Sponsored by Odyssey Corporate Finance
Contact: Tom McCarthy, Director, Odyssey Corporate Finance
M: 07867 459 600
D: 0121 503 2375
E:
www.odysseycf.com
————————————————————————-
20 Sep 18. Barnes Group Inc. to Acquire Gimatic S.r.l..
- Gimatic S.r.l. is a Leading Global Developer of Advanced End-of-Arm Tooling Systems for Industrial Automation and Robotics
- Acquisition Expands Barnes Group’s Intellectual Property-Based Industrial Technologies Portfolio
Barnes Group Inc. (NYSE: B), a global provider of highly engineered products and differentiated industrial technologies, today announced that it has entered into a definitive agreement to acquire privately held Gimatic S.r.l. (“Gimatic”), a leading supplier of mission-critical solutions for industrial automation and robotic applications from Gimatic’s founder and investment funds affiliated with AGIC Capital and Xenon Capital Partners.
Gimatic designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components. Gimatic specializes in delivering intelligent robotic handling solutions for industrial automation applications in end markets such as automotive, packaging, healthcare, and food and beverage. Headquartered in Brescia, Italy, the company has a sales network extending across Europe, North America and Asia.
Advancements in robotic technology are rapidly increasing the ability to accomplish more complex tasks at higher speeds and with improved control and repeatability. With rising labor costs and greater affordability of robotics, Gimatic’s customized mission-critical systems directly benefit from a large and growing global installed base of over two million industrial robots.
“We are extremely excited to add Gimatic and its founder, Mr. Giuseppe Bellandi, to Barnes Group, as this acquisition will provide us a gateway into the industrial automation market – a highly attractive market that is well-aligned with our strategic growth plans. With accelerating adoption of automation and robotic technologies in the global industrial sector, market demand for Gimatic’s advanced solutions is anticipated to increase significantly in the future,” said Patrick Dempsey, President and CEO of Barnes Group Inc.
Barnes Group has agreed to purchase Gimatic for €370 million in cash subject to certain closing and post-closing adjustments, and is expected to finance the transaction with cash on hand and additional borrowings under its existing credit agreement. The transaction is anticipated to close in the fourth quarter of 2018. Gimatic will operate as a new strategic business unit within Barnes Group’s Industrial Segment. (Source: BUSINESS WIRE)
20 Sep 18. Inmarsat lifted as it unveils collaboration with Panasonic Avionics. The FTSE 250-mobile and telecoms firm said that under the agreement, it would become Panasonic’s exclusive provider of Ka-band in-flight connectivity for commercial aviation. The in-flight connectivity market is estimated to be worth US$100bn by 2035. Inmarsat PLC (LON:ISAT) shares were on the rise in early deals Thursday as it unveiled a strategic collaboration agreement with Panasonic Avionics Corporation to provide in-flight broadband services. The FTSE 250-mobile and telecoms firm said that under the agreement, which would cover an initial ten-year period, it would become Panasonic’s exclusive provider of Ka-band in-flight connectivity (IFC) for commercial aviation.
This would allow Panasonic to provide access to Inmarsat’s GX Aviation Ka-band satellite network to its current and future customers.
In return, Panasonic would allow Inmarsat to offer its portfolio of services and NEXT solutions to its own commercial aviation customers, including customer support and technical services. Looking ahead, the company said it would also collaborate with Panasonic to develop a next-generation GX Aviation terminal as well as new connectivity-enabled services, data analytics and technology to improve overall end-to-end performance. Inmarsat added that the agreement would provide “greater quality, consistency of experience and more choice” to airlines and passengers in the IFC market, which it estimated would be worth US$100bn by 2035.
Rupert Pearce, Inmarsat’s chief executive, said that the move would “build upon the success of the global GX network”, adding that aviation would be “a significant individual growth driver” of the overall business”.
The news may provide the impetus for an increased takeover bid for Inmarsat by US satellite communications firm EchoStar, which had a previous 532p offer rejected over the summer with Inmarsat’s board saying it “very significantly” undervalued the group. Shares were up 2.5% at 509.6p. (Source: proactiveinvestors.co.uk)
20 Sep 18. Plug into Ricardo’s electric growth. Electric vehicles, renewable energy, managing pollution: what’s not to like about a company positioning itself to take advantage of all these long-term trends? Well, in the case of engineering consultancy Ricardo (RCDO), the answer: is a profit warning in July; the large portion of revenue based on the testing of carbon-spewing internal combustion engines; and order disruption caused by Brexit, the diesel emissions scandal and tough new European regulations. However, we think the negatives are distracting investors from the longer-term opportunity for the company. What’s more, a jump in order intake following a tough second half to its recently completed financial year suggests buyers may not have to wait too long to wait for the wider market to reassess the company’s prospects and potentially re-rate its shares from depressed levels. Ricardo’s work covers consulting and manufacturing products across a range of areas, including transport, security, energy, resource management and waste, all of which are undergoing profound change as they prepare for the future. The group’s largest geography, the UK, and its largest sector, automotive, have been challenging in recent times. Lower confidence in the UK economy following the Brexit referendum has led to slower domestic order intake. The UK accounted for 34 per cent of the group’s orders in the year to June 2018, down from 47 per cent in the previous year. Separately, Europe’s introduction of the Worldwide Harmonised Light Vehicle Test Procedure, a tightened emissions standard for new cars built from September 2018 onwards, has impacted the automotive sector and exacerbated challenges created by the diesel scandal.
All this has negatively impacted sentiment and contributed to July’s profit warning, but reasons are emerging to feel more positive. As the UK has flagged, order intake has risen across the group’s other regions, with Asia accounting for the most significant increase, and now respresenting 27 per cent of the total, which is on par with mainland Europe. Meanwhile, automotive orders have continued to grow, ending the 12 months to mid-2018 up almost a quarter at £144m. Overall order intake rose 13 per cent to hit a record £413m, while the order book was 16 per cent ahead at £288m.
The company has historically been a big player in the development and testing of combustion engines, which is widely regarded as being in a state of long-term decline. However, it is evolving with the automotive industry. As electrification becomes a more prominent theme, Ricardo has shifted focus and associated orders intake accounted for 21 per cent of the total last year, compared with 17 per cent the year before.
Demand for this type of work is strong in Asia, but the company also saw growth among tech companies on the west coast of the US, many of whom are new to the car market. Underlining the shift away from combustion engine-focused parts of the market, Ricardo recently completed a restructuring, selling two of its engine testing facilities in Germany and Chicago.
Outside of automotive, strong growth in the rail industry has boosted the group. Order intake here accounted for a fifth of last year’s total and was up 12 per cent in the year, thanks in part to a rail assurance project the group won in Taiwan, one of its largest ever. As with automotive, much of the growth in the rail sector is coming from Asia, as governments invest in improving transport both within and between cities. In the UK, an increased regulatory focus on innovation has created opportunities in the energy and environment business, as the UK’s water companies gear up for the coming five-year asset management period. That said, taking on staff in anticipation of an uptick in growth last year that didn’t materialise weighed on performance.
Cash generation has been an area of concern for the company historically, but efforts to address it had encouraging results. Management has been focusing on working capital management and this helped Ricardo reduce net debt by £11.8m in the year to £26.1m.
IC View
Near-term challenges in the automotive sector and uncertainty in the UK have both weighed heavily on Ricardo, but the long-term picture could prove rosy as wide-ranging industry changes boost demand for the company’s specialist skill. The trends towards electrification, renewable energy and urbanisation are not going away, and Ricardo is focused on positioning itself to benefit. The shares now trade at 14 times next-12-month forecast earnings and Ricardo’s enterprise value represents just over eight times forecast cash profits. On both counts, the rating is in the bottom 15 per cent of the five-year historical range, which we think puts too much onus on the recent past rather than the long-term prospects. Buy. Last IC View: Buy, 970p, 1 Mar 2018. (Source: Investors Chronicle)
13 Sep 18. India’s GRSE set for share sale. Indian naval shipyard Garden Reach Shipbuilders and Engineers (GRSE) will launch an initial public offering (IPO) on 24 September, the company has announced. The IPO – the latest in a series of Indian defence industry share sales – will see the divestment of a 25% stake, with the Indian government expected to raise about INR3.4bn (USD47m) through the listing. GRSE said that in launching the IPO it will look to pursue a number of strategies to help maintain and build on its position as a leading naval shipbuilder in India. The company said these strategies include strengthening its relationship with its primary customer, the Indian Navy (IN); enhancing its capability to pursue naval ship repair and retrofitting contracts; and upgrading its shipbuilding facilities to enable the accelerated construction of more advanced vessels.
GRSE also said it aims to enhance its innovative capabilities by investing a greater amount of capital as a percentage of its revenue in research and development activities, and it also intends to put greater efforts into securing exports. In terms of international sales, GRSE said it aims to pursue opportunities to export small and medium-sized warships and patrol vessels to Africa, Latin America, Southeast Asia, and West Asia. GRSE said that its revenues sourced from the IN and Indian Coast Guard make up more than 90% of its total sales. As of July 2018, the company had an order book of INR203bn, comprising 13 naval vessels.
GRSE said its revenues and profits had fluctuated in recent years, which it said was indicative of the cyclic nature of naval shipbuilding. In fiscal year 2017/18, GRSE’s revenues and post-tax profits were INR13.46bn and INR868m respectively. The company’s biggest current programmes include the construction of Project 17A (P-17A) frigates and Mk IV landing craft utility vessels for the IN, and Rajshree-class inshore patrol vessels for the coastguard. (Source: IHS Jane’s)
19 Sep 18. Lockheed Martin helps venture capital firm exceed target. The new venture capital firm managing the CSIRO Innovation Fund has comfortably exceeded its $200m funding target, with $232m now available to help globalise Australian research. Main Sequence Ventures started out with $100m last September from founding investors CSIRO and the Australian federal government. The additional $132m came from global investors such as Australian superannuation fund Hostplus, the Singapore government’s Temasek fund plus strategic backers Lockheed Martin and the University of Melbourne. Lockheed Martin Australia chief executive Vince Di Pietro said the investment in Main Sequence Ventures reinforced their commitment to partnering with Australia’s research and industry communities to support global supply chains. That provided opportunities for technology transfer, innovation, local skilled jobs and sustainable business growth.
“Lockheed Martin has been contributing to the security of Australia for over 70 years and our partnership with Main Sequence Ventures, along with other investments, is an important part of our commitment to developing sovereign capability for Australia into the future,” he said.
Main Sequence Ventures partner Mike Zimmerman said it has already made investments in companies creating new industries. Those companies were working on satellite sensor networks, autonomous vehicles, quantum computing and digital healthcare.
“We are proud and excited to partner with investors that share our belief that significant global companies can come from the important work happening in Australia’s publicly-funded research organisations,” said Zimmerman.
Main Sequence has also commercialised world-leading research from institutions across Australia, including the University of South Australia, Sydney University, CSIRO, Data61 and the Australian National Fabrication Facility.
CSIRO chief executive Larry Marshall said Australia had outstanding science.
“But translating that science into real products, real jobs or growing entire new industries remains a challenge,” he said.
“CSIRO can be the bridge to help more great Australian inventions flourish and our Innovation Fund is delivering returns to invest in even more critical research for future breakthroughs.”
“Through this partnership, we are excited to support Australian companies researching and developing transformative technologies that will shape our future,” said Lockheed Martin Ventures executive director and general manager Chris Moran.
The Main Sequence portfolio includes Baraja, which is creating the “eyes for autonomous vehicles” with next generation LiDAR technology, Q-Ctrl, accelerating the emergence of useful quantum computers by creating the first quantum control software and FluroSat, a powerful digital system for farmers to increase their yield whilst using 2 per cent less water and 30 per cent less fertiliser. (Source: Defence Connect)
19 Sep 18. Babcock says revenue growth on course after cutting targets. Babcock International said it was trading in line with expectations and was on course to deliver “low single digit” underlying revenue growth as the engineer sought to reassure investors after cutting its full-year targets in July. The FTSE-250 company on Wednesday also said its order book and pipeline remained strong with a combined value unchanged at around £32bn for the period from 1 April. Around 87 per cent of revenue is now in place for 2018/19 and around 57 per cent for the year 2019/20, Babcock said. The trading update came after the company unnerved investors in July when it cut its full-year revenue targets. Shares in Babcock dropped by 10 per cent on the day to 720p at one stage after the marine division, which provides specialist support to Britain’s defence ministry and other governments, was hit by delays in government spending on submarines. The company’s shares closed at 692p on Tuesday. Babcock on Wednesday also said its underlying earnings guidance remained unchanged, with both revenue and cash flow performance weighted towards the second half of the year. It expects its net debt to earnings before interest, tax, depreciation and amortisation ratio to be around 1.4 times by the end of the year. The company confirmed it had exited two small, low-margin business, including the sale of a business which provides services to broadcasters and content owners for around £30m. It expects to exit its powerlines business in South Africa in the second half of the year and said it would “reshape” its oil and gas crew change business. A further update will be made at the company’s half year results in November. Babcock last year refocused the group into four sectors – marine, land, aviation and Cavendish nuclear – a move which it said intensified its concentration on “core higher-margin businesses”. It said on Wednesday it had secured a number of new defence orders in the period, including additional contracts worth around £120m with the Ministry of Defence to maintain equipment. (Source: FT.com)
18 Sep 18. BBA Aviation expands with US$97m acquisition of aerospace-focused aftermarket service provider, Firstmark. The FTSE 250-listed firm said the business – which will become part of BBA’s aftermarket services arm, Ontic – is expected to contribute revenue of around US$27mln in its first full year of ownership. US-based Firstmark is a provider of highly engineered, proprietary components and subsystems for the aerospace and defence industries. BBA Aviation PLC (LON:BBA) shares rose on Tuesday as the firm announced the acquisition of Firstmark, an aerospace-focused aftermarket service provider, for US$97m. The FTSE 250-listed firm said the business – which will become part of BBA’s aftermarket services arm, Ontic – is expected to contribute revenue of around US$27mln in its first full year of ownership. Firstmark, which is US-based with more than 70 employees, is a provider of highly engineered, proprietary components and subsystems for the aerospace and defence industries.
BBA said the business will be “highly” complementary to Ontic’s existing sites in Chatsworth, California, Cheltenham in the UK and Singapore.
Mark Johnstone, BBA’s chief executive commented: “This acquisition fully supports the strategic growth of Ontic by expanding the portfolio of proprietary products on established civil and military aircraft platforms and adding footprint on the US East Coast.”
The deal, which is subject to certain governmental and regulatory approvals, is expected to complete late this year.
In early morning trading, BBA shares were 3% higher at 300.60p.
In a note to clients, analysts at Liberum Capital commented: “We had expected Ontic to be the focus of increased business development activity and incremental capital allocation, given the more limited scope to make major investments in Signature Flight Support. Margins and returns at Ontic are attractive and warrant the deployment of additional capital.”
Liberum repeated a ‘buy’ rating and 370p target price on BBA shares. (Source: proactiveinvestors.co.uk)
18 Sep 18. Airware Burns Through $118m and Crashes. Drone operating system startup Airware suddenly informed employees it will cease operations immediately despite having raised $118mi from top investors like Andreessen Horowitz, Google’s GV, and Kleiner Perkins. The startup ran out of money after trying to manufacture its own hardware that couldn’t compete with drone giants like China’s DJI. The company at one point had as many as 140 employees, all of which are now out of a job.
A source sent TechCrunch screenshots from the Airware alumni Slack channel detailing how the staff was told this morning that Airware would shut down.
Airware makes a cloud software system that helps enterprise customers like construction companies, mining operations, and insurance companies reviewing equipment for damages to use drones to collect and analyze aerial data. That allowed companies to avoid using expensive helicopters or dangerous rigs with humans on harnesses to make inspections and gauge work progress.
Founded in 2011 by Jonathan Downey, the son of two pilots, Airware first built an autopilot system for programming drones to follow certain routes to collect data. It could help businesses check rooftops for damage, see how much of a raw material was coming out of a mine, or build constantly-updated maps of construction sites. Later it tried to build its own drones before pivoting to consult clients on how to most efficiently apply unmanned aerial vehicles. While flying high, Airware launched its own Commercial Drone Fund for investing in the market in 2015, and acquired 38-person drone analytics startup Redbird in 2016. In this pre-crypto, pre-AI boom, Airware scored a ton of hype from us and others as tried to prove drones could be more than war machines. But over time, the software that shipped with commercial drone hardware from other manufacturers was good enough to make Airware irrelevant, and a downward spiral of layoffs began over the past two years, culminating in today’s shutdown. Demonstrating how sudden the shut down is, Airware opened a Tokyo headquarters alongside an investment and partnership from Mitsubishi just four days ago.
“Airware was ahead of the game trying to build their software. So far ahead that the drone hardware on the market wasn’t sophisticated enough to actually produce the granularity of data they needed to test out their software/train their algorithms” an ex-employee told TechCrunch (emphasis ours). “So they spent shitloads of money designing bespoke hardware, including two drones in-house, one multi-rotor called an AT-28, and one fixed-wing called Cygnet. Both projects were scuttled as hardware from DJI and Ebee caught up to needs, after sinking tons of engineering time and manufacturing into them.”
Following TechCrunch’s inquiry about the unannounced news, Airware confirmed the shut down to us with this statement:
“History has taught us how hard it can be to call the timing of a market transition. We have seen this play out first hand in the commercial drone marketplace. We were the pioneers in this market and one of the first to see the power drones could have in the commercial sector. Unfortunately, the market took longer to mature than we expected. As we worked through the various required pivots to position ourselves for long term success, we ran out of financial runway. As a result, it is with a heavy heart that we notified our team, customers, and partners that we will wind down the business.
This is not the business outcome we had worked so hard for over the years and yet we are deeply proud of our company’s accomplishments and our leadership in driving the adoption of drone powered analytics to improve productivity, mitigate risks, and take workers out of harm’s way.
As we close the book of Airware; we want to thank the partners and customers who believed in us and helped us along the way. And, while it is difficult to say goodbye to our team, we want to thank them for all they have contributed to Airware and the industry. We look forward to seeing how they will take their learnings from Airware to fuel continued innovations in the world around us.”
[Update: Since we broke the news, Airware has put up a “thank you” note about the shutdown informing clients that “A representative from the Airware team will be in touch.”]
Employees will get one week’s severance, COBRA insurance until November, and payouts for unused paid time off. It appears the startup wasn’t able to raise necessary funding to save the company or secure an acquisition from one of its strategic partners like Caterpillar.
Airware will serve as cautionary tale of startup overspending in hopes of finding product-market fit. Had it been more frugal, saved cash to extend its runway, and given corporate clients more time to figure out how to use drones, Airware might have stayed afloat. Sometimes, even having the most prestigious investors can’t save a startup from mismanagement.
Our ex-employee source concludes that “I think having $118M in the bank led Airware to charge ahead and sink tons of money into force-it-to-work methods rather than exercise a bit of patience and wait for the inevitable advance of hardware to catch up. They had a knack for hiring extremely talented and expensive people from places like Google, Autodesk, there was even SpaceX and NASA alumni there. They spared no expense ever.” (Source: UAS VISION/Tech Crunch)
17 Sep 18. Intel Capital Invests in Delair. Delair, a supplier of commercial drone solutions, announced that it has recently closed its expansion round with an investment from Intel Capital. For the past year, Delair and Intel have been collaborating on the Intel Insight Platform, a cloud-based digital asset management solution that leverages Delair’s extensive suite of industry-optimized software analytics to speed Intel’s efforts to transform how businesses in key verticals work using data captured from UAVs for actionable analytics. The funding will be used to further accelerate the development and adoption of the Intel Insight Platform — a data processing, visualization, analytics and reporting service that allows customers to store organize, share, and harness the rich data provided by commercial drone systems. The platform integrates Delair’s deep customer experience and vertical expertise with Intel’s expertise in developing customer-focused, easy to use cloud-based solutions and tools.
“This investment, built on an ongoing relationship with Delair will help make aerial-based data collection and analysis an effective business intelligence approach for more enterprises. Delair and Intel are continuing to drive forward innovation and capabilities to enable a new level of digital transformation by customers,” said Anil Nanduri, Vice President, General Manager of Drones Group, Intel Corporation.
The Intel and Delair strategic collaboration on the digital asset management solution has been deployed to strategic enterprise customers across several industries. The solution leverages the companies’ expertise providing customers with aerial data that can be used to generate 2D/3D models, take measurements, enable sharing and collaboration across teams and run a wide-range of data analytics and monitoring tools.
Michael de Lagarde, CEO of Delair, said: “Data is the future of the commercial drone business and that’s why we are excited about this investment from Intel Capital. Intel brings a wealth of technical expertise and experience, as well as new enterprise customers. Whilst Delair’s innovation on the hardware side of our UAV offering is well recognized, our relationship with Intel provides us with increased resources to build out the critical data analysis software components of our UAV solution – an area where we believe we can truly differentiate and bring additional value to customers.” (Source: UAS VISION)
14 Sep 18. Avon Rubber sees profit in line with its view as military business booms. Avon said the group’s strong momentum carried over into the second half of the year with its protection unit performing especially well. Avon said it has an active pipeline of contract opportunities across its military business.
Avon Rubber (LON:AVON) said second half trading had been strong and that it expects full-year earnings to be in line with its expectations.
The company, which makes everything from equipment for milking cows to gas masks for the military, on Friday said order intake across its Avon Protection unit had remained positive with full-year constant currency revenue growth expected to come in at around 7%.
Avon said that during the second half its military business had received orders from the US Department of Defence for 116,000 M50 mask systems, bringing total orders received during the year to 216,000 systems. It said it expects to deliver circa 182,000 M50 mask systems to the DoD during the current financial year, with a carry-over of 83,000 systems next year.
Contract opportunities
The company said that it has an active pipeline of incremental contract opportunities across its military business and remains well placed to make further progress in capitalising on its leading military position and product range. Tougher market conditions continued to impact its fire business performance in the second half of the year, it added.
Avon said the global dairy market environment had remained positive and that it had seen improved trading conditions in North America in the second half. As a result, the division’s full-year constant currency revenue growth is expected to come in at around 4%.
“The group’s momentum has carried over into the second half of the year with Avon Protection continuing to benefit from opportunities across its product portfolio and customer base, and an improved overall performance from milkrite InterPuls following the recovery in the North American market,” CEO Paul McDonald said in a statement.
“Our strong order book provides good visibility going into the new financial year and the business is well positioned to deliver further growth and take advantage of new product opportunities to build a stronger business for the future,” he added. (Source: proactiveinvestors.co.uk)
08 Sep 18. A “Cash Windfall” for Intelsat from C-Band Networking. Chris Forrester of Advanced TV, a Senior Contributor to Satnews Publishers, notes that Intelsat’s proposal (with SES and Eutelsat) to see some of its C-band frequencies re-worked over the U.S. to help propel 5G cellular growth has rarely been out of the news — a report from equity analysts at investment bank Jefferies is extremely positive. No doubt coincidentally, Intelsat, on September 5, announced they would be raising up to $2.25bn of new debt via a tender offer, due for repayment in 2024, which will largely be used to repay existing obligations due 2020. Jefferies also said that Intelsat and SES are both looking to clear an additional slice of their spectrum (beyond the initial suggestion of 100 MHz) in their amended joint proposal, and with Intelsat’s CFO confirming that an initial $1 to $2bn will be funded to clear the existing spectrum, and more for the extra slice of bandwidth.
The bank’s note says, “Not surprisingly, the [Intelsat] CFO didn’t disclose what the figure could be (our published view is that 200 MHz will be brought forward). We’d further highlight: the Consortium has engaged with interested parties already and has no constraints that could prevent it from announcing a spectrum access agreement ahead of an FCC Order; the Consortium will not fund the cost to clear — it will come out of up-front cash held in escrow; management sees the wider industrial policy implications as comfortably trumping and “bad PR” of a windfall; Intelsat should be able to offset its c.$9bn of tax losses against any income/capital windfall; the Consortium agreement is in the final stages of drafting/negotiation.
“The first 100 MHz could yet require a new satellite (albeit it, a very cheap one, sub-$200m); while it is the broadcaster that is impacted by the Joint Proposal, the downlink antennas that actually needed to be touched are owned by the cable operators – this bifurcation talks to the fact that [] Intelsat / SES are positioned to effectively execute the changes need to clear the spectrum; CFO reiterated that to vacate the spectrum, the ground segment costs are a new filter (the cost measured in low-single digit $’000s) and a truck roll – the cable operator will undertake the truck roll (operators won’t want a third party tinkering with their head-ends) and the Consortium will reimburse.”
Jefferies have rated Intelsat as “Buy” with a target price of $32. Intelsat’s stock price on Sept 5th was about $21.53. (Source: Satnews)
————————————————————————-
Odyssey is an independent corporate finance firm which advises on acquisitions, business sales, management buy-outs and raising finance, typically in the £5m to £100m range. We have extensive experience in the niche manufacturing sector with our most recent completed deal being the sale of MacNeillie to Babcock Plc. Details can be seen at: http://www.odysseycf.com/case-study-macneillie/
As a result of this and related projects we have developed relationships with buyers and funders looking to acquire or invest in the sector. We would be happy to share further insights into the sector and to carry out reviews of businesses whose shareholders are considering an exit, acquisition or fundraise.
The review will include:
* Valuation
* Market review
* Comparative deals and structures
* Initial thoughts on buyers/ investors/ targets
* MBO viability
* Feasibility review and identification of any issues to be addressed pre-deal
There is no charge for this review.
If this is of interest we would be happy to meet at your convenience.
————————————————————————-