Small cap and manufacturing deals lead the way as Manchester advisors harness opportunities to restore deal flow

news release

Small cap and manufacturing deals lead the way as Manchester advisors harness opportunities to restore deal flow

Experian reveals Manchester’s 2012 corporate finance deals review

Nottingham, 21 February 2013 – According to analysis by Experian ®, the global information services company, small cap deals (with a transaction value under £10 million) and deals in the manufacturing sector were most prevalent in 2012, driving deal flow in Manchester.

The findings are part of an annual review of Manchester’s corporate finance deals carried out by Experian revealed today at pro-manchester’s Annual Corporate Finance Review 2012 event.  It showed that, in terms of deal size, small cap deals (with a transaction value under £10 million) lead the way with 72 deals, equating to 59.5 per cent of overall activity.  The mid-market range (£10-100 million) followed with 40 deals compared to 68 in 2011 and there were nine deals in the large cap (£100+ million) market in 2012, compared to 15 in 2011.

Manufacturing proved to be the most prominent sector for deal activity, with 90 deals at a total of £1.387 billion.  However wholesale and retail and repair was the most prosperous in terms of value, accounting for 67 deals at a combined transaction value of £2.29 billion.

The event, held at Manchester’s Marriott Hotel, brings together advisors based in the city to discuss and harness opportunities to restore deal flow to Manchester and the rest of the UK.   Experian’s analysis examines all deals where Manchester based advisors* have been involved in deal in the North West, across the UK and globally, demonstrating Manchester’s reach as a key hub of the UK’s deal activity.

Of the 279 deals completed by Manchester based advisors in 2012 and of the 121 transactions that disclosed the value, the combined figure reached £5.404 billion.  These figures represent a 16.72 per cent drop on the number of deals registered in 2011(down from 335 deals) but an 11.35 per cent increase in the value of the deals - up from £4.853 billion in 2011.

Acquisitions represented 54 per cent of all transactions in 2012.  This was an 8.48 per cent fall on the previous year, with the number of acquisitions falling from 165 in 2011 to 151 in 2012.  The number of buy-out deals also fell by 8 per cent; however the value of these transactions increased by 250 per cent from 734 million in 2011 to 2.6 billion in 2012. 

The largest deal managed by Manchester based advisors in 2012, was the £1.45 billion buy-out of the remaining 77 per cent of Iceland Foods Ltd.  This deal was led by original founder Malcolm Walker and supported by institutional backers Brait and Landmark.  In addition, Manchester based Jerrold Holdings Ltd; a financial institution that lends to residential and commercial customers secured a £640m banking facility from a syndicate comprising Royal Bank of Scotland, National Australia Bank, Lloyds Banking Group and The Co-operative Bank. This is an indicator of an increased appetite among the banking community to support such deals.

Outside of the North West, Manchester’s advisory community was most active in the USA, working on a total of 19 deals stateside.  In addition, deals were conducted in Germany, India and Japan with a combined value of £978 million.  The majority of these were cross-border deals involving a UK firms.

Wendy Driver, Business Development Manager at Experian UK&I, said: “The UK has proven to be one of the most attractive markets, in what has been a subdued year for mergers and acquisitions globally. Manchester’s advisory community continued brisk trade in 2012, working on a broad spectrum of deal types and industries, across a global spread of countries.

‘The corporate finance market continues to be challenging, however, there are a number of positive indicators. There has been a modest increase in the volume of overseas deals as well as an increase in the overall value of deals, this teamed with indicators of an increased appetite for investment amongst the business and banking community – are all good signs for the future.”

Number of Deals table A
Number of Deals table B

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Notes to editors

The information was compiled and analysed by Experian Corpfin.

* All deals involving Manchester based advisors – where a Manchester office has been disclosed as advising on a transaction. Deals Covered by Experian Corpfin Any Merger / Acquisition / Disposal / Buy In-Buy Out / Minority Stake / IPO / Rights Issues / Development Capital Deals with a value over £500,000 (approximately US$750,000 or €750,000) including non disclosed deals, with a UK, European, USA or Asia Pacific company involvement. Property deals must be over £15m. Stakes in oil and gas fields and bond issues are not covered.    

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

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