The year in deals - 2017

The Boyes Turner's Corporate team has been involved in some interesting transactions in a variety of industries including:

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".

Logistics

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".

Aviation

Boyes Turner have recently acted for Spanish headquartered, Accelya, the leading provider of financial and commercial solutions to the airline and travel industry on its acquisition of a specialist provider of SaaS-based revenue integrity services and airline commercial insight consultancy. Terms of the transaction have not been disclosed.

The deal further evidences Boyes Turner’s extensive experience of managing transactions for international clients with global interests.

Led by Chris Dobson and Rob Rice, the complex nature of the transaction required specialist input from across Boyes Turner’s business services group, with Bill Gornall-King (Commercial), Andy Whiteaker (Employment) and Rachel Duncan (Property) advising on these respective areas.

Building on Accelya’s long term corporate relationship with Boyes Turner, Chris and the team provided excellent, pragmatic, transactional services throughout the deal process. It was a genuine and continued pleasure to work with the Boyes Turner team", remarked James Fernandez, EVP Group Business Development at Accelya.

Commenting on the deal, Chris said, "The deal represents an exciting opportunity and is a good fit for all parties which was reflected in the very positive and pragmatic nature of the commercial negotiations which led up to the deal closing. We wish Accelya and the latest addition to their group all the very best in the continued enhancement and expansion of their business within the airline community".

FinTech

Sophie Payne has continued to advise the world’s only regulated mortgage robo-advisor, Mortgage Gym Limited, on general corporate matters and in particular, in relation to two further rounds of investment, including from Deutsche Bank's former COO Henry Ritchotte and leading price comparison company, GoCompare. Mark Blunden continues to advise Mortgage Gym on commercial matters. 

Boyes Turner advised Flywire Inc, one of the world’s leading providers of international payment solutions in relation to its acquisition of PACE Invoice, a multi-currency invoicing platform provider based in London.

With the acquisition, Flywire adds international invoicing to its cross-border payments and receivables services, enabling its business, education and healthcare clients to more easily link invoices to cross-border receivables, saving time and costs in invoice preparation and payment reconciliation.

Flywire provides educational institutions, healthcare providers, and businesses with the ability to offer customers a highly-tailored, international payment experience – customized by country, currency and vertical. It also provides businesses with the ability to manage international receivables, while ensuring robust compliance and anti-money laundering controls are applied to every transaction.

PACE enables businesses to issue invoices to their international customers which can be paid in ways that are convenient and familiar to the customer, making prompt, accurate payments easier while reducing currency exposure. The PACE Invoice platform integrates with existing enterprise accounting systems and offers a white-label web interface for client branding. Flywire will offer the invoicing capability as an option with its cross-border payments and receivables platform – providing end-to-end management from invoice delivery through payment reconciliation.

Pace Invoice is an alumni of Startupbootcamp FinTech London, an accelerator program supporting early-stage tech companies with direct access to an international network of the most relevant mentors, partners, and investors in the FinTech industry.

Partner, Robert Rice led the transaction for Boyes Turner with assistance from Harriet Brooker. 

Automotive

Boyes Turner has advised the management team at Xtrac, a world leader in the design and manufacture of high performance transmissions for the motorsport and automotive industry, on the sale of their shares to Inflexion Private Equity.  

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".

Retail

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". 

Technology – e-commerce solutions

Robert Rice has again acted for Tryzens Group in relation to a further round of investment that it has received from its long-term investor, Scottish Equity Partners. Tryzens is the UK’s leading independent systems integrator and managed services provider to the retail and B2B commerce markets. It designs and implements multichannel e-commerce solutions for a blue chip client base including Jack Wills, Avenue 32, Whistles, The Works and Joseph.  

Medical products           

We have advised two distinct global medical technology companies in connection with the sale of trading divisions – in one case to a divisional management team and in the other to a trade buyer.  Robert Rice and Sophie Payne worked on these transactions.

Software

Robert Rice has provided advice to a leading global provider of wet infrastructure business analytics software solutions in relation to a major project to consolidate its UK trading activities into a single UK trading entity.  The re-organisation involved similar exercises being carried out in other jurisdictions and we worked alongside colleagues from our international network of advisers to achieve our client’s aims.
 

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