This week’s extract from our forthcoming publication ‘Moving Forward’ is an interview with Sukhbir Sidhu, the founder of Evergen. Sukhbir is a serial entrepreneur and reveals some of the challenges he has overcome to build the fastest growing solar energy company in the UK.
https://indd.adobe.com/view/efce0a47-4bdd-480e-82cd-91d275ed32c8
In conjunction with Decision Magazine, we are excited to announce ‘Moving Forward’, a report consisting of interviews with leading entrepreneurs from across the South East region. Participants explore the issues they face managing growth and provide insights into the strategies they adopt to stay ahead of the pack. Excerpts will be published on LinkedIn over the next 6 weeks and then the full report will be made available in e-book form via our website.
Click on the link below to read our interview with Dr Dan Daly, who discusses the importance of agility and innovation in building Occuity, a leading med-tech company.
https://indd.adobe.com/view/4aaf36b0-6f78-49ec-be34-5eff1e3f4f07
The Quercus team, led by Mark Whelan and Neil Giles, advised the shareholders of BPR Group Europe Limited trading as Paper Round (“BPR”), one of the leading independent waste management businesses in the South East, on its acquisition of Reef Environmental Limited (“Reef”), an independent provider of waste and recycling services across East Sussex and Kent.
Financial details have not been disclosed.
Reef’s customer base and geographical footprint are highly complementary to that of BPR, providing a great opportunity for the combined business in the marketplace. The enlarged business will also offer greater opportunities for the management and staff in both businesses in Sussex and beyond.
Mark Whelan, Quercus Partner said:
“I am delighted that we have successfully advised the shareholders of BPR on its acquisition of Reef. There is an excellent operational and cultural fit between the two businesses, and this coupled with a strong strategic rationale for the acquisition bodes extremely well for the success of the enlarged group going forward. We wish the combined team every success in the future.”
Bill Swan, Managing Director of BPR, added:
“We are delighted to have benefited from Quercus’ counsel throughout the acquisition process, their combination of in-depth waste sector knowledge and corporate transaction management facilitated a smooth acquisition process, allowing our management team to focus on the strategic and operational steps to successfully integrate Reef into the BPR family.”
Quercus is pleased to announce that it has advised the shareholders and management of Hunter Healthcare Resourcing Ltd, a fast-growing healthcare and life sciences recruitment business, on a management buy-out supported by Agathos Management LLP. The Quercus team was led by Ed Groome.
Hunter Healthcare is a London-headquartered, specialist healthcare recruitment business that places interim and permanent candidates into roles in the NHS, private healthcare and life science sectors. Hunter is known for its niche sector focus, high calibre candidates, depth of market knowledge, and the strength of its relationships with clients.
Hunter has developed an exceptional position in healthcare recruitment for non-clinical roles, with revenues growing to £44m in the current financial year. Agathos’s investment will facilitate the management buy-out of Hunter Healthcare and support the senior leadership team in delivering ambitious growth plans.
Charles Oakshett, Partner at Agathos, commented: “We are delighted to be partnering with Ben, Damian and the team at Hunter. The business has consistently delivered an excellent service to clients seeking to attract the best talent in the market, and as a result has achieved rapid growth. We see an opportunity for Hunter to build its core business with its existing clients and candidates whilst also breaking into new, growing markets.”
Discussing the outcome of the transaction, Ben James, CEO, said:
“We were in a fortunate position to have choice in who our private-equity partner could be, and it was clear early on that Agathos’s values, business ethics, operational experience and their genuine interest in our needs set them apart. We have worked incredibly hard to build Hunter to the business it has become, and we are hugely excited about what our exceptional team can deliver over the coming years as we pursue continued domestic and international growth along with personal choice for our employees and shareholders. We’re delighted to be joining forces with Charles, Will and the wider Agathos team.”
Ed Groome, leading the transaction for Quercus, commented:
“I’m delighted with the outcome of this process, for both the exiting shareholders and the management team who are going on to partner with Agathos for the next stage of their exciting growth journey. To echo Ben’s comments, we were pleased to have choice in the private equity sponsor to back Ben and the team, and I’m sure that Agathos will prove to be an excellent partner. It’s been a pleasure working with the Hunter team throughout the process and I wish them well for the next chapter.”
Commenting on Quercus’ role in the process, Gavin Johnstone, founder of Hunter Healthcare, said:
“We selected Quercus to advise us on this process due to their experience working with SMEs and particularly in the recruitment sector. Ed and the team guided us through the transaction process and his knowledge and experience were a key factor in ensuring a successful outcome, which all the shareholders are delighted with.”
Quercus Corporate Finance LLP is delighted to announce that one its deals has been nominated in the 2021 Thames Valley Deals Awards. The nomination, in the mid-size deal category, is for the sale of Camo Limited (trading as Simply Waste) to Biffa Plc, a high profile transaction in the UK waste sector.
Nick Standen, Chairman of Quercus, commented:
“I am delighted for the team. It is always pleasing to be recognised by one's peers and I am delighted that the sale of Simply Waste has been singled out. It was at the time of completion the largest waste sector deal since lockdown and presented numerous challenges given the unique macro-economic backdrop. The waste sector has managed to cope relatively well with the stresses and strains of the past 18 months and we would expect to see further deal activity in the year ahead."
The Quercus team, led by Andrew Clegg and Mark Winkler, advised the Board of Dri-Pak Limited (“Dri-Pak”) on the sale of the company to Finfenario Limited.
Headquartered in Ilkeston, Derbyshire, with manufacturing and packing operations in Manchester, Dri-Pak is a leading supplier of branded and retailer own brand cleaning and laundry products and the UK’s largest independent salt packer. Dri-Pak’s product portfolio includes table salt, dishwasher salt, soda crystals, white vinegar cleaner and liquid soap, which it sells into the UK and European retail sector.
With a 50-year heritage, Dri-Pak is a third-generation family business and Quercus has been working closely with the family since 2019 to formulate an exit strategy and prepare the business for sale. Following receipt of unsolicited approaches, through our extensive relationships we identified Finfenario as a logical buyer for the business and managed the sale process from start to finish.
Bruce Maxwell, Managing Director of Dri-Pak said:
“My family and I are delighted that Dri-Pak has joined forces with the Finfenario team and we are confident that the business will thrive under their ownership. The sale is the culmination of a two-year journey with Quercus who have guided us sensitively every step of the way. The quality of the advice and service we received throughout was a significant factor in a successful transaction and we are delighted with the outcome.”
Andrew Clegg, Partner at Quercus added:
“To have been trusted by Bruce and his family to deliver a successful sale process after fifty years of family ownership has been a rare and satisfying privilege. Dri-Pak is a highly-respected British business with a reputation for producing high-quality products and exceptional customer service. With the injection of energy that comes from new ownership I look forward to seeing the company prosper in the coming years.”
Quercus Corporate Finance is delighted to announce that it is partnering with Zero Gravity, a UK educational charity which supports talented students from low-income backgrounds into top universities and careers.
Quercus is the first corporate partner to make such a pledge to the charity, which was founded by Joe Seddon, a 24-year-old social entrepreneur. Seddon started the organisation from his hometown bedroom in West Yorkshire with the last £200 of his student loan, and since then Zero Gravity has grown into one of the UK’s leading social mobility organisations.
Zero Gravity identifies talented students from low-income backgrounds and then mentors them into the UK’s leading universities through its proprietary digital platform. In 2020, Zero Gravity supported 1000+ low-income students into Russell Group universities, including 250+ students into Oxford and Cambridge since its launch. Zero Gravity has been recognised with a social impact award by the Prime Minister and has recently won three European Brand Awards.
Under the newly announced partnership Quercus will donate 1% of its annual revenue to Zero Gravity to fund scholarships to talented students from low-income backgrounds who receive offers from top universities. The funding will be used by students to support their academic and career development so they can realise their full potential and become the leaders of the future.
Nick Standen, Quercus chairman, said:
“We are committed to giving something back and we wanted to work with a charity focused on tackling inequality. Zero Gravity is doing important work which will improve educational access to low income students and we are very proud to be associated with its goal of raising social mobility across the UK.”
Joe Seddon, founder of Zero Gravity, added:
“We are very excited to announce this partnership with Quercus. Their 1% revenue pledge will support Zero Gravity to level the playing field for students from low-income backgrounds and ensure that those with talent are able to succeed - no matter their background. Quercus are the first corporate partner to make a revenue pledge to Zero Gravity and have put down a marker for other top organisations to follow.”
The Quercus team, led by Andrew Clegg and Mark Winkler, advised the Board of CCL Compliance Limited (“CCL”) on the sale of the company to Waystone, a leading provider of institutional governance, risk and compliance services to the asset management industry. Waysotne is backed by mid-market Private Equity firm, MML. The transaction was supported by CVC Credit Partners.
With offices in London and Dubai, CCL is an established and experienced provider of regulatory compliance services. The business was founded in 1988 by Ralph Lindeyer and has since developed a comprehensive range of compliance services which it provides to a blue-chip client base across the globe.
Headquartered in Dublin, Waystone is the worldwide leader in governance, risk and compliance, representing leading investment funds and managers globally. Partnering with institutional investors, investment funds and asset managers, the group builds, supports and protects investment structures and strategies worldwide. Waystone supports asset managers with more than $1tn in assets.
CCL is Waystone’s ninth acquisition and now forms part of a newly formed Compliance Services division. Whilst Waystone has traditionally offered compliance services to funds, this is the first time it has offered services to fund managers at a corporate level, vastly expanding its addressable market.
Andrew Clegg, Partner at Quercus said:
“I could not be more pleased for Ralph Lindeyer who has now found the ideal home for a business he has spent over 20 years building into a highly respected leader in governance, risk and compliance. Waystone is exceptionally well positioned as a platform for future growth and I look forward to seeing the enlarged group prosper in the coming years.”
Ralph Lindeyer added:
“This is a wonderful result both for the Lindeyer family and for Waystone, as the acquisition of CCL helps to cement their position as the institutional global leader in governance, risk and compliance services. I am very grateful to the Quercus team for their support and guidance. Their deep transaction experience and high quality client service was a significant factor in ensuring a smooth process and a successful outcome.”
Michael is a highly experienced dealmaker with over 20 years M&A, senior finance and strategy experience within the industrial sector. He has extensive cross border experience and has completed transactions in the UK, North America, Europe, Russia and China. His clients have included corporates, private equity houses and owner-managed businesses.
Michael started his career at KPMG Corporate Finance and rose to co-lead their Diversified Industrials M&A team in London. During this time, he advised on some of KPMG’s most high-profile transactions.
In 2016, Michael joined Smiths Group Plc as M&A Director and played a major role in implementing group strategy. While at Smiths, he was responsible for supporting the divisions in all aspects of their inorganic strategy and led multi-disciplinary teams in complex international projects.
Prior to joining Quercus, Michael was Finance Director (Commercial and Sales) of McLaren Automotive where he was responsible for all finance aspects of the revenue generating operations.
Michael holds an Executive MBA from the École Nationale des Ponts et Chaussées, the Securities Institute Diploma and a BA (Hons) in Industrial Economics from the University of Nottingham. He has successfully completed the Advanced Corporate Finance programme at London Business School as well as the Finance and Strategy programmes for senior management at UCLA.
Andrew Clegg, Quercus partner said:
"I am delighted to welcome Michael to our growing team. He brings with him a unique perspective having spent the past five years in a corporate M&A environment and his strong relationships across the globe will help drive deal activity across the industrial sector. Michael's arrival is another important milestone for Quercus in our mission to be the preferred Corporate Finance adviser to mid-market businesses.”
Quercus is delighted to announce it has advised the board of Rydon Group Holdings Limited (“Rydon”) on the sale of its regeneration and construction business to a management buy-in team (“Real”) led by Paul Nicholls.
Rydon is one of the UK’s leading regeneration experts. It works closely with local authorities to deliver some of the most prestigious community-focused regeneration projects across London and the South East. Under the leadership of Paul Nicholls, who led the regeneration and residential businesses at United House and Wates respectively, Real will use this solid foundation to develop over the coming years.
Bob Bond, Rydon Group CEO said:
“I am immensely proud and appreciative of the contribution over many years from all of the Rydon team to create an outstanding and highly respected regeneration and contracting business. Under Paul’s leadership and the continued support of the team, Real will continue to deliver a positive impact to local communities. It was a complicated transaction and the advice, commitment and experience provided by Quercus was invaluable in getting the deal done. I am very grateful for their support throughout the process.”
Mark Winkler at Quercus added:
"Transactions in the construction sector are seldom easy and, in this instance, the challenge of transacting during lockdown provided additional complexity. However, we are delighted to have been part of a deal which allows the business to continue to grow and have the capacity to go from strength-to-strength and deliver its exciting growth plans.”
