OUR AWARD-WINNING CORPORATE FINANCE TEAM ADVISES NELSONS SOLICITORS ON SALE TO LAWFRONT
Our team advised on the sale of leading East Midlands Law firm Nelsons to Lawfront, backed by private equity firm Blixt Group (Blixt).
Nelsons is Lawfront’s fifth acquisition and its fourth in the last twelve months, giving it a strong foothold in the East Midlands from which it intends to grow further in the region, along with expanding nationally with more acquisitions of leading regional firms. The acquisition takes Lawfront’s revenue to over £45m, with market leading profitability, and is an important step in achieving its vision of building a high-quality, national legal services business.
Celebrating its 40th year anniversary on 3rd May this year, Nelsons was co-founded by Tim Hastings in a small Nottingham office and has gone on to become one of the leading law firms operating across East Midlands with offices in Derby, Leicester and Nottingham.
The business recently reported over £20m revenue with 161 legal and investment management fee earners.
Tim Hastings, chairman at Nelsons said:
“Cooper Parry has been our advisor for over 20 years so they’ve been a constant presence during Nelsons’ journey. But, this is the first time we’ve worked with its dedicated Corporate Finance Team and we’ve been delighted with the service and advice. Sachin and the team’s specialist knowledge, coupled with its understanding of our business, the sector, and how we work, helped pave the way for a smooth transaction.”
Stewart Vandermark, CEO at Nelsons commented:
“The legal sector is constantly evolving and since the pandemic we had anticipated an increasing move towards consolidation. Change has always been part of Nelsons’ DNA and having consistently achieved excellent results, we wanted to be at the forefront of this consolidating market and joining Lawfront ensures that for our ambitious team. It was clear early on that Lawfront was a great fit for Nelsons, bringing greater opportunities for all our colleagues and enhancing the services we can offer to our clients.”
Sachin Parmar, Associate Director at Cooper Parry Corporate Finance, added:
“Nelsons has a built a fantastic reputation as a leading regional law firm focussed on the needs of private businesses and their owners. We’re delighted to have been able to support the management team on this transaction and really look forward to seeing the business prosper in its next chapter.The legal sector is attracting attention as a hot space for investment from private equity in addition to other players looking for synergies. This deal underlines Cooper Parry’s expertise and commitment to supporting businesses operating across the professional services space.”
Hot on the heels of becoming the UK’s largest accountancy B Corp, we’ve created a new Associate Partner role. Sitting between Directors and Partners, the role is designed to give our people more recognition, more opportunity for development and well-defined career progression as we target five-fold growth over the next five years and scale nationwide.
The first cohort of Associate Partners features thirteen key figures from around the business, including:
- Carolyn Pears, Finance
- Nial Chantrill, Corporate Finance
- Tom Summers, Corporate Finance
- Salvatore Mingoia, Origination
- Helen Scothern, Pensions Audit
- Andrew Holloway, Tech & High Growth
- Jake Mortland, Tax
- Donna Challinor, Innovations
- Bijesh Morjaria, Tax
- Marie Smith, Cooper Parry Wealth
- Faye Wyles, Audit
- Steve Round, Transaction Tax
- Sharon Kaur, Audit.
In February 2023, we also appointed ex-Deloitte Global MD, Timothy Mahapatra as Partner and Head of Deals.
Previously a strategic adviser to CP, Tim will lead and grow our Deals business, feeding into our wider growth plans, as well as looking for opportunities to broaden our advisory services and continually deliver more value to clients.
Ben Eason, Business Development Director, will become a Partner from the start of May. After quickly establishing himself as a big part of CP’s growth team, Ben has been going through our Partner track development process since November 2021.
Ade Cheatham, our CEO, said:
“Massive congratulations to all those who have been promoted and those currently working on the same path for their development. It’s great for them. But talent like this is also great for CP and our clients.
“I’m proud to say we’ve got some of the best people in our industry, and as we continue to grow quickly, rewarding them for their incredible work, attracting fresh new faces and maintaining CP’s one-of-a-kind culture are all hugely important.
“Creating an Associate Partner role has been a big step towards that, and I can’t think of a more deserving bunch.”
Cooper Parry Corporate Finance, with colleagues from the Transaction Tax team have advised the shareholders of Power Control Ltd on the sale of their business to Legrand SA, a listed French company.
Established in 1990, Power Control is a leading specialist installation and maintenance service provider of critical infrastructure and Uninterruptible Power Supply (“UPS”) equipment. Based in Sheffield, Power Control has a strong reputation throughout the UK.
This acquisition of Power Control is closely aligned with Legrand’s strategy to strengthen their global positions in segments buoyed by strong, structural trends (energy-efficiency infrastructures, solutions for flexible and comfortable ways of working). At the same time boosting their total annual sales of companies acquired in 2022 to nearly €145 million.
Legal advice to the shareholders was provided by Knights, led by its Corporate team including Martin Smith, Gareth John, James Sparkes and Tanya Dobson.
Power Control’s shareholder, Tom Nicholson, will remain with the business and continue to play a leading role in the integration and combined growth of the group going forward.
Tom Nicholson, Managing Director of Power Control, said:
“The Cooper Parry team added value throughout the deal process, giving invaluable support and technical guidance at each step. They understood the fundamentals and competitive positioning of our business. I would recommend any owner-managed business to work with Cooper Parry to deliver their transaction.”
Katie Cash from the Corporate Finance team said of the deal:
“We’re delighted to have supported the Power Control team on this deal with Legrand.
The business’ success is a testament to the hard work of their team and its emphasis on high quality service and maintaining strong relationships. We’re excited to see its growth continue as it successfully transitions in the Legrand’s expansive geographical plans.
It was a pleasure to work with the Power Control team and we wish the business all the very best success as it moves forward with Legrand’s direction.”
Cooper Parry Corporate Finance with colleagues from the Transaction Tax team have advised the Shareholders of SV Timber on the sale of their business to National Timber Group (NTG), a portfolio company of Cairngorm Capital Partners LLP.
Established in 2004, SV Timber is a specialist, independent timber merchant supplying an extensive range of timber materials to a broad range of trade and commercial customers, including joiners and manufacturers, from three branches across the Midlands. SV Timber has a strong reputation for outstanding service and quality, recently supplying the timber for the Commonwealth Games in Birmingham. SV Timber employs 50 people and, in 2021, achieved revenues of £17m.
This transaction is well-aligned with NTG’s strategy to become the leading, independent timber processing and distribution group in the UK, with a focus on value-added products and industry-leading margins. SV Timber fills a geographic gap in NTG’s existing branch network and further extends its customer reach within the Midlands.
SV Timber’s shareholders, Edward Holder and Richard Rowley, will remain with the business and continue to play leading roles in the integration and combined growth of the group going forward, including the relocation of SV Timber’s flagship site from Ilkeston to new, larger premises in Nottingham.
Rob Barclay, Group Chief Executive of National Timber Group said:
“We are delighted to welcome SV Timber to the Group – our shared expertise and commitment to our customers makes this an obvious and complementary partnership. Together, we will extend our range of services in the Midlands, improving our customers’ experience.”
Edward Holder added:
“As the founder of the business, I am extremely proud of what the team at SV Timber has achieved to this point. We know that the business is capable of achieving much more over the coming years. The priority was to find a partner with shared goals and values who would help us to fulfil the future potential. We were impressed with National Timber Group’s focus on product quality and its commitment to the highest standards of customer service. We are confident that we have selected the right partner and that SV Timber will continue to prosper within the enlarged Group.
The Cooper Parry team gave us fantastic support throughout the deal process, providing excellent technical support, managing all workstreams diligently and ultimately adding value. I would highly recommend Cooper Parry to any business looking at a potential transaction.”
Alex Ydlibi from the Corporate Finance team said of the deal:
“We’re delighted to have supported the SV Timber team on this deal with NTG.
The business’ success is a testament to the hard work of the team and its emphasis on building and maintaining excellent relationships. We’re excited to see its growth continue as it successfully transitions to an impressive new flagship site in Nottingham.
It was a pleasure to work with the SV Timber Team and we wish the business all the very best success as it moves forward under NTG’s stewardship.”
Our Corporate Finance team with colleagues from the CP Transaction Tax and Private Client teams have advised the shareholders on the sale of Charles Pugh Holdings to Cary Group, the Swedish listed company.
Based in the Midlands, Charles Pugh is one of the UK’s market leaders in vehicle glass repair and replacement, along with related wholesale business.
Founded in 1917, Charles Pugh Holdings has its head office and main wholesale facility in the Midlands. The company has always been family owned with currently around 500 employees. It has 28 workshops for vehicle glass repair and replacement, around 190 mobile units and a wholesale business where they sell vehicle glass to the majority of the UK market.
Cary Group is a European market leader specialising in sustainable solutions for repair and replacement of vehicle glass, with a complementary offering in auto body repair. The acquisition bolsters Cary Group’s position in the United Kingdom.
Ed and Dave Pugh of Charles Pugh Holdings said:
“We have an excellent long-standing relationship with Cooper Parry and the various teams worked together seamlessly from start to finish to deliver a smooth transaction with a sophisticated international buyer. The Corporate Finance team led by Ben drove an efficient process and walked us through every stage of the deal, meaning we felt supported throughout. The team ensured that the transaction remained confidential, reducing any disruption to business during the 6-month process.”
Ben Rookes, Corporate Finance Partner said:
“CP has worked with the Pugh family for over 20 years and the business has grown significantly over that period. We were delighted to be able to support the shareholders in securing a great deal and a good home for Charles Pugh in Cary Group.”
Cooper Parry’s Corporate Finance team has been shortlisted in three of the East Midlands Dealmakers Awards 2022 categories – Corporate Finance Advisory Team; Emerging Dealmaker and Deal of the Year (above £10M) for which the team is nominated for three different deals
The Corporate Finance team have capped a busy year supporting the Shareholders of Casepak on their sale. Working with colleagues in the CP Transaction Tax team, Casepak were advised through the process of their acquisition by the Reconomy Group.
- Leicester-based Casepak has been acquired by the Reconomy Group to support its long-term growth ambitions
- Casepak employs 83 people across two state-of-the-art recycling facilities
- The acquisition enhances the Reconomy Group’s waste processing capabilities and reinforces their commitment to UK sorting and recycling infrastructure
Reconomy, the leading provider of outsourced services to the circular economy, has acquired Casepak, the Leicester-based recycling company, along with Casepak’s sister company, Oceala.
Casepak was founded in 1973 by George Smith, and has grown into one of the UK’s leading recycling and waste management companies. Casepak operates two state-of-the-art facilities in Leicester – a collection and processing facility that provides specialist sortation services and a materials recycling facility (MRF) that sorts mixed recyclables, producing TEEP compliant outputs.
Casepak works with a range of commercial customers as well as partnering with Local Authorities throughout the UK to increase recycling rates, while Oceala specialises in providing waste management services to high profile retailers across the country.
This is the Reconomy Group’s fourth acquisition of 2021 and alongside a robust organic performance sees overall annual turnover run-rate exceed £800m.
Mark Smith, Joint Managing Director of Casepak said: “We are extremely proud to have grown Casepak into such a successful company while remaining family-owned and operated. However, to continue to grow and take advantage of future opportunities the time is right to change the ownership structure and we are very excited to join up with the Reconomy Group. It will remain very much business as usual for our staff and customers, while providing further scope for increased innovation and development.”
Paul Cox, CEO of the Reconomy Group added: “We’re delighted to bring Casepak into the Reconomy family and wish a warm welcome to all of our new colleagues. Casepak is an innovative company, with a commitment to high quality and great customer service. We see great potential for the future as the Reconomy Group continues to build its portfolio of services and deliver a circular economy vision, helping our commercial customers work towards a sustainable future.”
The addition of Casepak will further enhance the Reconomy Group’s existing processing capabilities and reinforces the company’s commitment to UK infrastructure for recycling. Earlier this year, the Reconomy Group acquired Eurokey and in September announced a £15m investment in a new sorting facility in Kettering for supermarket films and flexible plastics, coming online in 2022.
The Cooper Parry Corporate Finance team was led by Ben Rookes, Tom Summers and Jack Browne. Cooper Parry also provided Transaction Tax support on the deal led by Steve Round while Knights plc provided legal support on the deal.
Tom Summers, Director at Cooper Parry Corporate Finance, said: “Casepak is a fantastic local business which, by combining with Reconomy, will continue to drive investment and efficiency into the circular economy. We are proud to have supported a brilliant Shareholder group through this transaction and wish them and the business every success going forward”
The Cooper Parry Corporate Finance team have sealed another significant deal supporting Z-Tech Control Systems (“Z-Tech”) on their sale to M Group Services (“MGS”).
Z-Tech is an Electrical Control & Instrumentation specialist providing mission critical services to the UK’s Water, Energy and Rail industries. MGS is a leading provider of services to essential infrastructure markets in the UK and Ireland, generating revenue in excess of £1.3b and backed by PAI Partners.
Z-Tech, with around 230 employees and a revenue of £20m, provides design, project management, commissioning, repair and maintenance services primarily to the UK’s water, energy and rail industries. Built over more than 20 years by founders Michael Swinhoe and Jeremy Bull, Z-Tech has long-term, established relationships across the sectors in which they operate including with Thames Water, Uniper and Transport for London.
Z-Tech is the latest addition to the growing number of technically enabled businesses within M Group Services, which means they are increasingly able to provide services to their clients which includes complete end-to-end delivery of technical and complex projects.
The acquisition of Z-Tech takes the total number of strategic acquisitions made by M Group Services to 14 since December 2016.
Andy Parker, Head of Cooper Parry Corporate Finance, said:
“This was a great deal for Z-Tech and its shareholders as it builds on the skills and knowledge they’ve built over a number of years. The acquisition will enable both parties to unlock synergies and allow Z-Tech to offer its services to a broader range of clients to meet the company’s ambitious growth plan.”
