News archive

Welcome to the Clearwater news archive.

Read about our previous deals and support provided to communities.

Aroma therapy as Manchester based advisor sells Dutch chemicals company

Clearwater Corporate Finance advised on the £6 million (€6.75m) sale of Netherlands-based PFW Aroma Chemicals BV to Keva UK Limited a SPV set up by Kedar Vaze, an Indian entrepreneur.

Clearwater advises on Renovo’s second acquisition

Clearwater Corporate Finance advised the UK buy and build specialist Sovereign Capital on the acquisition of Quadron Property Services Limited, the second transaction by Sovereign’s Renovo Services Group.

ARQUES acquires automotive glazing specialist Auto Windscreens

The German turnaround firm ARQUES Industries AG has acquired Chesterfield-based automotive glazing specialist Auto Windscreens Ltd following an introduction by Clearwater Corporate Finance.

Danish firm builds bridges with acquisition of UK engineers

Consulting and structural engineers Flint & Neill – the company which designed and supervised the strengthening of the Severn Bridge and is currently part of the new Forth Bridge design team – has been acquired by the leading Danish consulting group COWI.

Specialist IT firms on Indian companies’ shopping list

Software testing companies, remote infrastructure management, SAP and Oracle integrators and IT consultancies are at the top of the shopping list for Indian companies looking to make acquisitions in the UK, according to Clearwater Corporate Finance.

Technology sector mergers and acquisitions comment - October 2008

Welcome to the October report on M&A activity from Clearwater's Technology team. This month Carl Houghton and I travelled to India to meet up with some of the country's largest and most active IT services businesses to find out what is on the menu for acquisition targets in the UK and Europe.

Food and beverage sector mergers and acquisitions comment - October 2008

Much has been made of the financial crisis and how it is causing an economic downturn. Food producers will be bracing themselves for demands from the big 4 retailers to cut prices in an effort to stop consumers turning to the deep discounters such as Lidl and Aldi.

Mergers & Acquisitions in the Global Valves Industry – November 2008

Despite the turbulence in world economic markets over recent months M&A transactions in the valves industry have demonstrated resilience in uncertain times. Whilst not entirely immune to issues facing the banking sector, valve companies continue to operate in sectors which are experiencing positive dynamics.

Support Services sector mergers and acquisitions comment - October 2008

Whilst we continue to be surrounded by doom and gloom I’m hoping this month’s newsletter will bring some light relief. There has been an array of M&A activity across the Support Services sector as well as a number of large corporates announcing their keenness to make further acquisitions.

Consumer sector comment - October 2008

As Britain tightens its purse strings we are seeing a rise in the discounters with British consumers taking the flight to value. In the UK, discount grocer Aldi has seen customer levels increase by 23% and discounter Poundland, along with a rise in more shoppers from the AB demographic, have seen their profits rise 122% from £3.6m to £8m in the year to 31 March.

Mergers & Acquisitions in the Global Valves Industry – October 2008

All the signs show that 2008 is going to be another record year for the valves industry, with the growth seen earlier in the year set to continue. As a result there is no let up in the appetite for acquisitions in the sector.

Indian tech giants share secrets of their shopping lists

Indian technology companies are on the acquisition trail – and looking for British IT businesses to help them gain a foothold in Europe, according to advisers Clearwater Corporate Finance.

Support Services sector mergers and acquisitions comment - September 2008

Welcome to the latest edition of the Support Services Newsletter. In September the team visited the Recycling & Waste Management Exhibition at the NEC in Birmingham, the UK’s leading trade event for the Recycling & Waste Management industry.

Clearwater in running for top private equity award

Clearwater Corporate Finance has been shortlisted for a prestigious dealmaking award.

Retail and consumer sector mergers and acquisitions comment - September 2008

Welcome to the September Retail & Consumer Brands newsletter. This month we are still hearing gloom and doom with numerous retailers entering administration. The latest casualties being upmarket tailor to the Royals and Arev investment, Hardy Amies, home furnishings business Rosebys and the UK arm of Italian fashion retailer Miss Sixty.

Food and beverage sector mergers and acquisitions comment - September 2008

Who will come out on top as consumers feel the pinch – private label or branded products? Several of the major food retailers have been promoting their own brands to show customers how much they can save compared to proprietary brands.

Financial Services sector mergers and acquisitions comment - September 2008

Well just when we all thought that financial services and the money markets couldn’t get much worse, the news from Iceland proves us wrong! The past few weeks have taken us into uncharted territory in both the US (the failure of Lehmann Brothers and the rescue of Merrill Lynch by Bank of America) and in the UK (the ongoing £12.5 billion rescue of HBOS by Lloyds TSB and the ongoing slides in the banks’ share prices). Anything now seems possible.

Technology sector mergers and acquisitions comment - September 2008

Welcome to the September report on M&A activity from Clearwater's Technology team. This month it seems almost impossible to address any subject other than the worsening global financial situation and what impact it may have on the Technology sector as a whole.

Accelerated deals service offers swift rescue for struggling businesses

Clearwater Corporate Finance has launched Accelerate, a new service to support clients struggling in the current economic conditions.

What makes a successful online business?

Clearwater Corporate Finance recently hosted a breakfast seminar with guest speaker Ian Jindal, Editor in Chief at Internet Retailing. The theme was “What makes a successful online business?”. Ian gave a candid insight into how retailers both on and off line now need to be ruthless, focused and completely customer orientated in order to survive in the current climate.

Mergers & Acquisitions in the Global Valves Industry – September 2008

Surging demand in emerging Asian economies is continuing to drive the growth in the markets for all flow control products. With the insatiable thirst for natural resources from countries such as China and India, suppliers to the process industries are expanding both their global footprint and engineering expertise.

New kids on the block are here to stay

As easy credit gives way to a more cautious banking environment, there is a growing need for debt advisors who can help businesses to secure funding, says Jon Hustler.

Support Services sector mergers and acquisitions comment - August 2008

Welcome to the first edition of Clearwater’s Support Services monthly M&A newsletter. With an impressive track record of completing over 80 deals, 13 in the last 18 months alone in the Support Services market and its sub sectors, our sector team has breadth and depth in experience along with strong links within the industry.

IMAP in running for top European adviser award

IMAP Europe – the international M&A advisory partnership of which Clearwater Corporate Finance is a member – has been shortlisted as the top financial adviser in Europe in the prestigious European Private Equity Awards.

Technology sector mergers and acquisitions comment - August 2008

This month we saw something that we have been promised would happen for some time, an Indian business announcing the takeover of a major UK technology player.

Retail and consumer sector mergers and acquisitions comment - August 2008

This month we saw Tesco enter the Indian wholesale market surprisingly behind one of its competitors, Wal-Mart who it lost out to last year in a bid with Bharti Enterprises.

Former private equity boss to become chairman of Clearwater

Clearwater Corporate Finance has appointed financier Graham Hallworth, a former partner in private equity firm Alchemy, as its non-executive chairman.

Clearwater advises Warwick International on £129m MBO

Speciality chemicals company Warwick International has undergone a £129 million management buy-out backed by Close Brothers Private Equity.

Healthcare sector mergers and acquisitions comment - July 2008

Antisoma's acquisition of Xanthus Pharmaceuticals in May saw the UK drug developer take a huge leap in transforming itself into a major player in oncology products.

Credit crunch offers M&A opportunities for financial services firms

Whilst most financial services firms batten down the hatches to ride out the current downturn, smart businesses will be assessing the opportunities for mergers and acquisitions, says Clearwater Corporate Finance.

Retail and consumer sector mergers and acquisitions comment - July 2008

This month Retail Week sought to put a positive spin on current market conditions highlighting why retailers have reasons to be cheerful. As Western markets are struggling the international markets continue to flourish.

Food and beverage sector mergers and acquisitions comment - July 2008

Private equity groups are supposedly feeling the pinch and pulling back from deals but you wouldn’t know this from looking at the food sector.

Acquisition takes technology firm into new era of TV

The Alan Campbell Group (ACG), which provides infrastructure services to telecoms companies and broadcasters and is playing a leading role in the switchover to digital TV, has been acquired by technology services company telent for an undisclosed sum.

Property crisis offers growth opportunities for building services firms

Whilst most building products companies batten down the hatches to ride out the current property downturn, smart businesses will be assessing the opportunities for mergers and acquisitions, says Clearwater Corporate Finance.

Technology sector mergers and acquisitions comment - July 2008

This month has seen the continued theme of exodus from the public markets for technology sector businesses with a further five businesses delisting, three from AIM.

Property crisis offers M&A opportunities

Whilst most firms baton down the hatches to ride out the current property downturn, smart businesses will be assessing the opportunities for mergers and acquisitions, says Clearwater Corporate Finance.

Deal flow remains strong despite credit fears, says Clearwater

The mid-corporate market is still seeing a healthy deals flow, despite fears about the impact of the credit crunch, says Clearwater Corporate Finance.

IMAP Expands Its Global Reach with Dresner Partners

Preeminent middle-market M&A advisor expands its capabilities to connect buyers and sellers throughout the world.

Technology sector mergers and acquisitions comment - June 2008

Welcome to the June report on M&A activity from Clearwater's Technology team. This month I visited the Software & Information Industry Association's second European conference for the On-Demand (or Software-as-a-Service) sector in Amsterdam. The event was attended by a range of ISVs, service providers, private equity investors, market commentators and advisers like ourselves, the attendance highlighting the fact that SaaS is one of the hottest areas in the technology sector now

Food and beverage sector mergers and acquisitions comment - June 2008

Food producers and processors have been hit hard over the past few months by rising commodity costs. Some have struggled to pass these on as retailers are wary of raising prices and passing on costs to consumers in the current economic climate.

Retail and consumer sector mergers and acquisitions comment - June 2008

According to market analyst GfK NOP, June saw consumer confidence almost “in freefall” as figures showed as being only slightly ahead of the lowest level ever recorded.

Financial Services sector mergers and acquisitions comment - May 2008

The announcement by Chelsea Building Society (one of the UK’s largest building societies, with assets of £13 billion) that it is to acquire the Catholic Building Society (one of the smallest, with assets of £44m) prompted some analysts to predict a new wave of consolidation in the market, driven by the disproportionate burden of the credit crunch and regulatory overheads on the smaller institutions.

Cross-border mergers and acquisitions comment - May 2008

With Europe continuing to enjoy solid levels of M&A activity IMAP is pleased to announce the admission of Level Five, a new member firm in Austria. Level Five’s admission into IMAP completes and strengthens our already strong presence in the Central European region.

Retail and consumer sector mergers and acquisitions comment - May 2008

This month we saw transactions involving struggling retailers, particularly in the value segment, being bought out of administration as the credit crunch keeps a tight hold on the sector.

International M&A specialist joins Clearwater

Clearwater Corporate Finance has appointed John Gahan as a director at its Birmingham office.

Food and beverage sector mergers and acquisitions comment - May 2008

The frozen category has been unloved over the past few years amongst retailers and consumers alike. With deep discounting by the multiples and the perception of frozen food products as poor quality by consumers, the market has experienced very little growth in terms of volume or value.

Technology sector mergers and acquisitions comment - May 2008

Welcome to the May report on M&A activity from Clearwater's Technology team. The IT services arena has received a raft of coverage this month thanks to Hewlett-Packard's $13.9 billion cash offer for IT and BPO business Electronic Data Systems (EDS). The deal has attracted interest for a number of reasons.

Overseas buyers in pursuit of UK manufacturing businesses

Engineering and manufacturing companies serving sectors such as energy or infrastructure are defying the credit squeeze to become popular acquisition targets.

Mergers & Acquisitions in the Global Valves Industry – June 2008

As we near the mid-point of 2008 it is apparent that the economic environment in the Western World is polarising mergers and acquisitions across a number of industrial sectors. Whilst in many cases overall transaction volumes have been maintained, there is a clear distinction between transactions at the larger end of the spectrum and those in the mid-market.

Big chemical companies use credit crunch to get ahead in the market

Major corporates in the chemicals industry are taking advantage of the credit crunch to buy up target companies in key growth markets, according to advisory firm Clearwater Corporate Finance.

Cross-border mergers and acquisitions comment - April 2008

Whilst the credit tightening continues to impact global M&A, there were 569 deals with a total value of £77 billion announced in the period from 1 April to 30 April 2008.

Financial Services sector mergers and acquisitions comment - April 2008

These are testing times for the banking sector in the UK, what with the problems in the subprime loan market, the inter-bank credit freeze and subsequent knock-on effects on the stock market generally.

IMAP Nominates new Member Firm for Austria

The International Network of M&A Partners (IMAP) announces the admission of a new member firm from Austria into its organization. LEVEL FIVE has been selected for Austria and joined IMAP after successfully completing an extensive qualification process.

Healthcare sector mergers and acquisitions comment - April 2008

Overseas purchasers have been a noticeable feature of M&A deals in the healthcare and medical devices sector this month.

Clearwater engineers takeover deal

Responsive Engineering, an award-winning engineering firm based in Gateshead, has acquired its neighbour Exact Engineering in a deal backed by Lloyds TSB Commercial.

Technology sector mergers and acquisitions comment - April 2008

This month we have seen clear signs that the global technology M&A market has so far remained resilient in 2008 despite fears of a slowdown and the effects of the credit crunch.

Clearwater advise leading travel technology company in deal with RJD Partners

Comtec, one of the UK’s leading suppliers of software solutions to travel agents, specialist tour operators and travel product suppliers requiring distribution, has undergone a multi-million pound deal with private equity house, RJD Partners.

Health software specialist acquired by management

DATIX, a leader in the development of risk management and patient safety software for the healthcare sector, has undergone a management buy-out backed by the mid-market private equity firm Bowmark Capital.

Food and beverage sector mergers and acquisitions comment - April 2008

There has been much debate this week about Unilever’s decision to decentralise the management of some of its European brands such as Pot Noodle, Marmite, Bovril and Peperami, its so-called “local jewels”.

Retail and consumer sector mergers and acquisitions comment - April 2008

During April, Clearwater attended the Spring IMAP conference in Washington where the Global Retail & Consumer Brands team met to discuss various issues and trends in the sector. One particular theme discussed is the desire for UK retailers to enter emerging markets in an effort to gain market share.

Mergers & Acquisitions in the Global Valves Industry – May 2008

The momentum in M&A transactions in the valves industry continues with no noticeable impact from tightening credit conditions. Indeed, the sector could well prove to be a safe haven for investors as they avoid other trouble-hit industries. The past few month has seen positive messages coming from both financial and trade buyers about the ongoing attractions of the sector.

Clearwater celebrates record £1bn deals tally

Clearwater Corporate Finance is celebrating a record year, with the total value of deals it has advised on almost double that in the previous 12 months.

Healthcare sector mergers and acquisitions comment - March 2008

March was another interesting month in the medical devices sector, including the sale of Summit Medical to The Riverside Company in a £36m deal. The vendors were advised by Clearwater Corporate Finance.

PE investment set to boost highways service provider

ISIS Equity Partners has made a significant investment in Carnell Support Services, a provider of specialist support services to the highways sector.

Food and beverage sector mergers and acquisitions comment - March 2008

Deal volume in the food and beverage sector remained low this month, but what is interesting is the sale of two businesses to groups which are on buy and build strategies. Red Mill has been acquired by Tayto, which has transformed itself from a regional player in the crisp market into the third largest crisp and snack business in the UK.

Clearwater defies credit crunch with £350m deals in Q1

The market for mid-cap deals remains buoyant even though the credit crunch has affected the top end, says Clearwater Corporate Finance.

Financial Services sector mergers and acquisitions comment - March 2008

Clearwater’s dedicated sector team has been involved in a number of transactions, including the sales of CS2 Group of companies, the claims management business, and specialist commercial loss adjuster Carr Greenwood Smith. Judging by deal activity in the last three months in the insurance sector generally, spearheaded by the likes of Giles and Cullum, it would seem that consolidation still has a long way to run.

Retail and consumer sector mergers and acquisitions comment - March 2008

This month Clearwater completed another deal in the Retail and Consumer Products sector with the sale of Neville Johnson, a designer, manufacturer and installer of premium fitted furniture to private equity house, Key Capital. This deal signifies continuing interest by private equity in the sector and further adds and strengthens Clearwater’s deal portfolio in the sector to seven deals in the past year.

Clearwater brings in new partner at London office

Clearwater Corporate Finance is continuing its expansion drive with the appointment of a new partner, Marcus Archer, who joins their London office.

Sound investment for D&M with second UK acquisition

Allen & Heath Holdings, a leading UK designer and manufacturer of audio mixing equipment, has been acquired by global audio-visual equipment provider D&M Holdings.

Mergers & Acquisitions in the Global Valves Industry – April 2008

The economic environment in the valves industry continues to prove conducive for mergers and acquisitions despite the slow down in M&A activity in other industries. The fundamentals of the industry are still so strong that investors from both within and outside the sector are continuing to hunt for suitable targets. Trade tie-ups dominate as usual, whilst some industrial players are disposing of non-core assets in segments of the market that are experiencing slower growth.

Construction software group is sold to Sage for £21m

Tekton Group, the UK’s fastest growing construction software specialist, has been sold to Sage (UK) Ltd for £21 million.

Clearwater advise Summit Medical on sale to The Riverside Company for £36 million

Graphite Capital, the leading UK mid-market private equity specialist, has sold Summit Medical to The Riverside Company, a global private equity firm. The vendors were advised by a team from Clearwater Corporate Finance in Birmingham, led by partner Andy Moore and director Gareth Iley.

Clearwater advises on sale of furniture company

Endless LLP has disposed of its investment in the Manchester-based fitted furniture company Neville Johnson Group to Key Capital Partners in a £12.5 million secondary buy-out.

Food and beverage sector mergers and acquisitions comment - February 2008

February saw the lowest number of transactions in the food and beverage sector for several years and represents a steep decline from just last month when we reported 11 completed deals. Is this just a blip or does it represent the beginning of a longer term trend reflecting the current worries over credit in the financial markets?

HSBC Private Equity backs secondary buy-out of Britton Group in £77 million transaction

Britton Group, one of the largest extrusion and plastic packaging manufacturers in Europe, has undergone a £77 million secondary buy-out backed by HSBC Private Equity and HSBC Bank plc. The deal, supporting existing management, provides for future expansion through organic and capital expenditure-led growth.

Mergers & Acquisitions in the Global Valves Industry – March 2008

The first few months of 2008 have raised important issues for mergers and acquisitions in the valves industry. With growth levels in many Western economies forecast to be lower this year, there is widely expected to be a knock-on effect on both the volume and value of M&A deals across many industries.

Six new arrivals boost Clearwater team

Clearwater Corporate Finance has expanded its team with six new appointments.

Food and beverage sector mergers and acquisitions comment - January 2008

Over the last 10 years private label products have been taking an increasing share of the overall grocery market, and according to research by market intelligence group Key Note, own label sales are set to grow to 42% of the grocery sector by 2011.

IMAP amongst top advisers in global deals league

IMAP has been ranked as number seven in the global league table of middle-market deals advisers.

Stefan opens door to deals in Germany

An adviser from one of Germany’s leading corporate finance firms is helping to open the door for UK companies to access deal opportunities in his homeland.

Clearwater engineer a great deal

Structural engineering software company CSC has secured a financing package from ISIS Equity Partners valuing the business at £20 million. Clearwater Corporate Finance led, structured and arranged the deal.

Jacobson Ventures acquires outlet stores from Stead & Simpson

Jacobson Ventures, a newly formed company by Harvey Jacobson, has announced the acquisition of 25 Famous Footwear factory outlet units from shoe retailer, Stead & Simpson Limited.

Mergers & Acquisitions in the Global Valves Industry – January 2008

The end of 2007 saw a further rush of transactions in the valves industry, with little sign of any downward pressure on deal volumes or valuations. Many of the key factors that have driven recent mergers and acquisitions in the industry continue to support the theory that deals in the space will remain insulated from wider economic pressures in 2008.