Sep 26, 2017 | edocr |
THE MARK A BENCHMARK INTERNATIONAL PUBLICATION BENCHMARKCORPORATE.COM VOL. XIV ISSUE I EXCLUSIVE INTERNATIONAL M&A OPPORTUNITIES GROWTH & INNOVATION THROUGH ACQUISITION ENTREPRENEURS WHO FAILED BEFORE THEY SUCCEEDED RECORD 2016 FOR M&A LOWER MID-MARKET: THE JEWEL IN THE CROWN OF M&A FEATURED OPPORTUNITIES LOWER MID-MARKET: THE JEWEL IN THE CROWN OF M&A REASONS TO BE BE CHEERFUL WHERE NEXT FOR BENCHMARK INTERNATIONAL? DON’T GIVE UP SECTOR SNAPSHOTS: ENERGY 6 OIL & GAS 14 BIOTECHNOLOGY 34 IT & TECHNOLOGY 44 MANUFACTURING 64 COMPLETED DEALS 72 OFFICE LOCATIONS 74 AWARDS 78 DID YOU SELL YOUR ATTORNEY? FEATURED OPPORTUNITIES HIRING THE RIGHT M&A LAWYER GROWTH & INNOVATION THROUGH ACQUISITION AWARDS ROUND-UP FOR 2016 THE MARK P U B L I C A T I O N 4 40 16 32 54 8 18 52 66 FEATURED BESPOKE OPPORTUNITY 36 2 Welcome to another edition of THE MARK, Benchmark International’s publication that provides insight into key events in the M&A industry. 2016 was a year of significant transition in many areas, particularly in the political world - with Brexit on the cards and Donald Trump recently moving in to the White House, this was definitely the ‘Year of Change.’ Despite these upheavals, it was very much business as usual at Benchmark International as we posted yet another record breaking year, closing over 75 deals, internationally. As we settle into 2017, our unrelenting aim remains - as always - to help you achieve your exit, growth or acquisition strategy by connecting you with the right opportunity. Whether you are seeking a full or partial exit, a strategic growth partner or an acquisition opportunity, we hope you find this publication useful and we look forward to helping you realise your business objectives in the coming year and beyond. Thanks for reading. Michael Lawrie NOTE FROM THE CMO TEAM SPOTLIGHT MICHELLE RAHGOZAR // ASSOCIATE EMILY COGLEY // SENIOR ASSOCIATE CONTACT U.S. Headquarters: 4488 West Boy Scout Blvd. Tampa, FL 33607 +1 813 898 2350 US@BENCHMARKCORPORATE.COM U.K. Headquarters: 101 Park Drive, Milton Park Oxfordshire, OX14 4RY +44 (0) 1865 410 050 UK@BENCHMARKCORPORATE.COM THE MARK A BENCHMARK INTERNATIONAL PUBLICATION 58 38 VOL. XIV ISSUE I 3 BY: CARL SETTLE // ASSOCIATE DIRECTOR The last 12 months have seen a range of business trends, from the promising through to the exciting, as many different sectors and industries have experienced growth and increasing levels of M&A activity. This has been despite the relative uncertainty surrounding political decisions, from the Brexit vote through to elections in some of the world’s largest trading countries. What is certainly clear is the continued success and strength of M&A in the lower mid-market space. HISTORY AS A GUIDE Benchmark International draws on the knowledge of hugely experienced M&A experts who can bring a long-term view to the current market conditions. It can be easy to get distracted by passing conditions or major political events, but it is very important to look to long-term trends to guide thinking on the future prospects for any business. This brings us to lower-mid market M&A. THE JEWEL IN THE CROWN OF M&A T:+44 (0) 161 359 4421 E: SETTLE@BENCHMARKCORPORATE.COM LOWER MID-MARKET: 4 Within the M&A industry, there is a clear trend in the strength of lower mid-market deals and activity during periods of lower growth and uncertainty, not just at times when there is an obvious market strength and growth. This is a trend that has held true for many decades. STRENGTH IN NUMBERS There are many different reasons for the strength of lower mid-market deals. Firstly, the necessity of M&A activity is there for all to see. It stimulates growth, allowing businesses to access new funding to add new skills to break into new markets. With the huge number of these types of businesses, there will always be the appetite to develop and grow through M&A. Secondly, lower mid-market deals are also achievable in a way that headline grabbing mega deals are not. While the biggest names in a given industry may have to satisfy a whole host of regulatory and financial regulations, as well as maintaining the good will of investors and other stakeholders, these risks or hurdles are less pronounced for smaller, more agile businesses. Furthermore as the largest organisations are potentially put off from engaging in M&A activity with their peers, they may well retain an appetite to acquire or invest in businesses that are smaller than themselves. WHAT NEXT FOR LOWER MID-MARKET COMPANIES? Those business owners within this space, whatever the sector, should think clearly and positively about M&A prospects, whatever the wider economic circumstances. Putting off the important discussions and thinking about the near- and long-term plans for the business can mean missed opportunities. The cliché that “There’s never been a better time to sell your business” may not ring true for all sectors or industries, but for lower mid-market companies, we can definitively say: “There’s never a better time to start thinking about the future of your business and how M&A can fit into these plans.” Get in touch with our experienced team with any questions you have about lower mid-market M&A and how Benchmark International can help you. 5 The slump in oil prices has placed substantial pressure on the energy sector in recent years. This has not only caused energy companies’ current activities to suffer, but has also radically altered the way that these businesses will operate in the future. One seismic shock hitting the sector over the next four years is the $1T expected to be cut from Oil & Gas exploration. Such a significant drop will reduce reserve-replacement ratios, leaving companies to seek other ways to fulfil demand, such as acquisition. As a result, 2016 witnessed a pick-up in M&A within the energy sector, with deal announcements rising 78 per ENERGY M&A SECTOR SNAPSHOT BY: JACLYN RUSSELL // SENIOR ASSOCIATE T:+44 (0) 1865 410 054 E: RUSSELL@BENCHMARKCORPORATE.COM 6 cent Year on Year since Q1 of last year. Deal value in Q1 of 2016 totalled $76.8B – the sector’s best performing quarter since 2011. As a result, the energy sector was one of the year’s most active sectors for deal value, falling in just behind the technology and property sectors. ENERGY SECURITY AND THE FUTURE Economic headwinds approaching the energy sector have created complex situations across oil-producing nations. From the well-documented issues surrounding the Dakota Access Pipeline in the U.S., to political uncertainty regarding the U.K. Shale industry and OPEC’s attempts to achieve an oil price agreement, the current state of the sector suggests the clear need for innovative energy solutions. With this in mind, agile players can make the most of opportunities in the sector, particularly as assets remain relatively low in price. Such opportunities have tempted new private equity money into the North Sea Oil & Gas market. In early Q4 of last year, Siccar Point Energy, a private equity-backed Aberdeen exploration and pipelining company, pulled off a significant deal to acquire interests totalling $1B. This deal was rumoured to be the largest for the offshore energy sector since the drop in the price of crude oil, and further underlines the resurgence of the sector. KEY PLAYER IN THE SECTOR M&A activity in the sector is currently dominated by the mega-deals involving Shell-BG and GE-Baker Hughes. While Baker Hughes had to scrap its proposed deal with Halliburton in 2014 due to regulatory issues, Shell and BG are having to sell off various parts of their existing businesses to ensure the deal is rubber-stamped by authorities. Consequently, this has created opportunities for acquirers to make a move on the areas being offloaded by Shell and BG. The GE-Baker Hughes deal, expected to complete at some point this year, is facing similar implications and moves have already been made to offload certain areas in order to satisfy regulators. Baker Hughes has reduced its stake in North American fracking outfit BJ Services, with CSL Capital Management and Goldman Sachs’ West Street Energy Partners investing in the brand in a deal estimated to be worth $325M. Elsewhere, Australia’s largest oil and gas operator, Woodside Petroleum, saw significant M&A activity throughout 2016, both globally and across the Australian market. In July, Woodside agreed to a £350M deal for ConocoPhillips’ Senegalese interests, highlighting the continued appeal of exploration assets. More recently, the company acquired £250M worth of assets from BHP Billiton in Australia to further consolidate its dominance in this market. LOOKING AHEAD TO THIS YEAR Despite issues facing the energy sector as a whole, M&A activity is expected to continue at this accelerated pace throughout the year. Looking at wider issues, the industry will seek to solve the challenge of the long-term drop in the price of oil, and local markets’ such as the North Sea are expected to see an increase in deal volume as a result of the mega-deals in progress. 7 YOU JUST SOLD YOUR BUSINESS, DID YOU SELL YOUR ATTORNEY TOO? 8 Jay Campbell is the Partner in Charge of the Memphis office at Adams and Reese and focuses his practice on mergers, acquisitions and related financing transactions. Adams and Reese is a law firm with nearly 280 attorneys and advisors located in 15 markets throughout the southern United States and Washington, D.C. The firm regularly represents strategic and financial market participants in acquisitions, dispositions, equity and debt offerings, and financing transactions ranging from under $10 million to over $1 billion, with most deals between $20 million and $200 million. After years of work building your business, and months of negotiation, you’ve sold your life’s work to a new owner. Even better, you, your financial advisors and your attorneys structured the transaction as a stock sale so you have limited risks after closing. But, if a dispute arises with the buyer, are the communications between you and your attorney still confidential and subject to attorney-client privilege? On its face, the answer to the question seems obvious, the principle that communications between clients and attorneys are to be held confidential and not permitted to be submitted as evidence in dispute is fundamental tenet of law in the United States. We believe that open communication between attorneys and their clients is so important that except for circumstances where a life could be in danger or a waiver is received, attorneys may not divulge privileged communications to third parties and courts may not permit any such communications to be used as evidence at trial. Nevertheless, in recent cases, where parties were lax in structuring their transactions, courts have found that, in the process of selling their businesses, sellers have also sold their rights to confidential attorney-client communications to the buyer as well. In particular, Delaware courts, whose business decisions influence courts throughout the United States, have held that if a seller sells all of its rights and privileges in a business, it has also sold its rights to its pre-closing communications with the business’s attorney. This means that if the buyer and seller have a dispute after closing, the buyer might be able to force the business’s attorney, who is often the seller’s personal attorney, to turn over all of the communications between the seller and the attorney related to the transaction and then use those communications against the seller in court. Obviously, this could have a devastating impact on the seller’s position in the dispute. Not every state has taken this approach, but regardless of what state’s law will govern you transaction, it is prudent to take some simple steps to avoid this issue. These steps include the following: • Address communications with attorneys in the purchase agreement. Courts seek to enforce the intentions of the parties to contracts, so if you clearly state how you intend for privileged communications to be treated after closing, a court is most likely to enforce your intention. • Segregate your communications regarding the transaction. Do not intermingle your communications regarding the transaction with normal business communications. For example, you could open a separate email account using a non-company service to use solely for the transaction to ensure that you do not inadvertently transfer confidential communications to a buyer when you transfer control of company email servers. • Hire separate legal counsel to assist with the transaction. If a seller hires new, legal counsel who does not regularly provide legal advice to the business, then it will be clear that the communications with the attorney are not part of the business the seller is transferring. With some pre-transaction planning, sellers can ensure that they do not inadvertently sell their relationship with their attorney when they sell their business. BY: ATTORNEY JAY CAMPBELL E: JAY.CAMPBELL@ARLAW.COM W: ADAMANDREESE.COM 9 BREXIT MEAN FOR M&A? Earlier in the year, the much-anticipated EU referendum in the U.K. saw the nation vote to leave. Prolonged uncertainty in the run-up to the vote had its effects on businesses large and small, with some companies waiting to see the outcome of the vote before proceeding with significant plans. Now there is a level of clarity on the issue, even if the various terms of Brexit are yet to be ironed out, businesses have hit the ground running and we have seen a range of positive indicators when it comes to M&A. We conducted an industry survey of over 15,000 stakeholders, including trade acquirers from the U.K. and internationally, private equity firms, investors, high-net worth individuals and sell-side advisers, to gauge the appetite from them and their clients to acquire following the Brexit vote. The results confirmed that business confidence remains high, as a range of sectors and acquirers signalled their intention to continue M&A activity in the short- and medium-term. WHAT DOES BY: CHRIS FIELDING // SENIOR ASSOCIATE T: +44 (0) 161 359 4422 E: FIELDING@BENCHMARKCORPORATE.COM 10 DEALS AND DECISIONS Firstly, market confidence has remained, with a variety of sectors and industries showing confidence despite the result of the vote. Headline sectors for deal appetite include manufacturing & industrial, engineering, IT & telecoms, distribution & storage, and professional services & consultancy. An overwhelming majority (88%) of respondents are looking to acquire in the U.K., underlining the continued attractiveness of U.K. businesses, as the country moves into a new relationship with its European partners in the E.U. Our survey responses tally with the deals and activity already announced this year since the Brexit vote. From the headline-grabbing mega-deals such as ARM’s acquisition by Softbank, through to high levels of M&A in the British Fintech sector post-Brexit vote, there is a real sense that British businesses are still set for a strong future. This market confidence is not just seen in M&A activity, but in the planning for the future from businesses. Nissan’s announcement that they will continue to operate in the U.K., with the building of new models at their Teeside hub announced following the Leave vote, signals that large multinationals are convinced of the merits of U.K. economy. NEW OPPORTUNITIES While the terms of the Brexit deal are to be decided, it’s clear that businesses can look to new opportunities for trade with new markets. The U.K. Government has made concerted efforts to court Chinese and Indian investors, signalling the potential opportunities available as the U.K. economy changes as Brexit is completed. China and India are two of the world’s largest economies, with historic ties to India ensuring that businesses could be well positioned to take advantage of opportunities. This may signal a rise in inbound M&A, as investors from these two countries seek to build stronger ties ahead of trade deals once Brexit is completed. Also linked is the value of U.K. currency internationally – a lower pound may help stimulate exports in a way that could power significant expansion in U.K. manufacturing. DAILY TURBULENCE VS. LONG-TERM PLANNING As companies look to acquire, their long-term strategy planning will prompt them to identify milestones and objectives that are in line with their business activities. The impact of the clarity we now have on the Brexit result may mean businesses are more ready to engage in an acquisition process. In fact, our survey confirmed that over 85% of respondents are looking to acquire in the next six to 12 months; this is a clear indicator that long-term planning, which is the basis of any successful acquisition, has continued across business despite the uncertainty in the run-up to the Brexit referendum. Once again, it can be easy to pay too much attention to the daily storm surrounding the issue, often whipped up by media outlets and politicians engaged in all kinds of manoeuvres to keep the issue alive in the minds of consumers and voters but business decisions don’t rest on these short-term issues, focusing instead on long-term planning. It is, therefore, critical for business owners to develop growth or exit strategies well before they intend to action them. Talking to Benchmark International’s team of dedicated experts can help you secure the future prospects of your businesses, whichever course your business owning journey takes. 11 JAMES ROBINSON What made you choose this profession? Although studying History at University does not make for a usual path into business, there has always been a curiosity and interest of how the business world ticks. When an opportunity arose at Benchmark International, I jumped at the chance. How do you spend your free time? I’m a keen fitness enthusiast and having done two half marathons and the Three Peaks Challenge in 2016, I’m now looking for my next challenge. Who inspires you the most? My Dad has had a huge influence on my life. He has had to work hard for everything he has achieved and has a contagious positive outlook on life. If you won the lottery, what would you do? Easy. Start my own business (I’m keeping the business plan a secret for now)! What has been one of the biggest moments in your life? Considering I’m not great with heights, the 15,000-ft. sky dive in Queenstown, New Zealand was a big moment. However, to avoid getting into trouble, my answer must be when I first met the Mrs. Favourite childhood memory? Easter holidays spent at Flamingo Land in North Yorkshire. A theme-park and a zoo in one place – it was the ultimate kid’s playground! What are your top three qualities? 1. Diligence. I know nothing is achieved without hard work whilst also understanding the importance of the needs of others, whether clients or colleagues. 2. Ambition. I am constantly looking for ways to improve myself, both in my career and personally. 3. Patience. Setting realistic goals and tasks to follow each day. You know the story about Rome, right? What were you doing before joining Benchmark International? Having been at Benchmark International for 6 years I do need to cast my mind back somewhat. Immediately before working here, I had a short spell travelling the world following the completion of my History degree at Huddersfield University. I have achieved a great deal at Benchmark International so far and I’m looking forward to an exciting future. List five words to describe your character? Curious. Competitive. Ambitious. Attentive. Diligent. “Every accomplishment starts with a decision to try” T: +44 (0) 161 359 4415 E: ROBINSON@BENCHMARKCORPORATE.COM DIRECTOR SPOTLIGHT 12 CLI EN T T EST IM ON IAL WA TCH TH E LATE ST TESTIMON IALS O N O UR WEBSI TEWW W.B ENC HM ARK COR POR ATE .CO.UK/RE SUL TS/ CLI ENTCOM ME NTS GAR Y BLACK (PAR TNER) // FREEM AN FIS HER LLP “You work just as h ard fo r the la st few th ou sa nd p ou nd s a s you d o to put th e d ea l to gether in th e fi rst p lac e. I a m alw ays im pressed b y y our h ard work , k no wl ed ge an d p rof es sio nalism .” 13 There is something to be said about having a full tank of gas without emptying your wallet. Almost everyone has benefitted one way or another from low oil and gas prices. Having some extra cash in our pockets has allowed many to buy more groceries, splurge on a nice pair of running shoes and even incited the purchase of a ‘dream car.’ While the positive effects of low oil and gas prices had many around the world cheering, there were many that weren’t as excited. Industry professionals that focused on Oil & Gas M&A deals saw the deals fall apart in front of them or their value drastically reduced. At one point, it seemed like there was not end in sight for the slowdown in M&A activity in this sector. As the new year came around so came the promise of increased activity in the field. The last quarter of 2016 saw the price of oil steadily increase and it appears that there is light at the end of the tunnel. The 2014 oil bust took the industry by surprise and the M&A market in this sector was no exception with major deals being placed on hold for the foreseeable future. However, during the last quarter of 2016 activity in the Oil & Gas market heated- up. According to Dealogic, the first two weeks of November, saw oil and gas deal-making hit $56.7 billion compared to $26.8 billion in the same period of 2015. Most of the deals have been led by new exploration and production. As a matter of fact, many of the deals in this sector have been made because sellers needed cash to pay down debt. Recently, Oil & Gas prices have steadily recovered and the prospects for the industry look promising. BY: LUIS VINALS // SENIOR ASSOCIATE T: +1 (512) 347-2000 E: VINALS@BENCHMARKCORPORATE.COM 14 INDUSTRY SNAPSHOT: OIL & GAS In order to make up for lost time, many industry players are aggressively chasing deals, which is typical in industries that experience boom-bust cycles. Now that financial institutions feel more comfortable providing capital, buyers are starting to chase projects at higher than average multiples. This trend is highlighted for deals occurring in the Permian Basin where the recovery is significantly stronger than in other regions because of lower production costs. PLS, Inc. notes that in 2016 The Permian Basin has seen the most deal making, with more than $23 billion in merger and acquisitions deals. Benchmark International anticipates 2017 to be the year of opportunity for Oil & Gas M&A. Many sellers are open to the possibility of exiting the market to pursue retirement and others are open to working alongside a buyer in order to position themselves for the upside of the cycle. With the market poised to see an increase in activity, it is only natural to expect healthy multiples on sales of Oil and Gas businesses. For sellers, now would be the time to look at their business and evaluate the benefits of low-cost debt and higher margins, among others. On the other hand, buyers will benefit from having an experienced team diligently working on their behalf to meet growth objectives. Benchmark International’s regional Texas office has vast experience in Oil and Gas deal making; reporting major increases in activity throughout West Texas and a renewed interest in the Houston Oil & Gas market. Now will be the time to contact a Benchmark International expert to get more information on Oil & Gas deals that cover the entire industry scope of Downstream, Midstream & Upstream. In conclusion, Benchmark International anticipates that 2017 will be year that Oil & Gas deals return to the closing table. 15 NEED SECTOR SPECIFIC INSIGHTS? UNLOCK THE BENCHMARK VAULT TODAY. We’ve compiled all the latest information on Healthcare, Industrial, Technology, Media & Telecoms, Distribution, and, Business Services into one location. Visit www.TheBenchmarkVault.com/sectors/ for more in-depth analysis on deals, opportunities industry insights for each sector and unlock your potential today. 16 WHERE NEXT FOR BENCHMARK INTERNATIONAL? 2016 was a record-breaking year for the business, with strong growth in the U.S. and U.K. in terms of deal value and deal volume. Earlier last year we broke the 50 deal mark and witnessed a significant increase on 2015’s results, while our CEO Greg Jackson received a “CEO of the Year” award from AI Global Media. We are delighted with the progress we made in 2016 but as a company, we won’t stand still and will continue to implement our ambitious growth strategy to sell great businesses. As deal volumes and deal values increase, we are developing our teams to support our clients in better ways than ever before. We take a look at some of the new developments at Benchmark International which will allow us to deliver our goals for the next 12 months. MAJOR TRANSACTIONS This is an area where we are delivering significant improvement in the U.S. We are posting ever higher numbers of transactions which fall into this category, with our activities led by CEO Greg Jackson. While major transactions in the U.S. is a competitive environment, there is a real opportunity to grow our activities in this space. In particular, we have secured a number of industry awards off the back of our performance in this space, with our peers and industry and trade publications recognising our achievements. TECHNOLOGY A relatively new cliché, “All businesses are technology businesses” highlights the impact of technology on businesses in the 21st century. While it is worth taking this concept with a pinch of salt, it is important that businesses understand the implications that technology can have. Benchmark International is continually investing in proprietary technology to support our strategy. It allows us to make our processes work much harder, throughout the lifecycle of a transaction, from the beginnings of engagement with a client through to post-deal activities. We will have some very exciting developments in this space throughout the year and look forward to delivering great results for clients. BRANCHING OUT Our aim at Benchmark International is to work with strong businesses, rather than limit ourselves to particular sectors or industries. Our business intelligence, built on our analysts and hugely experienced teams, allow us to very quickly evaluate the companies we come into contact with. However, there are clearly some very interesting areas where we are looking to grow our activities. Recruitment really was a vibrant sector in 2016 and this will continue into 2017. The U.K. has arguably the most advanced and innovative recruitment sector, ensuring that businesses in this market will remain in high demand for years to come. Conversely, outbound M&A will give these businesses a chance to take their market-leading services into new countries to really accelerate growth and grab market-share from incumbents. BY: PAUL WILSON // DIRECTOR T: +44 (0) 1865 410 055 E: WILSON@BENCHMARKCORPORATE.COM 17 A leading primary processor and supplier of fresh and re-freshed fish to both UK and international markets. The company holds key relationships with several UK high-street supermarkets in addition to a number of western European equivalents via a continental distributor. Now offering a growing range of own-branded fish products, these include whole, filleted and value added items, including the UK’s first processor provided microwaveable products. The company’s 35,000ft2 premises and extensive in-house processing infrastructure, enabling just-in-time supply, is primed to increase turnover by up to 50%. LOCATION: NORTH EAST ENGLAND SECTOR: FOOD PROCESSING Processor & Supplier of Fish – MAN1309 Well established and highly skilled telecoms engineers specialising in the installation of underground and overhead cabling, jointing and splicing for both copper and fibre optic systems. The company carries a strong reputation nationwide for its highly skilled engineers who deliver an excellent service. The excellent service levels are facilitated by the company’s in-house training school which allows the company to maintain quality control and scalability. The shareholders have identified the benefits of diversifying their service offering to provide a full turnkey operation which would allow the company to expand by providing solutions directly to the leading communications company. An established second tier management team is already in place and is willing to remain post completion. The majority shareholder is prepared to consider a range of structures post-sale that would provide them with new funds, resources and expertise to exploit the opportunities that are presently available. LOCATION: SOUTH ENGLAND, UK SECTOR: IT & TELECOMS Highly Profitable Telecoms Engineering Company with a Focus on Fibre Optic Cabling – ENG439 REVENUE: $13.1M ADJ. EBITDA: $2.5M REVENUE: £11M ADJ. EBITDA: £2.2M 18 REVENUE: £46.7M ADJ. EBITDA: £1.9M A full-service provider of hydraulic components and repairs with five retail locations. For over 30 years, the company has been catering to high-profit retail customers and a competitive OEM market comprised of resellers and fleet customers. It has a proven retail, distribution, and service model that has been replicated five times to service their 8,000 active accounts. The average combined gross profit margin is 31% over the last five years. They have a differentiated offering as services (repair, reseal, and replacement) that are done onsite at in-house fabrication shops. Management estimates the revenue breakdown is parts 80% / services 20%. The company operates from five locations ranging from 5,000 sq. ft. to 14,000 sq. ft. facilities that are leased from an affiliated entity. The owners will entertain selling the real estate or entering into long-term leases. There are three owners total, two of which are looking to exit for retirement, and one is open to remain. LOCATION: SOUTHEAST, US SECTOR: RETAIL Hydraulic Supply and Service Retailer with Five Locations – RET1041 Featured OpportunitiesU.K. Listings: Call +44 (0)161 359 4404 or email HALAI@BENCHMARKCORPORATE.COM 19 Designs, develops, and manufactures early warning fire alarm systems, gas detection, and emergency systems for commercial and industrial applications. All products are designed and assembled in the UK, with manufacturing conducted in China, and distributed to clients in the UK, Europe, Africa, the Middle East, and Southern Asia. The majority of the products are exclusive to the company with all certifications/accreditations and the rights to all IP held by the company. Products adhere to EU legislation and the company has applied for an Underwriters Laboratories accreditation which could give it access to both the Northern and Southern American markets. The company has an entirely autonomous staff structure, with highly skilled employees and experienced 2nd tier management. This opportunity represents an excellent market entry opportunity for a manufacturer of fire alarm systems - a manufacturer could possibly bring all manufacturing in-house, limiting reliance on suppliers in China, and enhancing margins. LOCATION: WALES SECTOR: FIRE/SAFETY/ALARM SYSTEMS Manufacturer of Fire Alarm Systems, Gas Detection & Emergency Systems – SEC354 REVENUE: £13.6M ADJ. EBITDA: £2.7M The Texas-based IT staffing firm provides contract, contract-to-hire, and direct hire placement services to technical professionals in a number of industries including transportation, IT, food, financial, healthcare, and government. The company is proud to have longstanding relationships with Fortune 500 companies and has a proprietary database of over 100,000 IT candidates. The company leases 4,200 square feet of office space from an unrelated third party in the Dallas area. It also leases a smaller satellite office outside of Dallas from an unrelated third party. LOCATION: TEXAS, US SECTOR: BUSINESS SERVICES IT Recruiter with Two Locations in Texas – PRO1367 REVENUE: $11.5M ADJ. EBITDA: $1.3M U.K. HEADQUARTERS: 101 Park Drive Milton Park Oxfordshire, OX14 4RY +44 (0) 1865 410 050 UK@BENCHMARKCORPORATE.COM U.S. HEADQUARTERS: 4488 West Boy Scout Blvd. Suite 400 Tampa, FL 33607 +1 813 898 2350 US@BENCHMARKCORPORATE.COM Take our hand... U.S. Listings: Call +1 813 898 2350 or email STAFFORD@BENCHMARKCORPORATE.COM The company specialises in the design and installation of professional and technical working environments, specialising in data centres, server rooms and telecom facilities to blue-chip corporations, boasting a preferred supplier status to Siemens, Vodafone and Apetito. The technical design, installation and maintenance of data centre and server rooms totals 72% of the company’s turnover, with office design and installation totalling 28% of turnover. Staff are highly skilled and technical and a strong second tier management team is in place. Of the three shareholders, one is looking to remain with the business long-term, one is happy to remain is his current position for up to three years, and the final shareholder will exit post-completion. The company operates from two leasehold premises consisting of 8,500sqft of light industrial and office units located on a modern commercial estate in Southern England with ample capacity to accommodate growth and also providing rental income from sub-let. LOCATION: SOUTH WEST ENGLAND SECTOR: BUILDING & CONSTRUCTION Technical Interior Design & Fit-out Specialist for Data room & Telecom Facilities for Blue-chip Corporations – BUI410 REVENUE: £8.5M ADJ. EBITDA: £1.1M The company has been delivering engineering-driven telecommunications services to an array of industries for over 25 years. The majority of work completed in 2015 encompassed permitting/ field engineering/ small cell design, construction, testing and evaluation projects (46%). Distributed Antenna Systems (DAS) network construction and testing accounted for 40% of revenue, and the balance was related to structure cabling and other health- care related installations. A debt-free company that has completed 78 miles and 113 nodes for small cell construction across the US with 75 miles and 124 nodes in progress. The CEO/ non-active owner is looking to retire immediately whereas the other three remaining owners, who are heavily involved in the success of the daily operations, are willing to remain post sale. LOCATION: SOUTHEAST US SECTOR: IT & TELECOMS National Installer of Wireless & Broadband Telecom Services - ITT1133 REVENUE: $25.6M ADJ. EBITDA: $5.2M 20 CONTACT BENCHMARK INTERNATIONAL TODAY. U.K. Listings: Call +44 (0)161 359 4404 or email HALAI@BENCHMARKCORPORATE.COM A leading value-added wholesale distributor of rebar, structural steel, connecting hardware, and other building material. The company specialises in custom steel fabrication and is well known for having competitively priced, high-quality products, with the team in place to provide technical and product support. The company has a large, diverse customer base of over 200 contractors and is experiencing strong year-on-year revenue growth. Highlights of the company include low customer concentration with the top customer accounting for just 7% of total revenue, flexible capital structure with little long-term debt, highly trained staff with decades of metal fabrication experience and product knowledge, and an excellent reputation among customers for its industry expertise and high-quality products. LOCATION: FLORIDA SECTOR: BUILDING & CONSTRUCTION Value Added Distributor of Structural Steel & Building Materials – BUI1274 REVENUE: $24.4M ADJ. EBITDA: $3.5M One of the largest UK owned, environmentally sustainable storage cooker brands. The company designs, manufactures and supplies electric heat storage cookers to the high-end domestic marketplace. The company’s cookers fulfil both the roles of cooking and heating, maintaining warmth for 24 hours a day. The majority of the company’s revenue is generated through its 70+ dealership network alongside direct sales to members of the general public allowing the company to hold a 20% market share. A CO2 negative operation encompassing renewable technologies and environmental initiatives, allows the brand to increase its appeal with the target audience whilst reducing overheads. The opportunity to continue to reduce overheads related to assembly and to increase margins has already been identified by relocating assembly facilities and sourcing components overseas. The shareholders are seeking an exit in order to secure growth impetus and pursue lifestyle changes but are willing to offer a long term consultancy agreement subject to terms. LOCATION: UK SECTOR: MANUFACTURING Specialist Designer & Manufacturer of Electric Heat Storage Cookers – MAN1044 REVENUE: £7M ADJ. EBITDA: £2M Importer and wholesaler of furniture, predominantly oak, for the interior furnishings market, directly supplying standard and customised direct container loads of furniture to blue-chip customers. Selling c.600 containers per annum across more than 40 product lines, the company owns trademarks for four of these. Seven customers now operate stores dedicated to the company’s offering, with a growing ecommerce presence. Recently developed internal IT systems provide wholesalers with immediate access to ordering, specification and lead time information., whilst a flexible and loyal supply chain enables exclusive customization of products for clientele. State of the art showroom also available for freehold purchase. LOCATION: MIDLANDS SECTOR: WHOLESALE Importer & Wholesaler of Furniture – WHT437 REVENUE: £10.7M ADJ. EBITDA: £1.3M A cruise liner cabin refurbishment and marine grade furniture manufacturer/ supplier providing a turnkey service, with a strong presence in both the refurbishment and new building markets. Cabin refurbishment accounted for 67% of revenue in 2015, with the balance split evenly between turnkey public space and retailers of marine furniture. The company is an industry-leading player that has provided refurbishment services to over 40,000 cabins over the past two decades. Operating from a 3,000 sq. ft. facility in the US and a 40,000 sq. ft. facility in Europe, both facilities have available capacity for expansion and are leased from unrelated third parties. LOCATION: EUROPE & US SECTOR: MOTOR, TRANSPORT & MARINE Cabin Refurbishment for Major Cruise Liners - REY850 REVENUE: €24.3M ADJ. EBITDA: €2.3M 21 U.S. Listings: Call +1 813 898 2350 or email STAFFORD@BENCHMARKCORPORATE.COM Subcontractor specialising in design and construction of concrete piling, retaining walls and ground works on behalf of commercial and domestic construction-based clients. The company offers a wide range of specialist drilling machinery for every ground type in a growing market resulting in an order book worth c£8m being compiled. Ideally placed to capitalise on projected construction and housebuilding increases in South East the shareholders have also identified the opportunity to benefit from the booming transport infrastructure (rail) sector. A strong second tier management team is currently in place and are willing to remain post completion to allow the current Shareholders to exit in order to pursue retirement and lifestyles changes. Both Shareholders will offer a consultancy period post completion in order to ensure a smooth handover. LOCATION: EAST ENGLAND SECTOR: ENGINEERING Subcontractor Specialising in Design & Construction of Concrete Piling – BUI1066 REVENUE: £5.7M ADJ. EBITDA: £987K The company is a designer, manufacturer and distributor of technically sophisticated gas cleaning and filtration products that are used primarily in air-pollution control, water pollution control and in the chemical processing industries. The company currently serves international chemical manufacturers and fertiliser producers. During recent official emission tests, reports have revealed that the company’s media has attained the best particulate removal ratings ever achieved. The company operates from two facilities which total 49,500 sq. ft. Both of these facilities are leased from a single unrelated third party under separate leases and there is capacity for further expansion within both premises Note: Revenue and Adj. EBITDA below is an average over 3 years. LOCATION: SOUTHEAST US SECTOR: MANUFACTURING & INDUSTRIAL Manufacturer of Industrial Cleaning & Filtration Devices - REN278 REVENUE: $14M ADJ. EBITDA: $1.4M Company providing tailored IT project, programme and portfolio management services to blue chip clients operating across multiple sectors, including legal, aviation, telecommunications, higher education with potential to expand beyond. The company was established in 2008 to solve the poor project management capability and the lack of managed project services available on the market. With this in mind, it was created with a vision to provide a high quality, customer focused projects that deliver predictable, repeatable and cost effective business outcomes for clients. All consultants are extensively experienced in their respective fields and are able to provide clients with a complete turnkey solution with in depth knowledge of the aviation and legal sectors, having operated in these sectors for many years in which their client base includes a major UK airport and a Magic Circle law firm. In addition to this, the company’s geographic reach has been extended with successful projects being delivered across the USA, Middle East and Asia. The current owners are seeking impetus to take the company to the next level, and are both ready and willing to support the delivery of the business plan for the new owner. LOCATION: SOUTH ENGLAND, UK SECTOR: IT & TELECOMS Specialist IT Project Management Consultancy to Blue-chip Clients - ITT097 REVENUE: £6.4M ADJ. EBITDA: £1.4M Data driven sales organization specializing in exterior home improvement offering specialty windows, siding, roofing and doors. With 54 years in business, the company has an outstanding reputation in the market. They operate with a proprietary CRM database that contains historical customer data of date, location, job specifications, salesmen, client, revenue, etc. The database contains over 20 years of client information. The projects are 98% residential, and 100% non-new construction with 50% of customers that engage in repeat business. The company operates from two facilities, a 10,000 sq. ft. building which is utilized as an office/showroom/warehouse, and a 4,500 sq. ft. facility used for warehousing. These premises are leased from the company’s owner. There are six owners, one of which is active in the company and serves as President. They are seeking to sell the company in order to allow the active owner to pursue retirement. The president is available to stay with the company for a transition period to ensure the company’s continued success. LOCATION: SOUTHEAST, US SECTOR: BUILDING & CONSTRUCTION Exterior Residential Remodeler- BUI1464 REVENUE: $14.4M ADJ. EBITDA: $2.5M 22 U.K. Listings: Call +44 (0)161 359 4404 or email HALAI@BENCHMARKCORPORATE.COM A turn-key concrete contractor providing flatwork, tilt-up construction, foundations, and exterior paving. The company has been working in the concrete space for over 30 years and has developed long- term relationships with leading contractors. The company has a $10.3M order book as of September 30, 2016, and a succession plan in place, with a seasoned management team to run the day-to-day operations. Highlights of the company include placing several million square feet of concrete floors and tilt wall panels annually, long-term relationships with leading contractors, resulting in significant repeat business, and a specialisation in large-scale, heavy industrial and commercial projects. LOCATION: NORTH CAROLINA SECTOR: BUILDING & CONSTRUCTION Leading Concrete Contractor – BUI1496 REVENUE: $17.8M ADJ. EBITDA: $2.6M A leading training and employment agency specialising in the provision of apprenticeships, work-based learning, and job focused employability programmes, operating as two prime contractors. The Group encompasses two companies operating as prime contractors for the Skills Funding Agency (SFA), with secured contracts valued at £7M, and additional contractual growth of c£2.5M achieved in 2016. The company concentrates its service delivery across England with a strong Northern presence including dedicated training centres, alongside a network of subcontracted service delivery associates operating across the UK. Revenue is secured predominantly via apprenticeship, traineeship and advanced learner loan funding from the Skills Funding Agency (SFA), alongside individual learners, direct employers, colleges and government bodies and, increasingly, commercial sources. The Group also maintains excellent national relationships with job centres and local authorities for candidate generation, and developed corporate social responsibility. LOCATION: UK SECTOR: RECRUITMENT & TRAINING Highly Experienced Training & Employment Agency - REC907 REVENUE: £6.4M ADJ. EBITDA: £876K Principal activity is the provision of ICT resources & services, comprising online tools and on-site personnel, to educational establishments allowing the company to manage, develop, and support an establishments’ technology needs. The company offers a cradle to grave approach from design through to implementation and commissioning of IT solutions such as managed services, as well as the provision of end-user training. The company currently holds an impressive client base of schools which includes prestigious, world- renowned institutions as well as over 60 service contracts with c75% being over 3 years in length resulting in low customer concentration levels. The shareholders have already identified an excellent opportunity for the company to continue its expansion into the education sector, particularly with independent schools and colleges in the South East, as well as other regions of the UK. The shareholders are seeking an exit due to not having the appropriate resources to exploit opportunities that are currently present in the market but are willing to consider a range of structures in order to facilitate this. LOCATION: SOUTH ENGLAND, UK SECTOR: IT & TELECOMS Specialist ICT Solutions Provider to Educational Establishments – ITT1121 REVENUE: £5.6M ADJ. EBITDA: £1M The company provides project management, facility support, and janitorial, consulting and advisory services to federal, state, and local governments. The company has successfully completed 37 long-term contracts since inception and currently has four multiyear government contracts in place worth $58.8M. Highlights of the company include monthly recurring revenue streams from long-term government contracts, significant year- on-year revenue growth; rates ranging from 18% to 41% for the period 31/12/2011 through 31/12/2015, high bid success rate due to long-term relationships with several government agencies, experienced, on-site project managers responsible for the day- to-day operations, and a strong employee base of over 300, allowing the company to target large-scale projects and ramp-up operations quickly. LOCATION: FULTON COUNTY, GA SECTOR: PROFESSIONAL SERVICES Facility Support & Janitorial Services Provider for Government Entities – PRO1315 REVENUE: $18.9M ADJ. EBITDA: $1.6M 23 U.S. Listings: Call +1 813 898 2350 or email STAFFORD@BENCHMARKCORPORATE.COM Each company within the group, utilising their own in-house team, offers a nationwide supply and installation service to clients operating in a diverse range of sectors within the commercial, leisure, transport and energy industries. The company offers a high standard of service which has been evident from the high level customer retention (circa. 60%). The company boasts a second tier management team willing to remain in place, who are well qualified, hugely experienced and able to fulfil the role of the outgoing shareholders post-sale. Operating from the company’s own, 50,000sq. ft. premises, the company has ample capacity to continue its growth curve, and is well equipped with modern spec machinery and software, owing to its many quality management certifications including ISO9001, Eurosafe status and CE marks for steel/aluminium works. LOCATION: NORTH EAST ENGLAND, UK SECTOR: MANUFACTURING Group of Companies Specialising in a Diverse Range of Services Including Corporate Signage, Graphics, Bespoke Fabrication & Interior Fit-Out – ENG456. REVENUE: £5.3M ADJ. EBITDA: £1M The Texas-based firm provides Process Safety Management (PSM), software applications, and engineering consulting services for the oil, gas, and petrochemical industry. The firm’s software solutions track, monitor, verify, and sustain data that clients can use in the operation of the facilities in order to comply with OSHA, EPA, and other regulation requirements. The company has Top Fortune 500 clientele, which includes major oil & gas companies. In addition, the company also has its own proprietary software. The company leases three facilities in different areas of Texas from unrelated third parties. LOCATION: TEXAS SECT
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