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  • BDO Corporate Finance deals in Scotland - 2019 half year review

BDO Corporate Finance deals in Scotland - 2019 half year review

08 August 2019

Despite the ongoing economic and political uncertainty, our clients are continuing to complement organic growth with acquisition strategies. We predicted that the outlook for 2019 would be positive and, as expected, the first half of 2019 has been a very busy time for BDO’s Corporate Finance team in Scotland.

We advised vendors and acquirers on transactions involving a wide range of businesses in a number of sectors, the majority of which involved private equity. We are experts in the mid-market and our sector focused approach means that we provide genuine expertise in what matters to our clients. We have set out a selection of our recent deals below and we are looking forward to a busy second half of 2019, as we execute an exceptionally strong pipeline of transactions.

Recent deal highlights include:

Secondary buyout of CMS Window Systems

CMS Window Systems was established in 2006 and is a leading Scottish company that designs, manufactures and installs PVCu and aluminium windows, doors and curtain walling systems across the UK.

BDO provided M&A advice and vendor due diligence to the shareholders of CMS Window Systems on the sale of the business to Maven Capital Partners and management. The transaction delivered a full exit for the founders and for LDC, who invested in 2016.

Sale of CEM by Durham University

CEM is a leading provider of baseline e-assessments to UK and international schools from pre-school to post-16. The division was part of Durham University for over 20 years, with its suite of e-assessments underpinned by academic research into how data and statistics can be used to improve pupil learning.

BDO advised Durham University on the sale of its CEM division to Cambridge Assessment and Cambridge University Press.

Acquisition of WHMCS by WebPros, backed by Oakley Capital

WHMCS is the leading web host billing automation platform powering tens of thousands of web hosting companies.

BDO advised WebPros, the leading SaaS platform for server management globally and an Oakley Capital portfolio company, on its acquisition of WHMCS.

£20.6m acquisition of First Mortgage Direct by Mortgage Advice Bureau Holdings plc

First Mortgage Direct, founded in 1997, employs over 90 mortgage and protection staff who advise customers through store footprint and over the phone. Whilst mainly based in Scotland the business has expanded into Manchester and the North East of England.

BDO advised Mortgage Advice Bureau, a leading mortgage intermediary brand with over 1,250 advisers across the UK, on its acquisition of First Mortgage Direct.

About BDO Corporate Finance

BDO provides end-to-end advisory support on Corporate Finance transactions. Our fully integrated service includes specialists from our M&A Advisory and Transaction Services teams, with support provided by colleagues in transactional tax. We work with sellers, strategic buyers, private equity and lenders across the full spectrum of transactions, domestically and internationally.

What our clients say about us:

"Many thanks to the BDO Corporate Finance team for their help and support in delivering a successful sale of CMS Window Systems. The team provided valuable support across multiple elements of the sale process which ensured that we secured a great result for LDC and the wider shareholders whilst finding the right partner for the business and management going forward. The sell side process was delivered in an efficient and professional manner throughout and it was a pleasure working with the team."

Colin Bennett, Investment Director, LDC

“BDO provided us with excellent support in the financial and tax due diligence exercise that we appointed them to undertake in the run up to MAB’s acquisition of 80% of First Mortgage Direct Limited. The team reacted quickly to new information as we moved through the process, and also were proactive throughout the engagement.  Not only were we impressed by their professional approach, but we thoroughly enjoyed working with the team and would certainly recommend them.”

Lucy Tilley, Chief Financial Officer, Mortgage Advice Bureau Holdings plc

For more information contact Craig Martin or Rory McPherson.