Grant Thornton UK LLP's Corporate Finance team have completed 11 private equity related deals within the mid-market in 11 weeks, reflecting the continued resilience of this area of the market in providing growth opportunities for investors.
Commenting on the raft of deals, Mo Merali, Partner and Head of Private Equity at Grant Thornton UK LLP, said: "The recent flurry of deals we have worked on within the mid-market clearly demonstrates the strong appetite that private equity has for this size of business.
"Throughout the economic downturn, the mid-market has remained the most resilient area for deal making. This is largely because mid-market businesses tend to be the most dynamic, with strong growth opportunities.
"Our expertise within the mid-market, coupled with strong relationships in the private equity community has meant we have been able to create and add value to 11 successful completions within the last 11 weeks."
Grant Thornton worked on deals including the management buy-out of Integrated Engineering Stores Associates (IESA) backed by Gresham LLP with bank funding from Investec Bank plc, providing financial and tax due diligence advisory services on the transaction. IESA is the market leader in the management of maintenance, repair and operating goods (MRO) expenditure, through integrated supply solutions.
The team also worked on the buy-in management buy-out of SGX Sensortech through the acquisition of three sensor technology businesses from e2v technologies plc. The businesses (two subsidiaries and a division) provide a range of professional sensing products for x-ray spectroscopy and gas sensing for automotive and environmental safety applications. Equity funding was provided by Baird Capital Partners Europe and Beechbrook Capital provided mezzanine funding to support the transaction.
Full list of completed deals:
• corporate finance advisory services and carve-out planning provided in buy-in management buy-out of SGX Sensortech
• buy-side bid support services on JF Lehman's acquisition of Chemring Marine
• buy-side bid support services on RJD Partners' acquisition of Harrington Brooks
• due diligence services on Growth Capital Partner's acquisition of Iglu.com
• due diligence services for Business Growth Fund on their investment into Primrose, a rapidly growing online retailer of garden products
• vendor and top-up due diligence on August Equity's acquisition of Securedata
• financial and tax due diligence on the management buy-out of Integrated Engineering Stores backed by Gresham LLP
• vendor due diligence on Inflexion Private Equity's acquisition of Marston Group
• corporate finance advisory services on the disposal of Tessella plc to Mobeus Private Equity
• vendor, financial and tax due diligence in Indigo's exit from Direct Health Ltd
• due diligence services in Business Growth Fund's investment in fancy dress retailer, AFG Media.