United Kingdom and Republic of Ireland
M&A Review
Experian Business Research: Q1 2018
MarketIQ
Although deal activity looks to have slowed in the first
quarter of 2018 overall, it is clear that numerous UK firms
still feel sufficiently confident to push forward their growth
plans by carrying out large strategic acquisitions, and the
fundamentals for deal making remain robust. Indeed, the
total value of UK M&A has risen, mirroring a trend that we've
seen throughout Europe and further afield so far in 2018.
Established British companies still present an attractive
proposition for overseas firms and Q1 figures were boosted
by high levels of inward investment, including some significant
deals at the very top end of the market, while we're also
seeing UK firms looking to diversify their operations and
expand overseas in good numbers.
Jane Turner
Research Manager, Experian MarketIQ
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 1
Contents
United Kingdom M&A Activity
2
London
10
South East
14
South West
18
East of England
22
Midlands
26
Yorkshire and Humber
30
North West
34
North East
38
Wales
42
Scotland
46
Northern Ireland
50
Republic of Ireland
54
Appendix
58
Deal Proforma
59
About Experian MarketIQ
60
Page 2 | MarketIQ United Kingdom and Republic of Ireland M&A Review
The total value of the UK's mergers and acquisitions market was on the up in the first quarter of
2018 even as the overall number of deals receded. The latest set of figures from Experian MarketIQ,
which reveals new layers of market insight by combining Corpfin's global M&A database with
comprehensive Companies House data and market leading business, financial and risk databases,
show that there were just 1,423 deals announced in Q1, a decline of 26% from the 1,910 transactions
recorded during the first quarter of 2017. This was the slowest start to a year since 2013 (when
1,351 deals took place in Q1), but as Q1 deals in particular are often reported some time after their
completion date, we would anticipate that this figure will rise following publication of this report, and
it seems too early to suggest that a more cautious approach may be taking hold amongst UK deal
makers - a clearer picture should come to light as the year progresses.
Despite a fall in total quarterly deal volume year-on-year,
the total value of UK deals reached 84.6bn, up by just
under 1% from the 83.8bn worth of deals carried out
in the first quarter of 2017. This was the most valuable
opening to a year since 2012 (when deals worth 88bn)
were announced, with values boosted by a 26% increase
in the total value of transactions in the 'mega' sized, 1bn
plus value segment. This upturn in total value was thanks
in part to the largest potential deal of the year to date, US
cable firm Comcast's 22bn approach to acquire satellite
broadcaster Sky in an attempt to significantly bolster
its overseas revenues. Sky has long been a target for
Rupert Murdoch's 21st Century Fox, itself the subject of a
multi-billion dollar merger with Disney, and the battle for
control of the company looks set to play out for some time
to come. Elsewhere, UK pharma giant GlaxoSmithKline
bought out its Swiss competitor Novartis from a
consumer healthcare joint venture that the two firms
had held together since 2014. The 9.2bn deal prompted
a strategic review of other GSK assets, and might spark
the sale of assets including the iconic Horlicks brand later
this year.
Meanwhile, probably the highest profile deal of the year
so far saw turnaround investment firm Melrose's agree a
8bn takeover of venerable Midlands manufacturer GKN,
a controversial deal that has attracted comment from
MPs and trade union leaders but was narrowly approved
by shareholders at the end of March. Activity in the wider
manufacturing industry declined sharply in Q1; there
were almost 200 fewer transactions than at this point
last year, and the sector slipped behind financial services,
infocomms and professional services as the UK's most
fertile sources of deal activity. Infocomms saw value in
the sector double to become the most valuable sector
in Q1.
Drilling down further, acquisitions dominated the UK deal
landscape in Q1, accounting for 48% of all transactions,
with rights issues (22%) and early stage venture capital
investments (17%) also common. There was a robust level
of private equity activity; while the number of buy-outs
did drop by 6% in comparison with Q1 2017's return, this
compared favourably to the all-UK deal trend - although
the number of PE houses that exited their investments
was down by 49% year on year.
CMS was the UK's busiest legal adviser by transaction
volume in Q1 with 34 deals in total; Squire Patton Boggs
(33) and Mills & Reeve (29) rounded up the top three.
Freshfields (25.3bn worth of deals), Slaughter & May
(24.7bn) and Davis Polk and Wardwell (24bn) headed
up the value table; Freshfields and Davis Polk worked on
the Comcast / Sky tieup, while Slaughter & May provided
counsel to GlaxoSmithKline on its previously mentioned
purchase of assets from Novartis, as well as for GKN on
the 4.4bn sale of its driveline business to US automotive
manufacturer Dana. RSM advised on 29 deals in Q1,
ranking as the UK's leading financial adviser by deal
volume; Bank of America Merrill Lynch worked on deals
with a total value of 26.8bn to lead the value table.
United Kingdom M&A activity
UK deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
0
500
1000
1500
2000
2500
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 3
United Kingdom M&A activity
Date
Consideration
(m)
Deal type
Target
Bidder
27/02/2018
22,100
Acquisition
Sky Plc, Isleworth
Comcast Corp, USA
27/03/2018
9,171
Acquisition
Consumer Healthcare
Joint Venture
GlaxoSmithKline Plc,
Brentford
12/01/2018
8,100
Acquisition
GKN Plc, Redditch
Melrose Industries Plc,
Birmingham
09/03/2018
4,411
Acquisition
Driveline Business of GKN
Plc, Birmingham
Dana Inc, USA
14/02/2018
4,310
Acquisition
Duqm Refinery and
Petrochemical Industries,
Oman
Kuwait Petroleum
International Ltd, London
16/03/2018
3,873
Acquisition
NEX Group Plc, London
CME Group Inc, USA
23/02/2018
2,930
Reverse
Takeover
Standard Life Assurance
Ltd, Edinburgh
Phoenix Group Holdings
Ltd, Cayman Islands
26/02/2018
1,676
Acquisition
Interoute Communications
Ltd, London
GTT Communications Inc,
USA
05/02/2018
1,530
Acquisition
Kroger's Convenience
Store Business, USA
EG Group Ltd, Blackburn
20/02/2018
1,400
Acquisition
Fidessa Group Plc,
Woking
Temenos Group AG,
Switzerland
Top ten deals: UK
Q1 2018
l Greater London
l South East
l South West
l East of England
l Midlands
l Yorkshire & Humber
l North West
l North East
l Wales
l Scotland
l Northern Ireland
57
53
33
590
206
80
115
183
130
158
132
UK deal volume by region
Q1 2018
Page 4 | MarketIQ United Kingdom and Republic of Ireland M&A Review
United Kingdom M&A activity
UK deals by Industry
Q1 2018
Q1 2018
Q1 2017
% change from Q1 2017
Sector
Volume
Value (m)
Volume
Value (m)
Volume
Value
Financial services
432
23,262
514
30,067
-15.95%
-22.63%
Infocomms
284
33,601
388
15,553
-26.80%
116.04%
Professional services
280
25,851
364
13,611
-23.08%
89.93%
Manufacturing
278
33,266
469
41,021
-40.72%
-18.90%
Wholesale and retail
228
16,501
341
24,251
-33.14%
-31.96%
Support services
155
4,129
188
2,907
-17.55%
42.04%
Real Estate
108
4,455
159
11,642
-32.08%
-61.73%
Construction
97
5,961
131
8,319
-25.95%
-28.34%
Mining and quarrying
71
7,404
113
17,321
-37.17%
-57.25%
Health
56
575
77
830
-27.27%
-30.72%
UK and Ireland M&A by region
Q1 2018
Value (m)
Volume
Region
Q1 2018
Q1 2017
% change
Q1 2018
Q1 2017
% change
Greater London
57,748
37,179
55.32%
590
717
-17.71%
South East
5,921
21,017
-71.83%
206
278
-25.90%
South West
683
2,318
-70.53%
80
157
-49.04%
East of England
2,296
11,316
-79.71%
115
166
-30.72%
Midlands
14,250
6,325
125.30%
183
299
-38.80%
Yorkshire & Humber
1,720
2,116
-18.71%
130
138
-5.80%
North West
3,356
3,347
0.27%
158
181
-12.71%
North East
292
248
17.74%
57
54
5.56%
Wales
240
141
70.21%
53
57
-7.02%
Scotland
3,671
7,112
-48.38%
132
169
-21.89%
Northern Ireland
294
82
258.54%
33
64
-48.44%
Republic of Ireland
2,111
3,196
-33.95%
81
129
-37.21%
United Kingdom
84,589
83,805
0.94%
1423.00
1,910
-25.50%
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 5
United Kingdom M&A activity
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings by volume
Current rank
Previous rank
Legal adviser
Volume1
1
5
CMS
34
2
9
SQUIRE PATTON BOGGS
33
3
18
MILLS & REEVE
29
4
1
GATELEY
27
5
2
EVERSHEDS SUTHERLAND
23
6
19
BRABNERS
23
7
6
SHOOSMITHS
23
8
3
DLA PIPER
20
9
7
ADDLESHAW GODDARD
20
10
11
IRWIN MITCHELL
19
11
4
PINSENT MASONS
18
12
24
OSBORNE CLARKE
14
13
13
ASHFORDS
13
14
-
CHARLES RUSSELL SPEECHLYS
12
15
21
GOWLING WLG
11
16
-
BROWNE JACOBSON
11
17
12
FREETHS
11
18
-
HILL DICKINSON
11
19
-
MACFARLANES
10
20
-
CARSON MCDOWELL
10
Page 6 | MarketIQ United Kingdom and Republic of Ireland M&A Review
United Kingdom M&A activity
Legal adviser rankings by value
Current rank
Previous rank
Legal adviser
Value (m)
1
5
FRESHFIELDS BRUCKHAUS DERINGER
25,293
2
6
SLAUGHTER AND MAY
24,674
3
-
DAVIS POLK & WARDWELL
24,075
4
-
CRAVATH SWAINE & MOORE
13,091
5
-
SKADDEN ARPS SLATE MEAGHER & FLOM
11,427
6
25
NORTON ROSE FULBRIGHT
8,588
7
17
WEIL GOTSHAL & MANGES
5,754
8
8
MACFARLANES
5,545
9
9
ASHURST
4,620
10
18
CMS
3,492
11
-
PAUL HASTINGS
2,529
12
-
GOODWIN
1,866
13
30
WATSON FARLEY & WILLIAMS
1,638
14
-
ALLEN & OVERY
1,575
15
31
CHARLES RUSSELL SPEECHLYS
1,396
16
-
PINSENT MASONS
1,268
17
3
LINKLATERS
1,165
18
-
ADDLESHAW GODDARD
630
19
19
TRAVERS SMITH
583
20
24
GOWLING WLG
553
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 7
United Kingdom M&A activity
Current rank
Previous rank
Financial adviser
Volume1
1
3
RSM
29
2
12
PEEL HUNT
25
3
1
NUMIS SECURITIES
24
4
7
BDO
23
5
-
CANACCORD GENUITY
20
6
13
PWC
16
7
9
ALANTRA
13
8
15
GRANT THORNTON
13
9
4
DELOITTE
12
10
6
CENKOS SECURITIES
12
11
5
LIBERUM CAPITAL
11
12
-
BEAUMONT CORNISH
11
13
11
ROTHSCHILD & CO
10
14
2
EY
10
15
-
STIFEL, NICOLAUS & COMPANY
10
16
14
KPMG
10
17
20
FINNCAP
10
18
-
WINTERFLOOD SECURITIES
10
19
-
BELLEVUE ADVISORS
9
20
-
BANK OF AMERICA MERRILL LYNCH
8
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings by volume
Page 8 | MarketIQ United Kingdom and Republic of Ireland M&A Review
United Kingdom M&A activity
Financial adviser rankings by value
Current rank
Previous rank
Financial adviser
Value (m)
1
3
BANK OF AMERICA MERRILL LYNCH
26,789
2
2
MORGAN STANLEY
25,240
3
12
EVERCORE PARTNERS
22,421
4
-
JP MORGAN CAZENOVE
18,258
5
11
ROTHSCHILD & CO
12,572
6
-
GLEACHER SHACKLOCK
12,511
7
7
CITIGROUP
11,222
8
-
RBC CAPITAL MARKETS
9,300
9
9
BARCLAYS
6,374
10
21
UBS
4,431
11
1
GOLDMAN SACHS
3,876
12
20
JEFFERIES
2,018
13
19
INVESTEC
1,723
14
17
NUMIS SECURITIES
1,653
15
13
LAZARD
1,609
16
-
WYVERN PARTNERS
1,495
17
25
PWC
1,389
18
16
EY
1,288
19
14
DELOITTE
1,146
20
-
STIFEL, NICOLAUS & COMPANY
793
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 9
Page 10 | MarketIQ United Kingdom and Republic of Ireland M&A Review
London continues to be the engine room of UK M&A, with
companies based in the capital involved in 41% of the
total number of deals nationally and contributing more
than two thirds of their total value. Our figures suggest
a mixed picture for London deal makers so far in 2018,
with a decline in the volume of transactions set against a
substantial increase in overall value figures. In all, there
were 590 deals announced in London during Q1, which
represents an 18% fall on the 717 deals recorded during
the first quarter of 2017 and is almost 100 deals down on
the average number of deals per quarter over the period
since Q1 2014. However, the value of London's deals
soared to just under 58bn, up by some 55% from 37bn
in Q1 2017. This was the most valuable first quarter over
our review period, and mirrors the global trend for rising
deal value in 2018.
The financial services sector was London's busiest
industry for deal activity, with 238 deals accounting
for around 40% of the Q1 total, the majority of which
were smaller, on-market transactions. More high profile
transactions included the 3.9bn cash and shares
purchase of NEX Group, the provider of pricing, analytics,
index, and regulatory reporting solutions formerly known
as ICAP by US futures exchange CME Group, along with
Phoenix Group Holdings' 2.9bn acquisition of Edinburgh
life assurance business Standard Life Assurance Ltd,
Phoenix's first deal since 2016. Dwarfing these deals in
size, and the principal reason for London's soaring deal
value, was US cable and broadband giant Comcast's
22bn offer to acquire satellite broadcaster Sky the
latest in a series of multi-billion manoeuvres in the
global media space and in direct competition to Rupert
Murdoch's 21st Century Fox's long running bid to acquire
full control of the company.
CMS retained its status as the capital's leading adviser
by deal volume in Q1, working on eighteen deals in total,
ahead of Shoosmiths (ten deals) and DLA Piper (nine).
Freshfields topped the value table with 23.6bn worth
of deals, with Davis Polk and Wardwell the only other firm
to break the 20bn mark. AIM advisers Peel Hunt
(20 deals) and Canaccord Genuity (18) were London's
busiest financial advisers, with RSM rounding up the top
three on 14.
US banks Bank of America Merrill Lynch and Goldman
Sachs led the value table, working on deals with a total
value of 25bn and 22bn, respectively.
There were 227 deals in the small value segment in
Q1, a 3% increase on the 220 small deals announced
during the first quarter of 2017.
Activity was reasonably steady in the mid-market; 95
medium-sized deals were announced, compared to 97
in Q1 2017, while the total value of deals was up 15% to
3.75bn.
There was a 36% decline in the number of large deals,
along with a 47% fall in value.
There were seven 1bn plus deals announced in
London during Q1 2018, down from nine in Q1 2017,
although the total value of transactions in the 'mega'
value segment reached 45bn, up from 17bn.
London
London deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
100
200
300
400
500
600
700
800
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 11
London
Date
Consideration
(m)
Deal type
Target
Bidder
27/02/2018
22,100
Acquisition
Sky Plc, Isleworth
Comcast Corp, USA
27/03/2018
9,171
Acquisition
Consumer Healthcare
Joint Venture
GlaxoSmithKline Plc,
Brentford
14/02/2018
4,310
Acquisition
Duqm Refinery and
Petrochemical Industries, Oman
Kuwait Petroleum
International Ltd, London
16/03/2018
3,873
Acquisition
NEX Group Plc, London
CME Group Inc, USA
23/02/2018
2,930
Reverse
Takeover
Standard Life Assurance Ltd,
Edinburgh
Phoenix Group Holdings
Ltd, Cayman Islands
(operating from London)
26/02/2018
1,676
Acquisition
Interoute Communications Ltd,
London
GTT Communications Inc,
USA
01/03/2018
1,000
Reverse
Takeover
Laird Plc, London
AI Ladder Ltd, London
22/01/2018
876
Acquisition
Po Valley Energy Ltd, Australia
Saffron Energy Plc,
London
29/01/2018
580
Acquisition
ThreatMetrix Inc, USA
RELX Group Plc, London
09/03/2018
436
Acquisition
Portfolio of Leisure Assets
Secure Income REIT Plc,
London
Top ten deals: London
Q1 2018
Page 12 | MarketIQ United Kingdom and Republic of Ireland M&A Review
London
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
1
CMS
18
2
14
SHOOSMITHS
10
3
6
DLA PIPER
9
4
8
SQUIRE PATTON BOGGS
9
5
4
GATELEY
9
6
5
EVERSHEDS SUTHERLAND
8
7
9
ASHFORDS
8
8
-
WATSON FARLEY & WILLIAMS
7
9
23
LINKLATERS
6
10
3
TRAVERS SMITH
6
Current rank
Previous rank
Legal adviser
Value (m)
1
-
FRESHFIELDS BRUCKHAUS DERINGER
23,618
2
-
DAVIS POLK & WARDWELL
22,100
3
-
SLAUGHTER AND MAY
12,163
4
24
SKADDEN ARPS SLATE MEAGHER & FLOM
7,016
5
14
ASHURST
4,446
6
12
CMS
3,424
7
19
WEIL GOTSHAL & MANGES
2,677
8
-
GOODWIN
1,826
9
15
LINKLATERS
1,165
10
-
WATSON FARLEY & WILLIAMS
1,103
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 13
London
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
9
PEEL HUNT
20
2
-
CANACCORD GENUITY
18
3
10
RSM
14
4
17
BEAUMONT CORNISH
10
5
-
BELLEVUE ADVISORS
9
6
1
NUMIS SECURITIES
8
7
-
SPARK ADVISORY PARTNERS
7
8
4
DELOITTE
6
9
2
BDO
6
10
-
ARDEN PARTNERS
6
Current rank
Previous rank
Financial adviser
Value (m)
1
12
BANK OF AMERICA MERRILL LYNCH
25,099
2
2
MORGAN STANLEY
22,511
3
5
EVERCORE PARTNERS
22,100
4
-
ROBEY WARSHAW
22,100
5
-
JP MORGAN
13,102
6
3
CITIGROUP
10,553
7
-
GREENHILL & CO
9,372
8
23
BARCLAYS
4,845
9
11
ROTHSCHILD & CO
1,568
10
21
NUMIS SECURITIES
1,284
Page 14 | MarketIQ United Kingdom and Republic of Ireland M&A Review
There were 206 deals in the first three months of 2018 in
South East England, a 26% fall on the 278 recorded during
the same period in 2017. The total value of transactions
dropped to 5.9bn slightly lower than the value of
deals in Q4 2017 and a significant 72% decrease from
the unprecedented highs of Q1 2017, which benefitted
from the 14.3bn Reckitt Benckiser acquisition of Mead
Johnson Nutrition. The average value for the transactions
in Q1 2018 is 29m.
The largest recorded deal was a cross border
acquisition in the software sector by Temenos Group
AG, Switzerland, of Fidessa Group Plc, Woking, for an
aggregate consideration of approximately GB1.4bn.
There were two mega deals announced during the first
quarter of 2018, the second of which was Motor Fuel
Group Ltd's 1.2bn purchase of MRH GB Ltd. The South
East accounted for 7% of all UK deal values and 14.5% of
deal volumes. Infocomms deals were the most prevalent
during the first quarter of the year, with 51 deals, ahead
of manufacturing, which was the busiest sector in Q1
2017; however this was a 27% decline on the 70 deals
in the first three months of 2017. Professional services
and wholesale and retail both contributed to 19% of the
transactions for the region. Acquisitions maintained
the top spot for deal type in terms of both volume and
value, with venture capital in second position. The most
active capital provider in the South East was Mercia
Technologies with four transactions.
Irwin Mitchell was busiest legal adviser with credit on
eight deals, followed by CMS (six). In value terms, Cleary
Gottlieb Steen & Hamilton led the way working on deals
with a combined consideration of 1.8bn. RSM was
the most active financial adviser, working on 11 deals,
followed by Numis Securities and Rothschild, on seven
and five transactions respectively. Rothschild also
worked on deals with the highest aggregate value
(2.1bn), with Jefferies working on four transactions
worth a total of 2bn.
There were 43 small deals recorded, down from Q1
2017's figure of 55. There was a 18% fall in the total
value of these transactions, from 162m to 134m
this quarter.
Activity in the mid-market fell by 20%, with 28
medium-sized transactions announced during the first
quarter of 2018, worth 885m in total. This compares
to 35 deals worth 1.2bn recorded during the same
period in 2017.
Ten large deals worth 2.3bn were announced in Q1
2018, representing a 23% fall in volume and a 26% drop
in value from Q1 2017.
There were two deals with a consideration greater
than 1bn worth a combined 2.6bn; in 2017 there were
three mega-sized transactions, worth 16.5bn in total.
South East
South East deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
50
100
150
200
250
300
350
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 15
South East
Date
Consideration
(m)
Deal type
Target
Bidder
20/02/2018
1,400
Acquisition
Fidessa Group Plc,
Woking
Temenos Group AG,
Switzerland
27/02/2018
1,200
Acquisition
MRH GB Ltd, Epping
Motor Fuel Group Ltd, St
Albans
09/02/2018
411
Reverse
Takeover
Hogg Robinson Group Plc,
Basingstoke
Global Business Travel
Holdings Ltd, London
24/01/2018
348
SBO
Hesira Group Ltd, Woking
Nordic Capital
13/03/2018
315
IBO
Cala Group (Holdings) Ltd,
Staines-Upon-Thames
Legal & General Capital,
London
26/02/2018
266
Acquisition
Vodafone and Qatar
Foundation LLC,
Subsidiary of Vodafone
Group Plc, Newbury
Qatar Foundation, Qatar
19/03/2018
185
Acquisition
Transas Marine Ltd,
Portsmouth
Wartsila Oyj, Finland
26/01/2018
163
Acquisition
Concept Life Sciences Ltd,
Manchester
Spectris Plc, Egham
09/03/2018
154
IBO
Gigaclear Plc, Abingdon
Infracapital GC SLP LP,
Edinburgh
09/02/2018
142
Acquisition
Fraedom Holdings Ltd,
Basingstoke
Visa Inc, USA
Top ten deals: South East
Q1 2018
Page 16 | MarketIQ United Kingdom and Republic of Ireland M&A Review
South East
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
3
IRWIN MITCHELL
8
2
7
CMS
6
3
24
STEVENS & BOLTON
6
4
8
GATELEY
5
5
6
MILLS & REEVE
5
5
-
OSBORNE CLARKE
5
7
-
CHARLES RUSSELL SPEECHLYS
4
8
-
MACFARLANES
4
9
24
PINSENT MASONS
4
10
-
SQUIRE PATTON BOGGS
4
Current rank
Previous rank
Legal adviser
Value (m)
1
4
CLEARY GOTTLIEB STEEN & HAMILTON
1,811
2
-
WEIL GOTSHAL & MANGES
1,548
3
4
DAVIS POLK & WARDWELL
1,400
4
-
CHARLES RUSSELL SPEECHLYS
1,243
5
1
CLIFFORD CHANCE
1,200
5
-
DEBEVOISE & PLIMPTON
1,200
5
-
DORSEY & WHITNEY
1,200
8
25
MACFARLANES
574
9
-
FRESHFIELDS BRUCKHAUS DERINGER
411
9
-
SULLIVAN & CROMWELL
411
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 17
South East
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
5
RSM
11
2
2
NUMIS SECURITIES
7
3
3
ROTHSCHILD & CO
5
4
7
BDO
5
5
-
JEFFERIES
4
6
17
PWC
3
7
-
BEAUMONT CORNISH
3
8
-
STOCKDALE SECURITIES
3
9
-
EMC CORPORATE FINANCE
3
10
14
INVESTEC BANK
2
Current rank
Previous rank
Financial adviser
Value (m)
1
8
ROTHSCHILD & CO
2,114
2
20
JEFFERIES
1,950
3
19
INVESTEC BANK
1,210
4
-
PWC
1,200
5
9
EY
1,200
6
-
ALIX PARTNERS
1,200
6
6
GOLDMAN SACHS
1,200
6
25
LAZARD
1,200
6
-
MCKINSEY & CO
1,200
6
-
OC&C STRATEGY CONSULTANTS
1,200
6
24.00
RBC CAPITAL MARKETS
1,200
6
-
WYVERN PARTNERS
1,200
Page 18 | MarketIQ United Kingdom and Republic of Ireland M&A Review
There have been 80 M&A and ECM transactions
announced in the South West so far this year, a decline
of almost 50% on the 157 deals recorded during Q1 2017.
While deal values actually increased compared to the last
quarter of 2017 (up by a modest 2.7%) the comparison to
Q1 2017 is substantially worse with a 71% decline, from
2.3bn to 683m. In comparison, since the beginning of
2014, the average quarterly value of South West deals
is 1.8bn. The lower value this quarter is perhaps a
direct result of the low volumes and as more deals are
announced during the year this could increase in line with
previous trends. South West deals accounted for 5.6% and
1% of the overall UK's volumes and values, respectively.
There has been a switch in terms of industry for the
South West, with manufacturing dropping to second
position behind professional services with 44% of the
transactions; in total 35 deals worth 346m. The values of
transactions in the manufacturing sector remained strong
despite the drop in volumes, with a total value of 360m
for the quarter. In the largest transaction for the quarter
Viavi Solutions Inc of the US acquired the AvComm and
Wireless test and measurement businesses of Dorset-
based Cobham Plc.
Ashfords was SouthWest's busiest legal advisor in Q1
2018 with five transactions, ahead of Squire Patton
Boggs, Mills & Reeve and Burges Salmon all with four
transactions apiece. Four advisory firms topped the value
table thanks to the Viavi Solutions Inc deal; Arthur Cox,
Baker & Mckenzie, Bond Schoeneck & King and Fried
Frank Harris Shriver & Jacobson. Francis Clark was top
of the financial adviser table with eight transactions,
while Momentum Corporate Finance and PWC shared
the number two spot in terms of volume with two deals
each worth 22m. Evercore Partners and Qatalyst
Partners topped the value table, assisting on the biggest
transaction this quarter worth 321m.
There were 13 small deals recorded in Q1 2018, a 63%
fall from the 35 recorded in the corresponding period
of 2017. Small deal values were down 62% from 82m
to 31m.
Medium-sized transactions totalled six in Q1 2018,
a 63% fall from the 16 recorded in Q1 2017. Values
were down 65%, from 454m to 161m. The largest
transaction within this segment was the acquisition
of Fascia Graphics Ltd by the Canadian firm CCL
Industries Inc for 6.74m.
Large sized transactions dropped, from five recorded
transactions to two deals in Q1 2018. Large values fell
by 73% from 1.78bn to 491m.
There were no mega deals reported in the South West
in Q1 2018 or Q1 2017.
South West
South West deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
20
40
60
80
100
120
140
160
180
200
0
1000
2000
3000
4000
5000
6000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 19
South West
Date
Consideration
(m)
Deal type
Target
Bidder
01/02/2018
321
Acquisition
AvComm and Wireless
Test and Measurement
Businesses of Cobham
Plc, Wimborne
Viavi Solutions Inc, USA
21/02/2018
170
Rights Issue
Unite Group Plc, Bath
07/03/2018
75
IBO
CM Downton (Haulage
Contractors) Ltd,
Gloucester
EmergeVest Ltd
05/02/2018
24
Acquisition
331 Bed Property in
Edinburgh
Unite Group Plc, Bath
05/01/2018
22
Acquisition
Gro-Group Holdings Ltd,
Exeter
Mayborn Group Ltd,
Cramlington
11/01/2018
18
Acquisition
KWS Biotest Ltd, Bristol
Charles River
Laboratories International
Inc, USA
01/02/2018
12
Acquisition
Homes Caring for Autism
Ltd, Weston Super Mare
Care Management Group
Ltd, Leatherhead
02/01/2018
10
Venture Capital
MuscleFood Ltd, Poole
16/01/2018
7
Acquisition
Fascia Graphics Ltd,
Chippenham
CCL Industries (UK) Ltd,
Castleford
08/02/2018
3
Venture Capital
Proactive Investors Ltd,
Bournemouth
Top ten deals: South West
Q1 2018
Page 20 | MarketIQ United Kingdom and Republic of Ireland M&A Review
South West
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
1
ASHFORDS
5
2
-
SQUIRE PATTON BOGGS
4
3
13
MILLS & REEVE
4
4
-
BURGES SALMON
4
5
20
IRWIN MITCHELL
3
6
-
ASHURST
3
6
3
OSBORNE CLARKE
3
8
9
MICHELMORES
3
9
14
GATELEY
3
10
-
EVERSHEDS SUTHERLAND
3
10
5
PINSENT MASONS
3
Current rank
Previous rank
Legal adviser
Value (m)
1
-
ARTHUR COX
321
1
-
BAKER & MCKENZIE
321
1
-
BOND SCHOENECK & KING
321
1
-
FRIED FRANK HARRIS SHRIVER & JACOBSON
321
5
13
IRWIN MITCHELL
77
6
-
ASHURST
75
6
3
OSBORNE CLARKE
75
8
-
SQUIRE PATTON BOGGS
24
9
9
MICHELMORES
22
10
14
SHOOSMITHS
22
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 21
South West
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
1
FRANCIS CLARK
8
2
20
MOMENTUM CORPORATE FINANCE
2
2
-
PWC
2
4
-
GCA ALTIUM
2
5
11
RSM
2
6
-
BDO
2
6
-
ISCA VENTURES
2
6
-
WATERSHEDS CORPORATE FINANCE
2
9
-
EVERCORE PARTNERS
1
9
-
QATALYST PARTNERS
1
Current rank
Previous rank
Financial adviser
Value (m)
1
-
EVERCORE PARTNERS
321
1
-
QATALYST PARTNERS
321
3
-
JP MORGAN CAZENOVE
170
3
6
NUMIS SECURITIES
170
5
14
KPMG
75
6
-
MOMENTUM CORPORATE FINANCE
22
6
-
PWC
22
8
-
ORBIS PARTNERS
12
9
-
GCA ALTIUM
10
10
-
KBS CORPORATE
7
Page 22 | MarketIQ United Kingdom and Republic of Ireland M&A Review
There have been 115 M&A and ECM deals announced in
the East of England during the first quarter of 2018, a
significant fall of just under 31% on the 166 transactions
recorded for the same period last year. Deal values over
the same period have seen a much steeper drop of 80%,
from 11.3bn announced in 2017 compared to 2.3bn
confirmed so far in 2018. The East of England contributed
to 2.7% of the total number of transactions recorded in
the UK, whilst the value of these deals contributed 8.1% to
their total value.
Manufacturing was the main industry involved in
transactions, with 33 deals announced, representing
just under 29% of all deals. Professional services was
just behind in second position (also with 33 deals but
with slightly lower deal values). Wholesale and retail
were slightly further back in third position recording
32 transactions but led the way in the value standings,
being responsible for approximately 1.9bn worth of all
transactions recorded within the region during the first
three months of 2018.
Grant Thornton was again the most active financial
adviser having been cited in six deals, just ahead of
Ensors who were in second place having also participated
in six transactions, albeit with a slightly lower value. A
host of firms including Investec, PwC, EY and Goldman
Sachs shared first position in the value table advising on
February's acquisition by Motor Fuel Group Ltd, a portfolio
company of Clayton Dubilier & Rice LLC, of MRH GB, for
1.2bn. This transaction also saw participation from
Charles Russell Speechlys (on behalf of MRH GB), which
was a major factor in placing them at the top of the legal
value rankings. The highest legal adviser by volume was
Mills & Reeve, having advised on eight transactions valued
at approximately 13m.
Small deals witnessed a decline year-on-year, with
2018's 23 transactions a 44% fall on the 41 deals
announced in 2017. This was reflected in the value of
small East of England transactions being 65m, a steep
59% decline from the 157m figure recorded last year.
Mid-market deals rose from 11 last year to 13 in 2018.
This was not reflected in transaction values over the
same period decreasing by 18%, from 473m in 2017, to
388m in 2018.
Two large transactions were announced during the
period, a fall on the four recorded in 2017. However,
deal values over the same period saw a large increase
of 47% (from 437m in 2017 to 643m this year).
There was one mega transaction recorded in 2018 (two
for the same period in 2017).
East of England
East of England deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
20
40
60
80
100
120
140
160
180
0
5000
10000
15000
20000
25000
30000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 23
East of England
Date
Consideration
(m)
Deal type
Target
Bidder
27/02/2018
1,200
Acquisition
MRH GB Ltd, Epping
Motor Fuel Group Ltd, St
Albans
09/01/2018
475
Acquisition
Northgate Public Services
Ltd, Hemel Hempstead
NEC Corp, Japan
05/02/2018
168
IPO
Acacia Pharma Group Plc,
Cambridge
08/02/2018
70
Venture Capital
E- Leather Ltd,
Peterborough
16/02/2018
67
Rights Issue
CVS Group Plc, Diss
18/01/2018
63
Acquisition
Imperial Place,
Borehamwood
First Property Group Plc,
London
19/02/2018
42
Minority Stake
Connect Plus (M25)
Holdings Ltd, South
Mimms
Equitix Investment
Management Ltd, London
15/01/2018
35
IBO
Alston Elliot Ltd, Hemel
Hempstead
Ginger Bidco Ltd, London
02/02/2018
22
Acquisition
Dunamis Group Ltd, Bury
St Edmunds
Fulcrum Utility Services
Ltd, Sheffield
31/01/2018
14
Acquisition
Multitech Site Services
Ltd, Dunmow
Sdiptech AB, Sweden
Top ten deals: East of England
Q1 2018
Page 24 | MarketIQ United Kingdom and Republic of Ireland M&A Review
East of England
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
9
MILLS & REEVE
8
2
18
BIRKETTS
7
3
-
SQUIRE PATTON BOGGS
5
4
2
GATELEY
4
5
18
ASHTONS LEGAL
4
6
-
CMS
3
7
-
CHARLES RUSSELL SPEECHLYS
2
8
-
STEPHENSON HARWOOD
2
9
-
TAYLOR WESSING
2
10
-
BIRKETT LONG
2
Current rank
Previous rank
Legal adviser
Value (m)
1
14
CHARLES RUSSELL SPEECHLYS
1,202
2
1
CLIFFORD CHANCE
1,200
2
-
DEBEVOISE & PLIMPTON
1,200
2
-
DORSEY & WHITNEY
1,200
2
-
WEIL GOTSHAL & MANGES
1,200
6
2
FRESHFIELDS BRUCKHAUS DERINGER
475
6
2
MACFARLANES
475
8
-
STEPHENSON HARWOOD
168
9
-
SQUIRE PATTON BOGGS
35
9
-
TAYLOR WESSING
35
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 25
East of England
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
6
GRANT THORNTON
6
2
15
ENSORS
6
3
6
LARKING GOWEN
5
4
12
BDO
5
5
-
KPMG
3
6
5
ALANTRA
3
7
4
CENKOS SECURITIES
3
8
-
PETERHOUSE CORPORATE FINANCE
3
9
-
LIBERUM CAPITAL
3
10
-
INVESTEC
2
10
-
PWC
2
10
15
EY
2
10
-
GOLDMAN SACHS
2
Current rank
Previous rank
Financial adviser
Value (m)
1
16
INVESTEC
1,200
1
-
PWC
1,200
1
-
EY
1,200
1
-
GOLDMAN SACHS
1,200
1
-
ALIX PARTNERS
1,200
1
-
LAZARD
1,200
1
-
MCKINSEY & CO
1,200
1
-
OC&C STRATEGY CONSULTANTS
1,200
1
-
RBC CAPITAL MARKETS
1,200
1
-
WYVERN PARTNERS
1,200
Page 26 | MarketIQ United Kingdom and Republic of Ireland M&A Review
The first quarter of 2018 has seen a slower start in
the Midlands than in recent years with regards to deal
volumes; the 183 announced deals is just under 39% less
than the 299 recorded over the same period last year and
approximately 30% less than the 259 recorded in 2016.
Despite this dip in volumes however, the overall value of
the deals has skyrocketed compared to Q1 2017 by over
125% to 14.3bn, resulting in the highest total we have
recorded for any quarter in the Midlands over the past
four years. In fact, the total value was as much as 779%
higher than Q1 2016's total of 1.6bn and 451% higher than
2015's 2.6bn despite the volume being the lowest first
quarter total recorded over the past four years.
Manufacturing was both the region's most active and
the most valuable industry in Q1 with 56 announced
deals worth a total of 13.3bn, representing over 93%
of the overall total deal value and a huge increase in
value for the industry despite us recording 43% less
deals. This was undoubtedly boosted by the region's two
largest deals, both involving Redditch-based automotive,
aerospace and defence manufacturing giant GKN Plc,
which included a takeover offer from Birmingham
based Melrose Plc for 8.1b and an agreement to sell its
driveline business to US based automotive manufacturer
Dana Inc for approximately 4.4bn.
Mills & Reeve claimed the title of busiest legal adviser
in Q1 having advised on eight deals and pushing Gateley
who held Q1 2017's top spot into second place on seven.
Not far behind and separated only by value was Higgs
& Sons in third also advising on seven deals. The legal
value top spot is jointly held by Cravath, Swaine & Moore
and Slaughter and May on 12.5bn, having both advised
GKN in the region's two largest deals, with Norton
Rose Fulbright in third place advising on deals totalling
8.3bn. The financial volume table was topped by Numis
Securities on five, with Zeus Capital and RSM coming
in second and third respectively, both on four. Gleacher
Shacklock topped the value table on 12.5bn, with RBC
Capital Markets and Rothschild in joint second place on
8.1bn, having both acted on the single largest deal in Q1.
We recorded 26 small deals worth 53m in Q1, a 51%
and 61% fall from 2017's volume and value totals of 53
and 136m, respectively.
Mid-market deals were also down 13% percent in
volume from 23 in Q1 2017 to 20 this year, with their
total value almost 9% less at 776m.
Four large deals have been announced this year so far
worth 910m; this is one less than in Q1 2017 with the
total value 45% down from 1.64bn.
The Midlands saw two mega deals worth 12.5bn
announced in Q1 2018, up from a single transaction
worth 3.7bn the previous year.
The Midlands
Midlands deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
50
100
150
200
250
300
350
0
2000
4000
6000
8000
10000
12000
14000
16000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 27
The Midlands
Date
Consideration
(m)
Deal type
Target
Bidder
12/01/2018
8,100
Acquisition
GKN Plc, Redditch
Melrose Industries Plc,
Birmingham
09/03/2018
4,411
Acquisition
Driveline Business of GKN
Plc, Redditch
Dana Inc, USA
24/01/2018
311
Acquisition
Nelson Fastener Systems,
USA, from Doncasters
Group Ltd, Burton-On-
Trent
Stanley Black & Decker
Inc, USA
15/03/2018
275
Acquisition
Clear Score Technology
Ltd, London
Experian Plc, registered
in Jersey, operating
from Nottingham
18/01/2018
198
Acquisition
Green Isle Foods Ltd,
Naas, Ireland
Nomad Foods Ltd,
registered in British
Virgin Islands, trading
from Feltham
26/03/2018
125
Rights Issue
Purplebricks Group Plc,
Solihull
02/02/2018
87
Acquisition
Swansea University Bay
Campus, Skewen, from St
Modwen Properties Plc,
Birmingham
UPP Group Ltd, London
15/03/2018
75
Acquisition
207 Private Rented
Sector Units, St
Andrew's Park, from St
Modwen Properties Plc,
Birmingham
Annington Rentals (No 4)
Ltd, London
15/01/2018
73
Acquisition
Portfolio of Four Flexible
Offices from Office Space
in Town Ltd, registered
in Corby, trading from
London
RDI Reit Plc, Douglas
30/01/2018
70
Acquisition
DW3 Products Holding
Ltd, Stoke-on-Trent
Masonite International
Corp, USA
Top ten deals: The Midlands
Q1 2018
Page 28 | MarketIQ United Kingdom and Republic of Ireland M&A Review
The Midlands
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
-
MILLS & REEVE
8
2
1
GATELEY
7
3
7
HIGGS & SONS
7
4
9
BROWNE JACOBSON
6
5
22
SQUIRE PATTON BOGGS
6
6
6
SHOOSMITHS
6
7
18
IRWIN MITCHELL
5
8
3
FREETHS
4
9
14
BRABNERS
4
10
12
ADDLESHAW GODDARD
4
Current rank
Previous rank
Legal adviser
Value (m)
1
-
CRAVATH SWAINE & MOORE
12,511
1
-
SLAUGHTER AND MAY
12,511
3
15
NORTON ROSE FULBRIGHT
8,298
4
-
SIMPSON THACHER & BARTLETT
8,100
5
-
MACFARLANES
4,411
5
-
PAUL WEISS RIFKIND WHARTON & GARRISON
4,411
5
-
SKADDEN ARPS SLATE MEAGHER & FLOM
4,411
8
7
DLA PIPER
198
8
-
MASON HAYES & CURRAN
198
8
-
MATHESON
198
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 29
The Midlands
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
6
NUMIS SECURITIES
5
2
23
ZEUS CAPITAL
4
3
3
RSM
4
4
11
DELOITTE
3
5
5
EY
3
6
7
LIBERUM CAPITAL
3
7
-
BENCHMARK INTERNATIONAL
3
7
9
BDO
3
9
-
GLEACHER SHACKLOCK
2
10
-
JP MORGAN
2
Current rank
Previous rank
Financial adviser
Value (m)
1
-
GLEACHER SHACKLOCK
12,511
2
-
RBC CAPITAL MARKETS
8,100
2
5
ROTHSCHILD & CO
8,100
4
-
JP MORGAN
4,411
4
17
UBS
4,411
6
-
CMS
348
7
19
DELOITTE
198
8
23
ZEUS CAPITAL
145
9
-
RSM
70
9
16
EY
70
Page 30 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Deal activity in the Yorkshire and Humber region fell by
6% so far in 2018; there have been 130 deals recorded
this year compared to 138 transactions announced for the
corresponding period in 2017. In addition, year-on-year
deal values fell from 2.1bn in 2017 to 1.7bn confirmed
this year, a decrease of 19%. Yorkshire and Humber-based
companies were involved in 9.1% of all UK deals, and
contributed 2% of their total value over the year.
Manufacturing was the main industry in the region with
49 deals, representing just under 38% of all transactions.
They were closely followed by wholesale and retail trade
with 46 deals (35% share), with professional services
further back in third position with 29 transactions (22%
of all deals). Conversely, the wholesale and retail trade
industry rose above manufacturing in the value standings,
being responsible for over 1.3bn worth of transactions
within the region.
PwC has been the most active financial adviser in the
region during 2018, having been cited in six deals, ahead
of GCA Altium on four transactions. Morgan Stanley and
Rothschild & Co were at the top of the value rankings,
working on different sides of French firm Compagnie
Generale des Etablissements' acquisition of the Hessle-
based industrial manufacturer Fenner for 1.2bn. This
transaction also saw Pinsent Masons acting on behalf of
Fenner, which was an influential factor in them topping
the legal value rankings having advised on four deals
worth just over 1.2bn. The highest legal adviser by
volume was Clarion Solicitors, which was involved in eight
transactions for an aggregate consideration of 31m.
The number of small deals rose from 27 recorded
in 2017, to 29 transactions announced this year, a
7% increase. This has been reflected in the value of
small Yorkshire & Humber transactions recorded at
approximately 90m, a 36% rise from the figure of
66m announced last year.
The highlight for the region saw 17 mid-market deals
announced during 2018, in comparison to the nine
recorded for the same period last year. This was
reflected in the value of those transactions having
reached 430m (up 82% from 237m in 2017).
There were no large transactions announced within
Yorkshire & Humber in the first three months of 2018.
However, as mentioned above there was one mega
transaction recorded within the region.
Yorkshire & Humber
Yorkshire & Humber deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
20
40
60
80
100
120
140
160
180
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 31
Yorkshire & Humber
Date
Consideration
(m)
Deal type
Target
Bidder
19/03/2018
1,200
Acquisition
Fenner Plc, Hessle
Compagnie Generale des
Etablissements Michelin,
France
16/03/2018
65
IPO
SimplyBiz Group Plc,
Huddersfield
13/02/2018
40
Acquisition
Kelkay Ltd, Pollington
Ames Co Inc, USA
24/03/2018
40
IBO
Pharmacy2U Ltd, Leeds
G Square Healthcare
Private Equity LLP,
London
07/02/2018
37
Acquisition
6 Queen Street, Leeds
Mayfair Capital
Investment Management
Ltd, London
15/02/2018
31
Acquisition
Morrisons Supermarket,
Hunslet
Aviva Staff Pension
Trustee Ltd, London
15/02/2018
27
Acquisition
Rishworth Centre and
Railway Street Retail
Park, Dewsbury (along
with The Rishworth
Centre and Railway Street
Retail Park, Cardiff
NewRiver REIT Plc,
London
13/03/2018
24
Acquisition
3 St Paul's Place,
Sheffield
M&G Real Estate Ltd,
London
21/02/2018
24
Divestment
Morses Club Plc, Birstall
02/02/2018
22
Acquisition
Dunamis Group Ltd, Bury
St Edmunds
Fulcrum Utility Services
Ltd, Sheffield
Top ten deals: Yorkshire & Humber
Q1 2018
Page 32 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Yorkshire & Humber
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
20
CLARION SOLICITORS
8
2
1
SQUIRE PATTON BOGGS
7
3
2
WALKER MORRIS
5
4
9
GATELEY
6
5
-
BRABNERS
5
6
7
ADDLESHAW GODDARD
5
7
5
PINSENT MASONS
4
8
12
EVERSHEDS SUTHERLAND
4
9
3
DLA PIPER
4
10
-
SCHOFIELD SWEENEY
4
Current rank
Previous rank
Legal adviser
Value (m)
1
1
PINSENT MASONS
1,201
2
-
FRESHFIELDS BRUCKHAUS DERINGER
1,200
3
1
SQUIRE PATTON BOGGS
43
4
23
EVERSHEDS SUTHERLAND
40
5
-
GOODWIN
40
6
1
CLARION SOLICITORS
31
7
22
DWF
31
8
8
WALKER MORRIS
25
9
-
SAVILLS
22
10
14
GATELEY
20
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 33
Yorkshire & Humber
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
4
PWC
6
2
-
GCA ALTIUM
4
3
2
KPMG
3
4
-
BHP CORPORATE FINANCE
3
5
7
DOW SCHOFIELD WATTS
3
6
-
RSM
3
7
-
PARK PLACE CORPORATE FINANCE
3
8
-
CENKOS SECURITIES
2
9
-
FINNCAP
2
10
-
PEEL HUNT
2
Current rank
Previous rank
Financial adviser
Value (m)
1
-
MORGAN STANLEY
1,200
1
7
ROTHSCHILD & CO
1,200
3
-
ZEUS CAPITAL
65
4
3
KPMG
45
5
-
LAZARD
40
6
-
GCA ALTIUM
32
7
-
FINSBURY ASSET MANAGEMENT
27
8
-
CENKOS SECURITIES
25
9
-
FINNCAP
24
10
-
PANMURE GORDON
24
Page 34 | MarketIQ United Kingdom and Republic of Ireland M&A Review
During the first quarter of 2018 we recorded a total of
158 deals with North West involvement, worth a total of
3.4bn; a 13% decline on Q1 2017's volume total of 181
while values remained relatively static with a minor 0.3%
increase. This was the lowest quarterly volume total
we have recorded for the region since Q1 2014, which
coincidentally was also the last time the total value for
Q1 exceeded the 3.4bn recorded in Q1 2018. In fact, this
quarter's total value is both 35% higher than 2016's 2.5bn
and 26% higher than 2015's Q1 total of 2.7bn, despite
volume being lower by 31% and 9% respectively.
The wholesale and retail industry has seen the most deal
activity so far in 2018 with 41 transactions announced,
approximately 7% less than the 44-announced last year
but worth a massive 688% more at 2.3bn which also
made it the most valuable industry. This massive jump
in value is largely due to Blackburn-based owner and
operator of petrol forecourt retail convenience stores EG
Group's agreement to acquire US retail group Kroger Co.'s
convenience store business for approximately 1.5bn, in
the region's largest deal so far this year. The next busiest
industry was manufacturing, which saw 37 deals during
Q1 worth 932m. At the end of Q1 last year manufacturing
was both the most active and the most valuable industry
based on M&A activity, but a sharp decline in both volume
and value has seen it fall behind the wholesale and retail
industry in both categories.
Brabners has topped the legal value table for the region in
Q1 advising on 14 deals, with Addleshaw Goddard and Hill
Dickinson rounding out the top three on nine and seven
respectively. The legal value top spot is shared by the
three legal advisers to have acted on the above EG Group
acquisition, with Allen & Overy, Paul Hastings and Weil,
Gotshal and Manges all sitting on 1.5bn. In the financial
volume table Deloitte and BDO both acted on five deals,
just pipped by EY on six. Barclays topped the financial
value table with 1.9bn worth of deals, improving on their
second place in Q1 2017, with Bank of American Merrill
Lynch the next closest firm on 1.6bn.
Small deals were down 22% to 32 from Q1 2017's
total of 41, with their value also down by just over
35% to 83m.
Mid-market deal numbers were also down by 29%
from 21 to 15, with their total value falling 34% from
617m to 411m.
The large deal category was the only to see any
improvement, with volumes doubling to six and their
total value being 255% more than last year at 1.3bn.
There was one mega deal announced in Q1 worth
1.5bn, 31% less than the value of the one mega deal
announced in Q1 2017.
North West
North West deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
50
100
150
200
250
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 35
North West
Date
Consideration
(m)
Deal type
Target
Bidder
05/02/2018
1,529
Acquisition
Kroger's Convenience Store Business,
USA
EG Group Ltd, Blackburn
26/03/2018
393
Acquisition
Finish Line Inc, USA
JD Sports Fashion Plc, Bury
25/01/2018
297
Acquisition
AST Farma BV, Netherlands and Le Vet
Beheer BV, Netherlands
Dechra Pharmaceuticals Plc,
Northwich
31/01/2018
256
Rights Issue
PRS Reit Plc, Manchester
26/01/2018
163
Acquisition
Concept Life Sciences Ltd, Manchester
Spectris Plc, Egham
05/02/2018
116
Acquisition
Industrial Multi Property Trust Portfolio
from from Industrial Multi Property
Trust Ltd, Douglas
Warehouse Reit Plc, Chester
24/01/2018
108
Divestment
Pets at Home Group Plc, Handforth,
stake sold by Kohlberg Kravis Roberts
& Co LP
01/03/2018
72
Acquisition
Europa Investimenti SpA, Italy
Arrow Global Group Plc,
Manchester
29/01/2018
45
Acquisition
Equip4work Ltd, Carlisle
Takkt AG, Germany
12/01/2018
42
Acquisition
Portfolio of Industrial Properties from
Network Space Holdings Ltd, St Helens
Threadneedle Asset
Management Ltd, London
Top ten deals: North West
Q1 2018
Page 36 | MarketIQ United Kingdom and Republic of Ireland M&A Review
North West
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
10
BRABNERS
14
2
4
ADDLESHAW GODDARD
9
3
3
HILL DICKINSON
7
4
9
SLATER HEELIS
6
5
7
NAPTHENS SOLICITORS
6
6
1
GATELEY
6
7
2
PINSENT MASONS
5
8
15
SQUIRE PATTON BOGGS
5
9
8
DLA PIPER
4
10
-
MILLS & REEVE
4
Current rank
Previous rank
Legal adviser
Value (m)
1
-
ALLEN & OVERY
1,529
2
-
PAUL HASTINGS
1,529
2
-
WEIL GOTSHAL & MANGES
1,529
4
8
ADDLESHAW GODDARD
572
5
-
BARNES & THORNBURG
393
5
-
FAEGRE BAKER DANIELS
393
5
-
HUGHES HUBBARD & REED
393
5
-
PAUL WEISS RIFKIND WHARTON & GARRISON
393
5
-
TAFT STETTINIUS & HOLLISTER
393
10
-
MACFARLANES
163
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 37
North West
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Value (m)
1
2
BARCLAYS
1,922
2
2
BANK OF AMERICA MERRILL LYNCH
1,637
3
1
GOLDMAN SACHS
1,529
3
-
MORGAN STANLEY
1,529
5
-
DELOITTE
393
5
-
HOULIHAN LOKEY
393
5
-
PETER J SOLOMON
393
8
-
G10 CAPITAL
372
9
6
INVESTEC
337
10
27
ALANTRA
256
10
-
STIFEL, NICOLAUS & CO
256
Current rank
Previous rank
Financial adviser
Volume1
1
-
EY
6
2
11
DELOITTE
5
3
13
BDO
5
4
4
RSM
4
5
21
BANK OF AMERICA MERRILL LYNCH
3
6
17
EY
3
7
1
DOW SCHOFIELD WATTS
3
8
21
BARCLAYS
2
9
-
HOULIHAN LOKEY
2
10
-
G10 CAPITAL
2
Page 38 | MarketIQ United Kingdom and Republic of Ireland M&A Review
The North-East featured in 57 deals during Q1 2018,
worth a total of 248m; this is nearly 6% more than the
number recorded in Q1 2017, although value was down
15%. Over the last four years we have only recorded a
higher volume total for the first quarter in 2016, which
saw 69 deals announced worth over 1.5bn. Conversely,
the value total for the region represented the lowest Q1
figure since 2014.
The professional services industry has seen the most
deal activity so far in 2018 with 13 deals worth 6.3m
having been announced in Q1, an 85.7% increase on
Q1 2017's seven transactions. Behind by just a single
deal was last year's busiest industry, financial services,
which has seen its total deal value jump by almost 50%
to 196m. Manufacturing saw 12 deals announced in Q1,
worth 31.1m; this is one more than last year however the
total value for the industry still fell by 75%, from 124m in
Q1 2017. The biggest change came in the support services
industry, with eight deals being announced in Q1 2018
compared to just a single transaction in Q1 2017.
The busiest legal adviser during Q1 was Muckle, which
advised on nine deals, with Mincoffs and Square One Law
rounding out the top three on seven and six respectively.
Womble Bond Dickinson took the legal value top spot,
acting on the region's largest deal which saw Durham
based Atom Bank Plc raise 149m in new capital. There
was a three-way tie for second place with Michelmores,
Squire Patton Boggs and Shoosmiths all advising on
22m worth of transactions. Tait Walker has been the
most active financial adviser acting on four deals, with
PWC in second on three and Grant Thornton and Cavu
Corporate Finance being tied for third, each having
advised on two transactions. PWC and Momentum shared
the number one spot in the financial value table on 22m,
with Winterflood Securities in third on 17m.
Small deals were up 22.2% to 11, with their total value
also being 81.6% higher at 33m.
Mid-market deals were down by one to five, from
four in Q1 2017, with total value for the category also
dropping by 61.4% to 66m.
A single large deal was announced in Q1 worth 149m,
44.7% more than the single large deal announced in
Q1 2017.
There were no mega deals announced in Q1 2018
or 2017.
North East
North East deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
10
20
30
40
50
60
70
80
0
200
400
600
800
1000
1200
1400
1600
1800
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 39
North East
Date
Consideration
(m)
Deal type
Target
Bidder
08/03/2018
149
Venture Capital
Atom Bank Plc, Durham
05/01/2018
22
Acquisition
Gro-Group Holdings Ltd,
Exeter
Mayborn Group Ltd,
Cramlington
11/01/2018
17
Acquisition
"Roseville Care Centre,
Stockton-On-Tees
Sand Banks Care Centre,
Redcar
Parkville Care Centre,
Middlesborough"
Impact Healthcare REIT
Plc, London
05/02/2018
15
Acquisition
St Margarets House
Property Portfolio,
Edinburgh, from
Caledonian Trust Plc,
Newcastle upon Tyne
Drum Property Group Ltd,
Aberdeen
12/01/2018
12
Venture Capital
Port of Blyth, Blyth
25/01/2018
8
Venture Capital
Quantumdx Group Ltd,
Newcastle upon Tyne
01/03/2018
6
Venture Capital
Moltin Ltd, Newcastle
upon Tyne
31/01/2018
5
Acquisition
Personal Touch Financial
Services Ltd, Solihul
LSL Property Services
Plc, Newcastle upon Tyne
08/01/2018
4
Acquisition
Walker & Morrell Ltd,
Washington
Funeral Partners Ltd,
Nottingham
11/01/2018
4
Acquisition
Mercury Healthcare
Communications Ltd,
Stanley
Home Digital Ltd, Leeds
Top ten deals: North East
Q1 2018
Page 40 | MarketIQ United Kingdom and Republic of Ireland M&A Review
North East
Current rank
Previous rank
Legal adviser
Volume1
1
4
MUCKLE
9
2
14
MINCOFFS
7
3
7
SQUARE ONE LAW
6
4
1
WATSON BURTON
4
5
1
WARD HADAWAY
4
6
14
SWINBURNE MADDISON
4
7
-
HAY & KILNER
3
8
3
SINTONS
3
8
5
ADDLESHAW GODDARD
3
10
-
WOMBLE BOND DICKINSON
2
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Value (m)
1
-
WOMBLE BOND DICKINSON
149
2
14
MICHELMORES
22
2
-
SQUIRE PATTON BOGGS
22
2
-
SHOOSMITHS
22
5
5
WATSON BURTON
9
6
-
BROWNE JACOBSON
4
6
-
CLARION SOLICITORS
4
6
-
GATELEY
4
9
5
WARD HADAWAY
1
10
14
SWINBURNE MADDISON
1
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 41
North East
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
9
TAIT WALKER CORPORATE FINANCE
4
2
6
PWC
3
3
-
GRANT THORNTON
2
3
9
CAVU CORPORATE FINANCE
2
5
-
MOMENTUM CORPORATE FINANCE
1
6
-
WINTERFLOOD SECURITIES
1
7
-
ALLENBY CAPITAL
1
8
1
FINNCAP
1
* 10 advisers were tied for ninth place
Current rank
Previous rank
Financial adviser
Value (m)
1
-
FTI CONSULTING
652
2
-
GLEACHER SHACKLOCK
300
3
-
CITIGROUP
202
3
-
JEFFERIES
202
3
-
RAYMOND JAMES & ASSOCIATES
202
6
8
NUMIS SECURITIES
171
7
-
ALANTRA
160
8
-
BROWN GIBBONS LANG & CO
150
9
3
EY
119
10
19
PWC
110
Page 42 | MarketIQ United Kingdom and Republic of Ireland M&A Review
M&A deal activity in Wales fell by approximately
7% during the first quarter of 2018; there were 53
transactions announced this year, a slight fall from the
57 deals recorded for the corresponding period in 2017.
Somewhat going against this trend, year-on-year deal
values have significantly increased from 141m for Q1
2017, to 240m confirmed for Q1 2018, a rise of just over
70%. Companies located in Wales were involved in 0.3%
of all UK deals, and contributed 3.7% of their total value
during the first three months of the year.
Professional services and manufacturing were tied at
16 transactions for Wales; the highest within the region
representing almost 30% of all transactions for the first
quarter of 2018. Wholesale and retail was the next most
active sector, with 12 deals (accounting for a 22% share).
The real estate sector was highest by value (136m)
buoyed by the acquisition by UPP Group, a provider of
on-campus residential and academic infrastructure for
UK universities, of the Swansea University Bay Campus in
Skewen, near Neath, for just over 87m.
Broomfield & Alexander retained its position at the head
of the financial deal volume classifications in Wales
during 2018 having participated in three transactions;
just ahead of RSM, cited in two deals. Finbury Asset
Management was top of the financial league table by
value having advised on a real estate transaction
totalling 27m. In the legal standings, Greenaway
Scott was ranked in first position by both volume and
value advising on six transactions for an aggregate
consideration of approximately 15m. Their Cardiff-
based office advised New Adventure Travel (also
based in Cardiff) in its acquisition by Singapore-based
ComfortDelgro, for 13.4m.
The number of small deals has risen slightly, with 14
announced in 2018 in comparison to 13 transactions
recorded the previous year. This has been reflected
in the value of deals with transactions totalling 41m,
a healthy 58% increase from 2017 where a figure of
26m was recorded.
Mid-market deal activity increased in comparison to
the previous year with six transactions announced
for an overall consideration of 200m. Last year saw
three deals recorded within this category and the
corresponding transaction values were much lower at
115m in total.
There were no transactions valued at 100m or more
recorded within the region during the first three
months of 2018.
Wales
Wales deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
10
20
30
40
50
60
70
80
0
100
200
300
400
500
600
700
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 43
Wales
Date
Consideration
(m)
Deal type
Target
Bidder
02/02/2018
87
Acquisition
Swansea University Bay
Campus, Skewen
UPP Group Ltd, London
29/03/2018
40
Acquisition
Decision Technologies Ltd,
London
Moneysupermarket.com
Group Plc, Ewloe
15/02/2018
27
Acquisition
Valegate Retail Park,
Cardiff (along with The
Rishworth Centre and
Railway Street Retail
Park, Dewsbury)
NewRiver REIT Plc,
London
08/02/2018
13
Acquisition
New Adventure Travel Ltd,
Cardiff
ComfortDelgro Corp Ltd,
Singapore
14/03/2018
10
Rights Issue
Diurnal Group Plc, Cardiff
05/03/2018
6
Acquisition
Tactical Solutions UK Ltd,
Deeside
SelmerBridge Ltd, London
01/02/2018
6
Acquisition
Daniel O'Sullivan Wealth
Management Ltd, London
Mount Stuart Wealth
Management Ltd, Cardiff
31/01/2018
5
Demerger
Pinacl Holdings Group Ltd,
St Asaph
15/03/2018
5
Minority Stake
Proton Partners
International Ltd, Cardiff
Formation Group Plc,
London
Top ten deals: Wales
Q1 2018
Page 44 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Wales
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
4
GREENAWAY SCOTT
6
2
3
CAPITAL LAW
5
3
-
ACUITY LEGAL
4
4
7
BLAKE MORGAN
3
5
1
GELDARDS
3
6
23
SLATER HEELIS
2
7
11
BERRY SMITH
2
8
-
HILL DICKINSON
2
9
6
HUGH JAMES
2
10
23
MILLS & REEVE
2
Current rank
Previous rank
Legal adviser
Value (m)
1
7
GREENAWAY SCOTT
15
2
-
TEACHER STERN
13
3
18
BLAKE MORGAN
7
4
16
GELDARDS
6
5
-
SHERBORNES SOLICITORS
6
6
23
SLATER HEELIS
5
7
20
BERRY SMITH
4
8
-
HILL DICKINSON
4
9
-
ALLINGTON HUGHES SOLICITORS
4
10
11
CAPITAL LAW
2
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 45
Wales
Current rank
Previous rank
Financial adviser
Volume1
1
2
BROOMFIELD & ALEXANDER
3
2
15
RSM
2
3
-
FINSBURY ASSET MANAGEMENT
1
4
-
BARRONS BDS
1
5
-
OASIS EUROPE
1
6
-
NUMIS SECURITIES
1
7
-
STIFEL/KBW
1
8
-
INVESTEC
1
9
-
ARDEN PARTNERS
1
10
-
NORTHLAND CAPITAL PARTNERS
1
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Value (m)
1
-
FINSBURY ASSET MANAGEMENT
27
2
-
BARRONS BDS
13
3
-
OASIS EUROPE
13
4
-
NUMIS SECURITIES
10
5
-
STIFEL/KBW
4
6
-
INVESTEC
4
7
-
ARDEN PARTNERS
2
8
-
NORTHLAND CAPITAL PARTNERS
1
9
-
VERDE CORPORATE FINANCE
1
Page 46 | MarketIQ United Kingdom and Republic of Ireland M&A Review
There have been 132 M&A and ECM transactions
announced in Scotland so far this year, a decline of
22% on the 169 deals recorded during Q1 2017 and
the second lowest number of Q1 deals over our five-
year review period (just behind Q1 2014 with 128
transactions). Despite the subdued figures, large and
mega transactions are still happening in Scotland, the
largest of which was the reverse take-over of Standard
Life Assurance Ltd, Edinburgh, by Phoenix Group Holdings
Ltd, contributing almost 3bn to the total deal value of
3.7bn for Q1 2018. While this represented a 48% fall
in value year -on-year, the first quarter of 2017 was the
most valuable for the year at 7.1% supported by two mega
transactions. The rest of the values in Scotland during
2017 were more subdued and in comparison with Q4 2017
total value increased by 178%, from 1.3bn. Scottish deals
accounted for 4.3% of the UK's overall deal value in Q1
2018 and 9.3% of deal volume.
Rights issues remained the most prolific in Scotland
with 72 transactions down by two on the 74 right issues
recorded in Q1 2017. In terms of value, acquisitions take
the lions share, thanks in part to the aforementioned
mega deal, making the total value of acquisitions 3.2bn.
The financial services industry remained Scotland's
busiest industry for M&A over the year to date; remaining
stable with 88 transactions in Q1 2018 compared to 88 in
Q1 2017.
CMS was Scotland's busiest legal advisor in Q1 2018
with seven transactions, ahead of Macfarlanes, Burnell
Paull and Squire Patton Boggs (each on two). CMS also
topped the value table with just under 3bn worth of
transactions, marginally ahead of Skadden Arps Slate
Meagher & Flom, Slaughter & May and William Fry, all
joint second advising on deals worth in total 2.9bn.
Winterflood Securities was the most active financial
advisor with five recorded transactions, ahead of Bank
of America Merrill Lynch which advised on two
transactions worth close to 3bn, giving it the top spot in
terms of value.
There were 85 small deals recorded in Q1 2018, a
small 7.6% reduction from the 92 recorded in the
corresponding period of 2017. Small deal values were
down by 44% from 208m to 117m.
Medium-sized transactions totalled 10 in Q1 2018,
a 17% descent from the 12 recorded in Q1 2017.
Values dropped by 12% from 402m to 354m. The
largest transaction within this segment was the 85m
acquisition of Caledonian Hotel by UAE firm Lulu Group
International LLC.
Large sized transactions were consistent with a single
transaction recorded in the first quarter of both 2018
and 2017. Large values however declined from 487m
to 270m.
There was one mega deals in Q1 2018 totalling almost
3bn. There were two mega deals in Q1 2017.
Scotland
Scotland deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
50
100
150
200
250
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 47
Scotland
Date
Consideration
(m)
Deal type
Target
Bidder
23/02/2018
2,930
Reverse
Takeover
Standard Life Assurance
Ltd, Edinburgh
Phoenix Group Holdings
Ltd, London
09/03/2018
154
IBO
Gigaclear Plc, Abingdon
Infracapital GC SLP LP,
Edinburgh
16/01/2018
85
Acquisition
The Caledonian hotel,
Edinburgh
LuLu Group International
LLC, UAE
27/03/2018
53
Acquisition
FreeAgent Holdings Plc,
Edinburgh
Silvermere Holdings Ltd,
Edinburgh
02/03/2018
50
Acquisition
Ecosse Subsea Systems
Ltd, Aberdeen
Oceaneering International
Inc, USA
29/01/2018
45
Acquisition
Equip4work Ltd, Heathhall
Takkt AG, Germany
04/01/2018
26
Acquisition
9-10 St Andrew Square
Office Asset Portfolio,
Edinburgh
Rockspring Property
Investment Managers LLP,
London
05/02/2018
24
Acquisition
331 Bed Property in
Edinburgh
Unite Group Plc, Bath
24/01/2018
21
Divestment
Liontrust Asset
Management Plc, London
(from Alliance Trust Plc,
Dundee)
15/01/2018
20
Acquisition
Long-let Student
Accommodation Scheme,
Dundee
LXI Reit Plc, London
Top ten deals: Scotland
Q1 2018
Page 48 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Scotland
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
2
CMS
7
2
-
MACFARLANES
2
3
3
BURNESS PAULL
2
3
-
SQUIRE PATTON BOGGS
2
5
-
SKADDEN ARPS SLATE MEAGHER & FLOM
1
5
4
SLAUGHTER AND MAY
1
5
-
WILLIAM FRY
1
8
5
ASHURST
1
8
-
DENTONS
1
10
13
ADDLESHAW GODDARD
1
Current rank
Previous rank
Legal adviser
Value (m)
1
12
CMS
2,998
2
-
SKADDEN ARPS SLATE MEAGHER & FLOM
2,930
2
1
SLAUGHTER AND MAY
2,930
2
-
WILLIAM FRY
2,930
5
-
MACFARLANES
85
6
6
ASHURST
53
6
-
DENTONS
53
8
18
ADDLESHAW GODDARD
50
9
-
TRAVERS SMITH
45
10
-
ARMSTRONGS
15
10
-
BLACKWOOD PARTNERS
15
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 49
Scotland
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
-
WINTERFLOOD SECURITIES
5
2
16
BANK OF AMERICA MERRILL LYNCH
2
3
2
ANDERSON ANDERSON & BROWN
2
3
11
BDO
2
3
5
RSM
2
6
-
BNP PARIBAS
1
6
-
HSBC
1
6
-
JP MORGAN CAZENOVE
1
9
-
JEFFERIES
1
10
-
ALANTRA
1
Current rank
Previous rank
Financial adviser
Value (m)
1
4
BANK OF AMERICA MERRILL LYNCH
2,983
2
-
BNP PARIBAS
2,930
2
-
HSBC
2,930
2
-
JP MORGAN CAZENOVE
2,930
5
-
JEFFERIES
154
6
-
ALANTRA
53
7
-
PWC
50
8
-
CONVEX CAPITAL
45
9
-
CANACCORD GENUITY
21
10
-
LXI REIT ADVISORS
20
10
-
PEEL HUNT
20
Page 50 | MarketIQ United Kingdom and Republic of Ireland M&A Review
M&A in Northern Ireland has mirrored the national trend
so far this year; there were fewer deals in comparison
with the first quarter of 2017, but the total value of
transactions increased. In all, there were 33 deals
announced during Q1, which represented a 48% decline
on the 64 transactions recorded during Q1 2017, although
as ever, with deals in Northern Ireland often coming to
light sometime after their completion date, we would
anticipate this figure to increase following publication.
Despite falling deal volume, the total value of deals was
up to 294m (compared to 82m in Q1 2017 and 210m in
the previous quarter), with figures boosted by a
significant transaction in Northern Ireland's fertile
renewables sector. There was a Northern Irish element in
2.3% of all UK deals in Q1 2018, contributing 0.4% to their
overall value.
Manufacturing retained its status as Northern Ireland's
busiest sector for deal activity, with eight deals in Q1.
Transactions tended to be around the lower end of the
market value-wise, and included the 2m acquisition of
Dungannon crushing equipment manufacturer Maximus
Crushing and Screening Ltd by a subsidiary of Austrian
firm HMH GmbH, along with acquisitive Belfast drinks
group SHS continuing its growth with the purchase of
Hampshire's 3V Group and CideRoad LLC in the US.
The most valuable deal took place in the renewables
sector, where Greencoat UK Wind Plc, London, England,
an investor specialising in UK wind farms, paid 163m
to acquire Brockaghboy Windfarm Ltd of Carrickfergus
from Italian energy firm ERG Renew SpA. The bulk of deal
activity consisted of trade acquisitions in Q1 (58% of all
transactions), while there were also a number of capital
increases and development capital transactions.
Belfast law firm Carson McDowell was Northern Ireland's
leading legal adviser for M&A in Q1 by transaction
volume, working on nine deals in total. Carson McDowell's
deals included a sell-side role on the 60m sale of Frost
Investments Ltd, a provider of short-term refrigeration
rental, to an investment vehicle of the Perwyn family
investment fund, along with working for hotelier
Freedom Glen on its 4.2m sale of the iconic Yorkshire
Hotel in Harrogate.
Burges Salmon and Norton Rose Fulbright jointly
topped the value table, with roles on either side of the
Brockaghboy Windfarm transaction.
Northern Irish companies were involved in 11 small
deals in Q1 2018, a 58% fall on the 26 small deals
announced during Q1 2017.
Activity was down in the mid-market; one medium-
sized deal was announced, compared to two in Q1 2017,
although the total value of deals was up 27% to 60m.
There was one large deal announced in Q1 2018, worth
163m; in Q1 2017 no large deals were recorded.
There were no 1bn plus deals announced in Northern
Ireland during Q1 2018.
Northern Ireland
Northern Ireland deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
10
20
30
40
50
60
70
0
200
400
600
800
1000
1200
1400
1600
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 51
Northern Ireland
Date
Consideration
(m)
Deal type
Target
Bidder
08/03/2018
163
Acquisition
Brockaghboy Windfarm
Ltd, Carrickfergus
Greencoat UK Wind Plc,
London
09/03/2018
60
IBO
Frost Investments Ltd,
Lisburn
P27 Bidco Ltd, London
29/03/2018
5
Acquisition
Camperco Group Ltd,
Belfast
Apollo Tourism & Leisure
Ltd, Australia
09/01/2018
4
Acquisition
The Yorkshire Hotel,
Harrogate (from from
Freedom Glen Ltd,
Belfast,)
Yorkshire Hotel Harrogate
Ltd, Harrogate
02/03/2018
3
Acquisition
Synergy Wind Ltd, Larne
Myroe Energy Ltd,
Coleraine
01/03/2018
2
Minority Stake
Maximus Crushing &
Screening Ltd, Dungannon
Rubble Master UK Ltd,
Rickmansworth
08/03/2018
2
Rights Issue
Capital Gearing Trust Plc,
Belfast
29/01/2018
1
Rights Issue
Capital Gearing Trust Plc,
Belfast
20/03/2018
1
Development
Capital
Causeway Sensors Ltd,
Belfast
30/01/2018
1
Rights Issue
Capital Gearing Trust Plc,
Belfast
Top ten deals: Northern Ireland
Q1 2018
Page 52 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Northern Ireland
Current rank
Previous rank
Legal adviser
Volume1
1
4
CARSON MCDOWELL
9
2
2
A & L GOODBODY
7
3
16
MILLAR MCCALL WYLIE
4
4
7
ARTHUR COX
3
5
1
TUGHANS
2
6
-
BIRD & BIRD
2
6
-
TLT
2
6
3
MILLS SELIG
2
9
-
BURGES SALMON
1
9
-
NORTON ROSE FULBRIGHT
1
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Value (m)
1
-
BURGES SALMON
163
1
-
NORTON ROSE FULBRIGHT
163
3
10
CARSON MCDOWELL
64
4
6
EVERSHEDS SUTHERLAND
60
5
1
A & L GOODBODY
8
6
-
JONES DAY
5
7
-
CLARION SOLICITORS
4
7
-
RAMSDENS
4
9
13
ARTHUR COX
2
10
11
GATELEY
2
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 53
Northern Ireland
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
-
FRANCIS CLARK
1
2
-
KPMG
1
3
-
SPAYNE LINDSAY & CO LLP
1
Current rank
Previous rank
Financial adviser
Value (m)
1
-
FRANCIS CLARK
163
2
-
KPMG
4
Page 54 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Deal activity in the Republic of Ireland appeared to
recede slightly in the first quarter of 2018. There were
81 deals involving an Irish firm in Q1, which represented
a substantial 37% decline from the 129 deals recorded
for Q1 2017. This was down by around a quarter on the
average quarterly figure of 110 deals since the beginning
of 2014. Although 2017 was a buoyant year for Irish M&A
on the whole, a close look at the figures suggests that
deal volumes peaked at the beginning of the year and
have fallen each subsequent quarter; by all accounts
market sentiment among the country's dealmakers is
reasonably positive, so it will be interesting to see if this
trend reverses in the year ahead. Total deal value also
declined (to 2.4bn, from 3.6bn in Q1 2017); this was the
lowest recorded value for Irish M&A of any quarter over
our review period. There was an Irish element in 3.4% of
all European transactions in Q1 2018, contributing 1.1%
of their total value. During the first quarter of 2017, Irish
M&A accounted for 3.3% of European transactions by
volume and 1.2% of their total value.
Ireland's manufacturing sector was a significant driver of
deal activity in Q1, accounting for 31% of all transactions,
with the food manufacturing space providing two of
Ireland's biggest acquisitions of the year so far. First,
Dundalk-based fresh produce firm Total Produce agreed
terms on the purchase of a 45% stake in Dole Food Co,
a Californian business that produces fresh bananas
and pineapples. Total Produce aims to finance the cash
consideration of around 241m via a balanced mix of
new equity and debt financing from Rabobank. Next,
BVI-registered Nomad Foods entered into an agreement
to acquire Green Isle Foods Ltd (trading as Goodfella's
Pizza) of Naas, a frozen produce manufacturer, for
225m in cash. Professional services (29% of deals) and
infocomms (19%) were the next most active sectors, with
infocomms providing Ireland's two largest deals of the
year. Here Experian, the information services firm with its
corporate headquarters in Dublin, acquired ClearScore,
a fintech business focussed on millennial consumers
for approximately 314m, while Goldman Sachs-backed
mobile payments firm Circle Internet Financial acquired
Poloniex, a US-based cryptocurrency exchange for
around 326m.
Arthur Cox, the Dublin law firm, was Ireland's leading
legal adviser by both deal volume and value in Q1,
bagging a role on nine deals with a total recorded value
of 569m. These included acting for Total Produce and
Circle Internet on their respective US acquisitions, as well
as for drug firm Foundry Innovation & Research on its
40m Series C funding round. Perennial frontrunner Davy
topped the financial adviser tables with six deals worth a
total of 536m, some way ahead of US investment banks
Goldman Sachs and Morgan Stanley.
Irish companies were involved in ten small deals in Q1;
this represented a decline of 64% from the 28 small
deals announced during Q1 2017, with a corresponding
60% fall in their value.
Mid-market deals were up, from 13 in Q1 2017 to 14 in
Q1 2018, although their total recorded value was down
by 0.5% to 538m.
The large deal segment also returned an increase,
with eight transactions announced during Q1, up from
four last year. The value of large deals was up by 144%
to 1.8bn.
There were no deals in the 1bn plus segment
during Q1.
Republic of Ireland
Republic of Ireland deals
Q1 2014 Q1 2018
Number of Deals
Value (M)
0
20
40
60
80
100
120
140
0
10000
20000
30000
40000
50000
60000
70000
80000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q12014
2015
2016
2017
2018
Q4
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 55
Republic of Ireland
Date
Consideration
(m)
Deal type
Target
Bidder
26/02/2018
327
Acquisition
Poloniex LLC, USA
Circle Internet Financial
Ltd, Dublin
15/03/2018
314
Acquisition
Clear Score Technology
Ltd, London
Experian Plc, Dublin
01/02/2018
241
Minority Stake
Dole Food Company Inc,
USA
Total Produce Plc,
Dundalk
18/01/2018
225
Acquisition
Green Isle Foods Ltd,
Naas
Nomad Foods Ltd, BVI
19/03/2018
210
Acquisition
Transas Marine Ltd, Little
Island
Wartsila Oyj, Finland
19/01/2018
140
Venture Capital
Capital Stage Ireland LP,
Dublin
19/02/2018
94
Acquisition
LSDM Ltd, Wembley
Grafton Group Plc, Dublin
20/03/2018
63
Acquisition
Edina Power Services Ltd,
Swords
Edina Acquisitions Ltd,
Enfield
07/02/2018
41
Acquisition
Elite One Source
Nutritional Services Inc,
USA
DCC Plc, Dublin
30/03/2018
40
Venture Capital
Foundry Innovation &
Research 1 Ltd, Dublin
Top ten deals: Republic of Ireland
Q1 2018
Page 56 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Republic of Ireland
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Legal adviser rankings
Current rank
Previous rank
Legal adviser
Volume1
1
3
ARTHUR COX
9
2
5
MCCANN FITZGERALD
7
3
7
MASON HAYES & CURRAN
6
4
1
FLYNN O'DRISCOLL
6
5
4
MATHESON
3
6
6
EVERSHEDS SUTHERLAND
3
7
-
ASHURST
2
8
-
NORTON ROSE FULBRIGHT
2
9
-
CMS
2
10
-
DLA PIPER
2
10
-
SQUIRE PATTON BOGGS
2
Current rank
Previous rank
Legal adviser
Value (m)
1
3
ARTHUR COX
569
2
-
ASHURST
327
3
-
NORTON ROSE FULBRIGHT
325
4
12
MASON HAYES & CURRAN
322
5
9
MATHESON
225
6
-
CMS
314
6
-
PAUL HASTINGS
212
8
-
SKADDEN ARPS SLATE MEAGHER & FLOM LLP
212
9
-
DLA PIPER
198
10
-
ROSENBLATT
127
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 57
Republic of Ireland
1 Where two advisers are tied, transaction deal values will constitute which of the advisers are ranked higher.
Financial adviser rankings
Current rank
Previous rank
Financial adviser
Volume1
1
1
DAVY CORPORATE FINANCE
6
2
14
GOLDMAN SACHS
2
3
-
MORGAN STANLEY
2
3
24
DELOITTE
2
5
-
GCA ALTIUM
2
6
-
CMS
1
7
14
CREDIT SUISSE
1
8
-
NUMIS SECURITIES
1
9
2
KPMG
1
10
-
ALANTRA
1
10
-
PANMURE GORDON
1
Current rank
Previous rank
Financial adviser
Value (m)
1
3
DAVY CORPORATE FINANCE
536
2
4
GOLDMAN SACHS
241
2
-
MORGAN STANLEY
241
4
4
CREDIT SUISSE
228
5
19
DELOITTE
226
6
-
NUMIS SECURITIES
144
7
12
KPMG
141
8
-
ALANTRA
40
8
-
PANMURE GORDON
40
10
-
KEMPEN & CO
30
Page 58 | MarketIQ United Kingdom and Republic of Ireland M&A Review
Appendix
This document was compiled using data from
Experian MarketIQ, which reveals new layers of
market insight by combining Corpfin's
global M&A database with comprehensive
Companies House data and our market leading
business, financial and risk databases all on
a single platform.
These tables are based on mergers &
acquisitions (M&A) and equity capital market
(ECM) transactions announced between
the dates of January 1st, 2018 and March
31st, 2018. Previous rankings are based on
information held on MarketIQ at the date on
which the report was compiled.
The minimum deal value for inclusion is
500,000, unless otherwise stated. For the
purposes of this report, small deals are worth
between 500,000 and 10m, mid-market
deals between 10m and 100m, large deals
100m to 1bn and mega transactions 1bn
and above.
Where all aspects of a deal are confidential, the
transaction will not be added to our database
until this information can be disclosed. As such,
transactions that are entirely confidential will
not be eligible for inclusion in League Tables
and Quarterly Reports. Where the value of a
transaction is confidential it does not count
towards value rankings.
Deals are attributed to regions based on the
address of target or bidder companies as
registered at the UK's Companies House or the
Republic of Ireland's Companies Registration
Office. Should a company's principal place of
business differ from its registered location, we
will also attribute the deal to the region of its
principal trading address.
League Tables are based on the volume
and value of legal or financial advisory
services (including due diligence and certain
consultancy services) provided to the target,
bidder, vendor, debt or equity provider,
shareholders, directors, management or
other parties to a deal. League Tables exclude
rumoured, cancelled, withdrawn or lapsed
deals. Where advisory firms have advised on
the same volume of deals, the aggregate value
of transactions is used to determine their rank.
Irish deal values are based on an exchange
rate of 1 = 1.14.
This publication was compiled on April 12th,
2018. Experian believes that the information it
provides was obtained from reliable sources,
but does not guarantee its accuracy. Due to
the fact that our records are updated daily,
transaction data and League Table rankings
may vary between publications.
For further information on the Experian league tables, inclusion criteria, deal submissions or quarterly
updates, please contact:
Jane Turner, Research Manager
Tel: +44 161 288 4920 Email: cfw.research@experian.com
MarketIQ United Kingdom and Republic of Ireland M&A Review | Page 59
Deal Proforma
Name of firm supplying information
Client name
Companies
Name
Location
Type of business
Target
Bidder
Date Announced
DD / MM / YYYY
Consideration (millions)
Date Completed
DD / MM / YYYY
Deal Description
Consideration satisfied by
Company Share Issue
High Street Bank
Existing Resources
Merchant Bank
Mezzanine Finance
Vendor Placing
Other Companies
Venture Capital
Type of deal
Acquisition
Exit
Management Buy-out
Receivership Restructuring
Demerger
Flotation
Management Buy-in/Buy-out
Reverse Takeover
Development Capital
Investor Buy-in
Merger
Rights/Other issue
Disposal
Investor Buy-out
Minority Stake
Secondary Buy-out
Employee Buy-in
Leveraged Buy-out
Public to Private
Share Buy-back
Employee Buy-out
Management Buy-in
Reconstruction
Start-up
Advisors: please supply all advisors, noting for whom they acted and in what capacity
Advisor + office
Team (individuals)
Client
Role
Funding: please supply all investors
Investor + office
Debt/equity
Team (individuals)
Client
Page 60 | MarketIQ United Kingdom and Republic of Ireland M&A Review
About Experian MarketIQ
How can we help you?
Experian MarketIQ reveals new layers of market insight
by combining Corpfin's global M&A database with
comprehensive Companies House data and our market
leading business, financial and risk databases all on
a single platform. This enables you to be even better
informed, even more confident in your decisions, and
ready to make the most of all opportunities the moment
they arise.
Experian MarketIQ provides the broadest and deepest
source of corporate, deal, company, financial and
business information on a single, accessible and easy-to-
use platform. It helps to keep you one step ahead of your
competitors and so make the most of more opportunities.
Find out about our bespoke solutions tailored to your firm
at our website: www.experian.co.uk/marketiq
Be better informed
Be the first to know what is
happening in your existing
markets or in new areas
that you are looking to
exploit.
Have more confidence
Be certain that the advice
you are giving, or the
decisions you are taking,
are based on the most
complete and up-to-date
information.
Create more
opportunities
Proactively target new
clients or new business
contacts using unique
combinations of datasets.
Experian 2018.
Experian Ltd is authorised and regulated by the Financial Conduct Authority. Experian Ltd is
registered in England and Wales under company registration number 653331.
The word "EXPERIAN" and the graphical device are trade marks of Experian and/or its associated
companies and may be registered in the EU, USA and other countries. The graphical device is a
registered Community design in the EU.
All rights reserved.
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Registered office address:
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NG2 Business Park, Nottingham, NG80 1ZZ
E: cfw.research@experian.com
www.experian.co.uk/marketiq