THE MARK
A BENCHMARK INTERNATIONAL PUBLICATION
BENCHMARKCORPORATE.COM
VOL. XIV ISSUE I
EXCLUSIVE INTERNATIONAL M&A OPPORTUNITIES
GROWTH & INNOVATION
THROUGH ACQUISITION
ENTREPRENEURS WHO FAILED
BEFORE THEY SUCCEEDED
RECORD 2016 FOR M&A
LOWER MID-MARKET: THE
JEWEL IN THE CROWN OF M&A
FEATURED OPPORTUNITIES
LOWER MID-MARKET: THE
JEWEL IN THE CROWN OF
M&A
REASONS TO BE
BE CHEERFUL
WHERE NEXT
FOR BENCHMARK
INTERNATIONAL?
DON’T GIVE
UP
SECTOR SNAPSHOTS:
ENERGY 6
OIL & GAS 14
BIOTECHNOLOGY 34
IT & TECHNOLOGY 44
MANUFACTURING 64
COMPLETED DEALS 72
OFFICE LOCATIONS 74
AWARDS 78
DID YOU SELL YOUR
ATTORNEY?
FEATURED
OPPORTUNITIES
HIRING THE RIGHT
M&A LAWYER
GROWTH
& INNOVATION
THROUGH ACQUISITION
AWARDS
ROUND-UP FOR 2016
THE MARK
P U B L I C A T I O N
4
40
16
32
54
8
18
52
66
FEATURED
BESPOKE
OPPORTUNITY
36
2
Welcome to another edition of THE MARK, Benchmark International’s publication that provides insight into key events in the
M&A industry.

2016 was a year of significant transition in many areas, particularly in the political world - with Brexit on the cards and Donald
Trump recently moving in to the White House, this was definitely the ‘Year of Change.’

Despite these upheavals, it was very much business as usual at Benchmark International as we posted yet another record
breaking year, closing over 75 deals, internationally.

As we settle into 2017, our unrelenting aim remains - as always - to help you achieve your exit, growth or acquisition strategy
by connecting you with the right opportunity.

Whether you are seeking a full or partial exit, a strategic growth partner or an acquisition opportunity, we hope you find this
publication useful and we look forward to helping you realise your business objectives in the coming year and beyond.

Thanks for reading.
Michael Lawrie
NOTE FROM THE CMO
TEAM
SPOTLIGHT
MICHELLE
RAHGOZAR // ASSOCIATE
EMILY
COGLEY // SENIOR ASSOCIATE
CONTACT
U.S. Headquarters:
4488 West Boy Scout Blvd.
Tampa, FL 33607
+1 813 898 2350
US@BENCHMARKCORPORATE.COM
U.K. Headquarters:
101 Park Drive, Milton Park
Oxfordshire, OX14 4RY
+44 (0) 1865 410 050
UK@BENCHMARKCORPORATE.COM
THE MARK
A BENCHMARK INTERNATIONAL PUBLICATION
58
38
VOL. XIV ISSUE I
3
BY: CARL SETTLE // ASSOCIATE DIRECTOR
The last 12 months have seen a range of business trends, from the promising through to the exciting, as many different sectors
and industries have experienced growth and increasing levels of M&A activity. This has been despite the relative uncertainty
surrounding political decisions, from the Brexit vote through to elections in some of the world’s largest trading countries. What
is certainly clear is the continued success and strength of M&A in the lower mid-market space.
HISTORY AS A GUIDE
Benchmark International draws on the knowledge of hugely experienced M&A experts who can bring a long-term view
to the current market conditions. It can be easy to get distracted by passing conditions or major political events, but it
is very important to look to long-term trends to guide thinking on the future prospects for any business. This brings us to
lower-mid market M&A.
THE JEWEL IN THE
CROWN OF M&A
T:+44 (0) 161 359 4421
E: SETTLE@BENCHMARKCORPORATE.COM
LOWER
MID-MARKET:
4
Within the M&A industry, there is a clear trend in the strength of lower mid-market deals and activity during periods of lower
growth and uncertainty, not just at times when there is an obvious market strength and growth. This is a trend that has held
true for many decades.
STRENGTH IN NUMBERS
There are many different reasons for the strength of lower mid-market deals. Firstly, the necessity of M&A activity is there for
all to see. It stimulates growth, allowing businesses to access new funding to add new skills to break into new markets. With
the huge number of these types of businesses, there will always be the appetite to develop and grow through M&A.
Secondly, lower mid-market deals are also achievable in a way that headline grabbing mega deals are not. While the
biggest names in a given industry may have to satisfy a whole host of regulatory and financial regulations, as well as
maintaining the good will of investors and other stakeholders, these risks or hurdles are less pronounced for smaller, more
agile businesses. Furthermore as the largest organisations are potentially put off from engaging in M&A activity with their
peers, they may well retain an appetite to acquire or invest in businesses that are smaller than themselves.
WHAT NEXT FOR LOWER MID-MARKET COMPANIES?
Those business owners within this space, whatever the sector, should think clearly and positively about M&A prospects,
whatever the wider economic circumstances. Putting off the important discussions and thinking about the near- and long-term
plans for the business can mean missed opportunities. The cliché that “There’s never been a better time to sell your business”
may not ring true for all sectors or industries, but for lower mid-market companies, we can definitively say: “There’s never a
better time to start thinking about the future of your business and how M&A can fit into these plans.”
Get in touch with our experienced team with any questions you have about lower mid-market M&A and how Benchmark
International can help you.
5
The slump in oil prices has placed substantial pressure on the energy sector in recent years. This has not only caused energy
companies’ current activities to suffer, but has also radically altered the way that these businesses will operate in the future.
One seismic shock hitting the sector over the next four years is the $1T expected to be cut from Oil & Gas exploration. Such
a significant drop will reduce reserve-replacement ratios, leaving companies to seek other ways to fulfil demand, such as
acquisition. As a result, 2016 witnessed a pick-up in M&A within the energy sector, with deal announcements rising 78 per
ENERGY
M&A SECTOR
SNAPSHOT
BY: JACLYN RUSSELL // SENIOR ASSOCIATE
T:+44 (0) 1865 410 054
E: RUSSELL@BENCHMARKCORPORATE.COM
6
cent Year on Year since Q1 of last year. Deal value in Q1 of 2016 totalled $76.8B – the sector’s best performing quarter
since 2011. As a result, the energy sector was one of the year’s most active sectors for deal value, falling in just behind the
technology and property sectors.
ENERGY SECURITY AND THE FUTURE
Economic headwinds approaching the energy sector have created complex situations across oil-producing nations. From
the well-documented issues surrounding the Dakota Access Pipeline in the U.S., to political uncertainty regarding the U.K.
Shale industry and OPEC’s attempts to achieve an oil price agreement, the current state of the sector suggests the clear need
for innovative energy solutions. With this in mind, agile players can make the most of opportunities in the sector, particularly
as assets remain relatively low in price.
Such opportunities have tempted new private equity money into the North Sea Oil & Gas market. In early Q4 of last year,
Siccar Point Energy, a private equity-backed Aberdeen exploration and pipelining company, pulled off a significant deal
to acquire interests totalling $1B. This deal was rumoured to be the largest for the offshore energy sector since the drop in
the price of crude oil, and further underlines the resurgence of the sector.
KEY PLAYER IN THE SECTOR
M&A activity in the sector is currently dominated by the mega-deals involving Shell-BG and GE-Baker Hughes. While Baker
Hughes had to scrap its proposed deal with Halliburton in 2014 due to regulatory issues, Shell and BG are having to sell off
various parts of their existing businesses to ensure the deal is rubber-stamped by authorities. Consequently, this has created
opportunities for acquirers to make a move on the areas being offloaded by Shell and BG.
The GE-Baker Hughes deal, expected to complete at some point this year, is facing similar implications and moves have
already been made to offload certain areas in order to satisfy regulators. Baker Hughes has reduced its stake in North
American fracking outfit BJ Services, with CSL Capital Management and Goldman Sachs’ West Street Energy Partners
investing in the brand in a deal estimated to be worth $325M.
Elsewhere, Australia’s largest oil and gas operator, Woodside Petroleum, saw significant M&A activity throughout 2016,
both globally and across the Australian market. In July, Woodside agreed to a £350M deal for ConocoPhillips’ Senegalese
interests, highlighting the continued appeal of exploration assets. More recently, the company acquired £250M worth of
assets from BHP Billiton in Australia to further consolidate its dominance in this market.
LOOKING AHEAD TO THIS YEAR
Despite issues facing the energy sector as a whole, M&A activity is expected to continue at this accelerated pace throughout
the year. Looking at wider issues, the industry will seek to solve the challenge of the long-term drop in the price of oil,
and local markets’ such as the North Sea are expected to see an increase in deal volume as a result of the mega-deals
in progress.
7
YOU JUST SOLD YOUR BUSINESS,
DID YOU SELL YOUR
ATTORNEY TOO?
8
Jay Campbell is the Partner in Charge of the Memphis
office at Adams and Reese and focuses his practice
on mergers, acquisitions and related financing
transactions. Adams and Reese is a law firm with
nearly 280 attorneys and advisors located in 15
markets throughout the southern United States and
Washington, D.C. The firm regularly represents
strategic and financial market participants
in
acquisitions, dispositions, equity and debt offerings,
and financing transactions ranging from under $10
million to over $1 billion, with most deals between
$20 million and $200 million.
After years of work building your business, and months of negotiation, you’ve sold your life’s work to a new owner. Even
better, you, your financial advisors and your attorneys structured the transaction as a stock sale so you have limited risks
after closing. But, if a dispute arises with the buyer, are the communications between you and your attorney still confidential
and subject to attorney-client privilege?
On its face, the answer to the question seems obvious, the principle that communications between clients and attorneys
are to be held confidential and not permitted to be submitted as evidence in dispute is fundamental tenet of law in the
United States. We believe that open communication between attorneys and their clients is so important that except for
circumstances where a life could be in danger or a waiver is received, attorneys may not divulge privileged communications
to third parties and courts may not permit any such communications to be used as evidence at trial.
Nevertheless, in recent cases, where parties were lax in structuring their transactions, courts have found that, in the process
of selling their businesses, sellers have also sold their rights to confidential attorney-client communications to the buyer as
well. In particular, Delaware courts, whose business decisions influence courts throughout the United States, have held that
if a seller sells all of its rights and privileges in a business, it has also sold its rights to its pre-closing communications with the
business’s attorney.
This means that if the buyer and seller have a dispute after closing, the buyer might be able to force the business’s attorney,
who is often the seller’s personal attorney, to turn over all of the communications between the seller and the attorney related
to the transaction and then use those communications against the seller in court. Obviously, this could have a devastating
impact on the seller’s position in the dispute.
Not every state has taken this approach, but regardless of what state’s law will govern you transaction, it is prudent to take
some simple steps to avoid this issue. These steps include the following:
• Address communications with attorneys in the purchase agreement. Courts seek to enforce the intentions of the parties
to contracts, so if you clearly state how you intend for privileged communications to be treated after closing, a court is
most likely to enforce your intention.
• Segregate your communications regarding the transaction. Do not intermingle your communications regarding the
transaction with normal business communications. For example, you could open a separate email account using a
non-company service to use solely for the transaction to ensure that you do not inadvertently transfer confidential
communications to a buyer when you transfer control of company email servers.
• Hire separate legal counsel to assist with the transaction. If a seller hires new, legal counsel who does not regularly
provide legal advice to the business, then it will be clear that the communications with the attorney are not part of the
business the seller is transferring.
With some pre-transaction planning, sellers can ensure that they do not inadvertently sell their relationship with their attorney
when they sell their business.
BY: ATTORNEY JAY CAMPBELL
E: JAY.CAMPBELL@ARLAW.COM
W: ADAMANDREESE.COM
9
BREXIT MEAN
FOR M&A?
Earlier in the year, the much-anticipated EU referendum in the U.K. saw the nation vote to leave. Prolonged uncertainty in
the run-up to the vote had its effects on businesses large and small, with some companies waiting to see the outcome of the
vote before proceeding with significant plans. Now there is a level of clarity on the issue, even if the various terms of Brexit
are yet to be ironed out, businesses have hit the ground running and we have seen a range of positive indicators when it
comes to M&A.
We conducted an industry survey of over 15,000 stakeholders, including trade acquirers from the U.K. and internationally,
private equity firms, investors, high-net worth individuals and sell-side advisers, to gauge the appetite from them and their
clients to acquire following the Brexit vote. The results confirmed that business confidence remains high, as a range of sectors
and acquirers signalled their intention to continue M&A activity in the short- and medium-term.
WHAT DOES
BY: CHRIS FIELDING // SENIOR ASSOCIATE
T: +44 (0) 161 359 4422
E: FIELDING@BENCHMARKCORPORATE.COM
10
DEALS AND DECISIONS
Firstly, market confidence has remained, with a variety of sectors and industries showing confidence despite the result of
the vote. Headline sectors for deal appetite include manufacturing & industrial, engineering, IT & telecoms, distribution &
storage, and professional services & consultancy. An overwhelming majority (88%) of respondents are looking to acquire
in the U.K., underlining the continued attractiveness of U.K. businesses, as the country moves into a new relationship with its
European partners in the E.U. Our survey responses tally with the deals and activity already announced this year since the
Brexit vote.
From the headline-grabbing mega-deals such as ARM’s acquisition by Softbank, through to high levels of M&A in the
British Fintech sector post-Brexit vote, there is a real sense that British businesses are still set for a strong future. This market
confidence is not just seen in M&A activity, but in the planning for the future from businesses. Nissan’s announcement that
they will continue to operate in the U.K., with the building of new models at their Teeside hub announced following the Leave
vote, signals that large multinationals are convinced of the merits of U.K. economy.
NEW OPPORTUNITIES
While the terms of the Brexit deal are to be decided, it’s clear that businesses can look to new opportunities for trade with
new markets. The U.K. Government has made concerted efforts to court Chinese and Indian investors, signalling the potential
opportunities available as the U.K. economy changes as Brexit is completed. China and India are two of the world’s largest
economies, with historic ties to India ensuring that businesses could be well positioned to take advantage of opportunities.
This may signal a rise in inbound M&A, as investors from these two countries seek to build stronger ties ahead of trade
deals once Brexit is completed. Also linked is the value of U.K. currency internationally – a lower pound may help stimulate
exports in a way that could power significant expansion in U.K. manufacturing.
DAILY TURBULENCE VS. LONG-TERM PLANNING
As companies look to acquire, their long-term strategy planning will prompt them to identify milestones and objectives that
are in line with their business activities. The impact of the clarity we now have on the Brexit result may mean businesses are
more ready to engage in an acquisition process. In fact, our survey confirmed that over 85% of respondents are looking
to acquire in the next six to 12 months; this is a clear indicator that long-term planning, which is the basis of any successful
acquisition, has continued across business despite the uncertainty in the run-up to the Brexit referendum.
Once again, it can be easy to pay too much attention to the daily storm surrounding the issue, often whipped up by media
outlets and politicians engaged in all kinds of manoeuvres to keep the issue alive in the minds of consumers and voters but
business decisions don’t rest on these short-term issues, focusing instead on long-term planning.
It is, therefore, critical for business owners to develop growth or exit strategies well before they intend to action them.
Talking to Benchmark International’s team of dedicated experts can help you secure the future prospects of your businesses,
whichever course your business owning journey takes.
11
JAMES ROBINSON
What made you choose this profession?
Although studying History at University does not make
for a usual path into business, there has always been
a curiosity and interest of how the business world
ticks. When an opportunity arose at Benchmark
International, I jumped at the chance.
How do you spend your free time?
I’m a keen fitness enthusiast and having done two half
marathons and the Three Peaks Challenge in 2016,
I’m now looking for my next challenge.
Who inspires you the most?
My Dad has had a huge influence on my life. He has
had to work hard for everything he has achieved and
has a contagious positive outlook on life.
If you won the lottery, what would you do?
Easy. Start my own business (I’m keeping the business
plan a secret for now)!

What has been one of the biggest moments in
your life?
Considering I’m not great with heights, the 15,000-ft.
sky dive in Queenstown, New Zealand was a big
moment. However, to avoid getting into trouble, my
answer must be when I first met the Mrs.
Favourite childhood memory?
Easter holidays spent at Flamingo Land in North
Yorkshire. A theme-park and a zoo in one place – it
was the ultimate kid’s playground!
What are your top three qualities?
1. Diligence. I know nothing is achieved without hard
work whilst also understanding the importance of the
needs of others, whether clients or colleagues.
2. Ambition. I am constantly looking for ways to
improve myself, both in my career and personally.
3. Patience. Setting realistic goals and tasks to follow
each day. You know the story about Rome, right?
What were you doing before joining
Benchmark International?
Having been at Benchmark International for 6 years I
do need to cast my mind back somewhat. Immediately
before working here, I had a short spell travelling the
world following the completion of my History degree
at Huddersfield University. I have achieved a great
deal at Benchmark International so far and I’m looking
forward to an exciting future.
List five words to describe your character?
Curious. Competitive. Ambitious. Attentive. Diligent.
“Every accomplishment starts
with a decision to try”
T: +44 (0) 161 359 4415
E: ROBINSON@BENCHMARKCORPORATE.COM
DIRECTOR
SPOTLIGHT
12
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13
There is something to be said about having a full tank of gas without emptying your wallet. Almost everyone has benefitted
one way or another from low oil and gas prices. Having some extra cash in our pockets has allowed many to buy more
groceries, splurge on a nice pair of running shoes and even incited the purchase of a ‘dream car.’ While the positive
effects of low oil and gas prices had many around the world cheering, there were many that weren’t as excited. Industry
professionals that focused on Oil & Gas M&A deals saw the deals fall apart in front of them or their value drastically
reduced. At one point, it seemed like there was not end in sight for the slowdown in M&A activity in this sector. As the new
year came around so came the promise of increased activity in the field. The last quarter of 2016 saw the price of oil steadily
increase and it appears that there is light at the end of the tunnel.
The 2014 oil bust took the industry by surprise and the M&A market in this sector was no exception with major deals being
placed on hold for the foreseeable future. However, during the last quarter of 2016 activity in the Oil & Gas market heated-
up. According to Dealogic, the first two weeks of November, saw oil and gas deal-making hit $56.7 billion compared to
$26.8 billion in the same period of 2015. Most of the deals have been led by new exploration and production. As a matter
of fact, many of the deals in this sector have been made because sellers needed cash to pay down debt. Recently, Oil &
Gas prices have steadily recovered and the prospects for the industry look promising.
BY: LUIS VINALS // SENIOR ASSOCIATE
T: +1 (512) 347-2000
E: VINALS@BENCHMARKCORPORATE.COM
14
INDUSTRY SNAPSHOT:
OIL & GAS
In order to make up for lost time, many industry players are aggressively chasing deals, which is typical in industries that
experience boom-bust cycles. Now that financial institutions feel more comfortable providing capital, buyers are starting to
chase projects at higher than average multiples. This trend is highlighted for deals occurring in the Permian Basin where the
recovery is significantly stronger than in other regions because of lower production costs. PLS, Inc. notes that in 2016 The
Permian Basin has seen the most deal making, with more than $23 billion in merger and acquisitions deals.
Benchmark International anticipates 2017 to be the year of opportunity for Oil & Gas M&A. Many sellers are open to the
possibility of exiting the market to pursue retirement and others are open to working alongside a buyer in order to position
themselves for the upside of the cycle. With the market poised to see an increase in activity, it is only natural to expect
healthy multiples on sales of Oil and Gas businesses. For sellers, now would be the time to look at their business and
evaluate the benefits of low-cost debt and higher margins, among others. On the other hand, buyers will benefit from having
an experienced team diligently working on their behalf to meet growth objectives. Benchmark International’s regional Texas
office has vast experience in Oil and Gas deal making; reporting major increases in activity throughout West Texas and a
renewed interest in the Houston Oil & Gas market.
Now will be the time to contact a Benchmark International expert to get more information on Oil & Gas deals that cover the
entire industry scope of Downstream, Midstream & Upstream. In conclusion, Benchmark International anticipates that 2017
will be year that Oil & Gas deals return to the closing table.
15
NEED SECTOR SPECIFIC INSIGHTS?
UNLOCK THE BENCHMARK VAULT TODAY.

We’ve compiled all the latest information on Healthcare, Industrial, Technology,
Media & Telecoms, Distribution, and, Business Services into one location. Visit
www.TheBenchmarkVault.com/sectors/ for more in-depth analysis on deals,
opportunities industry insights for each sector and unlock your potential today.
16
WHERE NEXT FOR BENCHMARK INTERNATIONAL?
2016 was a record-breaking year for the business, with strong growth in the U.S. and U.K. in terms of deal value and deal volume.
Earlier last year we broke the 50 deal mark and witnessed a significant increase on 2015’s results, while our CEO Greg Jackson
received a “CEO of the Year” award from AI Global Media. We are delighted with the progress we made in 2016 but as a
company, we won’t stand still and will continue to implement our ambitious growth strategy to sell great businesses.
As deal volumes and deal values increase, we are developing our teams to support our clients in better ways than ever before.
We take a look at some of the new developments at Benchmark International which will allow us to deliver our goals for the next
12 months.
MAJOR TRANSACTIONS
This is an area where we are delivering significant improvement in the U.S. We are posting ever higher numbers of
transactions which fall into this category, with our activities led by CEO Greg Jackson. While major transactions in
the U.S. is a competitive environment, there is a real opportunity to grow our activities in this space. In particular,
we have secured a number of industry awards off the back of our performance in this space, with our peers and
industry and trade publications recognising our achievements.
TECHNOLOGY
A relatively new cliché, “All businesses are technology businesses” highlights the impact of technology
on businesses in the 21st century. While it is worth taking this concept with a pinch of salt, it is important
that businesses understand the implications that technology can have. Benchmark International is
continually investing in proprietary technology to support our strategy. It allows us to make our
processes work much harder, throughout the lifecycle of a transaction, from the beginnings
of engagement with a client through to post-deal activities. We will have some very exciting
developments in this space throughout the year and look forward to delivering great results
for clients.
BRANCHING OUT
Our aim at Benchmark International is to work with strong businesses, rather than limit
ourselves to particular sectors or industries. Our business intelligence, built on our analysts
and hugely experienced teams, allow us to very quickly evaluate the companies we come
into contact with. However, there are clearly some very interesting areas where we are
looking to grow our activities.
Recruitment really was a vibrant sector in 2016 and this will continue into 2017. The
U.K. has arguably the most advanced and innovative recruitment sector, ensuring that
businesses in this market will remain in high demand for years to come. Conversely,
outbound M&A will give these businesses a chance to take their market-leading services
into new countries to really accelerate growth and grab market-share from incumbents.
BY: PAUL WILSON // DIRECTOR
T: +44 (0) 1865 410 055
E: WILSON@BENCHMARKCORPORATE.COM
17
A leading primary processor and supplier of fresh and re-freshed
fish to both UK and international markets. The company holds
key relationships with several UK high-street supermarkets in
addition to a number of western European equivalents via a
continental distributor.
Now offering a growing range of own-branded fish products, these
include whole, filleted and value added items, including the UK’s
first processor provided microwaveable products.

The company’s 35,000ft2 premises and extensive in-house
processing infrastructure, enabling just-in-time supply, is primed to
increase turnover by up to 50%.
LOCATION: NORTH EAST ENGLAND
SECTOR: FOOD PROCESSING
Processor & Supplier of Fish – MAN1309
Well established and highly skilled telecoms engineers specialising
in the installation of underground and overhead cabling, jointing
and splicing for both copper and fibre optic systems. The company
carries a strong reputation nationwide for its highly skilled engineers
who deliver an excellent service. The excellent service levels are
facilitated by the company’s in-house training school which allows
the company to maintain quality control and scalability.
The shareholders have identified the benefits of diversifying their
service offering to provide a full turnkey operation which would
allow the company to expand by providing solutions directly to the
leading communications company.
An established second tier management team is already in place
and is willing to remain post completion. The majority shareholder
is prepared to consider a range of structures post-sale that would
provide them with new funds, resources and expertise to exploit the
opportunities that are presently available.
LOCATION: SOUTH ENGLAND, UK
SECTOR: IT & TELECOMS
Highly Profitable Telecoms Engineering Company
with a Focus on Fibre Optic Cabling – ENG439
REVENUE: $13.1M
ADJ. EBITDA: $2.5M
REVENUE: £11M
ADJ. EBITDA: £2.2M
18
REVENUE: £46.7M
ADJ. EBITDA: £1.9M
A full-service provider of hydraulic components and repairs with
five retail locations. For over 30 years, the company has been
catering to high-profit retail customers and a competitive OEM
market comprised of resellers and fleet customers. It has a proven
retail, distribution, and service model that has been replicated five
times to service their 8,000 active accounts. The average combined
gross profit margin is 31% over the last five years. They have a
differentiated offering as services (repair, reseal, and replacement)
that are done onsite at in-house fabrication shops. Management
estimates the revenue breakdown is parts 80% / services 20%.

The company operates from five locations ranging from 5,000 sq.
ft. to 14,000 sq. ft. facilities that are leased from an affiliated entity.
The owners will entertain selling the real estate or entering into
long-term leases.

There are three owners total, two of which are looking to exit for
retirement, and one is open to remain.
LOCATION: SOUTHEAST, US
SECTOR: RETAIL
Hydraulic Supply and Service Retailer
with Five Locations – RET1041
Featured
OpportunitiesU.K. Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
19
Designs, develops, and manufactures early warning fire alarm
systems, gas detection, and emergency systems for commercial and
industrial applications. All products are designed and assembled in
the UK, with manufacturing conducted in China, and distributed to
clients in the UK, Europe, Africa, the Middle East, and Southern Asia.
The majority of the products are exclusive to the company with
all certifications/accreditations and the rights to all IP held by the
company. Products adhere to EU legislation and the company has
applied for an Underwriters Laboratories accreditation which could
give it access to both the Northern and Southern American markets.
The company has an entirely autonomous staff structure, with highly
skilled employees and experienced 2nd tier management. This
opportunity represents an excellent market entry opportunity for a
manufacturer of fire alarm systems - a manufacturer could possibly
bring all manufacturing in-house, limiting reliance on suppliers in
China, and enhancing margins.
LOCATION: WALES
SECTOR: FIRE/SAFETY/ALARM SYSTEMS
Manufacturer of Fire Alarm Systems, Gas
Detection & Emergency Systems – SEC354
REVENUE: £13.6M
ADJ. EBITDA: £2.7M
The Texas-based IT staffing firm provides contract, contract-to-hire,
and direct hire placement services to technical professionals in a
number of industries including transportation, IT, food, financial,
healthcare, and government.

The company is proud to have longstanding relationships with
Fortune 500 companies and has a proprietary database of over
100,000 IT candidates.

The company leases 4,200 square feet of office space from an
unrelated third party in the Dallas area. It also leases a smaller
satellite office outside of Dallas from an unrelated third party.
LOCATION: TEXAS, US
SECTOR: BUSINESS SERVICES
IT Recruiter with Two Locations in Texas – PRO1367
REVENUE: $11.5M
ADJ. EBITDA: $1.3M
U.K. HEADQUARTERS:
101 Park Drive
Milton Park
Oxfordshire, OX14 4RY
+44 (0) 1865 410 050
UK@BENCHMARKCORPORATE.COM
U.S. HEADQUARTERS:
4488 West Boy Scout Blvd.
Suite 400
Tampa, FL 33607
+1 813 898 2350
US@BENCHMARKCORPORATE.COM
Take our hand...
U.S. Listings: Call +1 813 898 2350
or email STAFFORD@BENCHMARKCORPORATE.COM
The company specialises in the design and installation of professional
and technical working environments, specialising in data centres,
server rooms and telecom facilities to blue-chip corporations,
boasting a preferred supplier status to Siemens, Vodafone and
Apetito. The technical design, installation and maintenance of data
centre and server rooms totals 72% of the company’s turnover, with
office design and installation totalling 28% of turnover. Staff are
highly skilled and technical and a strong second tier management
team is in place. Of the three shareholders, one is looking to
remain with the business long-term, one is happy to remain is his
current position for up to three years, and the final shareholder will
exit post-completion.
The company operates from two leasehold premises consisting of
8,500sqft of light industrial and office units located on a modern
commercial estate in Southern England with ample capacity
to accommodate growth and also providing rental income
from sub-let.
LOCATION: SOUTH WEST ENGLAND
SECTOR: BUILDING & CONSTRUCTION
Technical Interior Design & Fit-out Specialist for
Data room & Telecom Facilities for Blue-chip
Corporations – BUI410
REVENUE: £8.5M
ADJ. EBITDA: £1.1M
The
company
has
been
delivering
engineering-driven
telecommunications services to an array of industries for over 25
years. The majority of work completed in 2015 encompassed
permitting/ field engineering/ small cell design, construction, testing
and evaluation projects (46%). Distributed Antenna Systems (DAS)
network construction and testing accounted for 40% of revenue,
and the balance was related to structure cabling and other health-
care related installations. A debt-free company that has completed
78 miles and 113 nodes for small cell construction across the US with
75 miles and 124 nodes in progress.
The CEO/ non-active owner is looking to retire immediately whereas
the other three remaining owners, who are heavily involved in the
success of the daily operations, are willing to remain post sale.
LOCATION: SOUTHEAST US
SECTOR: IT & TELECOMS
National Installer of Wireless
& Broadband Telecom Services - ITT1133
REVENUE: $25.6M
ADJ. EBITDA: $5.2M
20
CONTACT BENCHMARK
INTERNATIONAL TODAY.
U.K. Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
A leading value-added wholesale distributor of rebar, structural
steel, connecting hardware, and other building material. The
company specialises in custom steel fabrication and is well known
for having competitively priced, high-quality products, with the team
in place to provide technical and product support. The company
has a large, diverse customer base of over 200 contractors and is
experiencing strong year-on-year revenue growth.
Highlights of the company include low customer concentration with
the top customer accounting for just 7% of total revenue, flexible
capital structure with little long-term debt, highly trained staff with
decades of metal fabrication experience and product knowledge,
and an excellent reputation among customers for its industry
expertise and high-quality products.
LOCATION: FLORIDA
SECTOR: BUILDING & CONSTRUCTION
Value Added Distributor of Structural
Steel & Building Materials – BUI1274
REVENUE: $24.4M
ADJ. EBITDA: $3.5M
One of the largest UK owned, environmentally sustainable storage
cooker brands. The company designs, manufactures and supplies
electric heat storage cookers to the high-end domestic marketplace.
The company’s cookers fulfil both the roles of cooking and heating,
maintaining warmth for 24 hours a day. The majority of the company’s
revenue is generated through its 70+ dealership network alongside
direct sales to members of the general public allowing the company
to hold a 20% market share.
A CO2 negative operation encompassing renewable technologies
and environmental initiatives, allows the brand to increase its appeal
with the target audience whilst reducing overheads.
The opportunity to continue to reduce overheads related to assembly
and to increase margins has already been identified by relocating
assembly facilities and sourcing components overseas. The
shareholders are seeking an exit in order to secure growth impetus
and pursue lifestyle changes but are willing to offer a long term
consultancy agreement subject to terms.
LOCATION: UK
SECTOR: MANUFACTURING
Specialist Designer & Manufacturer of
Electric Heat Storage Cookers – MAN1044
REVENUE: £7M
ADJ. EBITDA: £2M
Importer and wholesaler of furniture, predominantly oak, for
the interior furnishings market, directly supplying standard and
customised direct container loads of furniture to blue-chip customers.
Selling c.600 containers per annum across more than 40 product
lines, the company owns trademarks for four of these. Seven
customers now operate stores dedicated to the company’s offering,
with a growing ecommerce presence.
Recently developed internal IT systems provide wholesalers
with immediate access to ordering, specification and lead time
information., whilst a flexible and loyal supply chain enables
exclusive customization of products for clientele.
State of the art showroom also available for freehold purchase.
LOCATION: MIDLANDS
SECTOR: WHOLESALE
Importer & Wholesaler of Furniture – WHT437
REVENUE: £10.7M
ADJ. EBITDA: £1.3M
A cruise liner cabin refurbishment and marine grade furniture
manufacturer/ supplier providing a turnkey service, with a strong
presence in both the refurbishment and new building markets. Cabin
refurbishment accounted for 67% of revenue in 2015, with the
balance split evenly between turnkey public space and retailers of
marine furniture.
The company is an industry-leading player that has provided
refurbishment services to over 40,000 cabins over the past
two decades.

Operating from a 3,000 sq. ft. facility in the US and a 40,000
sq. ft. facility in Europe, both facilities have available capacity for
expansion and are leased from unrelated third parties.
LOCATION: EUROPE & US
SECTOR: MOTOR, TRANSPORT & MARINE
Cabin Refurbishment for
Major Cruise Liners - REY850
REVENUE: €24.3M
ADJ. EBITDA: €2.3M
21
U.S. Listings: Call +1 813 898 2350
or email STAFFORD@BENCHMARKCORPORATE.COM
Subcontractor specialising in design and construction of concrete
piling, retaining walls and ground works on behalf of commercial
and domestic construction-based clients. The company offers
a wide range of specialist drilling machinery for every ground
type in a growing market resulting in an order book worth c£8m
being compiled.
Ideally placed to capitalise on projected construction and
housebuilding increases in South East the shareholders have also
identified the opportunity to benefit from the booming transport
infrastructure (rail) sector.
A strong second tier management team is currently in place and are
willing to remain post completion to allow the current Shareholders
to exit in order to pursue retirement and lifestyles changes. Both
Shareholders will offer a consultancy period post completion in
order to ensure a smooth handover.
LOCATION: EAST ENGLAND
SECTOR: ENGINEERING
Subcontractor Specialising in Design
& Construction of Concrete Piling – BUI1066
REVENUE: £5.7M
ADJ. EBITDA: £987K
The company is a designer, manufacturer and distributor of
technically sophisticated gas cleaning and filtration products that
are used primarily in air-pollution control, water pollution control
and in the chemical processing industries. The company currently
serves international chemical manufacturers and fertiliser producers.
During recent official emission tests, reports have revealed that the
company’s media has attained the best particulate removal ratings
ever achieved.
The company operates from two facilities which total 49,500 sq. ft.
Both of these facilities are leased from a single unrelated third party
under separate leases and there is capacity for further expansion
within both premises
Note: Revenue and Adj. EBITDA below is an average over 3 years.
LOCATION: SOUTHEAST US
SECTOR: MANUFACTURING & INDUSTRIAL
Manufacturer of Industrial Cleaning
& Filtration Devices - REN278
REVENUE: $14M
ADJ. EBITDA: $1.4M
Company providing tailored IT project, programme and portfolio
management services to blue chip clients operating across
multiple sectors, including legal, aviation, telecommunications,
higher education with potential to expand beyond. The company
was established in 2008 to solve the poor project management
capability and the lack of managed project services available on
the market. With this in mind, it was created with a vision to provide
a high quality, customer focused projects that deliver predictable,
repeatable and cost effective business outcomes for clients.
All consultants are extensively experienced in their respective fields
and are able to provide clients with a complete turnkey solution
with in depth knowledge of the aviation and legal sectors, having
operated in these sectors for many years in which their client base
includes a major UK airport and a Magic Circle law firm. In addition
to this, the company’s geographic reach has been extended with
successful projects being delivered across the USA, Middle East and
Asia.
The current owners are seeking impetus to take the company to the
next level, and are both ready and willing to support the delivery of
the business plan for the new owner.
LOCATION: SOUTH ENGLAND, UK
SECTOR: IT & TELECOMS
Specialist IT Project Management
Consultancy to Blue-chip Clients - ITT097
REVENUE: £6.4M
ADJ. EBITDA: £1.4M
Data driven sales organization specializing in exterior home
improvement offering specialty windows, siding, roofing and
doors. With 54 years in business, the company has an outstanding
reputation in the market. They operate with a proprietary CRM
database that contains historical customer data of date, location,
job specifications, salesmen, client, revenue, etc. The database
contains over 20 years of client information. The projects are 98%
residential, and 100% non-new construction with 50% of customers
that engage in repeat business.

The company operates from two facilities, a 10,000 sq. ft. building
which is utilized as an office/showroom/warehouse, and a 4,500
sq. ft. facility used for warehousing. These premises are leased from
the company’s owner.

There are six owners, one of which is active in the company and
serves as President. They are seeking to sell the company in order
to allow the active owner to pursue retirement. The president is
available to stay with the company for a transition period to ensure
the company’s continued success.
LOCATION: SOUTHEAST, US
SECTOR: BUILDING & CONSTRUCTION
Exterior Residential Remodeler- BUI1464
REVENUE: $14.4M
ADJ. EBITDA: $2.5M
22
U.K. Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
A turn-key concrete contractor providing flatwork, tilt-up construction,
foundations, and exterior paving. The company has been working
in the concrete space for over 30 years and has developed long-
term relationships with leading contractors. The company has a
$10.3M order book as of September 30, 2016, and a succession
plan in place, with a seasoned management team to run the
day-to-day operations.
Highlights of the company include placing several million square
feet of concrete floors and tilt wall panels annually, long-term
relationships with leading contractors, resulting in significant repeat
business, and a specialisation in large-scale, heavy industrial and
commercial projects.
LOCATION: NORTH CAROLINA
SECTOR: BUILDING & CONSTRUCTION
Leading Concrete Contractor – BUI1496
REVENUE: $17.8M
ADJ. EBITDA: $2.6M
A leading training and employment agency specialising in the
provision of apprenticeships, work-based learning, and job focused
employability programmes, operating as two prime contractors. The
Group encompasses two companies operating as prime contractors
for the Skills Funding Agency (SFA), with secured contracts valued
at £7M, and additional contractual growth of c£2.5M achieved
in 2016.
The company concentrates its service delivery across England with
a strong Northern presence including dedicated training centres,
alongside a network of subcontracted service delivery associates
operating across the UK. Revenue is secured predominantly via
apprenticeship, traineeship and advanced learner loan funding from
the Skills Funding Agency (SFA), alongside individual learners, direct
employers, colleges and government bodies and, increasingly,
commercial sources. The Group also maintains excellent national
relationships with job centres and local authorities for candidate
generation, and developed corporate social responsibility.
LOCATION: UK
SECTOR: RECRUITMENT & TRAINING
Highly Experienced Training
& Employment Agency - REC907
REVENUE: £6.4M
ADJ. EBITDA: £876K
Principal activity is the provision of ICT resources & services,
comprising online tools and on-site personnel, to educational
establishments allowing the company to manage, develop, and
support an establishments’ technology needs. The company offers
a cradle to grave approach from design through to implementation
and commissioning of IT solutions such as managed services, as well
as the provision of end-user training. The company currently holds
an impressive client base of schools which includes prestigious,
world- renowned institutions as well as over 60 service contracts
with c75% being over 3 years in length resulting in low customer
concentration levels.
The shareholders have already identified an excellent opportunity
for the company to continue its expansion into the education sector,
particularly with independent schools and colleges in the South East,
as well as other regions of the UK.
The shareholders are seeking an exit due to not having the
appropriate resources to exploit opportunities that are currently
present in the market but are willing to consider a range of structures
in order to facilitate this.
LOCATION: SOUTH ENGLAND, UK
SECTOR: IT & TELECOMS
Specialist ICT Solutions Provider
to Educational Establishments – ITT1121
REVENUE: £5.6M
ADJ. EBITDA: £1M
The company provides project management, facility support, and
janitorial, consulting and advisory services to federal, state, and
local governments. The company has successfully completed 37
long-term contracts since inception and currently has four multiyear
government contracts in place worth $58.8M.
Highlights of the company include monthly recurring revenue
streams from long-term government contracts, significant year-
on-year revenue growth; rates ranging from 18% to 41% for the
period 31/12/2011 through 31/12/2015, high bid success rate
due to long-term relationships with several government agencies,
experienced, on-site project managers responsible for the day-
to-day operations, and a strong employee base of over 300,
allowing the company to target large-scale projects and ramp-up
operations quickly.
LOCATION: FULTON COUNTY, GA
SECTOR: PROFESSIONAL SERVICES
Facility Support & Janitorial Services
Provider for Government Entities – PRO1315
REVENUE: $18.9M
ADJ. EBITDA: $1.6M
23
U.S. Listings: Call +1 813 898 2350
or email STAFFORD@BENCHMARKCORPORATE.COM
Each company within the group, utilising their own in-house team,
offers a nationwide supply and installation service to clients operating
in a diverse range of sectors within the commercial, leisure, transport
and energy industries. The company offers a high standard of service
which has been evident from the high level customer retention
(circa. 60%).
The company boasts a second tier management team willing to
remain in place, who are well qualified, hugely experienced and
able to fulfil the role of the outgoing shareholders post-sale.
Operating from the company’s own, 50,000sq. ft. premises, the
company has ample capacity to continue its growth curve, and is
well equipped with modern spec machinery and software, owing
to its many quality management certifications including ISO9001,
Eurosafe status and CE marks for steel/aluminium works.
LOCATION: NORTH EAST ENGLAND, UK
SECTOR: MANUFACTURING
Group of Companies Specialising in a Diverse
Range of Services Including Corporate Signage,
Graphics, Bespoke Fabrication & Interior Fit-Out –
ENG456.
REVENUE: £5.3M
ADJ. EBITDA: £1M
The Texas-based firm provides Process Safety Management (PSM),
software applications, and engineering consulting services for the
oil, gas, and petrochemical industry. The firm’s software solutions
track, monitor, verify, and sustain data that clients can use in the
operation of the facilities in order to comply with OSHA, EPA, and
other regulation requirements.

The company has Top Fortune 500 clientele, which includes major
oil & gas companies. In addition, the company also has its own
proprietary software.

The company leases three facilities in different areas of Texas from
unrelated third parties.
LOCATION: TEXAS
SECTOR:
Oil & Gas: PSM, Software Applications, and
Engineer Consulting Service Provider – PRO1395
REVENUE: $10.8M
ADJ. EBITDA: $2.1M
24
BENCHMARK INTERNATIONAL
HAS THE GLOBAL REACH YOU NEED.
U.K. Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
A laboratory that provides analytical services to the environmental,
industrial hygiene, and microbiological industries. Possessing state
of the art facilities, the laboratory is one of the most accredited in
the industry, capable of providing a wide range of testing all at one
location. Operating for over 25 years providing a one stop shop
for all types of testing, the experienced, skilled employees and
proprietary CRM system allows the company to provide a service
that is unmatched in the industry.
The shareholder is seeking a full sale but is open to remaining post
sale, depending on the acquirer’s needs.
The company captures less than 1% of the market share so there are
opportunities to increase sales and marketing. There are opportunities
to expand food, air, and oil and gas testing. The current facility has
capacity to expand an additional 7,000 sq ft.
LOCATION: SOUTHWEST, US
SECTOR: PROFESSIONAL SERVICES
Fully Accredited Testing Lab – VEN009
REVENUE: $6.1M
ADJ. EBITDA: $1.1M
Software developer providing software as a service to automate
business processes across a range of sectors including healthcare,
retail, government, manufacturing and hospitality. The company
boasts a portfolio of c20 solutions installed in c200 organisations
worldwide, with all software IPR owned, servicing blue-chip clients
consisting of over 100 NHS trusts, public authorities and several
high-street retail chains, both in the UK and internationally. Long-
term contracts (3-5 years) provide c67% of sales, with a high-level
of recurring income from product licences, support and hosting sales.
There is huge potential for an acquirer to considerably expand its
product portfolio and benefit from an established foothold in the
healthcare sector.
A strong second tier management team is in place and will remain
with the company long term, post-sale. The shareholders are happy
to provide a short-term handover period.
LOCATION: SOUTH WEST ENGLAND
SECTOR: SOFTWARE
Market-Leading Software Developer Offering
Business-Critical Software Solutions across a
Number of Sectors – ITT1196
REVENUE: £5.2M
ADJ. EBITDA: £1.2M
Provider of professional IT solutions, such as cloud services,
specialising in the sale of ‘best of breed’ hardware & software (the
best hardware/software in its market niche or category), with a
growing focus on IT support, maintenance, and security.
The company achieved partner, gold partner & diamond partner
status with a number of prestigious, high-end software and
hardware suppliers, enabling the company to have access to over
100k products. The wide product selection means the company is
not restricted in its product & service offering, which is all backed up
by competitive pricing.
Primary plans have been established to place all customers on
12 month rolling support and maintenance contracts to generate
stable recurring revenue whilst secondary plans to expand into
the development, installation, migration and integration of phone
systems have also been put in place.
The shareholders are looking to exit as they believe the company
could benefit from an acquirer with enough expertise and resource
to enable growth and maximise the opportunities within support,
telecoms & cloud services that are currently not being explored.
LOCATION: SOUTH ENGLAND, UK
SECTOR: IT & TELECOMS
Specialist Provider of IT Solutions & High
Quality Hardware & Software – ITT1094
REVENUE: £5.5M
ADJ. EBITDA: £464K
Full service advertising and technology agency focusing exclusively
in the Tier III automotive industry. It provides content creation, copy
writing, video production, media placement, web content/creation,
social media management services, pre-roll, search engine
marketing (SEM), and search engine optimization (SEO). An internal
proprietary job system software allows company to provide fast and
reliable products to its diverse customer base. While operating in
growth mode; revenues have grown from $3.7M in 2013 to $12.9M
through YTD Sep. 30, 2016. Also has an extensive library of high-
quality/award winning creative products along with an in-house
programming department.
The company is headquartered in a 11,000 sq. ft. facility leased from
an affiliated entity, located on 4.5 acres in Florida. It also has 6,178
sq. ft. of office space in the western U.S.
There are two active owners who have successfully tripled the
company over the last three years. The current owners are looking
for a financial partnership to help continue growing the business.
Management believes the company has a two-year head start on
the competition and with some financial backing, it can capture a
larger share of the market before other companies catch up.
LOCATION: FLORIDA
SECTOR: IT & TELECOMS
Full Service Advertising and Technology
Agency for the Automotive Industry- ITT1290
25
REVENUE: $ 12.9M
U.S. Listings: Call +1 813 898 2350
or email STAFFORD@BENCHMARKCORPORATE.COM
Electronic security systems provider specialising in the design,
supply, installation and service of CCTV systems, as well as access
control and ANPR (Automatic Number Plate Recognition) systems.
The company operates in multiple sectors including retail, leisure
and transport, although predominantly in local governments, police
forces and the NHS.
Due to the company’s in-house knowledge of the public sector,
the Manging Director has identified an opportunity across the UK
and as a result has changed the business model to focus on local
authorities and public forces.
The company holds an excellent reputation in the security installation
market and also holds service contracts with guaranteed revenues,
secured by 3-5 year contracts, for maintenance and support work.
The shareholders are willing to consider a range of structures that
would provide them with new funds, resources and expertise to
exploit all the opportunities that are presently available.
LOCATION: SOUTH EAST ENGLAND, UK
SECTOR: SECURITY
Security Systems Provider, Specialising in CCTV,
Access Control & ANPR Systems – SEC034
REVENUE: £4.2M
ADJ. EBITDA: £1M
Industry leading software and services provider for legacy image
and data migration and conversions to the financial services industry.
Through its flagship product, the company offers users a more
efficient, secure and cost-effective means to migrate and/or convert
legacy data from its original system. The company’s employees bring
more than 20 years of experience in specialised data conversions
and migrations which has led to long-term contracts in place with
banks and credit unions nationwide that span three to seven years
and automatically renew at the end of the term.
Highlights of the company include over 300 individual contracts
across the US and Guam, with no single client accounting for over
8% of total sales, the ability to convert more than 300 legacy image
and data system formats to any output format utilising a user-friendly
browser-based interface, and industry-leading software that
migrates legacy data and images from almost any archive system in
a much more efficient manner than traditional methods and allows
for enterprise wide research, printing, and emailing.
LOCATION: BIRMINGHAM, AL
SECTOR: IT & TELECOMS
Proven Industry-Leading Data Migration
& Conversion Software – ITT1126
REVENUE: $2.6M
ADJ. EBITDA: $1.5M
A specialist residential company providing care and education
to children aged between 8 & 18 who have suffered trauma and
abuse, with a specialist focus on sexual abuse and sexually harmful
behaviour. Education services are provided both to the young
people in the company’s care, as well as day pupils to facilitate
their return to mainstream education. Rated the number one provider
of residential care and education in the National Framework for
Scotland in April 2014 and continued to experience high rise in the
number of referrals from local authorities.
The company operates in a highly specialised area of the care
industry, working with the top 5% of high-risk young people for
which there are very limited alternative opportunities. It has access
to all local authorities across Scotland plus increasing referrals from
English local authorities. It provides educational services alongside
specialised care services and has 3 HMIE registered schools with a
combined total of 35 registered schools.
The owners are exiting as they feel a larger organisation will have
the necessary resources to take the business to the next level.
LOCATION: SCOTLAND, UK
SECTOR: CARE, HEALTH & MEDICAL
Specialist Residential Company Providing
Care & Education to Children - CAR1029
REVENUE: £5.1M
ADJ. EBITDA: £795K
Software developer with 30 years of trusted consulting expertise in
its user-friendly, customisable technology. The company has a stable,
monthly recurring revenue model in place with recurring revenue
generated from maintenance and support. Products and services
are specifically catered to life and annuity insurance companies with
a blue chip customer base including Humana, Zurich, MassMutual
and New York Life.
This is a small, tightly-focused company with a virtual business model
and a team that has extensive hands-on experience in all aspects
of insurance operations and all major types of insurance products.
The company operates from a 14,000 sq. ft. facility leased from an
affiliated entity and there is room to grow in the current location as
only c70% is occupied.
LOCATION: ALABAMA, US
SECTOR: PROFESSIONAL SERVICES
Insurance Software Platform - PRO1153
26
REVENUE: $5.8M
ADJ. EBITDA: $2.1M
U.K. Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
A legal practice predominantly providing high volume, fixed-fee
conveyancing, will writing & probate services, to a predominately
private client base located throughout England and Wales. It operates
in 10 different languages, currently covering 13 specialisms, with
growing penetration of commercial and niche markets domestically.
This is a margin focused business model, with profitability and
expenditure assessed on per-employee basis.
The shareholders advise that there is a growing potential market for
commercial law services offered on a fixed-fee basis. With further
investment in volume commercial legal services, the company could
broaden its market coverage and the reputation of its client base.
Unusually, the partners conduct no active casework, and have
instilled autonomy into every department within the company,
making this an attractive acquisition to both Private Equity, as well as
practices looking to expand their service offering.
LOCATION: SOUTH EAST ENGLAND
SECTOR: LAW
Legal Practice Providing High
Volume Fixed Fee Services - PRO1080
REVENUE: £3.5M
ADJ. EBITDA: £870K
Serviced Office Company, providing long-term flexible, unbranded
office space and short-term leases of virtual offices and meeting
rooms. The majority of the company’s revenue is generated from
the rental of high-margin floor space and the upscale of integrated
contracted services such as IT and Telecoms, which provides an
additional source of revenue. Encompasses 6 leased modern and
unbranded business centres at prestigious addresses in major UK
cities, each with a high quality fit-out. The company provides its
outstanding customer service and accompanying service level
agreements to a diverse array of tenants, operating in various market
sectors, with blue-chip clients ranging from start-ups to regional
divisions of multinational companies, each on a minimum three year
contract.
The company operates from a 12,500sqft leased head office in the
Midlands, UK.
The current shareholders are amenable to staying with the company
post-sale for a two year handover, subject to terms.
LOCATION: UK WIDE
SECTOR: LAND & PROPERTY
Serviced Office Provider with
Blue-chip Client Base – MAN036
REVENUE: £3.4M
ADJ. EBITDA: £1.2M
Designs and builds low voltage electrical control systems, from
standalone distribution panels to intelligent motor control centres,
as well as manufacturing bespoke stainless steel equipment,
primarily for road tunnel applications. The business holds a diverse
client base operating across a wide range of industries including
aggregates, agrichemicals, infrastructure, food and beverage, and
pharmaceuticals.
Our clients have identified the opportunity to develop a low cost,
fixed pattern motor control centre, in conjunction with an approved
partner, to expand the company’s market share.
A well-established and respected company within the industry,
having been in operation for over 30 years. Only one of the three
shareholders is at retirement age and wishing to exit the business
leaving an experienced Financial Director and Technical Director
keen to remain in order to exploit the opportunities in the current
market and take the company forward.
LOCATION: EAST ENGLAND
SECTOR: ENGINEERING
Bespoke Electrical Control Panel
Designer & Manufacturer – ENG172
REVENUE: £4.8M
ADJ. EBITDA: £746K
The company is a manufacturer of high quality, highly specialised
diamond abrasive
tools
that
serve
the microelectronic,
telecommunications, semiconductor, and consumer electronics
industries. The company also offers cutting services and machine
servicing to select customers.
Highlights of the company include competitive lead times of only two
to three weeks from the time an order is processed, free R&D services
to current and new customers, consistent performance and product
reliability within the industry, over 38 years of industry leading
experience, an admirable reputation among global customers with
an outstanding retention rate, and a confidential backlog of over
$380K.
LOCATION: SOUTHEAST US
SECTOR: MANUFACTURING & INDUSTRIAL
Manufacturer of High-Quality Diamond Tools
for Precise Micro-Machining – MAN792
REVENUE: $5.4M
ADJ. EBITDA: $2.9M
27
U.S. Listings: Call +1 813 898 2350
or email STAFFORD@BENCHMARKCORPORATE.COM
The business has pioneered a leading edge digital tool to generate
sales for world class clients. This is achieved by using powerful
virtual/ visual experiences, to engage and captivate a potential
customer, by allowing them to experience a product/ service/
property, via a tablet or web viewer. All work is created in house, by
a highly skilled and experienced, autonomous workforce.
Services have been created for blue-chip clients in several sectors
with proven success. Sectors include automotive, property, medical,
luxury boating, manufacturing, mobile
telecommunications,
environmental, airlines, finance, recruitment, charities, tourism, and
publications.
The shareholders are seeking a lifestyle exit after starting the
company 17 years ago.
Please see the demo link to view the potential of this emerging
technology: www.mustard-design.co.uk/IMdemo
LOCATION: EAST ENGLAND
SECTOR: MEDIA & ADVERTISING
Virtual 3D Marketing Software, Used Across
a Number of Applications in a Variety of
Sectors – ENG1039
REVENUE: £2.5M
ADJ. EBITDA: £2M
Family owned company providing CNC, fabrication, and traditional
sheet metal services, including CNC laser cutting, as well as TIG
and MIG welding services. It operates as a sub-contractor for a
blue-chip client base across multiple sectors, including construction,
retail, transport, and local authorities.
The company has an enviable industry reputation established from
providing diversified services via two distinct divisions - CNC and
fabrication services. A full turnkey service is provided from design
and production, to delivery of components & installation, if required
by clients. To complement the new machinery, the company plans
to upgrade its IT systems by installing new software which will link
all the processes together, making its production quicker and easier.
Shareholders advise an existing client could increase expenditure
with the company by approx. 500% in the next financial year.
Impressive management
structure
capable of
operating
autonomously with minimal involvement from the shareholders.
LOCATION: YORKSHIRE, UK
SECTOR: ENGINEERING
Yorkshire’s Principal CNC, Fabrication, &
Traditional Sheet Metal Provider – ENG040
28
REVENUE: £3.1M
ADJ. EBITDA: £1.1M
U.K. Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
FIND OUT TODAY BY CALLING
BENCHMARK INTERNATIONAL
/COMPANY/BENCHMARK-INTERNATIONAL
@BENCHMARKGROUP
/BENCHMARKCORPORATE
29
U.S. Listings: Call +1 813 898 2350
or email STAFFORD@BENCHMARKCORPORATE.COM
Let’s stay connected.
Follow us on social media.
30
31
RECORD 2016
FOR M&A
AGAINST ALL ODDS
Despite major political disruption from events such as Britain leaving the E.U. and the election of a new president of the
United States, 2016 defied the odds and ended up being the biggest year for M&A deal announcements since 2007.
Throughout the run-up to last year’s E.U. referendum and the U.S. election, M&A expectations were low for the remainder
of the year. Historically, M&A activity slows in quarter three of a U.S. presidential election year, with dealmakers
waiting to see what policies the new president might introduce. However, last year was an exception, which is all
the more surprising given the controversial nature of the Trump and Clinton campaign, and especially following the
unexpected result.
In the U.K., the economic slowdown in the aftermath of Brexit fortunately did not materialise in the third quarter and
the region went on to have one of its best performing years for early stage M&A activity. The U.K. has strong levels of
asset disposals in other European countries such as France, Spain and Germany as well as the declining pound, making
British companies a lot cheaper internationally, to thank for the eight per cent rise. To put this into perspective, the second
quarter, which saw the lead up to the referendum, saw a decrease by one per cent.
While Europe, the Middle East & Africa, Asia-Pacific and North America saw increases in early-stage M&A activity, up
13, nine and five per cent respectively, Latin America, Australia and Japan have posted declining early stage activity
levels. This varying activity mainly comes down to the new industries of interest. For example, Australia is still struggling
to find an alternative to the metals and mining sector.
Across the world, the strongest sectors for early stage activity include energy & power, technology, real estate and
media telecommunications, which have all increased by double-digit percentages. These emerging sectors coupled with
the predicted increased activity means this year is gearing up to be another record-breaking year for global M&A.
BY: SUNNY YANG GARTEN // SENIOR ASSOCIATE
T: +1 (813) 898 2350
E: GARTEN@BENCHMARKCORPORATE.COM
Allow me to slide the curtain open on a secret many lawyers would prefer to keep concealed. Passing the bar doesn’t qualify
a lawyer to do all things legal. I have been licensed to practice law in Florida for nearly 30 years and have achieved the
highest ratings for competency and ethics awarded by the best known legal ranking service, but you do not want me to write
your will, handle your adoption, or chair your company’s litigation. In today’s legal environment, a lawyer need to be a
specialist to be competent, but intense competition often forces many lawyers to try to be all things to all people.
I have seen this issue arise in the context of helping a client sell a business. Unfortunately, not only does the lawyer not
know what he doesn’t know, neither does the owner of the business. As an entrepreneurial business owner, you have
spent a good portion of your working life creating something of great value to you, your employees, your customers,
and prospective buyers looking to take your business to the next level. Now, when it is time for the most complicated and
important transaction in which you and the business will ever be involved, you should not hand your life’s work to a lawyer
who may be well-intentioned and enthusiastic, but is a novice at these types of deals.
How are you supposed to make this decision? How do you know if the lawyer you have used for 20 years (or your brother-
in-law who says he can handle it) can protect you from the risks that could reduce, or eliminate, the amount you ultimately
net from the sale. I suggest that any lawyer wanting to represent you in the sale of the business be able to answer these four
questions to your satisfaction:
1. How many business acquisitions have you done?
Commercials for Farmer’s Insurance offer the catchy tag line, “We know a thing or two because we’ve seen a thing or
two.” You want a lawyer who represents buyers and sellers in the sale of businesses as a regular part of their practice. In
other words, corporate transactions is what they do, as opposed to being something they dabble in. Ask for references
from sellers the lawyer has previously represented. On that note, in addition to quantity, the quality of the transactions is
BY: DOUGLAS E. STARCHER // BROAD AND CASSEL
T: +1 (407) 839-4200
E: DSTARCHER@BROADANDCASSEL.COM
HIRING THE RIGHT M&A LAWYER FOR
YOUR MOST IMPORTANT TRANSACTION
32
Photo by Erika Grace Photography
important. Ask if the lawyer has worked on a deal where the buyer was a sophisticated private equity group, or a public
company. These buyers are often the most intense and thorough, bringing out the widest range of complex issues and
establishing what is “market”. Even if your buyer is not an equity fund out of Chicago or Boston, you want a lawyer who is
experienced in the issues raised by those buyers.
2. Do you have a corporate/partnership tax lawyer (LLM degree in income tax) on staff and available to
work on this deal?
Every sale of a business invokes complicated and important tax considerations. Realize that the purchase price in your letter
of intent is a top line number. What ends up in your pocket at the end of the day is a bottom line net number. Numerous
issues affect the net number, not the least of which is taxes. Some of my most satisfying moments in the past two years have
been working with the tax lawyers on my team to save our client millions in taxes by identifying an issue, pointing out the
implications and restructuring an element of the deal that would have gone unnoticed (until tax time) without experienced
tax counsel. Remember, the net amount you keep is more important than the gross amount in the agreement.
3. Does your team have the expertise and experience to handle disclosure schedules, real estate purchases
and leases, labor issues, estate planning, intellectual property issues, and technology protection?
The sale of your business may not need to involve all of these issues, but I guaranty it will involve one or more of them. Depth
and breadth of expertise on the team is needed to avoid risk and maximize the net. If any lawyer claims he can handle all
of these issues by himself, eliminate him from further consideration.
4. Can you tell me a little about indemnities, caps, baskets, limitations, and insurance?
As a business seller, there will be 100 things you and your lawyer could fight about with the buyer. One benefit of
experienced deal counsel is knowing what issues are important and what issues are not. If you fight about all 100, you will
never sell your business. If you fight about none, you will probably have a result you will regret. In the game to determine
how much of the gross price you get to keep, and how much the buyer gets to recover from you after closing, the most
important playing field will be the area of indemnities. The buyer wants to put strings on the purchase price it pays you,
so that if certain circumstances occur, the buyer pulls the string and gets money back. As counsel for the seller, we try to
minimize the strings. It is a delicate dance that is never outlined in the term sheet and is usually negotiated toward the end
of the deal, when the seller is emotionally and mentally drained. The outcome of this dance, however, could make all
the difference to you. If your lawyer cannot explain the elements and his strategy for limiting indemnity exposure through
the various items mentioned above, he may not be as experienced as he thinks he is and certainly not as experienced as
you want.
In addition to passing the threshold competency test by answering your questions, ultimately you must trust your deal counsel.
Even though the sale of a business is by definition transactional in nature, I find fulfillment in representing sellers because it
is so relational. I often describe my role as educator, protector, and comforter. Since I have done numerous deals and the
seller normally hasn’t sold a business before, my goal is to educate the owner as to the process, identify in advance what the
pitfalls will be and provide comfort to the owner in knowing that there is a trusted and knowledgeable adviser on the owner’s
team. When you find all these things, you have likely found the right lawyer to help you sell your company.
Doug Starcher is Co-Chair of Broad and Cassel’s statewide Corporate and Finance Practice Group. He has worked as a
trusted advisor to entrepreneurial business owners in a variety of industries for nearly 28 years. He served as seller’s counsel
in a business sale that was recognized by M&A Advisors out of New York as 2015’s Technology Deal of the Year over $250
million. He has been married to Linda for almost 30 years and has four lovely daughters.
Founded by Alvin Cassel and Shepard Broad in 1946, Broad and Cassel LLP has more
than 170 attorneys serving clients worldwide from nine offices located throughout Florida.
For more information please visit www.broadandcassel.com.
33
BY: ROGER FORSHAW // ASSOCIATE DIRECTOR
Throughout 2016, there were a number of significant
acquisitions across the global biotechnology sector. While
deal activity didn’t quite match the astounding heights of
2015, M&A in the sector rose by 25 per cent in Q3 and
this momentum continued as 2016 drew to a close. A
combination of high levels of small- and medium-sized
deals, in addition to a number of high-profile deals from
industry giants, ensured that interest in the sector remained
high throughout.
The largest deal of 2016 saw Bayer, the German drug
manufacturing giant, announce the takeover of U.S.
agricultural seed producer Monsanto for $66B. The
acquisition
transformed Bayer’s overall approach,
increasing the size of its Ag business which was one of the
company’s main priorities.
Both the U.K. and U.S. were subject to the changing
regulatory environments, which continue to have an impact
on deals in 2017. There is speculation that the next President
of the U.S. may see authorities take a more relaxed view on
mega-deals, while the U.K. continues to negotiate its exit
from the EU. Also, as the year goes on we may also see
an increase in deals with the re-adjustment to the strength
of sterling.
M&A SECTOR
SNAPSHOT
BIOTECHNOLOGY
T: +44 (0) 161 359 4415
E: FORSHAW@BENCHMARKCORPORATE.COM
34
WHY BIOTECH REMAINS STRONG
While the significant cash piles at the disposal of many
Biotech companies was certainly one reason behind activity
in the sector, appetite for bolt-on acquisitions was particularly
strong with a number of biotech businesses expanding in this
way throughout 2016. Commentators have also noted the
long-term strategy of a number of companies in adding scale
to allow rivals to make bids for their business, highlighting
Shire’s acquisition of Baxalta which has significantly bolstered
sales for the business. Many acquirers in the sector have also
acknowledged the large number of successful billion dollar
and euro acquisitions, highlighting the expertise of acquirers
in making the most of their purchases.
KEY PLAYERS IN THE SECTOR
Earlier last year, high-profile U.S.-based company Gilead
Sciences was rumoured to be a potential target for pharma
giant Merck. Analysts, however, speculated that the deal
was unlikely, and Gilead itself were in fact looking to acquire.
Rather than engage in large deal activity, Gilead is stated to
be involved in a number of smaller purchases in this year,
which will allow them to infill a host of sectors and markets as
they look to expand their expertise.
Abbot Laboratories’ acquisition of Alere was certainly one
of the more complex deals of 2016. Throughout the deal a
number of issues arose, including allegations of breaches of
the merger agreement, calling the future of the transaction
into question. Interestingly, Abbot is also still in the process
of gaining approval for another biomedical acquisition of St
Jude Medical.
As the American multinational biotech Biogen continues its
search for a new CEO, it is unlikely that it will announce
any acquisitions until the role has been filled. The potential
for Biogen to revise its strategy under a new leader, not
to mention the potential for conflict should it appoint from
a competitor, has seen the company hold fire on any new
deals. However, Biogen’s current situation could result in
the company itself being acquired. In August 2015, shares
in the company rose following rumours it may be targeted
for acquisition by companies search as Merck and Allergan,
demonstrating their undoubted strength and coveted status
within autoimmune and related sectors.
THE FUTURE FOR THE SECTOR
Over the course of 2016 the biotech sector has shown
its fantastic resilience, with M&A playing a key role in the
strategies of a number of the sector’s largest names. This is
set to continue in the current year, whether that be industry
leaders targeting successful and agile bolt-on companies, or
mid-tier players looking to head-off interest from acquirers by
scaling up.
Get in touch with our experienced team with any questions you
have about biotech M&A and how Benchmark International
can help you.
35
FINANCIAL INFORMATION
Net Revenue
EBIT
EBITDA
Adjusted EBITDA
Adjusted EBITDA Margin
TTM 9/30/2016
50,651,079
11,197,338
21,054,566
24,062,045
47.5%
2015
45,806,028
11,817,392
20,704,960
22,435,459
49.0%
2014
42,190,064
10,739,538
18,828,362
19,580,370
46.4%
36
FEATURED
BESPOKE OPPORTUNITY
BY: CLINTON JOHNSTON // MANAGING DIRECTOR
T:+1 813 898 2350
E: JOHNSTON@BENCHMARKCORPORATE.COM
RET1036 is a lessor, dealer, and distributor of best-in-class aerial equipment. The company has been supplying telescopic and
articulating boom lifts, scissor lifts, and forklifts to Florida construction sites for over 13 years.
HEADQUARTERS
Sanford, Florida
MARKET CURRENTLY SERVED
The company’s five locations, strategically placed throughout the State of Florida, allow it to service customers in the industrial,
commercial, residential, institutional, construction, municipality and motion picture and television industries.
FACILITIES
The company has five locations. Three are leased from an affiliated entity, and two are leased from non-related third parties. The
properties owned by the affiliate may be included in the sale or leased on a long-term basis.
OWNERSHIP
The company is owned by a father and son. The father, who is not involved in day-to-day operations is considering a possible exit
strategy for future retirement. The son is excited to remain with the company in order to grow the business with the right partner.
KEY FEATURES
• One of the fastest growing aerial equipment rental companies in the State of Florida
• Dealer of best-in-class aerial equipment brands that are recognized globally and maintained on-site at the highest quality
standards
• The company’s two major OEMs have named it the largest independent aerial work platform provider in the Southeast
United States
• Seasoned management team at each location that has been together since the early nineties
• Strong industry presence and reputation developed and perfected during 13 years of operation
• Immaculate facilities strategically placed within the vicinity of the major access routes of each metropolitan hub of Florida
• Adept and flexible to industry cycles because of past experience and forward-looking planning
• Customer-friendly proration of rental rates
• Own and operate with software specifically designed for rental equipment businesses
Overview: RET1036 “Lessor of brand-name Aerial Equipment, Parts & Related Services”
37
EMILY COGLEY
What made you choose this profession?
I have always been interested in international affairs.
In college, I took additional business courses and
found myself drawn to M&A.
How do you spend your free time?
I spend the majority of my free time travelling to see
friends and family. If I have a short window, I travel
to NY, CA, or within FL. I try to visit a different country
once a year during vacation.
Who inspires you the most?
My grandfather.

If you won the lottery, what would you do?
If I won the lottery, I would dedicate some time to a
trip to Asia.
What were you doing before joining
Benchmark International?
I was working for a real estate development company
in downtown Los Angeles.
What are your top three qualities?
Capability, creativity and timeliness.
Favourite childhood memory?
Boating with my family.
What are you most afraid of?
Lack of success – financial and personal.
What has been one of the biggest moments in your
life?
Becoming the Broker for the Tampa office.
What are your hobbies?
Painting,
travelling, attending concerts, and
yoga/cycling.
List five words to describe your character?
Reliable,
authentic,
dynamic,
hard-working,
and kind.
“Outside of your comfort zone is when
great things happen.”
SENIOR ASSOCIATE
SPOTLIGHT
T: +1 (813) 898 2350
E: COGLEY@BENCHMARKCORPORATE.COM
38
US HEADQUARTERS
4488 West Boyscout Blvd.
Suite 400
Tampa, FL 33607
+1 (813) 898 2350
US@BENCHMARKCORPORATE.COM
39
Building and running a business can present many significant challenges. There exists a whole host of risks, it requires
significant time and effort, and it draws on a wide range of different skills, not simply the knowledge of a particular
product or service. However as every business owner knows, there are fantastic rewards every day that make it all
worthwhile. Overcoming any challenge in life delivers a sense of achievement and the opportunity to create and sustain
an organisation, to solve the key challenges of customers or clients and, ultimately, to generate growth and profits, are
all very rewarding.
It is, therefore, important for business owners to focus on the many positives associated with business ownership rather
than get bogged down by the negatives. Continued success is difficult to achieve, but business owners in the U.S. and the
U.K. have a whole host of reasons to be positive as they look to build, grow and navigate the challenges in their markets.
REASONS TO BE CHEERFUL:
OWNING AND RUNNING
A SUCCESSFUL BUSINESS
BY: PETER KELLY // DIRECTOR (TRANSACTIONS)
T: +44 (0) 161 359 4412
E: PKELLY@BENCHMARKCORPORATE.COM
40
RED-TAPE, LEGISLATION AND BUSINESS INFRASTRUCTURE
If owning a business was as simple as developing a product or service and selling it to customers, life for business owners
would be very straightforward. However, whatever sector you operate in, a whole host of regulatory and commercial
restrictions apply. Those who successfully navigate these can reap the rewards. The good news is that the World Bank’s
rating system places the U.K. and the U.S. well-inside the top ten easiest countries globally in which to do business. The
Bank’s 2016 rankings reflect the relative simplicity of starting a business, ease of completing the necessary documentation,
and fairness of regulation enforcement as being consistently appealing to entrepreneurs.
This can be seen in the technology sector: be it the well-developed funding ecosystem in the U.S.’s fabled Silicon Valley, or
government ambition to attract major players to the U.K.’s own Silicon Roundabout, the technology sector exemplifies the
world-leading expertise available to turn ideas into strong businesses. Also, it is not only the tech sector that benefits: the
U.K. and the U.S. can lay claim to some of the most competitive and nurturing commercial environments globally, ensuring
businesses are given every opportunity to achieve success.
TAXATION AND INVESTMENT INCENTIVES
The strength of the U.S. and U.K. economies can also be seen in the tax environment. Positives may take the form of a range
of methods for tax relief. In the U.S., there are considerable incentives for operating in certain jurisdictions or locations,
while the U.K. has long-established sector-specific “Enterprise Zones”. Meanwhile, these countries are unlocking the
potential for investors; for example, in the U.K., there are competitive levels of capital gains tax and entrepreneurs’ relief
which can really help businesses and business owners address the challenges they face in growing and investing.
Following the tumultuous events taking place on both sides of the Atlantic since the start of 2016, future tax and business
legislation is likely to remain stable in the coming years, creating a positive business environment. With the impact of the
Brexit vote taking shape, there will certainly be renewed efforts from U.K. Government and legislators to continue this
trend towards investment and growth. Patent box legislation is another area where the U.K. Government is continuing to
optimise and refine its approach. Earlier in 2016, feedback from the OECD encouraged amendments to the existing rules,
but patent box relief is a firm fixture in the U.K., and will encourage innovation and R&D for years to come.
Business owners can, therefore, have confidence in the business environment offering continued opportunities to showcase
their ability to develop, grow and succeed in the markets in the U.K. and the U.S. Get in touch with our experienced team
with any questions you have about how Benchmark International can help you.
41
At Benchmark International, we cater to family-owned
and founded businesses. With great frequency, our
clients hold strong relationships with professional advisors;
accountants, insurance professionals, wealth managers
and attorneys. In the case of the attorney, she may be a
family attorney, a corporate attorney, handle real estate
transactions or some combination thereof. While these
trusted advisors may provide terrific counsel on a great
number of matters, they are rarely equipped to handle
the nuances and rigors of an M&A transaction. Buyers,
whether financial or strategic, are often armed with first-
class advisors so any shortfall on the seller side can lead
to buyer-friendly definitive agreements with onerous terms.
Proportional seller-side reputation is of utmost importance.
We have worked with a number of M&A transaction
attorneys over the years and can recommend those that
have demonstrated the combination of resourcefulness,
knowledge, experience and judgement required to at once
zealously represent their client while also working toward
a successful transaction closing. Any attorney that has
worked on an M&A deal or two can “paper” a transaction.
However, an experienced M&A attorney will be able to
distinguish between the issues that are truly meaningful and
impactful to a seller and those that are not. For example,
if your business has had 100% collection of Accounts
Receivables (A/R) for the last decade, validating that your
A/R is “good” may not be problematic for you. While
that deal term may not be “market,” it still may not matter
BY: DARA SHAREEF // DIRECTOR
THE VALUE OF A
TRUE TRANSACTION ATTORNEY
T: +1 (813) 898 2388
E: SHAREEF@BENCHMARKCORPORATE.COM
42
to you. An inexperienced transaction attorney may latch
onto that deal term and force negotiation with the buyer on
a matter that really isn’t important to you. Conversely, a
seasoned transaction attorney will use that deal term as a
“win” they can give to the buyer in exchange for something
that is truly valuable to you, the seller.
Inexperienced M&A attorneys often attempt to create
artificial value by parsing words and focusing on ancillary
documents like an escrow agreement, for example, instead
of focusing on substantive items like Representations and
Warranties, Indemnification and Disclosure Schedules.
Comparatively, M&A attorneys spend the bulk of their time
on these key sections of the definitive agreements because
they tend to have the most long-term impact on the seller.
Transaction attorneys recognize the ebbs and flows of a
deal. They know when the draft purchase agreement has
been turned back and forth one time too many and will
instead construct an issues list that can be worked through
on the phone. Transaction attorneys have the experience
and judgement to eschew the cookie cutter approach to
deal making in favor of one that is bespoke to the issues
and nuances of the deal.
Our experience suggests that buyers invariably hire top-
tier transaction attorneys. As professional buyers, they
recognize the value a seasoned M&A transaction attorney
provides. If sellers do not follow suite, they can very quickly
find themselves in a positon of weakness. In the 26 deals
we closed in 2016 out of our Tampa, FL headquarters, we
saw buyers and their attorneys introduce sophisticated
tax structures, esoteric deal terms like materiality scrapes
and complex post-closing matters such as minority
shareholder rights and sellers owning a different class of
shares than the buyers. Definitive Agreements serve as the
surviving documentation of the transaction. Without equal
representation, sellers can find themselves overmatched
and forced to suffer
the consequences for many
years post-closing.
Experienced transaction attorneys also tend to work well
with your other advisors. While attorneys that dabble
in transaction work tend to get overly protective of their
territory, seasoned M&A lawyers are very comfortable
in what is expected from them in a transaction, and as
such, it is easier for them to see the lines and where
other specialists may provide value. For example,
M&A lawyers tend to work well with other professional
advisors like accountants, insurance advisors and business
brokers/investment bankers.
We often encounter clients that have an aversion to
spending the “extra” money for a professional transaction
attorney. We find this to be a misconception. Proper
representation from a deal attorney can actually be more
cost effective than engaging one’s personal or corporate
attorney. A seasoned professional with a full M&A team
behind him, will cut down the cost by moving most of the
heavy lifting to junior members of the team like paralegals
and associates. Also, when veteran deal attorneys are
working as opposing counsel, we tend to experience
less back and forth leading to far less hours charged to
the seller.
Perhaps most importantly, the likelihood of successfully
closing a deal is greatly enhanced when the stature of the
seller’s counsel matches that of the buyers. Professional
deal attorneys help keep deals on track. They also tend to
move them along at a swift pace. Like sharks, deals need to
move to maintain life. The passage of time kills deals more
than any other factor. It is incumbent upon the advisors on
both sides to keep to the prescribed timeline.
Professional advisors are critical to the successful completion
of an M&A transaction. The attorneys, as gatekeepers
of the definitive agreements, must be up to the task. Our
experience suggests that buyers place enough value on the
importance of capable counsel to hire top-tier M&A law
firms. To maintain balance and increase the likelihood of
success, it is imperative that sellers follow suite.
43
Advances in technology by agile, R & D focused start-ups is piquing the interest of acquirers across the IT & Telecoms
sector. Areas such as the Internet of Things (IoT), cloud infrastructure and over-the-top video services are creating ample
opportunity for bolt-on acquisitions, and M&A activity is demonstrating high levels of deal volumes across a range of
markets within the sector.
By gaining these specific technologies through strategic acquisitions, IT & Telecoms businesses are significantly expanding
their portfolio of services. As a result, deal making is reaching new highs, with Q3 of last year seeing deal values reach
almost $100B in the U.S. alone. Analysts project M&A within the sector to remain buoyant, as digital disruption is set to
change the types of service offerings and business models throughout 2017.
BY: JONATHON PARKINSON // ASSOCIATE DIRECTOR
IT & TELECOMS
M&A SECTOR SNAPSHOT
T: +44 (0) 161 359 4413
E: PARKINSON@BENCHMARKCORPORATE.COM
44
TELECOMS AND REGULATORS
While the $2tn IT sector is set to flourish, the telecoms sector continues to face a great deal of uncertainty from both
regulators and political influence in the U.S. and the U.K. Analysts predict that following Brexit negotiations, greater
powers may be requested by bodies such as the domestic regulator Ofcom to vet any potential acquisitions – particularly
from strategically significant inbound investors. While this may be linked to Ofcom’s recommendation on the break-up
of BT Openreach in 2016, it points to what could be busy upcoming years for telecoms giants and acquirers wanting to
make the most of M&A opportunities.
Now under the leadership of President Donald Trump, the U.S. may also face regulatory challenges over the coming
months. Prior to his appointment, Trump had expressed reservations about deals including AT&T’s acquisition of Time
Warner, as consolidation of this kind and size raises old arguments regarding consumer choice. Given Trump’s mandate,
deals of this scale may become a natural area for intervention. As Trump’s term in office progresses, deal analysts wait
with interest to see whether he will follow up on his pre-election thoughts.
KEY PLAYERS IN THE SECTOR
Dell’s $60B acquisition of EMC further reinforces the market-leading positions of both companies. Dell’s strengths in small-
and mid-market customers will combine well with EMC’s large enterprise customer base, if a clear focus is delivered
across each market. The deal is just one example of the pattern of consolidation within the IT industry and is set to make
the company a strong player within the sector.
Inbound M&A to the U.S. also came from France’s ATOS, which purchased unified communications company Unify for
€366m at the beginning of 2016. The deal has allowed Unify to expand into full, managed services as well as bring
ATOS products and services to its customers.
DEAL ACTIVITY IN THE NEXT 12 MONTHS
IT & Telecoms remains a dynamic industry sector. As developments in technology continue, IT and Telecoms businesses will
further innovate and expand their service offerings, driving interest in bolt-on acquisitions. Should regulatory environments
in the U.K. and U.S. remain open to inbound M&A, deal activity within the sector is set to continue at its positive pace.
45
TEE GWENA
What made you choose this profession?
I have always had an interest in business, private
equity, venture capital or anything that resembles
any of the aforementioned, so naturally this was a
profession I would have come across at some point
in my career.
How do you spend your free time?
Cars, cars, cars.
Who inspires you the most?
Tough one. I read a lot of biographies and follow a
lot of successful people like Manny Khoshbin, Grant
Cardone, Henry Crowell, John Malone (all men that
truly inspire me) but my biggest inspiration has to be
my father. He has achieved so much in his life and is
without a doubt the hardest working person I know!
If you won the lottery, what would you do?
I would invest it all then with the returns start my own
Formula 1 team.
What has been one of the biggest moments in
your life?
Buying myself my dream car, a manual V10 Audi
R8, at 22 certainly is up there!
What are your top three qualities?
1.
I am individual. I try to always think outside the
box, I don’t like being like everyone else.
2.
I am incredibly driven. I’m always goal-setting,
I can’t function without goals and targets.
3.
I listen far more than I speak.
Favourite childhood memory?
Living on a fabulous golf estate in the African sun,
messing about on the golf course more or less daily
after school and on weekends.
What were you doing before joining Benchmark
International?
I started and ran several businesses mainly in the
automotive sector. I also worked for an investment
company, running its portfolio businesses and
getting involved with deals in Africa, Dubai, China,
France and Belgium.
List five words to describe your character?
Focused. Driven. Competitive. Quiet. Entrepreneurial.
“Faith – If you don’t see it
before you see it, you won’t see it.”
SENIOR ASSOCIATE
SPOTLIGHT
T: +44 (0) 1865 410 748
E: GWENA@BENCHMARKCORPORATE.COM
46
CLI
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T T
EST
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ON
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TCH
TH
E LATE
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TESTIMON
IALS O
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WEBSI
TEWW
W.B
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COR
POR
ATE
.CO.UK/RE
SUL
TS/
CLI
ENTCOM
ME
NTS
CHET JO
GLEKAR
, CEO // C
ON
ARC
“Th
is
is
on
e o
f th
e m
ost im
po
rta
nt
decision
s f
or
the
co
mp
an
y.
I
fel
t very
co
mfortab
le
wi
th
Benc
hm
ark
. Th
ey
ha
d a
n i
nte
rna
tio
nal
ex
po
sure tha
t h
elp
ed
th
e enti
re
pro
cess.
”
47
Selling your company may be the most significant event in your career as a business owner. The stakes are extremely high
because a successful deal is likely to yield great financial rewards. At the same time, the sale process can be very complex
and mentally draining. Even the most successful and experienced business owners may find themselves unprepared for the
challenges that arise during the sale process.
The current economic climate further complicates the process. Potential buyers are now scrutinizing companies more closely
than ever. Issues that were once considered minor may now delay or even kill a potential deal. By enlisting a professional to
help conduct thorough sell side quality of earnings engagement on your own company early on will reduce the likelihood of
critical issues arising later. This will in turn help ensure you receive maximum value for your company by allowing investment
bankers and your other advisors to help you preserve value through the process.
FINANCIAL STATEMENT AUDITS VERSUS QUALITY OF EARNINGS REPORT
In the context of mergers and acquisitions, potential investors get a level of assurance when the seller has their financial
statements audited or reviewed. However, buyers typically do not rely solely on the audited or reviewed financial statements
when making an investment decision. Through testing and analytical procedures, an audit or review’s purpose is to provide
assurance that management has presented a company’s financial performance and position materially correct, not to
identify issues likely to be of interest to a buyer.
THE POWER OF A SELL SIDE
QUALITY OF EARNINGS REPORT
BY: CRAIG R. ARENDS, CPA // CLIFTON LARSON ALLEN
E: CRAIG.ARENDS@CLACONNECT.COM
W: CLACONNECT.COM
48
Sell side quality of earnings is focused on providing potential investors with a deeper understanding of a company.
This includes
• Sustainable economic earnings
• Historical sales and operating expense trends
• Historical working capital needs
• Key assumptions used in management’s forecast
• Tax matters
• Key personnel and accounting information systems.
Although audits or reviews may provide a starting point for a potential investor’s evaluation of a company, they generally
do not comment on the focus areas noted above.
QUALITY OF EARNINGS
For obvious reasons, investors are particularly concerned with the fair valuation of the business. Because businesses are
often valued based on a multiple of EBITDA (earnings before interest, taxes, depreciation and amortization), sell side quality
of earnings will focus on the “quality” or sustainability, of the company’s earnings. Unusual or non-recurring income and
expense items, over/understated assets and liabilities, post- closing cost structure changes, and the inconsistent application
of accounting principles are all analyzed to adjust historical EBITDA to reflect sustainable earnings. The sustainability of a
company’s EBITDA is not reflected in a standard review report.
TREND ANALYSIS
Audit or review procedures may include analytics to understand trends and relationships over the historical period, but the
reports do not comment on the market drivers behind those trends. Sell side quality of earnings reports address key market
drivers, sales strategies, customer relationships and customer churn, and attempt to understand whether the trends reflected
in the financials are sustainable.
WORKING CAPITAL
Buyers and sellers typically negotiate a “target” working capital to be delivered at transaction close. The negotiated amount
is usually based on the average working capital balances over the previous twelve months, but a sell should also consider
recent growth trends, (ii) industry conditions, (iii) the seasonality of the business, and (iv) the specific composition of working
capital balances. An audit or review report does not provide insight into monthly working capital accounts, putting the seller
at a significant disadvantage when negotiating the working capital target without understanding key drivers.
QUALITATIVE OBSERVATIONS
Perhaps most importantly, the sell side quality of earnings may provide key qualitative observations from discussions with
management. These observations may include key findings regarding the company’s internal control structure, management
and accounting team, and accounting information systems. Qualitative observations rarely appear in the financial statements,
but may be just as important in helping a buyer make an investment decision.
SUMMARY
An audit or review provides assurance that management has presented a true and fair view of a company’s financial
performance and position in accordance with well-defined rules and procedures. But for a seller, these can complement a
sell side quality of earnings report which gives the buyer a more comprehensive understanding of the potential value of a
targeted investment.
CLA is a professional services firm delivering integrated wealth advisory, outsourcing, and public accounting
capabilities to help clients succeed professionally and personally. CLA has more than 100 locations across the
United States and has provided quality expertise for over 60 years.
49
There will be certain stages during the lifecycle of any business where growth becomes central to
the plans of the owners. Growth can be accomplished in a variety of different ways: it may be
that you wish to increase or expand certain parts of your operations, add to your headcount,
break into new markets or increase your share in a current space. Whatever method is implemented to
spur growth, it brings with it different challenges.
These challenges are as individual as the business itself. While outside factors are important –
such as the strength of demand in a local market, or access to adequate talent to increase
headcount – internal factors inside the company should not be discounted as an important
consideration when looking at growth.
This is clearly demonstrated when looking at specific owners and the models that they use to
run their companies. The only common characteristic of a business owner is just that – they
own a business. Beyond that, when examining their backgrounds, their experience and
knowledge, their goals and objectives, there will be a radical difference, even among those
who may seem similar on the surface. Despite this variety, we can make some assumptions
about the way business owners carry out their roles, and what they may need to do to
de-risk their growth.
UNDERLYING FACTORS
Business owners may have significant talent in one specific area, which has been the
basis of their success. Those business owners may well have the ability to develop a
product or service which corners a market or moves them ahead of the competition.
That said, such business owners may not have the skills or experience to deliver
on a growth strategy and give the business the best chance of succeeding. Some
businesses may, therefore, look to outside assistance to make this happen.
DE-RISK
YOUR GROWTH
BY: JAMES SLOANE // ASSOCIATE
T: +44 (0) 161 359 4424
E: SLOANE@BENCHMARKCORPORATE.COM
50
The growth strategy of a business may first require securing investment, either from
existing sources of funding or new types of investors. Having acquired adequate capital
to fund growth, operations become the focus and, typically, new procedures and revised
processes must be implemented. Owners may not want, or have the time to, undertake
such tasks while managing day-in day-out operations. Relying on outside assistance may
be the best route to growing successfully while mitigating the risks associated with it.
REMAINING BUT REDUCING RISKS
Once the decision is taken to implement a growth strategy, it is crucial to seek the appropriate
expertise and investment required. Outside investors can bring with them experience and skills
to help businesses make the most of opportunities around new funding. With this may come a re-
structuring of the ownership of the organisation, with new decision makers involved. Ceding decision
making control to others may be an anathema for some business owners, particularly if they have
never experienced this situation before.
A host of different options are available, allowing different types of business owners to leverage
different types of expertise, while also delivering different levels of outside control to suit the preferences
of individuals.
For example, licensing products can allow manufacturers to launch into new markets and sectors, bringing on
board experienced operators while reducing any risks associated with unfamiliar commercial and regulatory
environments. This allows a business owner to keep doing what they enjoy, while benefitting from the skills that
can take their business where it needs to go.
Get in touch with our experienced team with any questions you have about how Benchmark International can help
you to grow your business.
51
Business 101 tells us that a failure to plan is simply a plan
to fail. Working in our industry for as long as we have, we
have absolutely no doubt that every owner we work with
has heard this phrase enough times to make them roll their
eyes and shout an “I know. I know.” Ironic then, that most
owners develop an innovative and often complex plan to
generate revenue but few, if any, spend time planning their
exit. Let’s discuss a few reasons why 2017 is just the year
to dust off the Business 101 textbook and consider planning
your exit.
While 2015 proved to be astounding for M&A, 2016 saw
some of the highest values paid for businesses since 2007.
Obvious factors, such as the presidential election and

Brexit had a hand to play in the sluggish start to 2016 with
regards to M&A. This was, of course, expected as political
uncertainty nearly always breeds purchasing uncertainty.
With a new president firmly in place and many realizing that
Brexit has not had as severe of an impact as most expected,
buying confidence has been back on a steady climb since
the close of 2016. So much so, that a recent survey by
tax and audit firm KPMG LLP found that of the nearly 100
corporate and private equity players surveyed in October
2016, 84 percent anticipate they’ll ink at least one deal in
2017. The survey also found that 40 percent expected to look
at transactions because of limited organic growth options,
while 25 percent indicated they were turning to M&A in
response to a transformation in the broader marketplace.
Growth & Innovation through Acquisition
BY: NICK PERRY // DIRECTOR
T: +1 (813) 898 2371
E: PERRY@BENCHMARKCORPORATE.COM
52
GROWTH & INNOVATION
THROUGH ACQUISITION
A fa i lure t o plan is
simply a plan t o fa i l.
CONTACT BENCHMARK INTERNATIONAL TODAY TO DISCUSS YOUR PLAN
If you are contemplating the idea of an exit or bringing on a
new partnership within the next few years then this next piece
may be the most important factor to take into consideration
with regards to the timing, as we are calling 2017 the “Year
of Growth & Innovation through Acquisition”. Though the
majority of M&A factors remain strong, such as low interest
rates, low capital gains tax rates, and obscene amounts of
dry powder needing to be spent, businesses are seeing a
steady decrease in organic growth. It is this sluggish organic
growth that will fuel most acquisitions in 2017.
This presents a monumental opportunity for businesses
owners in the lower middle market. The lack of organic
growth means that acquiring parties will focus less on
megamergers and focus more on small opportunities with
plenty of room for growth. This also means that acquiring
parties will focus less on “well-developed” opportunities
that are at their pinnacle, as this only provides them an initial
bump of top-line revenue. Instead, a focus on innovative
and disrupting companies with massive potential upswings
over the coming years will be at the heart of most of the
deals closed in 2017.
While many believe that innovation and disruption means
that there will be a strict focus on technology companies, this
is simply not the case. Sure, financial technology and digital
health companies will likely continue to receive the highest of
multiples, but the pressure to deliver new methods for growth
is coming down on shareholders across all industries. The
need to remain relevant across their respective landscapes
present a serious opportunity for those owners that are now
considering a sale but haven’t gone through the normal
preparation process that is generally required to receive
maximum value.
Typically, in our space, those businesses that have been
grooming themselves for a sale for years receive the absolute
most value for their most prized asset. However, the need
for acquirers to put their reserves to work and deliver strong
growth patterns over the coming years could help to close
the gap between those businesses that have prepped for
sale and those that haven’t. Given that acquirers don’t
necessarily want a business that has already fulfilled its
potential without requiring the injection of massive amounts
of capital to spur another growth cycle, owners that are
considering a sale within the next few years but are “waiting
for the numbers to improve” are likely doing themselves a
disservice.
We believe this because the need to grow through
acquisition is simply the eye of the storm. Swirling around
this mindset are a number of other factors that point to a
potential record year for M&A in 2017. Add in a strong
US economy, strong cash reserves, continued deal scarcity,
holding low interest rates, and the potential for loosening
regulation under the new president and potential sellers
with a quality opportunity in the lower middle market find
themselves standing in the center of a near perfect storm.
However, as with all monumental opportunities, this storm
comes with a time limit. Eventually, interest rates will go
up and capital gains tax rates will increase. Deal scarcity
will come to an abrupt end as the impending rush of baby
boomers to fund their retirement through a liquidity event
gets under way, and a significant increase in the number if
IPOs will soon be upon us as acquirers complete their roll-up
strategies.
It is because of this time limit that we are encouraging
any owner that is considering a full or partial sale of their
business within the next few years to contact us today to
begin to discuss their options, as there is no better time than
today to start planning their exit.
53
Entrepreneurs are often thought of as national assets to
be cultivated, motivated and remunerated to the greatest
possible extent.
They have the ability to change the way we live and work, and,
if successful, their innovations may improve our standard of
living. In addition to creating wealth from their entrepreneurial
ventures, they also create the jobs and conditions necessary
for a prosperous society.
Failure is part and parcel of success, especially in the world of
business. Very few, if any, entrepreneurs have ever made it big
without hitting some speed bumps along the way and tasting
defeat. However, it is their ability to bounce back and move
past these setbacks that sets them apart.
In this article we look at five high-profile entrepreneurs who
have all overcome setbacks in the pursuit of the established
success they enjoy today.
JAMES DYSON – DYSON
Sir James Dyson is a British inventor, industrial designer and
entrepreneur who successfully manufactured innovative
household appliances and became a determined campaigner
DON’T
GIVE UP
BY: ANDY HANCOCK // SENIOR ASSOCIATE
T: +44 (0) 161 359 4406
E: HANCOCK@BENCHMARKCORPORATE.COM
FIVE ENTREPRENEURS WHO FAILED BEFORE THEY SUCCEEDED
54
to restore engineering and technical innovation in Britain.
In the late 70s, Dyson came up with the idea of using cyclonic
separation to create a vacuum cleaner that would not lose
suction as it picked up dirt. He became frustrated with his
Hoover Junior’s diminishing performance, as the dust bag kept
becoming clogged with a lot of dust thus reducing suction.
After five years, and countless prototypes, Dyson launched
the G-force cleaner in 1983; however, no manufacturer or
distributor would handle his product in the U.K., leading him
to launch it in Japan through catalogue sales. After failing to
sell his invention to the major manufacturers, Dyson set up his
own manufacturing company, Dyson, Ltd in 1993.
10 years after his initial idea, he finally got his big breakthrough
in the U.K. market thanks to a TV advert that emphasised that
the Dyson vacuum did not require the constant purchase of
replacement bags. The Dyson Dual Cyclone went on to
become the fastest selling vacuum cleaner ever made in the
U.K. and outsold those of some of the companies that rejected
his idea, becoming one of the most popular brands in the U.K.
In 2005, it was announced that Dyson cleaners had become
the market leaders in the United States by value.
Dyson was appointed a Knight Bachelor in the 2007 New
Year Honours as well as being appointed the Order of Merit
in the 2016 New Year Honours for his contributions and
achievements in industrial design.
NICK WOODMAN – GOPRO
Born in 1975, in California, Nick Woodman is an American
businessman and entrepreneur who founded GoPro.
Prior to the creation of GoPro, Woodman founded two start-
ups, both of which never fully made it off the ground.
The first was a website called EmpowerAll.com, which
attempted to sell electronic goods for no more than a
$2 mark-up, the second was FunBug, a gaming and
marketing platform that gave users the chance to win
cash prizes. Neither took off and both, ultimately, failed –
something Woodman took personally.
While on his travels in Australia & Indonesia, Woodman
would use a 35mm camera attached to the palm of his hand
by a rubber band to try and capture his surfing activities on
film. Seeing that amateur photographers like him wanted
to do the same, Woodman found his inspiration to create
GoPro. The original cameras he developed were point
and shoot 35mm film cameras mounted to the user’s wrist.
Since then, the product has evolved into a compact digital
camera that supports Wi-Fi, can be remotely controlled,
has waterproof housing, records to a micro SD card, and
is affordable to the average action sports enthusiast.
In December 2012, Taiwanese contract manufacturer,
Foxconn purchased 8.88% of the company for $200M
which set the market value of the company at $2.25B,
making Woodman a billionaire.
SIR RICHARD BRANSON – VIRGIN
Sir Richard Branson struggled with dyslexia and had a
hard time with educational institutions; however, he did
not let this hold him back – in fact, it was the making
of him.
Still struggling, Branson dropped out of school at the age
of 16 and was already displaying his entrepreneurial flair
by starting his own magazine, ‘Student’. The publication,
55
run by students, for students, sold $8,000 worth of advertising
in its first edition, which was published in 1966. Three years
later he came up with the idea of running a mail-order record
company called Virgin to help fund his magazine, before
establishing a record shop on Oxford Street, London.
The success of the record shop enabled Branson to establish
Virgin Records in 1972, along with building a recording studio
for his artists. Success soon followed and the record label
became one of the top six record companies in the world.
Branson sought to expand his entrepreneurial efforts once
again, including the Voyager Group travel company in
1980, the Virgin Atlantic airline in 1984, and a series of
Virgin Megastores. However, Branson’s success was not
always predictable and by 1992 Virgin was struggling to
stay financially afloat, resulting in the sale of Virgin Records to
Thorn EMI for a reported U.S.$1B.
The sale had a big effect on Branson but he remained
determined to stay active in the music business. A year after
the sale, he founded Virgin Radio and several years later
started a second record company, V2.
Branson’s Virgin Group now holds more than 200 companies
in more than 30 countries and he has continued to expand
his businesses to include a train company, a luxury game
preserve, and mobile phone company.
Not content with being restricted to Earth-bound pursuits,
Branson has even added a space-tourism company, Virgin
Galactic, to Virgin Group’s portfolio.
JEFF BEZOS – AMAZON
Born in New Mexico, in 1964, Bezos had an early interest in
how things work, turning his parents’ garage into a laboratory
FIVE ENTREPRENEURS WHO FAILED BEFORE THEY SUCCEEDED
CONTINUED...
56
and rigging electrical contraptions around his house. His love
for computers developed through high school and it was
during his school years that he started his first business, The
Dream Institute, an educational summer camp for 4th, 5th and
6th graders.
After pursuing his interest in computers at University, Bezos
found work at several firms on Wall Street. While his career
in finance was extremely lucrative, Bezos chose to make the
move into the world of e-commerce and quit his job in 1994
in order to target the untapped potential of the internet by
opening an online bookstore.
Bezos set up the office for his company in his garage where,
along with a few employees, he began developing software.
After inviting 300 friends to beta test the site, Bezos opened
Amazon.com in the summer of 1995. The initial success of
the company was meteoric, selling books across the U.S and
reaching $20K a week in sales in its first two months.
The company went public in 1997 and, despite many question
marks being raised by market analysts as to whether the
company could hold its own, Amazon outpaced competitors
to become an e-commerce leader.
As the years went by, Bezos continued to diversify Amazon’s
offerings. Whilst many other dotcoms of the early 90s went
bust, Amazon flourished, with yearly sales jumping from
$510K in 1995 to over $17B in 2011.
Before Amazon became a household name, Bezos had
a number of failed ideas. One of the most notable was an
online auction site, which evolved into ‘zShops’, a brand that
ultimately failed. Still, his determination pulled him through and
he was able to repurpose the idea into what would eventually
become the Amazon Marketplace.
PETER JONES – PHONES INTERNATIONAL
GROUP, DRAGONS DEN & AMERICAN
INVENTOR
Born in 1966, in Maidenhead, Peter Jones is an individual
who has shown his entrepreneurial zeal from a young
age. At just 16, Jones capitalised on his love for tennis by
earning money from giving lessons to friends and fellow
pupils, leading him to set up his own tennis academy.
During the early 90s and in his mid-20s, he experienced
his first taste of defeat when his cocktail bar venture failed.
He had also set up his own computer business but this also
failed and forced him to give up his three-bedroom house,
cars and, ultimately, left him with no choice but to return
back home to live with his parents.
Fast forward to 1998 and Jones was setting up his own
business again, in the form of Phones International Group.
It was a humble beginning as he would sleep on the office
floor, but business soon took off. The firm experienced
explosive growth with revenue totalling £14M by the end
of the first year and £44M by the second. The company
was one of the fastest growing businesses in Europe, with
turnover for 2005/06 in excess of £150M, making Peter
a multi-millionaire.
Jones is one of the original Dragons on the hit TV show,
‘Dragons’ Den’, which started in January 2005 and has
produced 14 series to date. Along with Dragons’ Den,
Jones sold his idea for a show to the American Broadcasting
Company, which became ‘American Inventor’, which itself
went on to be a success.
57
MICHELLE RAHGOZAR, CPA
How do you spend your free time?
I like to stay active in my free time: trying different
workout classes, going to the gym, bike riding and
spending time with the family.
If you won the lottery, what would you do?
Probably buy a vacation home in the North East to
escape the brutal Florida summers! I would also
devote a lot more of my time (and money) to various
charities - my favourite being the Humane Society.
What has been one of the biggest moments in your life?
Graduating my master’s programme and passing
each of my four CPA exams on the first try, all in the
same year. There was so much work that went into
achieving both of those goals, and I am so proud of
myself for accomplishing them.
List five words to describe your character?
Fun loving. Creative. Passionate. Respectful.
Self-aware.
Who inspires you the most?
My father has been the biggest inspiration to me. My
father was an immigrant and came to America at the
age of 16 in order to pursue a better education. He
did not speak the language or know anyone, but
he worked to pay his way through college, learned
English fluently, became a citizen and now owns his
own engineering firm. He has always been my hero
because of his drive to succeed and his willingness to
help others in need. He has definitely made me who I
am today and been my biggest supporter through my
education and career.
What are your top three qualities?
I am very analytical and a fast learner, I love to goof
around, laugh and smile, and I am extremely loyal.
What were you doing before joining
Benchmark International?
Prior to joining, I worked in the core tax group of a
large public accounting firm. I grew to realise that
although I enjoyed my client-facing position, I was
only being exposed to a small portion of my clients’
businesses by solely focusing on the tax side. I wanted
to learn more and understand the inner workings of
various businesses, so my curiosity of the unknown
and fascination with learning about all businesses
brought me to Benchmark International.
“The doors will be opened
to those bold enough to knock.”
T: +1 (813) 898 2350
E: RAHGOZAR@BENCHMARKCORPORATE.COM
ASSOCIATE
SPOTLIGHT
58
CLI
EN
T T
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ON
IAL
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TCH
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E LATE
ST
TESTIMON
IALS O
N O
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WEBSI
TEWW
W.B
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HM
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COR
POR
ATE
.CO
.UK
/RE
SUL
TS/
CLI
ENTCOM
ME
NTS
ROGER
WA
RKENTINE,
CEO // COM
PUTER
RX
“Th
ey
were willi
ng
to
ta
lk
ab
out wha
t th
eir go
als
w
ere
an
d t
he
y
were very
friend
ly.
Th
ey
were in
terested
in
being
in
vo
lve
d i
n t
he

lon
gevity o
f th
e b
usi
ness.
”
59
You’ve spent years building your business. It’s worth tens
or hundreds of millions. Now, thanks to favorable multiples,
new opportunities, or a m¬¬ultitude of other reasons, you
have decided to sell. Of course, the price you get is one
of the most important factors in agreeing to a deal. Right
behind that is the structure of the deal. The structure impacts
which obligations remain with you and which obligations
the buyer assumes; the structure impacts the liabilities for
which you, the owner, have to indemnify the buyer; and the
structure impacts the size of your tax bill – i.e., the amount of
money taken from your pocket to pay your tax obligation on
the sale. Think about it. One of the largest expenses you’ve
incurred while your business grew is income tax. Depending
on deal structure, the difference in the tax rate on your gain
could be from 20% to more than 40%, and that is before
more complex tax planning is done. In short, the structure of
the deal has a significant impact on the amount of tax you
will owe, the timing of payment of that tax, and the amount
of money that reaches your pocket.
AMOUNT
In general, sellers and buyers have competing tax interests
in how they structure a deal. In the purchase of a corporate
business, a buyer usually will prefer asset sale treatment, so
that it can take depreciation deductions and other write offs
on much of the purchase price. In the same deal, the seller
usually will prefer a stock sale, because more of the sales
price will be taxed at capital gains rates.
To visualize the impact of the sale structure on the amount of
tax you will owe, consider the simple example below:
• You have owned the business for more than a year
and all valuable assets in the business (other than
receivables and inventory) have been owned for more
than one year.
• You are actively involved in the business.
• The sale will net $50 million of gain before taxes, and
of that amount $10 million relates to ordinary income
assets that have not been taxed (e.g., inventory,
receivables, and recapture of depreciation).
• All capital gain will be taxed at 20% and all ordinary
income will be taxed at 39.6%.
BY: PETER A. SCHOEMANN // BROAD AND CASSEL
T: +1 (407) 839-4200
E: PSCHOEMANN@BROADANDCASSEL.COM
Tax Structure of the Deal:
A Multi-Million Dollar Decision
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Photo by Erika Grace Photography
How much of the $50 million will you have to pay to the
United States Treasury? As the following table illustrates,
the answer varies widely depending on the type of entity
in which you operate your business and the structure of
the sale:
Keep in mind that the above amounts are approximations.
Several factors can cause the amount of tax to increase. For
example, in a stock deal a buyer may require that the seller
make a tax election to treat the sale as an asset sale for tax
purposes. Such an election would increase the above tax
liability by almost $2 million.
For another example, most deals
include restrictive
covenants, such as a covenant not to compete. The IRS will
expect you to allocate part of the purchase price to those
covenants, which price will be taxed at ordinary rates.
TIMING
Many sales include deferred payments. Deferrals may result
from a holdback or escrow – typically used for post-closing
adjustments, such as security for working capital adjustments
and indemnification by the seller to the buyer. Deferrals also
may result from an earnout – an additional payment that
can be earned by the seller based on the performance
of the purchased business post closing (as opposed to an
additional payment for the seller’s services post closing).
Generally, although not always the case, the taxpayer can
defer tax payment until the deferred proceeds are received.
Be aware, however, that purchase price deferrals may
also be a trap for the unwary. Generally, when portions
of the purchase price are deferred you apply the basis in
your stock/assets evenly across the payments you receive,
rather than using all your basis to reduce the tax owed in the
year of closing. For example, if you are paid $40 million
at closing and $2 million a year for each of the 5 years
following the sale and you have a $20 million basis, you
can use only $16 million of your basis to reduce the gain in
the year of closing and will have to apply the remaining $4
million ratably over the next 5 years.
Sometimes parties agree
to earnouts with various
contingencies. If you are not careful, the amount of basis
you can apply in the year of sale will be less than you
expect. In the example above, what if both parties agree
that the earnout will result in approximately $10 million over
5 years, but the buyer offers a sweetener, i.e., no maximum
on the earnout? If the buyer hits it out of the park on its new
business, the seller will earn a lot more. This seems like a
good deal for the seller, except that because there is no
certain purchase price or maximum purchase price, the
regulations require the seller to divide the basis evenly over
6 years, i.e., $3.3 million a year. The seller’s use of basis in
the year of the closing just dropped from $16 million to $3.3
million, resulting in a $12.7 million increase in sale year
gain. Knowing this, the seller could have suggested a cap
on the earnout, maybe a cap well above the expected $10
million to get the economic upside and still apply much more
of the basis in the year of sale. If a maximum earnout were
set at $20 million, there would be a lot of upside and the
basis would be divided over a potential $60 million, so that
two-thirds of the basis (40/60), instead of one-sixth (with
no maximum earnout), would be applied in the year of sale.
CONCLUSION
The purchase price is of primary importance when
negotiating a deal, but don’t forget about the structure of
the deal. Without considering the tax consequences, the
additional purchase price for which you fight so hard may
just be paid over to the government in unnecessary, or
unexpected, taxes. For this reason, it is vital to make sure
your legal team includes a tax advisor at the beginning of
sale negotiations. The amount you pay the advisor to help
structure the deal could save you millions.
Pete Schoemann has practiced as a corporate tax lawyer since 1999, focusing on a variety of areas: including M&A,
business structuring, and formation and operations of LLCs, corporations, and partnerships. After receiving a Masters in
Accounting and graduating first in the LLM program at the University of Florida, Mr. Schoemann clerked for the Honorable
Carolyn P. Chiechi of the United States Tax Court in Washington D.C.
Founded by Alvin Cassel and Shepard Broad in 1946, Broad and Cassel LLP has more
than 170 attorneys serving clients worldwide from nine offices located throughout Florida.
For more information please visit www.broadandcassel.com.
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Type of Business
S Corporation (e.g., corporation or LLC
electing S status)
Partnership (e.g., limited partnership or
LLC that does not elect corporate status)
Tax on Asset Sale
$11.96M
$11.96M
Tax on Equity Sale
$10M
$11.96M
Retirement – many business owners shudder at the sound of it. For entrepreneurs, retirement does not hold the same meaning
as it does for the rest of the population. Many business owners can’t imagine a lifestyle where they reduce their workload, or
hand over control of their business to a third party, particularly if they have built it from the ground up. Retirement itself is an
ever-changing concept anyway, due to factors from population trends to advances in technology.
In 2016, people are living longer and those entering the workforce are unlikely to expect to stay in the same career or industry
for their entire working lives. Already, new generations such as Millennials are displaying very different career expectations
and trajectories from Baby Boomers. This is prompted by new types of company structures, from agile technology operators
such as Uber, who use labour and the workforce in a different way to traditional employers.
WHY THE “R” WORD SHOULD GIVE
BUSINESS OWNERS PEACE OF MIND
BY: PETER SALE // ANALYST
T:+44 (0) 161 672 6230
E: PSALE@BENCHMARKCORPORATE.COM
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Whatever the long-term trends, those business owners who are looking to retire in the near- or medium-term will have
to keep in mind that their personal working patterns may be impacted by new modes of working. Equally, new types of
relationships with companies may be appropriate over time – for example, technology can provide older workers with the
opportunity to complete different aspects of their job remotely, from home or elsewhere.
TARGETS AND PLANNING
In our activities with businesses of all shapes, sizes and maturities, we meet business owners who have different approaches
to retirement: from, “Yes, one day, but I’m not there yet”, through to, “I want to start planning my exit because the time
is right”. However, as in any personal situation, it can be difficult to get perspective on your position and the underlying
motivators that are guiding you in your actions.
Retirement is a significant step and an unfamiliar process for those contemplating it. You can only be sure if it is right for you
once you are experiencing it, and herein lies the risk. Retirement is seen as such a step for business owners because it is
seen as something that you can’t reverse. But, as with any decision, there are different kinds of retirement and a number of
options available.
THE DEVIL IN THE DETAIL
Those contemplating retirement, naturally, have to weigh a host of competing interests. First, and foremost, who will run the
business once they decide to exit: if it is to be passed on to the next generation, are there suitable candidates? If not, where
do business owners look to safeguard the future success of the business? Many exit strategies are tied to the continued
success of a business, so it is crucial that sound decisions are made in the long-term interests of the business.
Complementing this food for thought is the manner of the exit. There are a range of exit strategies which bring with them a
variety of benefits, with tax advantageous implications, as well as short-term and long-term approaches that can be tailored
to the individual. As a result, it really is possible to create a retirement plan that balances the competing pressures of your
financial future and your legacy as a business owner. Most importantly, the decision you make should allow you to continue
with your interests – be they in business or elsewhere – once you no longer own that business.
THE NEXT STEPS
Retirement should be treated with the same care and attention as any other significant business decision or transaction.
During your life as a business owner and entrepreneur, you will have achieved success by taking smart and calculated risks,
which allowed you to go on to bigger and better things.
Planning and implementing your retirement strategy requires the very same analytical skills and business intuition that brought
you success. By consulting with the experts, you can supplement your knowledge with that of experienced operators who
have helped plan and carry out these strategies over many years.
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BY: SHAUN FARNDEN // SENIOR ASSOCIATE
As 2016 drew to a close, the manufacturing sector in both the U.S. and the U.K. experienced steady growth. From Q3
onwards the U.K.’s Markit/CIPS survey data highlighted four consecutive months of growth, while the U.S. USM data
exhibited similar positive growth despite concerns regarding the strength of USD.
The continuing growth of the manufacturing sector in both the U.S. and U.K. markets has been accompanied by equally strong
deal making, with high-profile deals from last year demonstrating the healthy appetite for acquisition from both sides of the
Atlantic. Irish food manufacturing giant Greencore announced the acquisition of U.S. food manufacturer Peacock Foods
for $747.5M, allowing it to secure access to the U.S. market. Outbound M&A from the U.S. has followed a similar pattern,
with Tesla announcing its deal to acquire automation firm Grohmann in an effort to bolster its manufacturing automation
capabilities in Germany.
EMERGING MANUFACTURING TECHNOLOGIES
Long-term trends in the sector point to new directions for interested acquirers. In particular, additive manufacturing, or 3D
printing, is set to revolutionise the supply chains of a whole host of industries, including diverse sectors such as aerospace,
MANUFACTURING
T:+44 (0) 1865 410 744
E: FARNDEN@BENCHMARKCORPORATE.COM
SECTOR
SPOTLIGHT:
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automotive and industrial manufacturing, as it significantly reduces the time and resources needed to create parts or
components which are currently created using forging and casting techniques.
Earlier in 2016, GE Aviation announced the formation of a new additive manufacturing division following acquisitions worth
$1.4B across Europe. By acquiring this equipment and IP, the company will be able to work at the forefront of the development
of technology as it phases in new techniques for current and future aero-engine projects. With such technology now residing
in-house across a number of companies, the strong influence of tech in manufacturing may lead acquirers to look outwards
when making strategic purchases.
KEY PLAYERS IN THE SECTOR
GE Aviation’s active lead on additive manufacturing also underlines the race to integrate new technologies into existing
manufacturing giants. U.S. motor giant Ford has invested, through its stake in early venture capital vehicle RPM Ventures, in a
number of start-ups to buy in new technology to aid its development of autonomous vehicles, including mapping companies
Velodyne LiDAR and Civil Maps.
Siemens has taken a similar approach in its acquisition of semiconductor industrial software company, Mentor Graphics, for
$4.5B. Utilising Mentor’s testing and design capabilities, the acquisition has been tipped to give Siemens access to the early
stages of the manufacturing supply chain for its customers.
Given the fact that crucial efficiency gains and cost savings can be made in the design and testing of components and
products, it is hardly surprising that giants such as Siemens are keen to acquire capabilities that allow changes to designs to
be made much more quickly and go to market in shorter timeframes.
While there has been concerns that acquirers may be deterred from purchasing U.K. companies following last year’s Brexit
vote, a steady stream of inbound M&A has proved otherwise. U.S. instruments manufacturer Ametek has acquired Wrexham-
based Nu Instruments, which manufactures magnetic sector mass spectrometers for use in advanced laboratory analytics, in
a deal which bolsters Ametek’s portfolio thanks to Nu’s customer base of high-profile institutions.
FUTURE MANUFACTURING
From M&A to buy-in new technology, through to deals to break into new markets, manufacturing remains an extremely active
sector. While political uncertainty shrouded 2016, the outlook is positive for this year and analysts predict that confidence
in both the U.S. and U.K. markets will boost demand for the sector’s services and products, stimulating more sector growth.
65
UK Listings: Call +44 (0)161 359 4404
or email HALAI@BENCHMARKCORPORATE.COM
During the course of 2016, Benchmark International completed
a number of fantastic deals which showcased the quality and
range of our work. This required both a strong performance
from our individual team members, as well as a solid team
ethic that draws these skills together to service our clients in the
best way possible.
Each and every year talented individuals are commended
for their work through nominations and award wins, with our
organisation as a whole participating in numerous awards
ceremonies throughout the years. Time and time again, the
judges of these awards highlight our focus on working closely
with businesses to truly understand them – with all success then
following on from this. We would like to commend the fantastic
achievements of everybody at our offices in the U.K. and the
U.S. for the following award wins and nominations.
BENCHMARK INTERNATIONAL
COMPANY VICTORIES
We are proud to look back on the impressive award wins
achieved in company award categories for work in both the
U.S. and the U.K.
This year we won the following awards:
• Winner of “Business services” award at the Best of Tampa
awards.
• Winner of “Corporate Exit Strategy of the Year” award at
the Corporate Livewire M&A awards.
• Winner of “International Corporate Financial Advisor of
the year” at the Worldwide Financial Advisor Magazine
awards.
• Winner of “Best Company Sales Specialist” and “Award
for Excellence in Exit and Growth Strategies” awards at
the Acquisition International awards.
We also received nominations in the following award
category:
• “Deal of the year (Sub £10m)” at the Insider Media
Dealmaker awards.
Congratulations to all those involved in these achievements.
BENCHMARK INTERNATIONAL
INDIVIDUAL WINNERS
Alongside our proven track record of industry award wins,
individual talent from across the company surged ahead of the
competition to win an impressive collection of awards, at all
levels of business. This demonstrates the strength of our team
members, whichever role they play in our successes.
Kendall Stafford: winner of the “40 Under 40” and “Emerging
Leaders: Dealmaker” awards at M&A Advisor.
Kendall Stafford was recognised by M&A Advisor as one
of its “40 Under 40”, winning the emerging leader in the
“Dealmaker” category, for her work within the Texas region.
David Fergusson, President and Co-CEO of The M&A
Advisor, said: “The Annual M&A Advisor Emerging Leaders
Awards was born as the 40 Under 40 Awards in the United
States in 2010 to recognise and celebrate the achievements
of young M&A, Financing and Turnaround professionals who
had reached a significant level of success and made a notable
contribution to their industry and community.”
Greg Jackson: a winner of the “CEOs of the year” award at
Acquisition International.
Greg Jackson was identified by AI Magazine as one of the
CEOs of year for 2016, recognising his key role in the rapid
growth of the company in 2016. Only 15 CEOs are recognised
each year, demonstrating the fantastic achievement as a true
leader within the M&A industry.
AWARDS ROUND-UP FOR 2016
BY: BRITTNEY ZOELLER // DIRECTOR OF MARKETING
T:+1 (813) 898 2350
E: ZOELLER@BENCHMARKCORPORATE.COM
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Each year the Benchmark International team gathers to celebrate, learn and grow, but at this year’s DreamMark Conference
there was a special thrill in the air. The theme of the two-day celebration, Game Changers, and its motto of “We’re not here
to play the game, we’re here to change it” exuded enthusiasm, but there was more to the excitement in the air than the words
emblazoned across everyone’s back.
2016 was a record-breaking year for the Mergers and Acquisitions industry, but more importantly, for Benchmark
International. Benchmark International’s stellar results in 2016 were achieved against all odds considering the major events
in both Europe and the United States. During 2016, the Benchmark International team broke records in terms of deals
closed and value added for our clients. The collective feeling of accomplishment achieved in 2016 permeated the air at
DreamMark as the “Benchmarkers” celebrated.
The event provided the opportunity for Chief Executive Office, Greg Jackson, and Chairman, Steven Keane, to share
their vision for the future of the business, which includes additional geographic expansion. Looking forward, Benchmark
International will continue to focus on changing the way Mergers and Acquisitions are done and deploy innovative strategies
to help our clients achieve their goals and aspirations.
The DreamMark conference provided Benchmarkers the opportunity to hear more about 2016’s marquee moments featuring
educational panels on each team’s accomplishments, learn some best practices, and participate in fun, team-building
events, while discovering the exciting opportunities and plans for the year ahead.
BY: LATECIA JOHNSON // DIGITAL MARKETING SPECIALIST
T: +1 (813) 898 2368
E: JOHNSON@BENCHMARKCORPORATE.COM
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Benchmark International is proud of all of its hard-working and dedicated employees. Among the cream of the crop is
Shannon Hess, who was recently honored winning the 2016 Employee of the Year award. This is a very prestigious award
so it is of course a huge deal to earn the title. Shannon is always one of the first people to enter the office and one of the last
people to leave. It’s easy to see why she is deserving of the award.
Among her other many attributes, Shannon is very modest. When asked why she thought she won the award, she replied,
“It’s a mystery to me!” She realizes that when she cares about what she’s doing, she gives everything she has. Her passion,
drive, and strong work ethic helped her get where she is today. Shannon understands she has to make things happen, that
things just don’t happen on their own. She says, “I feel Benchmark is genuinely helping people and that appeals to me.”
A favorite quote Shannon lives by is from Napoleon Hill: “Some people dream of success while others wake up and work
hard at it.”
When she’s not taking the M&A world by storm, Shannon loves being with her family. She raised four kids and is inspired
by her own mother, who comes from a long line of successful women who made things happen when the odds were against
them. Her mother held a director’s position without formal education. Shannon talked lovingly about her mother, describing
her as her “true north” because she always helped guide her. She believes the women in her family are successful because
of their God-given talents.
The hard work doesn’t stop here. Although 2017 is only just beginning, Shannon is still putting all her time, talent and
dedication into her job. The future is looking bright for Shannon and for her time at Benchmark International.
BY: KRISTIN KIMBLE // ANALYST
T: +1 (813) 898 2360
E: KIMBLE@BENCHMARKCORPORATE.COM
69
20 1 6
UNITED STATES
EMPLOYEE
OF THE YEAR
John Lee began his journey with the Boy Scouts as a child, creating memories that would last a lifetime. He credits the Boy
Scouts program for instilling in him the discipline, courage and confidence he gained at a young age and that followed him
into adulthood. Following years of determination, John’s efforts were rewarded when he earned the rank of Eagle Scout at
age 16. It was during this crowning moment he realized his call as an Eagle Scout was to help other young men spread their
wings and achieve their highest potential. John has spent 25 years with the Boy Scout organization, working with hundreds
of young men to shepherd them through the program. He became a Scout Master at age 23 and is heavily involved in
the Alamo Area Council, which serves a 13-county area in Texas, as a trainer for Scout Masters and the Youth Protection
program as well as a merit badge counselor on over 24 merit badges.
John has had numerous rewarding experiences during his involvement with the Boy Scouts. One of the most memorable
is the four years he spent sponsoring outreach programs in Miami. During that time, John and his team worked with
juvenile parole officers to transition at-risk youth away from damaging experiences, like gang membership, to more
positive affiliations like those with the Boy Scouts. The program was very successful in helping the young men turn their lives
around. Many eventually went to college, one became a minister and, most notably, another enrolled in medical school to
become a heart surgeon. Another one of John’s favorite experiences was founding a Scout troop in an area of San Antonio
experiencing extreme poverty. He coordinated education efforts and fundraising initiatives to provide the young men, and
their families, the necessary tools to pay for the Boy Scouts program, trips and camping excursions.
In 2012, John Lee was recognized for his commitment to the organization when he was named Scout Master of the Year.
John’s involvement in the Scouts organization has been extremely successful. About 90% of his troop progress from Boy
Scouts to Eagle Scouts; a feat that is remarkable considering only 5% typically make that transition. John has given much
of his life to help lift and inspire the young men to recognize the greatness they have inside.
BY: KRISTY SPEER // SENIOR ANALYST
T: +1 (813) 898 2393
E: SPEER@BENCHMARKCORPORATE.COM
WHY COMMUNITY ACTIVITY IS IMPORTANT TO US
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BENCHMARK INTERNATIONAL CARES
71
We are always looking for a meaningful cause to get behind and
so far in 2017 we have donated to the following US charities:
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Distribution & Storage
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Recruitment & Training
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Landscaping
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Manufacturing & Industrial
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Recruitment & Training
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Building & Construction
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Mechanical Services
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Recruitment & Training
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Motor, Transport & Marine
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Distribution & Storage
ACQUIRED BY
Wholesale
ACQUIRED BY
Distribution & Storage
ACQUIRED BY
Engineering
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Electrical Distibution
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A SELECTION OF DEALS
PRIVATE INVESTOR
NEWBURY INVESTMENTS
LIMITED
HEARTLAND SERVICES
LIMITED
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Manufacturing & Industrial
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Cloud Solutions
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Printing Equipment
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Renewable Energy
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VH HOLDINGS
LIMITED
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IT & Telecoms
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Manufacturing & Industrial
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Manufacturing & Industrial
ACQUIRED BY
IT& Telecoms
KEITH GALE
CONSULTING LIMITED
ACQUIRED BY
Engineering
ACQUIRED BY
Care, Health & Medical
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IT & Telecoms
ACQUIRED BY
Catering & Leisure
ACQUIRED BY
x
ACQUIRED BY
Distribution & Storage
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Manufacturing & Industrial
ACQUIRED BY
IT & Telecoms
Landscaping
ACQUIRED BY
IT & Telecoms
ACQUIRED BY
Print & Publishing
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Care, Health & Medical
ACQUIRED BY
Distribution & Storage
ACQUIRED BY
Retail
HERITAGE APPEAL
LIMITED
ACQUIRED BY
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Utility & Maintenance
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IT & Telecoms
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Private Equity Buyer
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Manufacturing & Industrial
FRANCIS HOLDINGS LTD.
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E: AUSTIN@BENCHMARKCORPORATE.COM
AUSTIN
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allows us to accurately understand both sellers and buyers.
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BENCHMARK INTERNATIONAL
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