Mergers and Acquisitions News from Renatus Capital Partners


Japanese packaging giant acquires majority stake in Irish business
Deal Details: Huhtamaki has acquired a majority stake in CupPrint, a privately-owned paper cup manufacturer based in Ennis. The consideration is a debt free purchase price for 70% ownership of CupPrint, thought to be in the region of €22m. Founded by Terry Fox, who is the majority shareholder, with a minority held by Rachel Coughlan, CupPrint specialises in short run custom printed cups with quick delivery time. CupPrint had annual net sales of c. €14m and employed 110 people between its manufacturing unit in Ireland and sales office in Germany last year.

Advisers: David Widger and his team in A&L Goodbody advised the acquirers. RDJ and EY advised the Vendors.
Source: Huhtamaki

Shareholder movement in Aalto Bio Reagents

Deal Details: Pegasus Capital has advised Dublin-based life sciences company, Aalto Bio Reagents on a recapitalization of the business. Aalto is a supplier of in-vitro diagnostics products, focused on the supply of antigens and reagents for tropical diseases. The transaction has enabled some existing shareholders to exit, management to take an increased stake in the business, and has provided a stable base for the continued growth of the business. Ulster Bank Ireland funded the transaction. Gerard Ryan appeared to be the majority shareholder prior to the transaction.

Advisers: Pegasus Capital
Source: Pegasus

Virgin Media acquires broadband and phone services provider
Deal Details: Virgin Media Ireland has acquired Dungarvan-based Casey Cablevision. Family-owned Casey Cablevision Cablevision provides pay-TV, high speed broadband and phone services to more than 2,000 customers. Virgin Media, which is a wholly-owned subsidiary of John Malone's Liberty Global, ended its most recent financial quarter with 1.1m Irish cable and mobile subscriptions. Patrick, Noelle and William Casey each own a third of the business.

Advisers: None mentioned.
Source: Irish Independent

French company set to acquire Mater Private
Deal Details: French company Infravia is to acquire hospital group Mater Private from US fund Harbourvest, which is managed by CapVest.  No official consideration has been formally announced, but the proposed deal is thought to value the business at c. €500m. Mater Private owns hospitals in Dublin and Cork, two cancer treatment centres in Limerick, Liverpool and a number of out-patient clinics around the ROI.

Advisers: David Brangam and Gerry Halpenny led the LK Shields team which provided legal advice to InfraVia. Whilst Barclays, Clifford Chance, McKinsey and PwC also advised on the transaction. Barclays has underwritten debt facilities to support the acquisition.
Source: Infravia

Keyword Studios acquires London-based creative games agency
Deal Details: Irish video gaming firm Keyword Studios has acquired creative games agency Fire Without Smoke in a deal worth c.£5.2m (€6m). The consideration involves Keywords paying £3.85m in cash, with £500,000 deferred until the sale’s first anniversary, providing certain performance targets are met. Shares will make up the rest of the purchase price. Keywords, established in Dublin in 1998, employs almost 5,000 people, and provides localisation services to companies such as Activision and Nitendo, has made 27 acquisitions over the past three years. Keyword is traded on the LSE, whilst Fire Without Smoke was owned by equally by Andrew Cole, Michael Thompson and William O'Connor.

Advisers: None mentioned.
Source: Keyword Studios

MJM Group announces multi-million-pound takeover of glass business

Deal Details: MJM Group, a Newry company which specialises in marine fit-out and is owned and operated by the McConville family, acquired Topglass, which specialises in architectural glass, supplying commercial and domestic clients in the UK and Europe. Customers include retailers, hotel chains, airports, schools and hospitals. As part of the deal, its 30 staff will remain at the Toomebridge HQ, and MJM has said it hopes to boost staff numbers and expand the business.

Advisers: None mentioned.
Source: Topglass

Blackhawk Network Holdings set to buy Gift Voucher Shop

Deal Details: Nasdaq-listed Blackhawk Network Holdings is nearing the acquisition of Gift Voucher Shop ("GVS"), the company behind One4all vouchers. The deal is reported to value the business at c. €110m. Blackhawk's European operations are led by Irishman Jonathan Kenny. GVS made pre-tax profits of €5.6m in 2016 off of revenues of €13.8m. The business is majority owned by An Post (53.6%), CEO Michael Dawson owns c. 10%, with the balance owned by private investors.

Advisers: None mentioned.
Source: Business Post

Smyths Toys to acquire UK Toys R Us stores

Deal Details: On the back of its acquisition of Toy R Us's Central European business, Smyths Toys is planning on buying eight UK-based stores from the bankruptcy administrator. The administrator is in the process of disposing of Toys R Us's portfolio of 31 stores throughout the UK. Smyths already has a presence in the UK and intends to strategically pick the out stores from the portfolio.

Advisers: None mentioned.
Source: Business Post



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