DC Advisory brings you an update on UK mid-market activity for Q1 2018.

 

Key highlights from the period include:

  • Total number of mid-market deals for Q1 2018 are lower than Q1 2017
  • Volume of deals are still higher than each of the four years prior to Q1 2017
  • Secondary deal levels have increased by 27% in the same quarter as last year, and primary deal levels have also increased by 16%
  • Number of trade exits decreased by 54%
  • The first P2P deal took place in the UK mid-market since 2016, with Montagu’s acquisition of Servelec
  • TMT has experienced the most significant increase in deal volume (64%), compared to Q1 2017
  • Healthcare deals remain stable
  • Industrials deal volume has fallen slightly
  • Services and Leisure, Consumer & Retail activity has fallen considerably

Even as Brexit moves closer, the first quarter of 2018 has been notably active, particularly for the TMT sector.

Q1 total UK mid-market buyout activity

Total UK mid-market buyout deals by sector

Total UK mid-market deals by source

Total UK mid-market buyout deals by exit

Who’s been fundraising?

 

Jan
BC Partners held a final close of BC European Capital X, at €7 billion
Feb
IK Investment Partners held a final close of IK Small Cap II Fund, at €550 million
Feb
EQT held a final close of their eighth fund, EQT VIII, at €10.75 billion
March
Equistone Partners Europe held a final close of Equistone Partners Europe Fund VI, at €2.8 billion

 

See our latest M&A and debt advisory transactions >

TMT

 

Ask4

Darwin Private Equity, sold Ask4, the provider of managed telecommunications services, to Bowmark Capital, for an undisclosed consideration. Darwin Private Equity was advised by DC Advisory, see more >

Kayako

ESW Capital acquired Kayako, the provider of customer service and help desk software solutions, for an undisclosed consideration. Kayako was advised by DCS Advisory, see more >

Northgate Public Services

Cinven Partners sold Northgate Public Services, the provider of information technology software solutions and services, to NEC Corporation, for a consideration of £475m. Northgate Public Services was advised by DC Advisory, see more >

Alston Elliot

Inflexion Private Equity acquired Alston Elliot, the provider of data-driven graphics solutions for live sports broadcasts, for an undisclosed consideration

Capital Economics

Phoenix Equity Partners acquired Capital Economics, the provider of macro-economic research, from LDC, for a consideration of £95m

CEB Talent Assessment

Exponent Private Equity acquired CEB Talent Assessment, the provider of research in corporate strategy, operations and general management, from Gartner, for a consideration of $400m

CitNOW

Tenzing Private Equity acquired CitNOW, the provider of video software solutions to the automotive industry, for an undisclosed consideration

Cloud Technology Solutions

NorthEdge Capital acquired Cloud Technology Solutions, the provider of cloud transformation services and software products, for an undisclosed consideration

Coverage-IT.Net

Tenzing Private Equity acquired Coverage-IT.Net, the provider of managed and hosted IT services, for an undisclosed consideration

Creditcall

FPE Capital and Bestport Ventures sold Creditcall, the processor of credit and debit card payments, to NMI, for an undisclosed consideration

Decision Technologies

Business Growth Fund sold Decision Technologies, the provider of technology, data and performance analytics powering telecoms comparison on major brands, to Moneysupermarket.com, for a consideration of £40m

Jigsaw24

Alcuin Capital Partners acquired Jigsaw24, the B2B reseller, integrator and managed service provider of Apple technology, Adobe and Avid software, from NorthEdge Capital, for an undisclosed consideration

Mintec

Synova Capital acquired Mintec, the data analytics company, for an undisclosed consideration

Ocean Outdoor

Searchlight Capital Partners sold Ocean Outdoor, the provider of outdoor advertising services, to Ocelot Partners, for a consideration of £200m

Servelec

Montagu acquired Servelec, the provider of hardware and software to healthcare, oil and gas, energy and untilities sectors, in a P2P transaction, for a consideration of £224m

Small World

Equistone Partners Europe acquired Small World, the provider of cross-border payment services, from FPE Capital and MMC Ventures, for an undisclosed consideration

Snell Advanced Media

LDC sold Snell Advanced Media, the provider of solutions for creation, management and distribution of media content, to Belden, for an undisclosed consideration

Time Inc.

Epiris acquired Time Inc., the publisher of print and digital magazine content, from Meredith Corporation, for an undisclosed consideration

Services

 

Kelling Group

Elysian Capital sold Kelling Group, the owner and leaser of specialty equipment supporting the maintenance and upgrade of rail, road, telecommunications, street lighting, electric transmission, and other critical infrastructure, to Alinda Capital, for an undisclosed consideration. Kelling Group was advised by DC Advisory, see more >

SLR

Charterhouse Capital Partners, advised by DC Advisory, acquired SLR, the environmental and advisory consultancy, from 3i Group, for an undisclosed consideration.

Thomas International

Palamon Capital Partners acquired Thomas International, the provider of online psychometric assessments, for an undisclosed consideration.  Thomas International was advised by DC Advisory, see more >

Aktrion Group

Graphite Capital Management sold Aktrion Group, the outsourcing company that provides manufacturing support services, to Servest Group, for an undisclosed consideration

AllClear Insurance Services

Synova Capital acquired AllClear Insurance Services, the provider of medical travel insurance, for an undisclosed consideration

Chambers and Partners

Inflexion Private Equity acquired Chambers and Partners, the publisher of rankings and directories for the legal sector, for an undisclosed consideration

CM Downton

EmergeVest acquired CM Downton, the provider of logistics services, for a consideration of £75m

JTC

CBPE completed the IPO of JTC, the provider of administration services to fund, corporate and private clients, on the London Stock Exchange. The IPO was priced at 290 pence per share, giving the company a market capitalisation of £310 million on admission

Lowe Rental

MML Capital Partners sold Lowe Rental, the refrigeration rental company, to Perwyn, for a consideration of £60m

WHP Telecoms

Equistone Partners Europe acquired WHP Telecoms, the provider of professional services to the mobile telecoms infrastructure sector, from Palatine Private Equity, for an undisclosed consideration

Healthcare

 

Active Assistance

August Equity sold Active Assistance, the provider of live-in services for physically disabled adults and children, to Montreux Capital Management, for an undisclosed consideration. August Equity was advised by DC Advisory, see more >

Baywater Healthcare UK

Duke Street sold Baywater Healthcare UK, the provider of homecare services to patients, to Bastide Le Confort Medical, for an undisclosed consideration. Duke Street was advised by DC Advisory, see more >

Ark Home Healthcare

Core Capital Partners sold Ark Home Healthcare, the provider of domicilary care services, to City & County Healthcare Group, for an undisclosed consideration

Concept Life Sciences

Equistone Partners Europe sold Concept Life Sciences, the international scientific laboratory and consultancy business, to Spectris, for a consideration of £163m

Helping Hands

Livingbridge acquired Helping Hands, the private pay homecare operator, for an undisclosed consideration

OrthoD

Apposite Capital acquired OrthoD, the provider of specialist solutions for orthopaedic surgery, from The Riverside Company, for an undisclosed consideration

Pharmacy2U

G Square Healthcare Private Equity, Business Growth Fund and Atomico acquired Pharmacy2U,the online pharmacy company, for an undisclosed consideration

The Hesley Group

Antin Infrastructure Partners acquired The Hesley Group, the provider of residential care, education and therapeutic services for people with learning disabilities, for an undisclosed consideration

Consumer, Leisure & Retail

 

A Jones & Sons

Endless sold A Jones & Sons, the operator of a chain of footwear and accessories stores and concessions, to Pavers, for an undisclosed consideration

Endura

Maven Capital Partners and Penta Capital sold Endura, the designer of branded cycling apparel and accessories, to Pentland Group, for an undisclosed consideration

Freshcut Foods

Perwyn acquired Freshcut Foods, the provider of vegetables, fruits and carbohydrates to food manufacturers and food service operators, for an undisclosed consideration

Lintbells

Inflexion Private Equity acquired Lintbells, the provider of pet nutritional supplements, for an undisclosed consideration

OKA Direct

InvestIndustrial acquired OKA Direct, the furniture retailer, for an undisclosed consideration

Industrial Products & Services

 

Aquamain

Rubicon Partners and Grovepoint Capital acquired Aquamain, the provider of self-lay water utility services, for an undisclosed consideration

Aspin Group

LDC sold Aspin Group, the provider of engineered solutions for UK’s infrastructure sectors focused on rails and highways, to Sandton Capital Partners, for an undisclosed consideration

DW3 Products Group

NorthEdge Capital sold DW3 Products Group, the manufacturer of composite door solutions and window systems, to Masonite International Corporation, for a consideration of £70m

Hydro International

Agilitas Private Equity acquired Hydro International, the company involved in the control of stormwater and treatment of wastewater, from Hanover Investors Management, for an undisclosed consideration

Platinum Stairlifts

NorthEdge Capital acquired Platinum Stairlifts, the manufacturer and designer of stairlifts, for an undisclosed consideration

Portals De La Rue

Epiris acquired Portals De La Rue, the substrate manufacturer, from De La Rue, for a consideration of £61m

Proserv Group

KR and Oaktree Capital Management acquired Proserv Group, the manufacturer of production and drilling equipment for the oil and gas industry, for an undisclosed consideration

The Vita Group

TPG Capital sold The Vita Group, the producer of cellular foams and industrial polymers, to Strategic Value Partners, for an undisclosed consideration

 

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