Boyes Turner's Corporate team has been involved in a number of interesting M&A transactions this year, including:
Sale of GCS Recruitment
Sophie Payne and Robert Rice advised the shareholders of technology-focused recruitment company GCS Recruitment Limited on a private-equity backed management buy-out which completed in May 2017. The existing management were supported by nGAGE Specialist Recruitment in the buy-out from founder, Chris Bartlett. GCS Recruitment has operations in London, Reading, Dublin and New York and continues to be run by the management team under the leadership of its new CEO, David Bloxham.
Commenting on the transaction, Chris Bartlett said: ”Boyes Turner were a pleasure to deal with from the very start of the MBO process and provided assistance with some protracted negotiations through to a successful completion.”
Sale of Prism-DM
Over the summer Sophie Payne and Robert Rice advised on the sale of e-fulfilment and delivery management companies Prism-DM Limited and Just Data Systems Limited to Whistl UK, the leading delivery management company in the UK. Rachel Duncan advised on the property aspects. Prism-DM is the premier UK solutions provider for outsourced fulfilment services, with numerous high-profile clients including Long Tall Sally, Oliver Sweeney, Brand Alley, Warner Brothers Studios, Le Chameau, National Trust and Sport Pursuit. Continuing shareholder Rashpal Gill remains in his role as Commercial Director under the leadership of new Managing Director, Lieneke Happel.
Mike Thom said about the transaction: “I have every confidence that this investment by Whistl will accelerate the business to the next level, while maintaining the core service values we have developed over many years.”
Further commenting on deal, Mike Thom said: “When selling my business to a much larger corporate I found the M&A team at Boyes Turner were more than a match for anything that was thrown at us. Throughout the process they were always accessible, providing reassuring guidance and sound advice, and dealt with each issue as it arose with incredible drive and diligence. When I sell my next business I know who to call.”
Sale of Xtrac Transmissions
Boyes Turner advised the management team at Xtrac, a world leader in the design and manufacture of high performance transmissions for the motorsport and automotive industry, in connection with their investment in the acquisition vehicle used by Inflexion Private Equity to acquire Xtrac Transmissions (Holdings) Limited for an undisclosed sum. Xtrac employs more than 330 staff and supplies many of the world’s leading motorsport teams from its bases here in the Thames Valley and in the USA. The existing management team will remain and continue these operations.
Adrian Moore, Managing Director of Xtrac commented: “We are proud of the leading global business Xtrac is today; persistent innovation and exceptional customer service remain our highest priorities. Inflexion shares our values; its investment will accelerate our ambitious growth strategy, developing the next generation of high-end motorsport and automotive transmission systems and expanding our coverage of the high performance hybrid and electric car transmission market. This partnership with Inflexion supports Xtrac’s ethos of employee ownership, and our team look forward to a new chapter in the continuing development and growth of our company.”
The Boyes Turner deal team comprised Robert Rice and Sophie Payne. Robert Rice commented: “We have worked with Xtrac for some time now. It’s been fantastic to see how the business has grown and we’re proud to have worked alongside the management team on this transaction and to have supported them on the next exciting stage of their journey with Inflexion. We wish the parties every success going forwards.”
Stephen Lane, Finance Director of Xtrac commented: “There was a huge amount of work to be done on all sides to get us through to completion. We were really pleased with the level of support we had from the Boyes Turner team – they were on hand whenever I needed them and their advice was always delivered quickly and clearly so that we weren’t held up. This is what we’ve come to expect from Boyes Turner over the years.”
Sale of Fox’s Outdoor
Most recently, Boyes Turner has advised the shareholders of A.L. & I.D. Fox Limited on the sale of third generation family owned business Fox’s Outdoor based in Amersham. Started in 1959, Fox’s Outdoor is one of the most respected independent outdoor retailers in the UK and is now under the ownership of Mountain Warehouse. Sophie Payne led the transaction assisted by Harriet Brooker. Mark Appleton and Rachel Duncan advised on the property aspects.
Commenting on the transaction, the shareholders said: “It has been a delight to enjoy the expertise, diligence and determination shown by Boyes Turner throughout our journey culminating in the transferring of the Fox family's shares to Mountain Warehouse. From the outset of Boyes Turner's expert involvement in the transaction there has always been an aura of security in the knowledge and faith that we have been and remain in the safest possible hands.”
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