Acquisition of Milton Keynes based heating and electricity network by Leep Utilities

Looking up at buildings 2
Deal typeTransaction Services
IndustryNatural resources & Energy
Sub-industryNatural resources & Renewables & power
Client nameLeep Utilities Limited
BDO provided financial and tax due diligence and SPA review services in support of the acquisition of ThamesWey Central Milton Keynes Ltd (“TCMK”), a district heating and electricity network operator serving residential and commercial customers in central Milton Keynes, by Leep Utilities.
 

"The BDO team acted as trusted advisers throughout the transaction process and provided excellent support, particularly as this was our first transaction.
 
Our deal involved a complex carve-out from a council-owned group, requiring careful navigation of a range of commercial, financial and tax considerations. 
 
There was joined up thinking between the work in financial due diligence identifying risk items, and the review of the SPA. 
 
Our tax advisors worked seamlessly with our lawyers on a number of complex issues, reducing workload for our project manager. 
 
I could always pick up the phone to BDO. They consistently provided solutions rather than problems and explained complex issues in a clear, management-friendly way.
 
BDO's reporting was of a consistently high standard, and they navigated complex tax and SPA issues with expertise, helping us achieve the best commercial outcome. They were highly engaged in managing the transaction timeline and project, playing an important role in ensuring the deal completed to plan."


Jim Brennan, M&A Lead, Leep


The BDO project team included:

Andy Harris, Konrad Langworth, Kieran Gosrani (Financial due diligence)
Rosalind Payne, Deborah Payne, Burhan Babar (Tax)
Lawrence McGinley (SPA)