in the Midlands said:
“We are delighted with the level of activity we have seen in FY19 so far, despite the uncertain economic and political backdrop and we’re proud to have supported a fantastic range of clients across a number of transactions both large and small.
“We continue to remain optimistic about the pipeline of deals activity and are keen to engage with clients to explore ways we can add value to their process, leveraging our depth of knowledge and expertise.
“As we progress into 2019 we are particularly growing our data and analytics services, as well as SPA and valuations support. We continue to invest in and grow our team locally as we look forward to moving into our brand new purpose-built iconic Midlands home, One Chamberlain Square, in Birmingham.”
Article credit: PwC