The Quercus team, led by Mark Whelan, advised the Board of Environmental Resource Group (“ERG”), on the sale of the business to specialist waste and recycling company, Red Industries (“Red”), supported by a £39m funding package from BGF and HSBC.
Headquartered in Brownhills in the West Midlands with further operations in Dudley, ERG is one of the UK’s largest privately owned hazardous and non-hazardous waste management groups. The founder shareholders have been transforming the hazardous waste industry for more than 20 years, driven by a vision to reduce materials away from landfill and provide clients with cost effective and environmentally compliant waste management solutions.
The combined business will have greatly increased scale enhancing its competitiveness in the marketplace as a result of cross-selling opportunities and increased economies of scale. It will also provide Red with access to ERG’s market-leading sales and client support team and sought-after and innovative European trans-frontier shipment routes, unlocking further opportunities for the enlarged group.
Mark Whelan, Partner at Quercus said:
“We are delighted to have successfully helped the owners of ERG to sell the business to Red. ERG’s extensive customer base and strong, customer service focused culture and business model complements Red’s existing operations well."
Aron James, CEO and majority shareholder of ERG added:
“The shareholders of ERG are delighted with the result the Quercus team delivered for us. It was a deal that will form a new and exciting entity within our sector and we are proud to have played a part within that. Quercus were excellent throughout the process, guiding the shareholders through the challenges set before them. Quercus’ sector expertise, was for sure, pivotal in getting the deal across the line.”
Quercus Corporate Finance LLP is delighted to announce that it has been shortlisted three times in the 2019 Insider Dealmakers Awards.
The team has been shortlisted as 'Corporate Finance Team of the Year' and Founding Partner Andrew Clegg received 'Corporate Finance Adviser of the Year' and 'Dealmaker of the Year' nominations.
Nick Standen, Chairman of Quercus, commented:
“2018 has been our most successful year to date and I am delighted that the community continues to recognise our latest deal activity with these much valued nominations. Our strategy of providing partner-led insight and clear and objective advice to the mid-market continues to serve us well, and we enter the New Year busier than ever.”
The Quercus team, led by Andrew Clegg, has advised Boundless on the acquisition of Parliament Hill, a leading provider of membership benefits, membership services and professional indemnity insurance.
Headquartered in Brighton, Boundless is an established home, motoring and leisure association, offering attractive discounts and offers on insurance, travel, leisure activities and holidays to its c.230,000 members.
Parliament Hill also works exclusively in the membership sector. It uses the collective buying power of its clients (and their 3 million members) to negotiate outstanding terms on products and services relevant to members as individuals, within their families, in their businesses and for their careers. The business was founded by Andrew Holden who will continue to lead the business going forward.
The acquisition supports the vision of Boundless to leverage its expertise and expand into complementary activities. Financial details have not been disclosed.
Andrew Clegg, Quercus Partner said:
“Parliament Hill represents an excellent fit with Boundless given their complementary areas of focus in the member benefits sector. Andrew Holden has done an excellent job growing the brand to its current size and the financial strength provided by Boundless will help Parliament Hill to grow even faster.”
Carl Fillery, CEO of Boundless added:
“Our relationship with the Quercus team stretches back some 12 years and we are once again delighted to have benefited from their advice and insights on what represents a transformational transaction for us. These are exciting times for Boundless and our members and we very much look forward to working with Andrew Holden and the Parliament Hill team as they seek to execute on a very exciting growth plan.”
Quercus Corporate Finance is delighted to announce the sale of the school travel division of Newmarket Promotions Limited (NPLST) to Next Generation Travel Limited.
The Quercus team, led by Andrew Clegg, advised Newmarket Promotions Limited on the sale of NPLST to Blackpool-based school travel specialist Next Generation Travel Limited (NGT), whose brands include WST, FHT Travel and Anglia Tours. The combined business is currently responsible for over 70,000 student trips each year.
Financial details of the transaction have not been disclosed.
Founded some 20 years ago, NPLST is a dedicated schools travel provider offering a specialised range of domestic and international tours and excursions to schools and clubs across the UK. It focuses on educational and sports-based tours, together with battlefield tours and residential theatre trips, through its well-established Study Experiences, Sports Experiences brands and as official partner of the Royal British Legion for school travel.
Andrew Clegg, Quercus Partner said:
“The combination of the two businesses represents an excellent fit and I am delighted that we have found NPLST such a good home. Study Experiences and Sports Experiences are both leading brands in the school travel sector and the Next Generation Travel team are ideally placed to accelerate their growth going forward.”
Simon Hibbs, CEO of Newmarket Promotions Limited, added:
“This is an excellent result. The sale allows Newmarket Promotions to focus 100% on growing its core adult tour operations, and provides the school travel business with a supportive parent with the experience and track record to capitalize on its strengths. We would not have got there without the wise counsel and experience of the Quercus team. There was much complexity to navigate in this deal. Andy’s and Neil’s support helped make the difference”.
Quercus Corporate Finance is delighted to announce the sale of iCareHealth (UK) Limited to the Access Group.
The Quercus team, led by Andrew Clegg and Amanda Hall, advised the Board of iCareHealth, one of the UK’s leading providers of software solutionsfor the social care sector, on the sale of the company to the Access Group, whose Health and Social Care division includes solutions used by over 6,000 registered providers in residential and domiciliary care.
The combination with Access will enable iCareHealth to access a new level of expertise in the provision of integrated software solutions, accelerate product development provide a wider pool of resources.
Financial details have not been disclosed.
The sale marks the third transaction the Quercus team have advised key members of the iCareHealth Board on in a relationship that spans over 12 years.
Andrew Clegg, Founding Partner of Quercus said:
“It’s been an absolute pleasure working with Simon and the iCareHealth team once again on this important deal in the social care software market, where we anticipate further M&A activity. Access represents a great fit for iCareHealth; they have an excellent acquisition pedigree and their experience and financial strength provide the support necessary to take the business to the next level.”
Simon Martin, Chairman of iCareHealth said:
“It’s been great working with Andy and Amanda once again and the sale to Access is a great result for the iCareHealth shareholders. We have successfully built the business around three core values - honesty, consistency and transparency; all attributes we have found once again in our dealings with the Quercus team. Their pragmatism, determination and attention to detail made all the difference.”
Leading consumer products sector specialist investment bank, Consensus of the USA, announced as 16th member firm of the Terra Alliance network
The Terra Alliance held its latest bi-annual international corporate finance meeting in London last week hosted by UK member firm, Quercus Corporate Finance LLP. Representatives of the Alliance’s 15 member firms came together to discuss current and future opportunities for cross-border M&A and capital raisings against the backdrop of a world economy which is forecast to grow by 3.1% in 2018.
During the meeting, it was announced that US investment bank, Consensus, would join the Alliance with immediate effect. Consensus focuses on consumer-facing groups.
The London meeting represents the Terra Alliance’s 33rd international corporate finance meeting following the most recent gathering in Sydney, Australia, in November 2017. The next meeting will be held in Singapore in October this year and will be hosted by local member firm, Pickering Pacific.
Quercus Partner and Terra Alliance Steering Committee member Andrew Clegg commented:
“We have been delighted to host our colleagues at such an important time for the UK. The London 2018 meeting has been a great success with a real mood of optimism. Particularly encouraging has been the level of interest in the UK as a destination for foreign investment and this resonates with our own experience on live transactions. I am also delighted that the Consensus team is joining the Alliance. They bring to bear a huge amount of consumer sector experience which will be of real value to other member firms and their clients across the globe.”
About The Terra Alliance
Formed in 2002, the Terra Alliance now consists of 16 investment banks and independent advisory firms with offices in every continent and more than 40 countries. It is a highly effective network with very good cooperation and a strong record of transaction success. The Alliance meets every six months to originate cross-border corporate finance opportunities and to enable members to share local knowledge and perspectives. Over the past five years member firms have completed 386 transactions with a combined value of US $29 billion. More detail can be found at http://www.terra-alliance.com
Quercus Corporate Finance is delighted to announce the appointment of Jo Pearson to its Senior Advisory Board and follows the appointment of Mark Whelan as a Partner last year. This latest senior appointment endorses the firm’s position of financial advisor of choice for businesses in the waste management, recycling and industrial services sectors.
Jo spent 30 years building up the family business, Pearsons Group, to become one of the leading waste management and recycling businesses in East Anglia. Jo was an early adopter of recycling, recognising the economic and environmental benefit of diverting waste from disposal and generating valuable secondary commodities. The business invested heavily in state of the art, strategically located facilities in the region, and was one of the first to develop multi plastics segregation and subsequent export. Having acquired five complementary businesses, Pearsons Group was sold to Viridor in 2010. Jo, is a Member of the Chartered Institution of Wastes Management, was a board member of Recoup and also sat on WRAP’s construction recycling committee.
Quercus Partner Mark Whelan, who advised Jo and his family on the sale to Viridor, commented.
“The role of the Senior Advisor is a key differentiator for us at Quercus - a major transaction is a unique experience for most entrepreneurs and therefore having people like Jo on the team who have successfully completed a similar journey provides our clients with real sector insight and added value and I am excited about working with Jo again.”
Nick Standen, Quercus Chairman added:
"I am delighted that Jo has decided to join us. His sector knowledge combined with Mark’s means that we can now offer our clients a unique proposition; 55 years’ experience of the waste and recycling sectors.”
Quercus Corporate Finance is delighted to announce the sale of The Icon Consultancy Limited ('ICON') to Sweet Squared Limited.
The Quercus team, led by Andrew Clegg, advised the shareholders of ICON on the sale of the company to Sweet Squared. Sweet Squared supplies beauty products to more than 24,000 professionals in the UK and Ireland from its offices in Leeds, Edinburgh, Glasgow and Dublin.
Financial details have not been disclosed.
ICON is a multi-channel brand management and distribution company covering the UK and Ireland. It specializes in premium hair and beauty products and offers a bespoke service, in consultation with its brand partners, to deliver long term distribution strategies through professional salons and high street retail.
Andrew Clegg, Quercus Partner said:
“We are delighted to have advised ICON's shareholders on what is a very complementary combination of two leading businesses in the sector. This was a complex deal and I am very pleased that our experience helped deliver a successful outcome."
Paul Taylor, ICON founder added:
"I am very grateful for Quercus' support through the sale process. Their attention to detail and pragmatism helped deal with issues that arose along the way and ultimately played a big part in driving the deal over the line.”
The Quercus team, led by Amanda Hall and Nick Standen, advised the Board of discoverIE on the acquisition of Santon, for an initial consideration of €27m with a further €19.5m dependent on the future performance of the business.
Santon, with its headquarters in Rotterdam and sales offices in the UK and Germany, designs and manufactures highly differentiated, patented direct current switches for use in solar, industrial and transportation markets.
Quercus originated the deal for discoverIE through its strong relationships with The Terra Alliance, a highly effective international M&A network where Quercus is the exclusive UK member firm.
Amanda Hall said:
“This transaction demonstrates the strength of The Terra Alliance. At one of our six monthly origination meetings we profiled discoverIE as a serial acquirer and Dutch attendee, Iris Corporate Finance, identified Santon as a business which matched discoverIE’s niche acquisition criteria. Having worked with discoverIE for nearly a decade now, it was very clear to us that Santon would fit well with discoverIE, both corporately and culturally. We are delighted to have advised discoverIE on this very important transaction.”
Nick Jefferies, discoverIE CEO added:
"The Quercus team did a first class job. Amanda and Nick once again provided straightforward, objective and clear advice and their commercially focused, hands on approach made a real difference in getting the transaction over the line. We are delighted to welcome Santon to the group.”
As the exclusive UK member firm for the Terra Alliance international M&A network, Quercus Corporate Finance is pleased to announce that:
Particular sectors of interest in 2017 included Industrial Products & Services, Consumer Products & Services, Energy & Mineral Products and Infrastructure & Logistics.
Nick Standen, Quercus Chairman commented:
"These are highly impressive figures and demonstrate the power of the Terra Alliance across the globe. International ambition is often at the heart of our clients' growth agendas and the network consistently offers global reach and scale, local market knowledge and direct access to potential buyers and sellers."
