PwC Midlands transaction services team sees £2bn worth of completed deals

Matt Tombs

In 2018, despite a backdrop of economic uncertainty, PwC’s Transaction Services (TS) team completed transactions with a combined value in excess of £2bn across the Midlands region.

The deals market continued to perform well with PwC’s Midlands TS team working alongside a diverse range of corporate and Private Equity (PE) clients and across a broad spectrum of businesses and sectors, including TMT, Healthcare, Financial Services, Retail Consumer and Leisure, and Industrial Products, working on over 20 completed transactions.

Throughout 2018, the TS team 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.

Significant completions in the year included the August 18 sale of a majority stake in one of the UK’s leading motorway service operators, Welcome Break, to Applegreen PLC in a deal valuing the business at c£600m, in which PwC provided vendor due diligence. In September 18, the Midlands TS team provided vendor due diligence, SPA, data analytics and tax support in the sale of Aston Manor Cider to French farming and food cooperative Agrial.

Other notable transactions supported by the local team included the sale of TNT UK Business Solutions to Restore Plc (March 18); purchase of Kiddylicious by Lotus Bakeries (July 18); sale of children’s nurseries group KidsFoundation B.V from HIG Capital to Onex Corporation (July 18); sale of Swindon Insurance to Ardonagh Group (September 18); refinancing of Wavenet in conjunction with its purchase of Solar Communications (September 18); purchase of Manthorpe Building Products by Polypipe Plc (October 18); investment by Bregal Freshstream in M&J Evans Construction (November 18); and purchase of Prism Healthcare by Limerston Capital Partners from LDC (December 18).

Matthew Tombs, Transaction Services Partner for PwC in the Midlands said: “We saw a strong performance in 2018 which is testament to the strong market leading deals community in the Midlands. There continues to be a substantial amount of capital available to deploy and high quality businesses in growth mode.

“Whilst uncertainty around Brexit has certainly impacted the domestic M&A market, we have seen the Midlands deals market maintain strong performance. Offsetting the global uncertainty is the continuing high levels of funding available from private equity, development capital and from lenders, which is enabling shareholders with quality businesses to look for a full exit, derisk or raise funding to support future growth plans.

“We continue to invest in our specialist teams in the transactions environment working across a diverse range of industry sectors, to leverage the range of experience and skills, and I am particularly proud of the work undertaken by our data and analytics, and valuations teams, as they continue to grow.”