Annual Review – Beyond expectations Image

Beyond expectations

Going beyond the expectations of clients comes back to building up lasting relationships with business owners and entrepreneurs. Our clients return to us time and time again because they know we are someone they can trust, someone who will deliver the right deal at the right time for them.

Doing a deal can sometimes mean taking a long-term view of a business and getting to know a management team and business really well before embarking on a transaction.

A standout deal which highlighted this point was advising repeat client Primonial REIM, one of the leaders in the French asset management market, on its €1.35bn acquisition of Gecina’s healthcare division via a club deal which brought together institutional investors including Suravenir, Aviva and a fund managed by Amundi Real Estate.

Annual Review – Beyond expectations Image

ACHIEVING GOALS

Staying with property, another example is Westleigh, a leading affordable housing provider in the UK, where we advised management on securing an €80m growth capital investment from Palatine Private Equity.

Westleigh management chose Clearwater International, after meeting a number of potential advisors, more than three years before it actually completed the transaction. The strategic review of the business that we initiated provided the company with a clear direction and made management fully aware of the key milestones it needed to reach to achieve its goals.

Another significant deal saw our Irish team act for management and London-based PE house Volpi Capital on the buyout of one of Western Europe’s fastest growing IT services companies, Version 1. The transaction saw the PE firm, in its largest ever deal, invest €90m of equity for a stake to help roll out Version 1’s global expansion.

DELIVERING TIME AND AGAIN

This year we advised MML Capital Partners on its sale of Optionis, a provider of accountancy and employment services to flexible workers, to the Arkarius Group. MML has worked with us on many occasions in the past and says it will continue to do so in the future.

Going beyond also means grasping the international potential of a business, fully understanding where a business sits in the global supply chain, and how one can then add value.

A perfect example is MacDonald Humfrey, the UK’s largest independent automation, control and IT solutions systems integrator. We advised the business on its sale to L-3 Communications, the New York headquartered provider of communications and electronic systems products used on military and commercial platforms.

MacDonald Humfrey is a globally recognised leader in the deployment of effective and efficient checkpoint security and wider aviation solutions, as well as in the development of state-of-the-art process automation and collaborative robotic capabilities supporting aviation and other end markets.

The deal provides L-3 with the opportunity to realise the enormous potential of Industry 4.0, the Internet of Things, Big Data and smart manufacturing – amongst the most defining mega trends of our time.

CONSOLIDATION

In another deal we advised MCH Private Equity, one of the largest independent private equity houses in Spain, on the acquisition of a shareholding in Grupo Brasmar, a leading Portuguese frozen seafood company. For Brasmar, this marks a major step in the internationalisation of the company which now hopes to acquire further businesses to add value.

GOING BEYOND

Last, but by no means least, there is the importance of going beyond expectations for our staff.

We want to recruit and retain the very best talent. We achieve that by making every effort to ensure our staff truly feel part of a bigger team, all sharing the same goals and aspirations. This culminates each year at our annual Clearwater team event.

And we are always thinking about new recruits. We run a series of secondments to our offices, while our French and Danish offices both employ interns each year, regularly offering full time employment at the end of the internship.

Case studies

Annual Review – Beyond expectations Image

Advising MacDonald Humfrey on its cross-border sale to L-3 Communications

“Clearwater have been nothing short of amazing throughout the whole process and certainly went way beyond our expectations in terms of advice and steering us through potential roadblocks that we just didn’t see coming.” Mick MacDonald, Group MD, MacDonald Humfrey (Automation) Ltd

Clearwater International has advised the shareholders of the UK’s largest independent automation, control and IT solutions systems integrators, MacDonald Humfrey (Automation) Limited (MacDonald Humfrey), on its cross-border sale to L-3 Communications (L-3), the New York headquartered provider of communications and electronic systems products used on military and commercial platforms, for a purchase price of approximately €300m.

MacDonald Humfrey is a globally recognised leader in the deployment of effective and efficient checkpoint security and wider aviation solutions, as well as in the development of state-of-the-art process automation and collaborative robotic capabilities supporting aviation and other end markets.

Read more about this transaction.

Annual Review – Beyond expectations Image

Annual Review – Beyond expectations Image

Leading affordable housing provider Westleigh receives growth capital investment

“We’ve worked with the Westleigh team for a number of years to help them determine a strategy for continuing what has been a tremendous growth story. This partnership with Palatine will help that strategy flourish in what should be an attractive market for the business in the years to come.” Phil Burns, Managing Partner, Clearwater International

Westleigh Partnerships Ltd (Westleigh), a leading affordable housing provider, has announced it has secured growth capital investment from Palatine Private Equity. The transaction, which is worth €78 million, was introduced by Clearwater International. Established in 1985 by Chris and Judy Beighton, Westleigh is one of the largest housebuilders focusing on the delivery of affordable homes to Registered Providers (RPs). In line with growing demand, the company anticipates sales will rise to approximately €200 million by 2018. Westleigh currently employs over 300 staff.

Read more about this deal.


Advising Reverse Logistics Group on debt financing

The proceeds from the financing will be used for a refinancing of existing debts and general corporate finance purposes.

Clearwater International acted as sole financial adviser to Reverse Logistics GmbH (“RLG”) on the structuring of two senior secured loan note facilities with a total volume of €27m, provided by Proventus Capital Partners, Sweden. RLG, a portfolio company of Monitor Clipper Partners, is headquartered in Dornach, Germany and is the leading European provider of fully integrated reverse logistics, after-sales management and individual take-back solutions. RLG operates with 21 offices and 38 subsidiaries in more than 80 countries. With approximately 500 employees, RLG Group generated sales of approximately €128m in 2015.

Read more about this deal. 

Annual Review – Beyond expectations Image

Annual Review – Beyond expectations Image

Creating proprietary deal flow

Arranging over 500 meetings with business owners through our successful research and origination team.

See our team here. 


Promoting better team working

We bring together international colleagues at our annual team event and offer international secondments

 

Annual Review – Beyond expectations Image

Annual Review – Beyond expectations Image

Advising Version 1 and Volpi Capital on the management buy-out of one of Western Europe’s fastest growing IT services companies

The transaction, Volpi Capital’s largest to date, saw the London-based private equity firm invest €90m of equity for a significant stake in Version 1.

Clearwater International has acted as exclusive financial advisor to Irish IT services firm Version 1 and Volpi Capital on the management buy-out of one of Western Europe’s fastest growing IT services companies. This transaction, Volpi Capital’s largest to date, sees the London-based private equity firm invest €90m of equity for a significant stake in Version 1.

Version 1 is an IT services business, founded in 1996 by Justin Keatinge and John Mullen, and is one of Ireland’s biggest technology success stories. The funding, which is Version 1’s second round of private equity investment, will drive phase two of the company’s ambitious international growth plan. Version 1 will further expand into the UK and Europe, through both organic growth and developmental acquisitions, with the intention of doubling in size over the next three years. The business will deliver revenues in excess of €100m this year.

Read more about this transaction.


Advising Union Square on its sale to Deltek

The acquisition by Deltek, the leading provider of software and solutions for project-based businesses around the world, will allow both companies to grow their global footprint, and leverage their complementary client bases.

Clearwater International has advised Union Square, a provider of information management software to the architecture, engineering and construction (AEC) industries, on its sale to Deltek. Union Square, founded in 2000, has become the leading supplier of business and project information management software across the entire AEC supply chain. Headquartered in Nottingham, the business has experienced strong international growth in Australia and recently expanded operations into Europe and Canada. The business has recently been named as one of Britain’s most inspirational companies in The London Stock Exchange’s annual Inspire Britain report.

Read more about this deal.

Annual Review – Beyond expectations Image

Annual Review – Beyond expectations Image

Advising STARCO on the divestment of a major part of its aftermarket business to German Bohnenkamp

“We are delighted to have advised STARCO on this complex transaction, with the divestment and demerger of several entities in ten different countries.” Carsten Rydahl, Associate Partner, Clearwater International

Clearwater International Denmark acted as financial advisor to the owners of STARCO in the divestment of major parts of their aftermarket business to German Bohnenkamp. The STARCO Group has been family owned and expanding for more than 55 years. Today, STARCO has more than 700 colleagues, is represented throughout Europe and has an international manufacturing, assembly and distribution setup. The company delivers tyre and wheel solutions for a wide range of applications worldwide to manufacturers and aftermarket customers – from the smallest wheelbarrow tyre to the largest agricultural or industrial wheels. The STARCO Group had a turnover of more than 140 million Euro in 2015.

Read more about this transaction.