Acquirer Autumn 2012 - Livingstone Partners

WINTER 2012
cquırer
The
Key to
the cities
The corporate finance magazine from Livingstone Partners
The sale of Leisure Pass demonstrates
Livingstone’s expertise in both
travel and technology
PLUS: LIFE AFTER THE DEAL. M&A AND THE AFTER-LIFE. TRENDS IN PACKAGING.

LIVINGSTONE CHICAGO
Happy birthday to US
Livingstone Partners is celebrating the fifth anniversary of partners Steve
Miles and David Sulaski (pictured below – Sulaski is on the left) establishing
the firm’s Chicago office. Miles and Sulaski have successfully grown the
Chicago team from two to 16 investment bankers since 2007 and have
established Livingstone as a highly respected, sector-driven adviser in the
US mid-market with access to buyers, investors and targets globally.
Livingstone’s team members in the UK, Germany and Spain had worked
with Miles and Sulaski at their previous firm from 2000. Jeremy Furniss,
Partner at Livingstone London, said: “We’d had a lot of fun working with Steve
and David. They really understood Livingstone’s ‘can do’ approach to dealmaking.
When they decided to set up on their own, it was perfectly natural
that we discuss joining forces. It is so important that Livingstone has a strong
US capability in order to serve our firm’s clients around the world.”
Sulaski took up the story. “We are proud to have so quickly built
Livingstone’s reputation on this side of the Atlantic. One of the most
gratifying aspects of growing Livingstone has been the number of
talented investment bankers that have left the security of more venerable
institutions to join us. Livingstone is defined by its people – and we have
a hell of a team!”
Chicago’s success has come quickly; the team has closed 67 deals since
2007, 32 of them with other Livingstone offices. Achieving this has enabled
Livingstone to establish global industry sector teams. “Our strength
comes from geographic breadth and sector depth,” said Furniss. “It has
been enormously helpful having David leading the charge in the US in the
Consumer sector, Jim Moskal in Healthcare, Andy Isgrig in Industrials,
and so on.”
Isgrig, Managing Director at Livingstone Chicago, reflected on his most
recent success. “We just closed the $65m acquisition of Hamilton Safe
Companies for Gunnebo, the Swedish bank security and cash handling
group. Livingstone London had worked previously for CEO Per Borgvall
and were able to introduce the Industrial team in Chicago when Gunnebo’s
focus turned to a strategic acquisition in the US. We were able to provide
Gunnebo with the market insight
“Our strength comes
from geographic breadth
and sector depth”
and local connectivity to make this
deal happen.
“It’s great that the other
Livingstone teams are leveraging
our resources to deliver results for
their clients,” he added. Indeed,
Livingstone Düsseldorf and
Livingstone Madrid have recently
benefited from working with
Chicago, with the sales of German
packaging group WEENER to
US fund Lindsay Goldberg and
Spanish gold trader Oro Direct to
an affiliate of The Jordan Company
of New York.
And what’s next for Livingstone
Chicago? “Watch this space – we’re
just warming up!” concluded Miles.
Contact:
Steve Miles, Partner, Livingstone Chicago
T: +1 312 670 5901,
E: miles@livingstonepartners.com
David Sulaski, Partner, Livingstone Chicago
T: +1 312 670 5902,
E: sulaski@livingstonepartners.com
IN THIS ISSUE
Features
04
06
09
10
13
14
16
18
20
22
Regulars
03
05
FUNDING
Bridging the funding gap
Debt capital funds in the UK
COVER STORY
Pass masters
A smart deal for Leisure Pass
SECTOR: HEALTHCARE
A drug deal with
a difference
The sale of Simcyp
ROUNDTABLE
What happens next?
Life after the deal
PROFILE
The dragon awakes
Introducing Jade Wang
SECTOR FOCUS
The new wave
Trends in packaging
SECTOR: INDUSTRIAL
Bike to the future
Creating a cycling group
SECTORS: CONSUMER
& MEDIA:TECH
Pulling together
The benefit of building
long-term relationships
SECTOR: INDUSTRIAL
Dealing with death
Aurora Casket is all set to grow
SECTOR: BUSINESS SERVICES
Gold standard
New investment for Oro Direct
NEWS
The latest from Livingstone
COMMENT
Why M&A in technology is
bucking the global trend
CONSULTING EDITOR Celia Mather
MANAGING EDITOR Tim Turner
ART DIRECTOR Rob Cuthbertson
CREATIVE DIRECTOR Ben Barrett
ACCOUNT MANAGER Lucy Tatton-Brown
PRODUCTION DIRECTOR John Faulkner
MANAGING DIRECTOR Claire Oldfield
CEO Martin MacConnol
2 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
Comment
Owners of businesses
must be wondering how
much longer the current
economic crisis can go on. It
seems that not a day goes past
when there isn’t another twist
in the eurozone crisis, further
problems in the banking
market or politicians debating
the relative merits of austerity
versus spending strategies.
This economic uncertainty
has increased volatility in the
M&A market. This, in turn, has made it difficult for potential vendors
to assess their prospects for a successful exit. While it remains a
demanding marketplace, our experience is that good quality assets
that are properly marketed are still achieving premium prices.
Three key factors are driving this. First, across most of the sectors
we cover, there has been strong evidence of corporate acquirers
looking to deploy capital to add to their geographic coverage or
technical capabilities. Many corporates have protected their balance
sheets through the downturn, often at the expense of growing their
businesses. However, the unrelenting spotlight of reporting cycles
is forcing many CEOs to spend cash to replace lost growth via more
aggressive acquisition strategies.
Second, there is strong evidence that buyers benefitting from stronger
currencies are targeting assets that look relatively cheap. CEOs recognise
that it is easier and better
“Good quality assets
are still achieving
premium prices”
value to acquire capabilities
that are easily transportable
globally by acquiring companies
in countries where their
currencies are depressed.
Finally, there are a number of private equity firms whose funds are
coming under pressure to invest. The need to put money to work has
led to private equity looking at a range of very different deal structures
to drive value, and driving them to compete hard for attractive assets.
For potential sellers, all these trends impose a greater burden on
your advisers truly to understand your business and the opportunity
you represent to potential acquirers. The need to have strong global
coverage and genuine sector insight to target the strongest buyers,
wherever they are, has never been greater, and Livingstone continues
to rise to the challenge.
Contact:
PHILLIP McCREANOR, Partner, Livingstone London
T: +44 (0)20 7484 4725, E: mccreanor@livingstonepartners.co.uk
Published by Wardour, 5th Floor, Drury House,
34-43 Russell Street, London WC2B 5HA, UK.
Tel +44 (0)20 7010 0999 www.wardour.co.uk
All rights reserved. The views expressed by
contributors are their own.
Livingstone Partners is an international
corporate finance advisory firm specialising in
company sales, acquisitions and private equity
transactions. Our teams in London, Chicago,
Düsseldorf, Madrid and Beijing draw upon the
integrated infrastructure of a unique,
independent business with a 36-year pedigree
of closing deals for clients around the world.
If you have any questions or would like
more information on Livingstone, please contact
Ann Wilson on +44 (0)20 7484 4727 or email
wilson@livingstonepartners.co.uk
-£5.3bn
The net value of cross-border
M&A transactions involving
UK companies in Q1 2012 –
ie the amount by which
inward investment exceeded
outward investment
Online opinion
Below are some brief extracts
from recent Blog articles on the
Livingstone website. For more, go to
livingstonepartners.co.uk/comment
“There’s a popular misconception
that banging the table and losing your
temper will get you a better deal, but
it’s more likely to result in no deal
at all. You have to negotiate hard,
and push for the best deal available,
but you have to know when you’re
pushing it too far, making unrealistic
demands, and making it impossible
for a purchaser to accept.”
Daniel Domberger on how to avoid
the top 10 M&A dealbreakers
“A new report finds that Chinese
M&A has tripled in volume since
2005, and increased nearly five-fold
in value.”
Jade Wang comments on Chinese
acquisitions of companies outside
China. See Jade’s profile on p13.
“There was consensus that Cloud
remains a major driver of change
and demand in the [IT] industry. Its
impact is evident across the sector,
from the eye-watering multiples
applied to pure-play data centres
to the commoditisation driven by
Amazon, EC2 and others, and the
ongoing move to SaaS delivery.
Cloud, however, is seen as more of
a new ‘badge’ to an old service.”
Tom Phipps reports on Livingstone’s
recent IT Services roundtable
Source: Office for National Statistics

Succession
breeds success
Five years after its foundation, Succession Corporate
Finance has been named UK Corporate Finance Boutique
of the year at the ACQ Global Awards. Launched by
Livingstone Partners and Gordon Blair in 2007, Succession
advises clients on smaller transactions that fall beneath
Livingstone’s radar screen.
“We are delighted by ACQ’s recognition of Succession, as
further validation of our reputation as a leading corporate
finance adviser,” said Gordon Blair. “We’ve had a very good
few years; we’ve been expanding our operations and have
exciting plans to continue to do so. You could say we’re
punching above our weight.”
Until this year, the business has been led by Blair and
fellow partner Marcus Moir, who worked together at
Livingstone for a decade. In January, Min Luk became a
third partner at the firm. He was formerly at Cavendish
Corporate Finance, one of Succession’s key competitors.
“Min has brought new perspective and insight to our team,”
said Blair. “He has also expanded our knowledge base, as
he’s very experienced in Business Services and, particularly,
Human Capital.”
Launched in 2004, ACQ is one of the leading publications
serving the corporate finance sector, and award winners
are voted for by the magazine’s readership. “The winners
represent the very best in their field from around the world,
and Succession truly deserves the accolade,” said Jake
Robson, Editor in Chief of ACQ.
NEW JOINERS
Please welcome…
The arrival of four new recruits – Tom Geen, Colin
O’Callaghan, Adam Lucas and Colin Monasterio –
has further bolstered the operational strength of
Livingstone Partners’ Chicago team.
“We look for raw talent,” commented David
Sulaski, Partner at Livingstone Chicago. “Not just
those with high intellect and robust analytical and
interpersonal skills, but people who have excelled
on both an individual and team level, in any field
of endeavour, throughout their lives or careers.”
Geen and O’Callaghan join Livingstone as
Associates, supporting the firm’s M&A and capitalraising
activities. “The best thing about Livingstone
is the people,” enthused Geen. “Associates and
Analysts have the ability to work alongside senior
Livingstone Partners has advised the
shareholders of Applied Kilovolts on
the sale of the business to ITT Exelis,
a US-based defence and security
technology manufacturer. Sussex-based
Applied Kilovolts is a global leader in
specialist high-voltage power supplies
for life sciences equipment.
The company’s core markets are
expanding rapidly. This acquisition
represents a significant strategic
step forward for ITT Exelis as it seeks
to expand its capabilities beyond its
traditional markets.
“Exelis already had a large highvoltage
power systems capability,
principally selling into the military
market,” explained Graham Carberry,
Director at Livingstone London. “So
by acquiring Applied Kilovolts, they’ve
gained an entry into the life sciences
sector, through which they can potentially
channel other products.”
Livingstone ran a confidential and
team members on a daily basis and are given the
opportunity to take on as much responsibility as
they can to help the team succeed.”
“There has been a wave of momentum working
in our favour,” added O’Callaghan, “and we are
excited for the potential deals that lie ahead.”
Lucas and Monasterio join as Research and
Financial Analysts. “The atmosphere here is one of
hard work and dedication,” said Lucas. “The entire
office seems to be incredibly focused and in touch,
and everyone is driven by each other’s success.”
Monasterio commented: “The team culture
felt like the right fit, and I knew it presented a
great opportunity to learn and work alongside
experienced, established bankers.”
NEWS
Digest
A high-voltage deal
highly targeted auction process on behalf
of Applied’s shareholders, producing
healthy international interest within the
power equipment market. Exelis, which
was spun out as an independent business
by US corporate giant ITT in 2011, was
able to meet not only the shareholders’
valuation expectations, but also
management’s desire for a strong and
supportive industry partner in the future.
Kevin Wheelhouse, Managing Director
of Applied Kilovolts, said: “We enjoyed
working with the Livingstone team, who
provided a structured, rigorous process
to identify and penetrate the buyers with
the right strategic reasons to acquire
our business. They were tireless in
working to secure the best possible
terms for the shareholders.”
“It’s been a bit of a journey for Kevin,
because he was previously the UK
Financial Director of ITT,” said Carberry.
“So he’s actually sold his business to his
former employer!”
Left to right: Thomas Geen, Colin Monasterio,
Colin O’Callaghan and Adam Lucas
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 3

FUNDING
THE
ARRIVAL OF
NEW TYPES
OF LENDERS
IN THE UK
MARKET IS
COMING AT
JUST THE
RIGHT TIME
Contact:
4 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
Bridging the
funding gap
The arrival of debt capital funds in the UK is good
news for businesses finding it difficult to raise debt, as
Kristian Gavan, Director at Livingstone London, explains
Recent press coverage of UK banks has focused on
the misselling of interest rate swaps to inappropriate
customers and the impact of ‘iffy’ LIBOR submissions.
While both represent the worst examples of how some
banks have, on occasion, chosen to put the needs of their
customer second, it has taken attention away from what
concerns many business people and investors – getting
the banks to lend to support UK business growth.
Renewed sovereign credit turmoil across continental
Europe, particularly in Spain and Italy, has reminded us all
that the eurozone’s path to recovery may be rocky. Similarly,
data confirms that the UK is suffering a double-dip
recession – even if, for many businesses, it wasn’t obvious
that the ‘good times’ had returned momentarily. Together,
these factors fuel continued risk aversion by banks and
encourage more cautious attitudes to new borrowers and
existing customers alike, making it hard for even wellperforming
businesses to raise or refinance debt.
MIND THE GAP
As the banks have reduced their lending, new types of
lenders have stepped into the gap left between traditional
senior debt providers and private equity funders. Names
like Ares, Beechbrook, Sankaty and Silicon Valley Bank
may be less well known today, but all these and more are
seeking out opportunities among companies in the UK.
Some of these new lenders are bringing US capital and
practices into the UK for the first time. This is leading to the
introduction of structures and pricing not previously seen in
any volume, such as ‘uni-tranche’ debt. By combining what
would have been the A, B and C strips of debt, and pricing
them at a single rate, these lenders can give management
teams much greater flexibility over the life of a loan.
For the more traditional mezzanine providers, the
shortfall in senior debt and its rising costs are combining
Kristian Gavan, Director, Livingstone London
T: +44 (0)20 7484 4747, E: gavan@livingstonepartners.co.uk
Bill Troup, Managing Director, Debt Advisory, Livingstone London
T: +44 (0)20 7484 4722, E: troup@livingstonepartners.co.uk
to make their own proposition all the more attractive. The
much debated ‘equity gap’ – where banks fear to tread and
equity can’t find high enough returns – is now often being
filled by institutions capable of recognising where a bit of
give and take between risk and returns can be a winning
formula for all parties.
MEET YOUR NEW LENDER
The traditional banks are also finding that these new
lenders fill a useful niche, offloading to them some of
their pre-credit-crunch loans portfolios. Again, an
increasing number of US debt capital funds are using
this approach as a fast track to market share as a lender
to UK businesses, though for private equity investors
and management teams, this may create as many issues
as opportunities.
Lloyds Banking Group has already completed the sale
of one such portfolio and is in the process of completing
the same again with some of the more troubled loans it
acquired as part of the HBOS merger. While many of the
companies in these loan portfolios may now be on a more
stable footing, either through re-structuring or a return to
business health, an acquirer of such debt packages means
a new set of relationships for borrowers to establish and
expectations to manage.
A CLEAR PLAN
All this flux in the debt market means managers and
owners can now look to a broader choice of funders.
Nevertheless, whether you are looking to raise new
debt for growth or to explore options for dealing with
an existing facility, it remains important to prepare
thoroughly and engage with lenders early in the process.
By presenting a clearly articulated plan that offers
appropriate returns for those taking the risk, you are
more likely to get a positive response.
Finally, be aware that different funders have different
agendas and interests based on a range of internal and
external factors, so you may not always agree with their
viewpoint. By giving borrowers more choice, and thus
more chance of finding a supportive partner, the arrival
of new types of lenders in the UK market is coming at
just the right time.

Although it isn’t completely sheltered
from the world’s economic storms, the
technology sector operates in its own
microclimate. The number of mergers and
acquisitions among tech companies has grown
over the last three years and, while the number
of transactions for the first half of 2012 is down
a little from 2011, the market remains robust,
with nearly 2,000 deals completed worldwide,
according to Thomson Reuters.
Many of the big companies in this sector
are incredibly cash-rich. The 22 largest US
technology companies are estimated to be sitting
on more than $400bn in cash – enough firepower
to buy more or less anything they wish.
These companies are driven to make
acquisitions by a relentless need to access new
technologies and skills and renew themselves. The
likes of Oracle, SAP and IBM frequently struggle
to create and launch new must-have technologies
themselves, but are good at buying smaller
companies that develop and bring out cuttingedge
zeitgeist products. As the pace of change
accelerates, trends such as cloud computing, social
networking, increasing use of smartphones, and
the need to analyse large amounts of data,
are fuelling more and more acquisitions as
technology companies vie to stay abreast of
their competitors or move ahead of them.
In this tech deal frenzy, the UK is punching
well above its weight. Although the larger deals,
such as Cisco’s purchase of NDS, reap the
headlines, the vast majority are smaller. Deals
“In 2010, only 18% of tech deals
involved a foreign buyer; in the first six
months of 2012, the figure was 39%”
such as Xerox’s acquisition of UK-based mobile
customer care company WDS, or Arqiva’s
£23.4m purchase of Spectrum Interactive, are
far more common and are the transactions that
shape the sector.
But it isn’t just cash-rich strategic acquirers
completing transactions and driving up values.
One of the most highly valued deals of the year
so far, at 8x revenues, was the £41m buy-out of
voice productivity software company BigHand,
M&A IN THE TECHNOLOGY SECTOR IS BUCKING THE GLOBAL
TREND, SAYS MAIJA PALMER, AND THE UK IS WELL PLACED
TO CAPITALISE ON ACQUIRERS’ APPETITE FOR DEALS
backed by Bridgepoint Development Capital.
The deal demonstrates that, despite their
hard-headed reputations, investors are willing
to pay well for assets in strategic sectors such
as voice recognition.
A telling challenge for the UK technology
landscape is the number of overseas buyers. In
2010, only 18% of tech deals involved a foreign
buyer; in the first six months of 2012, the figure
was 39%. It helps that there is a growing number
of new start-ups to acquire. There are now 3,200
clustered in the three boroughs around east
London’s Tech City, and more than 42,000 people
were working in technology across London by the
end of last year – a 5% increase on 2010. But this
rush of foreign acquirers highlights the relative
scarcity – or inactivity – of major UK-based
acquirers, and the importance for entrepreneurs
of thinking globally and of working with advisers
who have genuine international presence.
East London looks set to develop its tech
credentials further when the Olympic press and
broadcast centre is handed over to iCITY, a joint
venture between real estate company Delancey
and data centre operator Infinity. iCITY is
hoping to create 6,500 new jobs when it
develops the site into a technology hub that
will include a data centre, media studios, a
business incubator and a digital academy.
Technology clusters like these are of increasing
interest to big US companies such as Google,
Cisco, Facebook, Amazon, Intel and Skype, all
of which have recently established or announced
new projects in London. Google’s new Campus
in Shoreditch was built specifically to house tech
start-ups, and the chance to snap up promising
newcomers is certainly part of its agenda.
In the 2012 Budget, Chancellor George
Osborne pledged to turn the UK into Europe’s
technology hub. Certainly, UK games software
and smartphone apps are making their way to
customers all over the world; it remains to be
seen whether it is the products, or the companies
that make them, that will prove to be the UK’s
biggest exports.
Maija Palmer is the Technology correspondent
for the Financial Times
COMMENT
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 5

Pass masters
As the travel industry becomes increasingly reliant on
sophisticated technology platforms, the successful sale
of The Leisure Pass Group is further proof of Livingstone’s
expertise in this growing area
DEAL AT A GLANCE
CLIENT: THE LEISURE PASS GROUP
SECTORS: TRAVEL & MEDIA:TECH
DEAL TYPE: SALE
BUYER: MBO TEAM/PRIMARY CAPITAL
JAMES GAVIN
JOHANNA WARD
6 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012

ARRANGING A SALE
WAS NOT GOING TO BE
EASY, ESPECIALLY AS LPG
HAD A BROAD AND DIVERSE
BASE OF SMALL PRIVATE
SHAREHOLDERS
The high street may be mired in gloom, dismal weather may have
damaged domestic tourism and the Olympics may have bitten a
chunk out of London’s peak season, but there are still pockets of
exciting growth in the travel and leisure sector.
An increasing number of tourists are choosing to organise their holidays
online rather than via travel agents. Empowered by the internet, travellers
are booking their own flights, hotels and holiday activities, saving themselves
time and money, while ‘bespoking’ their vacations.
For internet-savvy travel businesses, this trend offers serious growth
prospects. The sale of The Leisure Pass Group (LPG) to its management
team in May is a prime example of this potential. Livingstone Partners
advised the shareholders of the inbound tourism specialists on the
transaction, which was backed by private equity house Primary Capital.
A SMART CARD FOR SMART TOURISTS
LPG, which was founded in 1998, is the world’s leading independent
operator of multi-attraction tourist passes, selling 700,000 a year. It owns
and markets branded smart cards, such as the London Pass and the Paris
Pass, which give tourists free access to a wide range of popular sites
and attractions. For example, a six-day London Pass gives a visitor the
opportunity to save up to £480 on ticket prices for the attractions it covers
and carries other benefits, such as fast-track entry and a free guidebook to
the city. LPG also provides its technology platform on a ‘white-label’ basis
to a range of other cities including Stockholm, Copenhagen and Lyon.
The LPG business model, marrying technology with ease of use, has proved
to be a compelling proposition. “If you’re taking a family of four around the
capital, being able to use the fast-track entry and bypass the queues for the
Tower of London makes a big difference,” explains Daniel Domberger,
Director at Livingstone London, who led the transaction. “Even without
the cost-savings offered by a London Pass, there’s a lot of value in that.”
LPG’s highly efficient operating model uses proprietary software, the
Leisure Pass Operating System (LPOS), and a smart card. The system is
simple to install and use. This is important, says Domberger. “Many tourist
attractions are run by volunteers,” he explains. “It isn’t possible to put
anything too complicated in place, as they have to train a large and rotating
cast of volunteers how to use it. But smart cards are familiar technology –
everyone knows how they work.”
LPOS also generates high-quality, real-time management information
that has significant value. All the key data regarding a tourist’s visit to an
attraction is recorded at a single swipe, including the time and date of visit
and the pass number. This allows LPG to perform sophisticated analysis
of usage of passes and visits to individual attractions.
“What LPG can do with that system is find out, say, that 40% of visitors are
from the US, 20% are from Germany, and that these are the other attractions
they saw and this is the route they followed,” Domberger explains. “This is
really valuable for the attractions themselves, which otherwise have no way
of gaining this intelligence. It really helps the relationship with LPG and
encourages the attractions to see the company as a partner, not just a
technology provider.”
LOOKING FOR AN EXIT
The success of the business led the shareholders to consider options for
an exit, and Livingstone was brought in to oversee the process. “The CEO,
Darran Evans, had done a great job of establishing LPG as a stable, scaleable
platform, and then building and expanding the group, successfully launching
the Paris Pass, and then the Berlin Pass late last year,” says Domberger. “The
time was ripe to think about an exit.”
From the outset, it was clear that organising a sale was not going to
be easy, especially as LPG had a broad and diverse base of small private
COVER STORY
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 7

COVER STORY
shareholders. Having considered various
options, including a trade sale, the Livingstone
team came to the conclusion that a private equity
solution would be the most appropriate. This
would provide an attractive exit for the current
shareholders, while giving Evans a committed
new investor with deep pockets to support him as
he continues to develop and grow the business.
Livingstone generated a high level of interest
from potential PE investors, in a well-controlled
and competitive process. “They quickly identified
the PE houses this sort of deal would appeal to,”
says Evans – indeed, all eight PE houses involved
made offers for the business. However, Primary
Capital emerged as the preferred partner, thanks
to the attractive structure it put on the table and
the chemistry its team established with Evans
and his colleagues.
That chemistry is important. “In a buy-out,
if the management doesn’t want to work with a
particular PE house, it doesn’t matter how much
money is put on the table, the deal isn’t going to
get done,” says Domberger. “You need to balance
the financial aspirations of exiting shareholders
with the natural desire of the management team
to work with a partner they like and which
shares their vision. That’s a fine line to walk,
and we think we do it well.”
Denzil Rankine, a shareholder and outgoing
Non-Executive Director at LPG, acknowledges
this point. “We had a shareholder base of
about 30, which needed to be managed,
and the Chairman had a high percentage
of shares, so there was always the chance
that something could get blocked if it
went to a vote,” he says. “But Livingstone
did a great job. Each time we came to a
decision point, Daniel’s team presented the
situation and the options for all shareholders
in a straightforward and unbiased way.
This allowed everyone involved to take the
best decision.”
A BALANCING ACT
There is another a fine balancing act to perform
when management becomes the buyer of a
business, explains Jeremy Furniss, Partner at
Livingstone London, who oversaw the deal.
“Management who are also shareholders are
in the most difficult position, as they are both
buyer and seller. A kind of ‘deal schizophrenia’
descends on management at that point in the
process, and it can become difficult for them to
balance maximising value with protecting their
position as potential new owners of the business.
It requires a degree of diplomacy and openness,
and the maintenance of trust among the whole
shareholder group.”
8 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
The deal may have taken a while to reach a
conclusion, given the wider hesitance of lenders
in a difficult banking market, but thanks to
Livingstone’s diligence, an attractive solution
was found. “Now, with Primary, we’re in a strong
position to take the group forward,” says Evans.
Livingstone’s understanding of the market
sector in which LPG operates was another
deciding factor. Among a clutch of similar
deals, earlier this year the Consumer sector
team at Livingstone successfully advised the
shareholders of online travel agent Iglu.com on
the sale of the business to the management team
backed by Growth Capital Partners (see p18).
“Livingstone undertook an intensive review of
this market and produced an impressive book
Contact:
on us and our market segment,” says Mitch
Cybulski, the outgoing Chairman of LPG. “It
was demonstrably different from what was
produced by the other firms that we asked
to give us a presentation.”
Throughout the project, all parties were aware
that the sale would have its complications. “The
deal had a lot of ‘moving parts’,” explains Cybulski.
“There was a patent issue that arose at the last
minute, and then, throughout, you had the whole
eurozone crisis going on and bank lending being
constrained. But the Livingstone team stayed
with it, were very incisive and gave good advice
throughout the various trials and tribulations.
In the end, we were able to complete a deal that
was favourable to the company.”
LIVINGSTONE UNDERTOOK
AN INTENSIVE REVIEW OF
THIS MARKET AND PRODUCED AN
IMPRESSIVE BOOK ON US AND
OUR MARKET SEGMENT
Daniel Domberger, Director, Livingstone London
T: +44 (0)20 7484 4731, E: domberger@livingstonepartners.co.uk
Jeremy Furniss, Partner, Livingstone London
T: +44 (0)20 7484 4703, E: furniss@livingstonepartners.co.uk

A drug deal
with a difference
The sale of Simcyp to US pharmaceutical technology
group Certara highlights Livingstone’s attention to detail
and thorough understanding of the Healthcare sector
Pharmacokinetics is not a word that trips off the
tongue, but it’s an important part of developing
new drugs. Essentially, it is the study of a body’s
effect on a drug, rather than a drug’s effect on a body. It
is also big business, as the sale of Simcyp earlier this
year demonstrates.
It was the opportunity to learn about pharmacokinetics
that excited Daniel Domberger, Director at Livingstone
London, who says the information memorandum his
team produced for the sale is one of his “all-time
favourites”. It was challenging, though. “It’s a difficult
balance, demonstrating to a scientific audience that you
know what you’re talking about without alienating a
non-technical audience,” he explains.
And businesses don’t get much more scientific than
Simcyp. Founded in 2001 by Professor Geoff Tucker,
Professor Amin Rostami-Hodjegan and John Evans,
the company is a spin-out from the University of
Sheffield. Its core product, the Simcyp Simulator, is the
pharmaceutical industry’s most sophisticated platform
for understanding a drug’s progression through the body
and its potential interactions with other drugs. Invaluable
in helping companies to decide whether and how to
proceed with the development of a new drug, the
Simulator is used to refine the scope of proposed
clinical trials – often the most expensive phase of
drug development and launch.
The Simcyp Simulator’s unique approach – creating
a ‘virtual population’ of individuals on whom
things can be tested in a computer
simulation – means it’s also a
Contact:
key step towards delivering personalised medicine (the
idea of tailoring drugs for specific individuals or small
groups), an exciting field with enormous long-term
promise. To capture these and the other opportunities
open to it, Simcyp brought in Livingstone to help find
a new strategic owner.
AN EXCITING FUTURE
John Evans was impressed with Livingstone’s credentials
from the outset. “They just shone and had clearly put
a significant amount of work into their presentation,”
he says. As an international provider of healthcare
products, and with key businesses in drug discovery
and development, US-based Certara was an obvious
front-runner to acquire Simcyp. Its product portfolio
already included Tripos (drug discovery software)
and Pharsight (drug development software); the
Simcyp Simulator would sit perfectly between the
two and help to create what Jim Hopkins, Certara’s
CEO, calls a ‘cradle to grave’ solution for the major
pharmaceutical companies.
The sale concluded in March 2012, opening up
an exciting future for Simcyp, whose management
team was delighted with Livingstone’s role
throughout. “They were surprisingly quick
at grasping what we do, their service levels
were impeccable and their advice was
always rational,” enthuses Evans. “In
the end, Simcyp got the best deal we
could have done.”
Richard Fetterman, Partner at
Livingstone London and head of its
Healthcare sector team in London, adds: “It’s
all very well just brokering a deal, but it’s much
harder to do the right deal. We’ve been working
within the Healthcare sector for many years
and have a good understanding of the market
and the drivers behind it.
“As a result, we knew the sort of companies that
we thought would be interested, and that proved to
be the case. It’s always satisfying to find the right
home for a business.”
Daniel Domberger, Director,
Livingstone London
T: +44 (0)20 7484 4731,
E: domberger@livingstonepartners.co.uk
Richard Fetterman, Partner,
Livingstone London
T: +44 (0)20 7484 4739,
E: fetterman@livingstonepartners.co.uk
MIKE TATE
ROGER HARRIS
DEAL AT A GLANCE
CLIENT: SIMCYP LTD
SECTOR: HEALTHCARE
DEAL TYPE: SALE
BUYER: CERTARA LP
SECTOR: HEALTHCARE
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 9

oundtable
What happens next?
Livingstone Partners has helped numerous
entrepreneurs to sell the businesses they set
up and developed. But what do these driven
individuals do once the deal is completed?
We spoke to five of them to find out
Who’s Who – The enTrepreneurs’ sTories
Lee porTnoi
established the tis group as the
leading market maker in traded
endowment policies. in June 2007,
promethean investments acquired
tis in a £107m deal. portnoi and
his senior team retained a 29%
minority stake.
Tim ChrisTian
co-founder and chairman of digital
forensics consultancy Data genetics
international, which he sold to Us
cyber-security group stroz Friedberg
in 2009.
Chris ormrod
gave up a career in the corporate
world to set up dessert manufacturer
ministry of cake. Following an mBo,
he grew the business to over £15m
in revenue and sold it to irish food
gary Burke
manufacturer greencore just
two years later.
gary Burke
10 // www.livingstonepartners.com // winter 2012
Has built and sold several
successful niche businesses, most
notably Home & legacy insurance
to allianz for close to £60m in 2006.
His latest start-up, iprism, an
sme-focused online insurance
agency which he launched in 2006,
is growing rapidly.
eugene BoyLe
was mD at fine art logistics
and storage company momart
international, where he was
involved with an mBo. when the
time came to sell to allow the
company to expand further, he
committed to remaining with
momart for three years.
Tim Christian
Starting up your own business is both risky and exciting, and
deciding when to sell can be as hazardous as it is exhilarating.
The five owner-managers who participated in Livingstone
Partners’ recent roundtable have all set up and sold successful
ventures. Their range of business enterprises is as diverse as the
entrepreneurs’ personal profiles. However, they have at least
three characteristics in common: ambition, the ability to exploit
opportunities not obvious to others, and a degree of restlessness
that drives them to look for further opportunities.
The rewards of selling a successful business can be high, and
all the entrepreneurs have enjoyed the spoils of their acumen.
However, their drive and passion for business and life has meant
that, despite lucrative sales, they all remain highly active.
The Tipping poinT
Deciding when and why to sell up is a very personal decision and,
as our forum illustrates, the reasons that persuade entrepreneurs
to exit their companies are as varied as the individuals themselves.
“I didn’t know what I wanted to do, but I knew what I didn’t
want to do,” says Tim Christian. At 45 and with a highly successful
corporate career, Christian decided he had to leave what he was
finding to be an increasingly claustrophobic world.
“Call it a midlife crisis perhaps, but I was financially secure and

the timing was just right,” he says. “The luxury of working for
yourself means you can choose who you work with and avoid the
inevitable company politics. I escaped from the daily treadmill
and I would never consider going back.”
Chris Ormrod agrees: “There came a point where I wanted to
do things my way. I wanted to be free from the trappings of the
corporate world, where you might not have to worry about the cash
flow, but you are tied by various restrictions. It was a bolt from the
blue when Greencore made an offer, but Livingstone negotiated
a deal that everyone was happy with, so we took it.
“When I bought the company, I was given some advice that
I will never forget: you make more money buying and selling
businesses than running them. It was always my aim to sell and
then do something else. It’s vital not to get emotionally involved
in a business: that way, there’s no angst as to who you sell it to.”
Christian concurs: “I was more detached than my business
partner, who is still working at Data Genetics. I hadn’t been
involved on a full-time basis for a while, so I saw the sale as
more of a recoupment of a business investment.”
Eugene Boyle says his decision to sell was based on a desire to
realise his assets. “The management team decided to see if there
eugene Boyle
ceLia mather
Ben SerButt
Lee portnoi
was a suitable person to hand the ownership to – someone
who understood the ethos of the firm. Jeremy and Eleanor
at Livingstone gave us excellent advice. We had a number of
suitors and whittled it down to Falkland Island Holdings.”
Serial entrepreneur Gary Burke says that when he starts
a business, he always has an exit strategy in mind. “I’m very
hands-on for the first three or four years and make sure the
business is heading in the right direction. Once the business
model is working well, I can raise private equity and bank finance
and then plan my exit strategy.”
a year off
Once the sale has been completed, there is a chance to enjoy
the financial spoils. So how have they spent their time?
it’s important to
temper the success
of any deal with a dose of
reality: you’re only as
good as the next one
tim christian
www.livingstonepartners.com // winter 2012 // 11

oundtable
“I had built up a rather nice collection of exotic sports cars, but
I’d never really been able to take time out to enjoy them,” says
Portnoi. “The sale meant I could actually drive my cars, and also
take the opportunity to follow the F1 circuit, as I’m a great fan.
I haven’t changed my lifestyle, but I have more time for myself
and my family.”
Boyle says his situation is much the same. “I had never really had
the chance to take time out, and the sale meant that I could have
the luxury of spending time with my family, getting my skipper’s
licence, and even cycling to Paris to meet Bradley Wiggins!”
But he is nowhere near ready to retire and is looking for new
opportunities. “It’s been a very memorable year for us as a family,
but I miss the adrenalin of the business world and working with a
team. I want to work with businesses where I can make a difference
and make them more resilient and attractive, using my experience
to add value.”
Burke is similarly addicted to the buzz of setting up a business.
“I enjoy start-ups,” he says. “I don’t want to run a company with
more than 50 people – that’s a different skill set. I like putting the
puzzle together and enjoy the challenge of working out what’s
missing in the market. Anyway, I would drive my wife mad if I
just sat at home.”
neW venTures
So does life after the deal inevitably involve new ventures? Christian
says much depends on the age of the person selling. “If you’ve spent
the majority of your life running your own business and you sell at
it’s vital not to
get emotionally
involved in a business.
that way, there’s no
angst as to who you
sell it to
chris ormrod
60, your outlook will be different to someone who is 35 and has had
a magical time in a high-tech project.
“It’s difficult to plan for life after the deal,” he continues, “but there
is inevitably a moment of relief when the sale sinks in and the cash
is in the bank. Your comfort level increases, but it isn’t necessarily
life-changing – unless the business has sold for tens of millions of
pounds. Then the spoils of the sale can become a burden.”
Today, he is an investor in the gaming world and enjoys
mentoring young business people. “It’s great fun working with
enthusiastic and talented people, and I can add value by keeping
12 // www.livingstonepartners.com // winter 2012
Chris ormrod
a tight handle on the financials, advising on strategy and making
sure plans are executed.”
After selling Data Genetics, he co-founded an online game data
analytics business, Games Analytics, in which he has a sizeable
shareholding. This, he says, will see him through the next two to
three years: “At some point I will probably step back, enjoy my
dotage and travel. The games industry is a young person’s business
and I don’t really want to be the oldest swinger in town.”
Ormrod hadn’t given the slightest thought to life after the deal.
“I was so focused on the day-to-day running of the business and
making the deal happen,” he explains. “I had no intention of
retiring, but I felt a bit like an Olympic gold medallist when the
sale was completed.”
As for Portnoi, he devotes an extraordinary amount of energy
to charity. He is a major benefactor to several organisations and
is particularly focused on providing schools, hospitals and clean
water to communities in rural Africa. In the UK he assists a
number of charities and is working closely with Cancer Research.
“I would encourage anyone to undertake philanthropic work,”
he says. “It is tremendously rewarding and I feel very fortunate to
be able to do it. I am having more fun, and possibly getting more
satisfaction, in giving the money away than I did making it.”
The entrepreneurs all agree that, once a deal has been completed,
finding the next one can be tricky. “I bought Ministry of Cake in just
four months, but looking for the second deal is taking longer, as I
more readily see the pitfalls,” explains Ormrod. Christian concurs,
adding: “It’s important to temper the success of any deal with a dose
of reality: you’re only as good as the next one.”
Burke concludes: “You have to have extraordinary levels of
commitment and work harder than any competitor to succeed.
But if it’s what you want to do, stick with it – it’s worth it.” The
extraordinary level of success that the five entrepreneurs have
enjoyed is proof of that.

JAMES GAVIN
ALESSANDRO ALBERT
Contact:
AS HEAD OF
LIVINGSTONE’S BEIJING
OFFICE, JADE WANG IS
A MATCHMAKER FOR
CHINA’S M&A-HUNGRY
CORPORATES
Jade Wang, Managing Director, Beijing
T: +86 10 8591 1136
The dragon
awakes
Jade Wang (Wang Wei) is at the
centre of one of the world’s most
exciting business trends: Chinese
companies’ growing appetite for crossborder
M&A deals. She heads the
M&A team at Baron Group in Beijing,
and leads the joint venture established
with Livingstone Partners in January
2012. As such, she is responsible
for identifying acquisition targets
in overseas markets for increasingly
asset-hungry buyers in China.
Wang, who was educated at Nankai
University and holds an MBA from
the University of Leeds in the UK,
specialises in working with Chinese
private and state-owned enterprises
and investor groups seeking to
acquire businesses across the globe.
In a career that stretches back more
than 10 years, she has witnessed a
transformation in corporate China’s
approach to acquisitions.
“Before, deals were smaller and
were all about testing the market,” she
explains. “After 2005, things began to
change. Buyers started to ask for advice
from financial professionals, lawyers,
accountants and investment banks to
help them to engineer larger deals.”
Over the past 20 years,
China has developed into the
manufacturing centre of the world.
With an increasingly sophisticated
infrastructure and start-of-the-art
facilities, Chinese companies are
now looking to develop or acquire
R&D strength, design ability, brand
visibility and broader global market
coverage. Acquisitions are seen as
the most efficient way for Chinese
buyers to step up.
Wang detects a strong interest
among Chinese groups, many in the
industrial and consumer product
sectors, in acquiring established
businesses in Western economies.
“Thanks to the fast economic
growth of the past 10 years, Chinese
companies have accumulated the
financial firepower to make crossborder
investment,” she says.
STRATEGIC VIEW
Increasingly, these buyers are
taking a more strategic view of
potential assets. “Chinese buyers
have become more experienced at
M&A transactions and, in doing so,
have moved away from the previous
trend of buying financially distressed
Western companies. They are far
more strategic in searching for
target companies, and much more
particular about the performance of
the target. They want to buy profitable
companies with proven management
and good growth potential.”
Above all, Chinese buyers are looking
for three things, says Wang: hi-tech
expertise, a strong brand and market
coverage. And she predicts that one
future trend will see them move away
from traditional manufacturing sectors
towards areas such as fashion and
luxury goods. “Before, they were used to
taking orders from the luxury industry.
Now they want to own the brand and
the creative process themselves,” she
says. The size of the prey is growing, too.
“Chinese companies are now looking
for bigger targets. They want to acquire
the world’s number one brands.”
Thanks to Wang’s formidable
network and market expertise,
Livingstone’s clients now have access to
this universe. An information-sharing
platform has been established between
Livingstone and the Chinese buyer
community, including various industry
associations and the top business players
within Baron’s existing business network.
“Livingstone has extensive
connections in the West, while the
Beijing team has access to senior
decision-makers and a proven
reputation in China, with a good track
record. With the joint efforts of the two
parties, it promises a good future,”
Wang concludes.
PROFILE: JADE WANG
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 13

SECTOR FOCUS: PACKAGING
The new wave
Technological change and environmental pressures
are driving a wave of M&A in the packaging industry
as scale becomes ever more important
CHRISTOPHER ALKAN
ILLUSTRATION BY NATASHA
MOLOTKOVA, A PAPER
GRAPHIC ARTIST WHO MIXES
THE LATEST TECHNOLOGIES
WITH THE CRAFT-BASED
SKILL OF QUILLING.
COMMISSIONED ESPECIALLY
FOR THE ACQUIRER
14 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
DEAL AT A GLANCE
CLIENT: EXCELSIOR TECHNOLOGIES
SECTOR: PAPER, PRINT & PACKAGING
DEAL TYPE: BUY-IN/BUY-OUT
BUYER: MBO TEAM/GROWTH CAPITAL PARTNERS
DEAL AT A GLANCE
CLIENT: WEENER PLASTIK
SECTOR: PAPER, PRINT & PACKAGING
DEAL TYPE: PRIVATE COMPANY SALE
BUYER: LINDSAY GOLDBERG

Think of examples of technological innovation, and packaging may
not be the first that springs to mind. Yet the past decade has seen an
explosion of creativity in this under-appreciated sector, and ever greater
demands are being placed on the firms that wrap up the goods we
consume. Common sense has dictated that packaging become less wasteful
and lighter to transport. Supermarkets want food to last longer and look
better. Drug companies are requiring more resistance to contamination.
“The pace of technological change has been accelerating,” says Phillip
McCreanor, Partner at Livingstone London, who heads the firm’s Industrials
team there. “One side effect of this has been a flourishing market for mergers
and acquisitions.” Indeed, after a lull following the financial crisis, M&A in
packaging has rebounded smartly. Global deals in the sector in 2011 were
worth $28.4bn, according to data provider Capital IQ, up by over 50% since
2008 and close to the level seen in the boom year of 2007.
WASTE NOT, WANT NOT
Environmental concerns have been a key driver of change, and there is
intensifying pressure to make packages that are easier to recycle, or that
can be burnt to recover part of the energy expended in manufacturing them.
“Standards have been ratcheting up for five or six years now,” says McCreanor.
“In addition, there is a desire for packaging that will increase the shelf life
of food, and so cut back on food waste.” In the UK alone, improvements in
packaging have helped save 1.2 million tons of waste over the last five years,
equivalent to 128,000 full standard refuse trucks, according to WRAP, a
government-funded organisation that promotes recycling.
As well as reducing waste, new developments in packaging can help
drive product sales. Packaging has long been used to entice shoppers, but
this increasingly goes beyond mere attractive design, says Jon Whiteman,
Assistant Director at management consultancy CIL. “We are seeing more
packages that can be resealed so that people can eat on the go, or labels
that change colour when goods are about to expire,” he explains. “Such
technological shifts lead to corporate activity as firms look to buy into
new growth areas.”
In addition to food and FMCG, the healthcare market has helped drive
pressure for change. Even a mature market such as the UK has seen
prescriptions rise by 6% a year over the past decade, according to CIL, largely
as a result of an ageing population and the increased number of medicines
on offer. Here, too, the packaging challenges have been multiplying, says
Whiteman: “Regulators have been demanding more tamper-proof packaging
and that increasing amounts of information are included on packs.”
BIG IS BEAUTIFUL
As packaging is becoming more sophisticated and highly-engineered, the
demands on its manufacturers grow, and smaller businesses find it harder to
compete. Andy Isgrig, Managing Director at Livingstone Chicago, explains:
“In addition to the need to invest, packaging firms are getting squeezed by
larger suppliers and customers. Increasing scale and innovation are critical
efforts to combat this market dynamic. This will clearly fuel more domestic
and cross-border M&A in the sector.”
Ralph Hagelgans, Partner at Livingstone Düsseldorf,
adds that in many cases this scale must be
international: “Companies that are heavy users
of packaging are looking for
a one-stop shop that
can provide a range
of solutions and can
also service them
globally,” he says. “Getting bigger also helps packaging businesses to capture
more of the value chain and to better amortise overheads – for example, in
design and tooling.” The recent buy-out of Excelsior Technologies and sale
of WEENER Plastik (see panel, below) exemplify these trends.
“Customers are keen to bring existing North American suppliers to
Eastern Europe, Asia-Pacific and Latin America,” agrees Timothy P. Burns,
President of Cranial Capital, Inc., a packaging industry research and
consultancy company. “What is critical is for packs in Brazil to look exactly
the same as those in Britain.”
These developing markets are key drivers of growth. Consumer goods
businesses like Procter & Gamble and Unilever are increasing sales in
emerging markets and expect packaging companies to follow. While
demand for packaging is rising by only about 2% a year in Europe, Chinese
consumption has been climbing at closer to 8%, according to CIL.
Consolidation in the industry has also created its own momentum. One
big push behind the latest wave of activity was the purchase by Australian
business Amcor of parts of Alcan Packaging from Rio Tinto for $1.95bn,
which created the world’s largest supplier of packaging to the pharmaceutical,
healthcare and personal care industries. “This caused a ripple effect,
prompting second-tier firms to merge,” says McCreanor. “There has
been a scramble to keep up.”
Finally, the importance of scale has also been underlined by commodity
disruptions. In 2010, the earthquake in Chile and port strike in Finland –
countries that, together, account for 12% of the world’s pulp sales –
disrupted supplies to packaging companies. “The fact that large packaging
businesses were more likely to get what they needed sent a clear signal,”
says Whiteman. “You need to make sure you are priority number one for
your suppliers.”
These pressures are unlikely to abate in the short- to medium-term, and
M&A activity should remain high. This should continue to drive strong
valuations for attractive independent players in the sector, particularly those
with specialist expertise, niche capabilities and proprietary technology.
RECENT PACKAGING DEALS
EXCELSIOR TECHNOLOGIES
Based in North Wales, Excelsior specialises in flexible plastic packaging that is
light in weight and can often be resealed or, in the case of its food steam packs,
used directly in cooking. It exports to 14 countries and, as Phillip McCreanor puts
it, has “a tremendous platform for growth in an expanding market”.
When US-based CEO Ron Shemesh decided to sell the company earlier this
year, Managing Director Dave Moorcroft contacted McCreanor, with whom he
had a relationship dating back to 2009. Livingstone ran a confidential and highly
targeted process to select a financial partner capable of helping management
develop the business to its full potential. The result was a management buy-out,
with funds provided by London-based Growth Capital Partners.
WEENER PLASTIK
German company WEENER Plastik specialises in innovative plastic packaging,
including sealing caps, valve caps and beverage caps. It is one of the leading
suppliers of closures in Europe, with a turnover of approximately €140m last year.
“The company’s customers wanted more international coverage, and this
required more money to expand,” explains Ralph Hagelgans, Partner at
Livingstone Düsseldorf, who headed the team that advised WEENER’s
shareholders on the sale of the company to US investor Lindsay Goldberg in April.
Contact:
Phillip McCreanor, Partner, Livingstone London
T: +44 (0)20 7484 4725, E: mccreanor@livingstonepartners.co.uk
Andy Isgrig, Managing Director, Livingstone Chicago
T: +1 312 670 5926, E: isgrig@livingstonepartners.com
Ralph Hagelgans, Partner, Livingstone Düsseldorf
T: +49 211 300 495 23, E: hagelgans@livingstonepartners.de

Bike to the future
Livingstone’s cross-border experience
and insight were crucial in the takeover of
Germany’s leading bicycle manufacturer,
Derby Cycle, by a Dutch family office
DEAL AT A GLANCE
CLIENT: DERBY CYCLE AG
SECTOR: INDUSTRIAL
DEAL TYPE: ACQUISITION
BUYER: PON HOLDINGS B.V.
16 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
Cross-border takeovers can be fraught with
problems. Cultural disparities and different
mindsets mean that achieving an outcome
that works for both parties can be difficult.
The acquisition of Derby Cycle AG by Pon
Holdings B.V. is a case in point. While all parties
regard the deal as a great success, the journey
there was complicated, with a number of
false starts and dead ends, and required the
intervention and expertise of Dr Ralf Nowak,
Partner at Livingstone Düsseldorf.
Pon Holdings is one of the largest family-run
businesses in the Netherlands. It has a wide range
of operations, including auto parts, leasing and
transport, with more than 11,000 employees in
250 branches across 21 countries. Having already
acquired the Netherlands’ second-largest bicycle
maker, Gazelle, in August 2011, Pon’s proposed
takeover of Derby Cycle, Germany’s largest
bicycle manufacturer, made perfect strategic
sense. The takeover would complement Gazelle
and represent a significant consolidation of the
competitive European bicycle industry.
Derby Cycle’s products are sold under the
established brands Raleigh, Kalkhoff, Focus,
Univega and Rixe, and its range includes sports
bikes for recreation and competitive racing,
comfort bikes for everyday use and, increasingly,
electric bikes. The company, which is based
in Cloppenburg in Lower Saxony, floated in
February 2011.
TRICKY NEGOTIATIONS
Pon’s initial overture to Derby was not successful;
its rather informal approach didn’t chime with
the target’s business philosophy, and negotiations
stalled before they had got off the ground. Pon
then asked Rabobank International, its
investment bank advisor, to approach Derby
Cycle more formally on its behalf, but a number
of factors once again derailed negotiations.
It was at this point that Rabobank enlisted the
help of Nowak, with whom the company had
worked before; it valued his empathetic approach
to takeovers and his understanding of German
business culture. Nowak explains that his role in
the deal was very much that of cultural translator,
gaining access to the right people at Derby Cycle
after the initial false start, and understanding

exactly what the company’s
owners wanted.
“It helped
that Rabobank
International M&A
and Livingstone
Partners are both
well-known and
respected firms, and
that I had a point of
contact with the CEO
at Derby,” he says. “He
could relate to my own
background working in
a corporate environment.”
Nowak spoke to Derby Cycle about the strategic
benefits of partnering with Pon Holdings, and the
fact that the Dutch firm had already acquired
Gazelle: “As we talked through the strategic
opportunities, they understood that there was no
downside to listening to what Pon Holdings had
to say, and my initial briefing went very well.
“The Derby Cycle management wanted to be
part of the management team of the Pon cycle
business and were keen to have an active role;
this was key to the takeover,” he adds. “It was also
“A key driver of the deal’s success is that it was a
friendly takeover. It’s much more difficult to ensure
a successful outcome in a hostile environment”
important for Derby Cycle to understand that
Pon, having bought Gazelle, had helped it to
get in much better shape financially. Derby
Cycle could see the positive outcome of the
restructuring and the opportunity for synergies.
It was always clear that it was to be a friendly
takeover so that the Derby Cycle management
and its shareholders felt comfortable.”
The deal was not a straightforward one, with
a lot of parties involved in the negotiations, but
Livingstone has extensive experience in managing
complex multi-party negotiations. Rabobank
Contact:
International undertook a capital market review,
while Livingstone fronted up the discussions in
Germany for Rabobank International M&A and
kept the transaction moving forward.
“The close cooperation of the advisory teams
in the Netherlands and Germany made the
implementation of the deal very efficient,”
says Nowak.
SECTOR: INDUSTRIAL
A FRIENDLY TAKEOVER
In Derby Cycle and Gazelle, Pon now owns two
companies (collectively known as the Pon Bicycle
Group) that, combined, produce around one
million bicycles a year. Most importantly, Derby’s
CEO is very happy with the deal. “He has only one
shareholder to report to now and has a much
easier working relationship,” says Nowak. “A key
driver of the deal’s success is that it was a friendly
takeover. It’s much more difficult to ensure a
successful outcome in a hostile environment.”
The deal was the fourth pan-European and 16th
overall cross-border transaction that Livingstone
successfully advised on in 2011. Phillip McCreanor,
Head of the Industrial sector team at Livingstone
London, says it was another milestone transaction
for the firm’s Public Company Advisory team,
and further confirms Livingstone’s extensive
Industrial sector credentials.
In the original Business Combination
Agreement of September 2011, Pon and Derby
agreed that Derby Cycle AG would remain an
independent stock exchange-listed company for
18 months following Pon’s takeover offer. But the
deal has been such a success that in May this year,
the Derby management board agreed that Pon
could request the transfer of all shares held by
minority shareholders in return for compensation
before the end of the 18-month period. As a
result, Pon now owns Derby Cycle outright.
The Pon Bicycle Group has continued to
expand with the recent acquisition of Cervélo
Cycles, a Canadian manufacturer of high-end
racing bicycle frames, in a further sign of the
company’s commitment to its cycling portfolio.
Dr Ralf Nowak, Partner, Livingstone Düsseldorf
T: +49 211 300 495 24, E: nowak@livingstonepartners.de
Phillip McCreanor, Partner, Livingstone London
T: +44 (0)20 7484 4725, E: mccreanor@livingstonepartners.co.uk
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 17

SECTORS: CONSUMER & MEDIA:TECH
18 // WWW.LIVINGSTONEPARTNERS.COM // AUTUMN 2012
Pulling together
Good corporate finance advisers
can provide invaluable advice, as
both TVC and Iglu.com discovered
not once, but twice
Contact:
We’ve all heard the old adage, “It’s not what you
know, it’s who you know,” and this certainly
applies to professional advisers. When it comes
to a crucial decision such as selling or finding a new
investor for your business, or recapitalising, the quality
of the professional advice you receive can make all the
difference between disappointment and delight.
But it’s not just at the time of the deal that advisers
can add value. By bringing their experience of other
recent transactions in your sector, and informed by
their ongoing interactions with acquirers and investors
across the space, good corporate finance advisers
can deliver valuable strategic insight, helping you
understand the trends in the sector and what they
might mean for building value in advance of an exit.
You can benefit from this strategic advice long
before you decide to initiate a transaction, as two of
Livingstone’s recent deals illustrate: the sale of digital
PR agency TVC Group to The Economist Group in
March, followed in May by the sale of online travel
group Iglu.com to the management team backed
by Growth Capital Partners (GCP).
Daniel Domberger, Director, Livingstone London
T: +44 (0)20 7484 4731, E: domberger@livingstonepartners.co.uk
Richard Fetterman, Partner, Livingstone London
T: +44 (0)20 7484 4739, E: fetterman@livingstonepartners.co.uk
Christopher Jones, Director, Livingstone London
T: +44 (0)20 7484 4724, E: jones@livingstonepartners.co.uk
James Lever, Partner, Livingstone London
T: +44 (0)20 7484 4711, E: lever@livingstonepartners.co.uk

DEAL AT A GLANCE
CLIENT: TVC GROUP
SECTOR: MARKETING SERVICES,
MEDIA & INFORMATION
DEAL TYPE: SALE
BUYER: THE ECONOMIST GROUP
DEAL AT A GLANCE
CLIENT: IGLU.COM
SECTOR: TRAVEL
DEAL TYPE: SALE
BUYER: MBO TEAM/GROWTH
CAPITAL PARTNERS
TVC GROUP
Livingstone initially worked with TVC in 2008, when
it helped to reposition what was then a specialist
broadcast PR firm as a digital-led agency and advised
on the sale to private equity house ISIS Equity Partners.
This created an exit route for the two founders and an
opportunity for Managing Director Nicky Minter-
Green to step up to the CEO role.
But Livingstone’s involvement didn’t end there. “We
like to keep in touch with all our clients after the deals
have been done,” says Daniel Domberger, Director at
Livingstone London, who advised on the TVC deal
alongside Partner Richard Fetterman. “We got together
with ISIS and the team at least every six months
to discuss changes in the market, the investment
landscape, potential acquisitions, and skills that they
might want to add. We wanted to help them maintain
their strategic clarity, and to give them some insight
into how the market was moving and what they needed
to do to stay hot in the eyes of acquirers.”
Over the next three years, TVC continued to evolve
and grow, still drawing on its original broadcast
expertise, but becoming increasingly content- and
digital-led. It built up a client base that included blue
chip names such as Coca Cola, Vodafone and Lloyds
TSB. By late 2011, ISIS began to think about its exit,
and Livingstone’s sector insight was again critical.
“TVC was perfectly positioned at the intersection of
content creation and activation, working with some of
the world’s biggest brands and achieving results no one
else could,” explains Domberger. “We knew it would
generate a lot of strategic interest.”
And it wasn’t just the ‘usual suspects’, adds Fetterman:
“Although there are some high-profile acquirers in
the marketing services sector, rapid convergence and
evolution of content models has brought new players
HAVING WORKED WITH US
BEFORE AND KNOWING US SO
WELL, LIVINGSTONE KNEW EXACTLY
WHAT WE WERE LOOKING FOR
RICHARD DOWNS, CEO, IGLU.COM
into the space. While it seemed superficially strange for
a media owner to acquire a creative agency, we knew
that content organisations like The Economist were
(and are) keen to add more value to the global brands
they work with. TVC gave them just the cutting-edge
creative and executional flair they needed.”
The sale process was relatively quick, and
Livingstone’s role was pivotal to securing a successful
outcome for all parties. “There’s no way we would have
met The Economist Group if it wasn’t for Livingstone,”
says Minter-Green. He describes TVC as “very happy”
within The Economist Group and explains that the
long-term relationship between Livingstone and TVC
was integral to the deal. “Because they understood the
strategic journey our business had been on, they
could represent us in the best possible way. They
were easy to work with and always kept their cool.
I can’t recommend them highly enough.”
IGLU.COM
Having known the management team for several years,
Livingstone began working formally with Iglu.com, an
online travel agent selling ski and cruise holidays, in
2009. It advised on the recapitalisation of the business
and secured an investment from Matrix Private Equity
Partners in a deal that delighted shareholders and
management alike.
Iglu grew and prospered, and the management
team stayed in touch with Livingstone, who kept them
abreast of the evolving strategies of major acquirers
in the travel sector and the high level of interest from
institutional investors.
By 2011, the time seemed right for Matrix to exit, but
the team weren’t ready to see the business disappear
into a larger corporate. A secondary buy-out was the
answer, giving Matrix a strong return and management
a new partner to support its next strategic objective –
the expansion of its cruise business into Europe.
Iglu turned again to Livingstone, knowing that the
team was already intimately familiar with the business,
understood its strategy, and knew the most relevant
potential investors.
But, just as Livingstone began engaging with
investors in January 2012, the cruise ship Costa
Concordia sank off the coast of Italy with the loss
of 32 lives. Cruise bookings plummeted across the
industry and the process had to be delayed.
“We had structured a deal priced on the current year’s
earnings,” explains Christopher Jones, Director at
Livingstone London, who advised Iglu on the deal
alongside Partner James Lever, “and it became very
difficult to disaggregate the actual P&L performance
post Concordia from what would have happened if the
boat hadn’t hit the rocks.” Iglu continued to trade well
despite the Costa Concordia, and its new investment
partner, GCP, had the foresight to focus on medium-
and long-term sector trends rather than the limited
immediate industry fall-out from the tragedy.
“Having worked with us before and knowing us so
well, Livingstone knew exactly what we were looking
for and who we would be attractive to,” says Richard
Downs, Iglu’s CEO. “They were able to say to potential
financial partners: ‘We’ve known this management
team for a long time; we rate them; and we’ve every
confidence that they will deliver on their future plans,
because we’ve witnessed them do so in the past.’”
He adds: “Because travel is one of Livingstone’s
specialisms and they understood the market, we
got better quality attention in a shorter time frame
than we could have done ourselves. This created
a competitive process that kept everyone honest
in terms of price and value.
“I’m pleased with the outcome of the deal. I would
work with them again and would recommend them.
In fact, I’ve already done so.”
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 19

SECTOR: INDUSTRIAL
Dealing with death
Thanks to a new private equity investment, Aurora Casket Company, Inc.,
the largest independent manufacturer and distributor of funeral products
in the US, now has the financial backing to further its market leadership
Death and taxes are often quoted as the two things in life
that are unavoidable. The inevitability of death and the
current demographic trend of the US baby boomers
entering the twilight of life set the stage for a deal that
Livingstone Partners’ Chicago team brought to market in early
2012. It also caught the imagination of a broad set of private
equity investors.
The North American funeral products or ‘deathcare’ industry
is a $2.6bn market comprised of caskets (approximately 50%
of the product mix) and other burial, cremation and memorial
products. The market is led by three major players including
Aurora Casket, the largest privately-owned manufacturer.
With more than two million funerals in the US each year and
annual industry revenue of approximately $20.7bn, deathcare
is alive and well. And, despite a temporary decline in the death
rate (thanks partially to improvements in healthcare that have
increased life expectancy), the overall rate and number of deaths
is set to rise, driven by North America’s ageing population.
A FRAGMENTED INDUSTRY
The funeral home market is characterised by family-owned
firms, which have typically been passed down over several
generations. This market, which represents Aurora’s primary
customer base, is mainly comprised of small businesses that
operate in localised markets. Although some consolidation
is taking place in the industry, it remains largely fragmented,
with approximately 17,000 privately-owned funeral homes.
“The funeral home consolidators are focused on larger
markets and the vast majority of privately owned funeral homes
are in smaller tertiary markets, not ripe for consolidation,”
explains Andy Isgrig, Managing Director at Livingstone
Chicago, who advised Aurora on its recent transaction.
Over the past 10 to 15 years, the industry has undergone some
significant changes, and it’s set to see more. In the late 1990s
and early 2000s, the funeral service provider buy-and-builds
took place and reached equilibrium.
“The next wave is further consolidation of the product
companies,” says Isgrig. “The need for manufacturing and
distribution scale, market demand for innovation, and the
ability to help those independent funeral homes improve
their business operations are a few of the key drivers of this
forecast activity.”
While cremations have increased by about 1% per year over
the past 20 years, due to evolving social and religious norms,
there continues to be ample opportunity to help families with
products and services that facilitate the grieving process during
this difficult time.
20 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
However, although the products and services might be
evolving, certain qualities crucial to success in the funeral
market are the same as they have always been. The reputation
of the funeral home and the service level it provides, along with
its proximity to client families, are of paramount importance.
Its ability to provide the types of services and range of products
desired by the family, at a price deemed acceptable, is critical
to the selection process.
“Death is not convenient,” says Aurora President and CEO
Michael Quinn. “The ability of certain manufacturers to provide
product within 24 hours is the price of entry to the market. As
a result, Aurora operates an extensive distribution system
designed to meet this requirement.”
A FAMILY BUSINESS
While Aurora Casket’s heritage as a family-owned business is
typical of the funeral market, it bucks the trend when it comes
to size. Based in Aurora, Indiana, Aurora Casket is one of the
three largest manufacturers of caskets and urns in the US. The
company also provides customised business solutions, stationery,
memorial products and technology solutions to funeral homes
across North America and operates five manufacturing facilities
in the US and Canada. Its recent growth has been driven by
a complete focus on the funeral products market, excellent
execution and innovation.
The success of the company, which by 2012 was in its fifth
generation of ownership, is built on its formidable reputation
for quality, innovation and service. John Backman founded the
business in 1890 when he began making wooden caskets by
hand, employing 20 people. It expanded in the 1920s when his
son, William Backman, and his son-in-law, William Barrott,
joined the company, and has since been controlled
by the Backman and Barrott families.
However, in July this year, Aurora
changed hands for the first time when
Isgrig, along with Ryan Buckley, Vice
President at Livingstone Chicago, advised
on its sale to Kohlberg & Company, a
leading PE firm based in Mount Kisco,
New York.
A COMPLEX DEAL
The deal to sell Aurora, which took just six
months from initial approach to investors
to completion, is a result of Isgrig and
Buckley’s extensive preparation of
the client and situation and effective

execution skills. The owners of Aurora had previously recruited
Jerry Reichert, a long-standing adviser to the family and highly
respected management professional, to oversee the day-to-day
operations, take the Company to the next level and implement
a succession plan.
As Isgrig had enjoyed a professional relationship with
Reichert for more than 15 years, Reichert naturally turned
to him for advice when it came to evaluating the company’s
strategic alternatives. He and the Backman and Barrott families
appreciated the honest advice Isgrig had provided over the years
and were confident that Livingstone could position the company
effectively and access a broad set of PE investors.
“While Aurora’s operations and market position were
relatively straightforward, we worked hard to articulate to
potential buyers the complex factors specific to the deathcare
sector regarding the demographic trends and Aurora’s
performance against the macro dynamic,” says Buckley.
Livingstone advised Aurora’s owners and management that
PE buyers would be quick to understand the value of a quality
family-owned firm in a stable market. Although there were a
number of potential buyers, Isgrig and Buckley advised that
Kohlberg offered the best fit. “Because Kohlberg had active
investments in both a hospice provider and the life settlement
business, they had an existing understanding of the key
demographics and trends that would affect the investment
over its hold period,” says Isgrig. “This helped us get comfortable
with the surety of close, an important element of the deal, in
addition to price.
“Kohlberg understands that Aurora has a great potential
to expand in the market and capitalise on its successes,” he
concludes. “There is a substantial opportunity to be innovative
in the funeral market, offering new products and services as
the industry evolves. Kohlberg recognises these opportunities
and sees further growth potential organically and through
acquisitions. With the financial strength of Kohlberg’s private
equity funds, Aurora will carry on to even greater success.”
WITH MORE THAN TWO
MILLION FUNERALS
IN THE US EACH YEAR AND
ANNUAL INDUSTRY REVENUE
OF APPROXIMATELY $20.7BN,
DEATHCARE IS ALIVE AND WELL
Contact:
DEAL AT A GLANCE
CLIENT: AURORA CASKET COMPANY, INC.
SECTOR: INDUSTRIAL
DEAL TYPE: SALE
BUYER: KOHLBERG & COMPANY, LLC
Andy Isgrig, Managing Director, Livingstone Chicago
T: +1 312 670 5926, E: isgrig@livingstonepartners.com
Ryan Buckley, Vice President, Livingstone Chicago
T: + 1 312 670 5925, E: buckley@livingstonepartners.com
CELIA MATHER
WWW.LIVINGSTONEPARTNERS.COM // AUTUMN 2012 // 21

Oro Direct is Spain’s leading precious metals trading
company. It was originally founded to offer retail investors
access to gold bullion in partnership with the Austrian
Mint. But as the economic downturn hit Spain, Oro
identified a new opportunity: to acquire scrap gold from small
jewellers across the country and then sell it on to major refiners,
which don’t like dealing with numerous independents. It acts like
a market-maker, paying jewellers for gold within a few hours and
selling it on in bulk to refiners a few days later. In addition, Oro
provides the independent jewellers with the finance, logistics,
technical and laboratory analysis, paperwork and certification
required to execute these transactions.
This switch in strategy proved very successful: Oro grew
from €1m of turnover in 2006 to about €1bn in 2011. It opened
retail branches, operating centres and laboratories in Madrid,
Barcelona, Valencia and Malaga, giving access to clients across
Spain and Portugal. Expansion was foreseen in France and
Eastern Europe.
GROWING PAINS
Inevitably, such growth requires investment in both infrastructure
and working capital, and while Oro’s original backers remained
very supportive, it became clear that a partner with greater access
to capital would be needed to help the business continue to grow.
The company’s CEO and its original investors knew Neil Collen,
Partner at Livingstone Madrid, from a previous transaction, and
asked him to help them find a new financial partner.
With Oro’s revenues having increased 1,000-fold over five years,
Collen knew that investors would be keen to learn more about
the business, but that some would struggle to get comfortable,
concerned that its growth might prove to be unsustainable and
would slow down. Others might be concerned about the mix
of retail sales of coin and bullion with Oro’s wholesale trading
operations. Finally, there were the obvious macroeconomic
challenges: the scarcity of credit, turbulent financial markets and
the grim economic situation in its domestic Spanish market.
“For investors, it was something of an unknown market,”
explains Collen. “They could see how Oro had grown so quickly,
but had no way of knowing how long that could continue,
or how large the potential market might be – in Spain and
internationally. We worked closely with the team at Oro to
map out and quantify their current and potential markets.
When we’d done this, we knew we’d be able to satisfy potential
investors – the market is enormous, and would be even without
the boost generated by the recession.”
THE FLEXIBILITY TO GROW
Livingstone brought the opportunity to a small group of strategic
investors and financial institutions it knew would understand the
market, see the benefits of Oro’s hybrid retail/wholesale model
and feel comfortable backing the international expansion. There
was a lot of interest from strategic partners, but Oro’s CEO could
see the potential that remains to be tapped, and knew it would be
premature to exit now. Attention therefore focused on financial
partners who could provide access to capital to support growth
22 // WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012
Gold
standard
NICK HUBER
When a company grows from
€1m of revenues to €1bn in a
few short years and promises
more to come, it can both
reward its current investors
and bring a new growth
partner on board – as the
example of Oro Direct shows
DEAL AT A GLANCE
CLIENT: ORO DIRECT
INVERSIÓN, S.L.
SECTOR: BUSINESS SERVICES
DEAL TYPE: SALE
BUYER: JZ INTERNATIONAL

ORO GREW FROM
€1M OF TURNOVER
TO ABOUT €1BN WITHIN
FIVE YEARS… SUCH
GROWTH REQUIRES
INVESTMENT
for the next few years, with a view to an ultimate exit thereafter.
“JZI soon emerged as the preferred partner, as the team
there knew financing, logistics and B2B services from previous
investments,” says Collen. JZI is a European investment group –
affiliated with The Jordan Company in the US – that specialises
in financial services and trading companies, with more than 30
investments across Europe.
“JZI also has lots of experience in working with fast-growing,
recession-driven businesses,” adds Collen. “This meant that it was
a better investor for Oro in the longer term than a trade buyer that
could have bought the business in its entirety.”
The deal provided a highly attractive exit for the original
shareholders – who were delighted with their investment – while
maintaining the ownership and involvement of the founder/CEO.
Oro’s founder is also delighted with the deal. “Neil and
his team at Livingstone provided me with excellent service
throughout the process,” he says. “As well as identifying exactly
the type of investor I needed, they managed the complex
transaction extremely well.”
SEALING THE DEAL
Neil Collen gives his top tips for entrepreneurs looking for
equity release and growth capital
n Find the right investor – expand your horizons to find the best possible
investors from across the globe for your business.
n Make sure that your business plan is realistic and that you can
justify key assumptions, such as profit forecasts. Deals typically take
between nine months and a year to complete, during which time
investors will see whether your forecasts are being achieved.
n Use experienced corporate finance advisers to help you get the best
deal. This is particularly important if you’re selling a business for the
first time. Investors do deals for a living. A good adviser will help to
make sure that the terms of the deal (in the short and long run) are
favourable and comply with legal and regulatory requirements.
Contact:
Neil Collen, Partner, Livingstone Madrid
T: +34 963 5245 04, E: collen@livingstonepartners.es
SECTOR: BUSINESS SERVICES
WWW.LIVINGSTONEPARTNERS.COM // WINTER 2012 // 23

We’ve achieved results for these clients
What can we do for you?
WORLDSTONE GROUP LTD
JT GROUP LTD
Sale of leading provider of
managed telecoms services to
Channel Islands telecoms group in
July 2012.
Livingstone advised the vendors
and assisted in the negotiations.
EXCELSIOR TECHNOLOGIES LTD
MBO TEAM/GROWTH CAPITAL
PARTNERS
Buy-out of a leading UK
independent flexible packaging
manufacturer in June 2012.
Livingstone initiated the transaction,
advised the management team and
led the negotiations.
TE CONNECTIVITY
KGP LOGISTICS
Acquisition of certain assets of the
professional services business of
Tyco Electronics Connectivity by
KGP Electronics in April 2012
Livingstone advised the
acquirer, KGP, and assisted
in the negotiations.
KOONTZ-WAGNER CUSTOM
CONTROLS HOLDINGS LLC
GLOBAL POWER EQUIPMENT
GROUP INC.
Sale of a leading manufacturer and
integrator of engineered packaged
control room solutions in July 2012.
Livingstone initiated the transaction,
advised the vendors, High Street
Capital and Koontz-Wagner, and
assisted in the negotiations.
IGLU.COM
MBO TEAM/GROWTH CAPITAL
PARTNERS
Sale of the UK’s leading online ski
and cruise travel agent to its
management team backed by Growth
Capital Partners in May 2012.
Livingstone initiated the
transaction, advised the vendors
and led the negotiations.
APPLIED KILOVOLTS
ITT EXELIS
Sale of leading manufacturer of
specialist high voltage power
supplies to the life sciences
industry in April 2012.
Livingstone initiated the
transaction, advised the vendors
and led the negotiations.
AVM LTD
MBO TEAM/ALCUIN
CAPITAL PARTNERS
Secondary buy-out of the UK’s
leading independent visual
communications systems
integrator in June 2012.
Livingstone initiated the transaction,
advised management shareholders
and Octopus Investments, and led
the negotiations.
DIGIWEB LTD
PRIVATE INVESTORS
Growth recapitalisation of Ireland’s
leading independent telecoms and
managed services operator in
May 2012.
Livingstone initiated the
transaction, advised the Company
and led the negotiations.
ORO DIRECT INVERSIÓN, S.L.
JZ INTERNATIONAL
Sale of a majority stake in Oro
Direct, the leading precious metal
company in Spain, to private
industrial holding JZ International
in March 2012.
Livingstone advised the vendors
and led the negotiations.
www.livingstonepartners.com
AURORA CASKET COMPANY INC.
KOHLBERG & COMPANY
Sale of the largest privately owned
manufacturer and distributor of
caskets, memorial products and
display systems in the US to
Kohlberg & Company in June 2012.
Livingstone initiated the
transaction, advised the vendors
and led the negotiations.
THE LEISURE PASS GROUP
MBO TEAM/PRIMARY CAPITAL
Sale of the world’s leading
independent operator of multiattraction
tourist passes for
£35m in May 2012.
Livingstone initiated the
transaction, advised the vendors
and led the negotiations.
WEENER PLASTIK AG
LINDSAY GOLDBERG LLC
Sale of a leading international
producer of innovative plastic
packaging solutions to US investor
Lindsay Goldberg LLC
in February 2012
Livingstone initiated the
transaction, advised the vendors
and led the negotiations.
A