Amethyst acted for Close Brothers Private Equity and Newco in relation to the £46.5 million MBO of Protocol Skills, a subsidiary of Bridgepoint Capital-owned Protocol Group which provides apprenticeships and NVQ training to around 15,000 learners per year. It is one of the few national vocational training providers in the fragmented “work-based learning” market in the UK. Protocol Skills has a strong position in the retail and hospitality sectors. This transaction represents Amethyst's third successful completed transaction for Close Brothers Private Equity, following the sale of Laybond Products in 2005 and the £93 million MBO of Rosemont Pharmaceuticals in 2006.
Amethyst originated the acquisition of Peter Cox for fast growing, AiM-quoted client, Mavinwood PLC. Peter Cox is a leading national provider of damp proofing, water proofing, timber preservation and wall stabilisation for residential, commercial and public properties in the UK. Mavinwood, with a market cap of c. £100 million, is active in the document handling and emergency repair fields. Amethyst identified Peter Cox as a non core subsidiary of Ecolab Inc., the US$12 billion market cap NYSE group and a good strategic fit for Mavinwood. This was Amethyst's third transaction involving Ecolab as a client or counterparty, following on from the 2002 acquisition of Adams Healthcare for them and the 2006 sale of Shield Medicare to them.
Amethyst acted for the quoted SIG Group plc, a £1.4 billion market cap. distributor of building products, notably insulation, roofing, commercial interiors and specialist construction & safety products, throughout the UK and across Europe. Buildspan, which until the acquisition was a portfolio company of Dunedin Capital Partners, is a national supplier of quality concrete, brickwork and pre-cast accessories.
British Seafood is a major privately-owned and family-controlled international food group, specialising in the global procurement, processing and distribution of fresh, frozen and ambient fish-based food. Amethyst initiated and advised on its acquisition of Five Star Fish, a fish processor supplying the catering and food service markets. The business was acquired from Aim-quoted Real Good Food Group PLC for £35 million, payable in cash.
MITIE Group (acquisition of Robert Prettie)
Robert Prettie is a specialist plumbing, heating and mechanical services business concentrating on the housing market in the Midlands and Yorkshire. The company works in partnership with local authorities, councils, developers and registered social landlords on kitchen and bathroom installation, heating replacement, gas servicing, maintenance and call out services. Amethyst initiated this transaction which is geographically complementary to MITIE's existing Property Services activities and is consistent with MITIE's strategy to expand its presence in the field. The consideration has a high earn-out proportion in line with the MITIE model of providing Management Incentive Through Investment Equity.
Robert Prettie is a specialist plumbing, heating and mechanical services business concentrating on the housing market in the Midlands and Yorkshire. The company works in partnership with local authorities, councils, developers and registered social landlords on kitchen and bathroom installation, heating replacement, gas servicing, maintenance and call out services. Amethyst initiated this transaction which is geographically complementary to MITIE's existing Property Services activities and is consistent with MITIE's strategy to expand its presence in the field. The consideration has a high earn-out proportion in line with the MITIE model of providing Management Incentive Through Investment Equity.
Detica (acquisition of DFI International)
DFI is a privately-owned, Washington DC-based, consulting group with c. 200 employees, providing services to the US national security community. Clients include the US Department of Homeland Security, several US intelligence agencies, the Department of State, and the US Department of Defense, including the Joint Staff, Office of the Secretary of Defense, and the US Air Force and US Army. DFI's services include open source intelligence analysis, counter-terrorism research, IT solution development, security architecture design and planning, advising on budgets and force structures, and studies of force readiness and long-range strategic planning. The acquisition was consistent with Detica's strategy to build a substantial presence in the US national security market. Amethyst acted as exclusive financial adviser to Detica in connection with this complex cross-border transaction.
DFI is a privately-owned, Washington DC-based, consulting group with c. 200 employees, providing services to the US national security community. Clients include the US Department of Homeland Security, several US intelligence agencies, the Department of State, and the US Department of Defense, including the Joint Staff, Office of the Secretary of Defense, and the US Air Force and US Army. DFI's services include open source intelligence analysis, counter-terrorism research, IT solution development, security architecture design and planning, advising on budgets and force structures, and studies of force readiness and long-range strategic planning. The acquisition was consistent with Detica's strategy to build a substantial presence in the US national security market. Amethyst acted as exclusive financial adviser to Detica in connection with this complex cross-border transaction.
Close Brothers Private Equity (MBO of Rosemont Pharmaceuticals)
Amethyst Corporate Finance PLC advised Close Brothers Private Equity on the acquisition of Rosemont Pharmaceuticals Limited. Leeds, UK-based Rosemont Pharmaceuticals is a highly specialised pharmaceuticals business developing and manufacturing oral liquid formulations of off-patent solid dose products. Rosemont was acquired from US-based, NASDAQ-quoted Savient Pharmaceuticals Inc. by a Newco funded by Close Brothers Private Equity ("CBPE"), the UK mid market private equity specialist. CBPE is backing the incumbent management team of Rosemont. Amethyst originated the transaction and acted as the exclusive financial adviser to CBPE and Newco on the transaction, assisting in valuation, funding and transaction negotiations. Amethyst had significant knowledge of the company and its management team from an earlier transaction and was therefore well placed to facilitate the relationship between CBPE and the management.
Amethyst Corporate Finance PLC advised Close Brothers Private Equity on the acquisition of Rosemont Pharmaceuticals Limited. Leeds, UK-based Rosemont Pharmaceuticals is a highly specialised pharmaceuticals business developing and manufacturing oral liquid formulations of off-patent solid dose products. Rosemont was acquired from US-based, NASDAQ-quoted Savient Pharmaceuticals Inc. by a Newco funded by Close Brothers Private Equity ("CBPE"), the UK mid market private equity specialist. CBPE is backing the incumbent management team of Rosemont. Amethyst originated the transaction and acted as the exclusive financial adviser to CBPE and Newco on the transaction, assisting in valuation, funding and transaction negotiations. Amethyst had significant knowledge of the company and its management team from an earlier transaction and was therefore well placed to facilitate the relationship between CBPE and the management.
Detica (acquisition of m.a.partners)
m.a. partners is a privately-owned management consulting group with 130 employees, specialising in the capital markets sector and providing high-value consultancy to global investment banks, private banks, prime brokers and retail brokerages. The acquisition of m.a.partners was consistent with Detica’s strategy to build a substantial presence in the Financial Services market, following the earlier acquisition of Evolution Consulting, which brought Detica an initial presence in the capital markets sector with impressive technical skills, a transaction upon which Amethyst also advised. Amethyst Corporate Finance PLC acted as exclusive financial adviser to Detica on the m.a.partners transaction, which involved significant transaction structuring due to the earn-out mechanism devised and the disparate nature of the m.a. partners’ shareholding base.
m.a. partners is a privately-owned management consulting group with 130 employees, specialising in the capital markets sector and providing high-value consultancy to global investment banks, private banks, prime brokers and retail brokerages. The acquisition of m.a.partners was consistent with Detica’s strategy to build a substantial presence in the Financial Services market, following the earlier acquisition of Evolution Consulting, which brought Detica an initial presence in the capital markets sector with impressive technical skills, a transaction upon which Amethyst also advised. Amethyst Corporate Finance PLC acted as exclusive financial adviser to Detica on the m.a.partners transaction, which involved significant transaction structuring due to the earn-out mechanism devised and the disparate nature of the m.a. partners’ shareholding base.
Shield Medicare
Amethyst Corporate Finance PLC advised the shareholders of closely-held Shield Medicare Limited. This involved responding to approaches already made to the company and marketing the business by way of an international auction. As a highly successful market leader in contamination control products serving pharmaceutical clean rooms, there was considerable interest in acquiring Shield from multinationals across Europe and the US. Eventually, Ecolab Inc. of the US succeeded in acquiring the business, which is complementary to Ecolab’s existing Adams Healthcare unit (Amethyst had originated the 2002 acquisition of Adams Healthcare for Ecolab).
Amethyst Corporate Finance PLC advised the shareholders of closely-held Shield Medicare Limited. This involved responding to approaches already made to the company and marketing the business by way of an international auction. As a highly successful market leader in contamination control products serving pharmaceutical clean rooms, there was considerable interest in acquiring Shield from multinationals across Europe and the US. Eventually, Ecolab Inc. of the US succeeded in acquiring the business, which is complementary to Ecolab’s existing Adams Healthcare unit (Amethyst had originated the 2002 acquisition of Adams Healthcare for Ecolab).
Tristel
Amethyst Corporate Finance PLC initiated AiM-quoted Tristel PLC's acquisition of Vernagene Limited, a non-core subsidiary of private equity-backed Verna Group. A further transaction in the specialty hygiene segment on which Amethyst advised.
Amethyst Corporate Finance PLC initiated AiM-quoted Tristel PLC's acquisition of Vernagene Limited, a non-core subsidiary of private equity-backed Verna Group. A further transaction in the specialty hygiene segment on which Amethyst advised.
Tullett
Amethyst Corporate Finance PLC advised leading inter-dealer broker, Tullett plc, on the £250 million recommended offer for the company by Collins Stewart Holdings plc. In an assignment covering some 18 months, Amethyst worked with Tullett’s management and shareholders to review a range of strategic options, including an IPO and merger discussions. In recommending the offer, Amethyst acted a Rule 3 adviser under the Takeover Code.
Amethyst Corporate Finance PLC advised leading inter-dealer broker, Tullett plc, on the £250 million recommended offer for the company by Collins Stewart Holdings plc. In an assignment covering some 18 months, Amethyst worked with Tullett’s management and shareholders to review a range of strategic options, including an IPO and merger discussions. In recommending the offer, Amethyst acted a Rule 3 adviser under the Takeover Code.
Champion
Amethyst Corporate Finance PLC advised Champion Enterprises, Inc., a leader in factory-built construction, in North America. Champion produces manufactured and modular homes through its family of homebuilders, as well as modular commercial buildings for military and commercial applications. In its first move overseas, Champion acquired private equity-owned Caledonian, the UK market leader in commercial modular buildings. Amethyst identified Caledonian for Champion. Bill Griffiths, Champion’s CEO, commenting on the US$110 million acquisition, said: "Caledonian is a perfect complement to our North American business."
Amethyst Corporate Finance PLC advised Champion Enterprises, Inc., a leader in factory-built construction, in North America. Champion produces manufactured and modular homes through its family of homebuilders, as well as modular commercial buildings for military and commercial applications. In its first move overseas, Champion acquired private equity-owned Caledonian, the UK market leader in commercial modular buildings. Amethyst identified Caledonian for Champion. Bill Griffiths, Champion’s CEO, commenting on the US$110 million acquisition, said: "Caledonian is a perfect complement to our North American business."
Detica (acquisition of Evolution Consulting)
Detica Group is a business and technology consulting firm that specialises in Information Intelligence and is listed on the London Stock Exchange with a market capitalisation of c. £300 million. Over time, Detica has built a business and technical consulting capability in the retail banking and insurance industries; the acquisition of Evolution Consulting brought Detica an initial presence in the capital markets sector with impressive technical skills. Amethyst Corporate Finance PLC acted as exclusive financial adviser to Detica on this transaction, which was effected by way of a public offer in view of the Evolution’s status as an unquoted PLC.
Detica Group is a business and technology consulting firm that specialises in Information Intelligence and is listed on the London Stock Exchange with a market capitalisation of c. £300 million. Over time, Detica has built a business and technical consulting capability in the retail banking and insurance industries; the acquisition of Evolution Consulting brought Detica an initial presence in the capital markets sector with impressive technical skills. Amethyst Corporate Finance PLC acted as exclusive financial adviser to Detica on this transaction, which was effected by way of a public offer in view of the Evolution’s status as an unquoted PLC.
Close Brothers Private Equity (sale of Laybond Products)
Amethyst Corporate Finance PLC advised Close Brothers Private Equity on the sale of its portfolio company, Laybond Products. This involved running an international auction of Laybond, with trade buyers contacted in Europe, North America, India and the Far East. Laybond is one of the leading manufacturers of flooring adhesives, roofing systems and general building products. Laybond was sold to Bostik SA of France, a leader in industrial adhesives and sealants, and a subsidiary of TOTAL SA, the French oil major. The sale marked a return to CBPE of double its original equity investment.
Amethyst Corporate Finance PLC advised Close Brothers Private Equity on the sale of its portfolio company, Laybond Products. This involved running an international auction of Laybond, with trade buyers contacted in Europe, North America, India and the Far East. Laybond is one of the leading manufacturers of flooring adhesives, roofing systems and general building products. Laybond was sold to Bostik SA of France, a leader in industrial adhesives and sealants, and a subsidiary of TOTAL SA, the French oil major. The sale marked a return to CBPE of double its original equity investment.
PPM Capital
Amethyst Corporate Finance PLC advised PPM Capital on the sale of its portfolio company, Global Brands. Global Brands is the leading independent adhesives manufacturer in the Philippines. The sale process involved running an international auction of Global Brands, with trade and financial buyers contacted in the Philippines, Asia, Australia, India Europe and North America. Global Brands was sold to Bostik SA of France, a leader in industrial adhesives and sealants, and a subsidiary of TOTAL SA, the French oil major.
Amethyst Corporate Finance PLC advised PPM Capital on the sale of its portfolio company, Global Brands. Global Brands is the leading independent adhesives manufacturer in the Philippines. The sale process involved running an international auction of Global Brands, with trade and financial buyers contacted in the Philippines, Asia, Australia, India Europe and North America. Global Brands was sold to Bostik SA of France, a leader in industrial adhesives and sealants, and a subsidiary of TOTAL SA, the French oil major.
GSH Group
Amethyst Corporate Finance PLC assisted this third generation, family owned facilities management group in achieving its flotation on London’s AiM market. This involved identifying suitable stockbrokers to act as NOMAD and broker in connection with the flotation and running a beauty parade of the selected firms. The quotation was ultimately carried out by way of introduction. GSH Group had a market value at the time of the flotation of £40 million.
Amethyst Corporate Finance PLC assisted this third generation, family owned facilities management group in achieving its flotation on London’s AiM market. This involved identifying suitable stockbrokers to act as NOMAD and broker in connection with the flotation and running a beauty parade of the selected firms. The quotation was ultimately carried out by way of introduction. GSH Group had a market value at the time of the flotation of £40 million.
Tesla
Amethyst Corporate Finance PLC advised the new company formed to effect the recapitalisation of Tesla whereby management achieved majority ownership of the business using finance provided by the Integrated Finance team at the Bank of Scotland, in a transaction initiated by Amethyst. Tesla (formerly controlled by 3i and Graphite Capital) is a specialist magnets business whose products are used in MRI scanners and particle accelerators.
Amethyst Corporate Finance PLC advised the new company formed to effect the recapitalisation of Tesla whereby management achieved majority ownership of the business using finance provided by the Integrated Finance team at the Bank of Scotland, in a transaction initiated by Amethyst. Tesla (formerly controlled by 3i and Graphite Capital) is a specialist magnets business whose products are used in MRI scanners and particle accelerators.
OCS Group
Amethyst Corporate Finance PLC initiated on behalf of OCS Group Limited the acquisition of the mechanical and electrical maintenance company, Denver Maintenance. With a turnover exceeding £500 million, OCS Group Limited is the UK’s largest family owned property support services provider.
Amethyst Corporate Finance PLC initiated on behalf of OCS Group Limited the acquisition of the mechanical and electrical maintenance company, Denver Maintenance. With a turnover exceeding £500 million, OCS Group Limited is the UK’s largest family owned property support services provider.
McLeod Russel
Amethyst Corporate Finance PLC acted as Financial Adviser to McLeod Russel (Holdings) plc on the recommended offer for the company by a subsidiary of SPX Corporation, a United States Fortune 500 corporation listed on the New York and Pacific Stock Exchanges with a market capitalisation of approximately US$4.3 billion. Amethyst effectively ran an auction of McLeod Russel within the confines of the UK Takeover Code’s requirements, and assisted in discussion with the Group’s bankers regarding breaches of banking covenants.
Amethyst Corporate Finance PLC acted as Financial Adviser to McLeod Russel (Holdings) plc on the recommended offer for the company by a subsidiary of SPX Corporation, a United States Fortune 500 corporation listed on the New York and Pacific Stock Exchanges with a market capitalisation of approximately US$4.3 billion. Amethyst effectively ran an auction of McLeod Russel within the confines of the UK Takeover Code’s requirements, and assisted in discussion with the Group’s bankers regarding breaches of banking covenants.
Gains International
Amethyst Corporate Finance PLC advised the principal shareholder on the divestiture of specialist voice and data network services provider, Gains International, to Goldman Sachs Capital Partners. This transaction was concluded within a matter of weeks from Amethyst’s introduction to the situation against a backdrop of timing pressure due to other opportunities available to the shareholders of Gains.
Amethyst Corporate Finance PLC advised the principal shareholder on the divestiture of specialist voice and data network services provider, Gains International, to Goldman Sachs Capital Partners. This transaction was concluded within a matter of weeks from Amethyst’s introduction to the situation against a backdrop of timing pressure due to other opportunities available to the shareholders of Gains.
Ecolab
Amethyst Corporate Finance PLC advised Ecolab Inc. on the acquisition of the business and assets of Adams Healthcare. This was a transaction initiated by Amethyst and provided a base business focusing on the healthcare segment for Ecolab in the UK. The vendor was a UK public company for whom the disposal was a Class 1 transaction under UKLA rules.
Amethyst Corporate Finance PLC advised Ecolab Inc. on the acquisition of the business and assets of Adams Healthcare. This was a transaction initiated by Amethyst and provided a base business focusing on the healthcare segment for Ecolab in the UK. The vendor was a UK public company for whom the disposal was a Class 1 transaction under UKLA rules.
Alfred McAlpine
Amethyst Corporate Finance PLC initiated Alfred McAlpine PLC's acquisition of Eastern Contracting Limited, a bolt-on support services business for Alfred McAlpine.
Amethyst Corporate Finance PLC initiated Alfred McAlpine PLC's acquisition of Eastern Contracting Limited, a bolt-on support services business for Alfred McAlpine.
A selection of the transactions on which we have advised are set out below:
