Payzone Group

Corbett Keeling and our Greek Globalscope partner, First Athens Corporate Finance, advised Payzone Group Ltd and Coltonia Holdings Ltd on the sale of Payzone Hellas SA to OPAP Investment Ltd for a total consideration of Euros 7.75m.  Payzone Group, backed by UK private equity investor Duke Street Capital, is one of the largest payment networks in Europe, providing a wide range of payment services in four European countries including the UK, Ireland, Greece and Romania.

Payzone Hellas is the largest mobile phone top-up network in Greece with over 11,000 POS terminals installed processing annually some 30 million transactions. Payzone Hellas also pioneered bill payment & prepayment services for utilities and service providers in Greece and is the only independent organization in Greece other than banks to provide such services. Corbett Keeling and First Athens worked together as members of Globalscope Partners to initiate the opportunity and advised on the sale of the Greek business.

“We were delighted to be introduced to Duke Street, owners of Payzone Group, by our UK partners Corbett Keeling and were ideally placed to advise on the sale of their Greek subsidiary to OPAP. This transaction demonstrates how the Globalscope Partners work together to provide their clients with the best possible corporate finance advice on a worldwide basis.”

Takis Solomos, Founding Partner of First Athens

Service
Sector
Year
2014
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Bestinvest

Corbett Keeling is pleased to announce that it has successfully advised its client, the wealth manager Bestinvest, on the sale of its insurance broking subsidiary, Lovat Insurance Brokers, to Towergate Insurance.

Bestinvest, provides investment advice, financial planning and execution-only services predominantly to private individuals. Lovat is a corporate insurance broker based in Tunbridge Wells, Kent.
Jim Keeling, Joint Chairman at Corbett Keeling, who led the transaction, commented: “The sale of Lovat Insurance Brokers has enabled Bestinvest to divest a non-core asset, whilst enhancing acquirer Towergate’s regional coverage and strengthening its relationships in the South East of England. This is yet another example of Corbett Keeling advising on the successful sale of a business where clear value was created for all parties.”

“Corbett Keeling executed this transaction for us with a high level of professionalism.”

Peter Hall, Chief Executive of Bestinvest

Service
Sector
Year
2014
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HedgeStart Partners

Corbett Keeling, together with our partner firm Equiteq, advised HedgeStart Partners on the sale of their business to Cordium, a company in which Buy & Build specialist Sovereign Capital is an investor.

Hedgestart was founded in 2000 to offer a range of start-up and on-going outsourced services predominantly to alternative investment businesses. Services include: Corporate Tax; Private Client Tax; FCA Regulatory Compliance; Accountancy & Payroll; and Strategic Consulting. Cordium is a global provider of regulatory compliance consulting and software services to regulated financial services companies.

“There is continuing strong demand for outsourced independent compliance consultancy as a result of increasing financial regulation and investor governance transparency requirements. This acquisition further enhances Cordium's position as a high-quality global provider of regulatory compliance consulting to regulated financial services companies.”

Neil Cox, Director of Sovereign Capital

Service
Sector
Year
2014
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Alpha Financial Markets Consulting

Corbett Keeling and its partner firm Equiteq LLP advised Alpha Financial Markets Consulting, a leading provider of consulting, benchmarking and implementation services to financial institutions in the UK, Continental Europe and globally, on the sale of their business to UK Private Equity group, Baird Capital, in a transaction valuing the company at £28m.

This deal is a good example of the resurgence of Private Equity (“PE”) interest in consulting firms with a strong growth history. Alpha attracted 8 offers from the PE community and the shareholders chose Baird because of the flexibility of the deal structure, the financial resources they could make available and the support that Baird offered the management team in taking the company to the next stage of growth.

“We were very pleased with the support we received from Corbett Keeling and Equiteq. They were very knowledgeable about our industry, helped us build a compelling value case for an investment by Baird, and managed our process very effectively and diligently to achieve an excellent result for all.”

Nick Kent, former CEO and now vice-Chairman of Alpha

Service
Sector
Year
2013
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Cantab Asset Management

Cantab Asset Management, the firm of independent financial advisers formerly known as Saunderson Asset Management, acquired Hodgson & Faraday, a fellow financial advisory firm.

Corbett Keeling introduced the opportunity to Cantab and advised on the terms of the transaction.

“Corbett Keeling identified and introduced us to Hodgson & Faraday as a suitable acquisition target. They then provided valuable input in the negotiations to help us complete the transaction.”

David Saunderson, Controlling Shareholder in Saunderson Asset Management

Service
Sector
Year
2011
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Cordium

Cordium (previously known as IMS Consulting), a provider of consulting and business support services for the wholesale asset management and securities sector, was sold to an investor led management team comprising both existing and new directors.  The Buy-in Management Buy-out, or “BIMBO”, was backed by Sovereign Capital.

Corbett Keeling advised Scott Wilson, the founder of IMS, and his co-shareholder, on the strategy for the sale of their business and on the execution of the transaction.

HCML

HCML, the UK’s leading independent provider of professional rehabilitation, case management and employment services to the insurance industry, solicitors and corporate clients, undertook a secondary management buy-out from 3i.

Corbett Keeling advised Helen Merfield, CEO and founder of HCML on all aspects of the buy-out, including arranging funding, agreeing terms and managing the whole process on behalf of the management team.

 

“Corbett Keeling were a breath of fresh air - they came highly recommended and I can see why. We were a young management team with no experience in selling a business or trying to achieve an MBO and it was initially quite daunting. Their approach was personal and it really felt like they were not only on our side but totally supporting us, ensuring we understood each step and what we could achieve. It was largely due to them that we achieved the MBO we wanted. I wouldn’t hesitate to recommend them to anyone and have already done so.”

Helen Merfield, CEO, HCML

Service
Sector
Year
2008
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Efficio

Efficio, a management consultancy focused on procurement and supply chain optimisation, secured a debt financed equity release in order to provide funding for its shareholders.

Corbett Keeling advised Efficio on this fund raising against a very tight time-frame.

 

“Corbett Keeling came up with solutions for us where others could not find them. Their access to funding is excellent and their determination to get the deal completed in a tight time-frame was vital in achieving a successful outcome. What is more, we thoroughly enjoyed working with them.”

Jans Pederson, CEO, Efficio

Service
Sector
Year
2008
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Tysers

Tysers, a provider of insurance and reinsurance brokerage services, was sold to its management team in a funding and share re-structuring led by Christopher Spratt as Chairman and Chris Elliott as Chief Executive.

Corbett Keeling advised on all aspects of this management buyout and shareholding restructuring, including advising the outgoing shareholders on the sale of their shares, the new shareholders on the acquisition of their shares, the company on the raising of finance and the terms of the transaction and managing the process throughout.

 

 

“Beyond the professionalism and expertise, which is easily taken for granted, Corbett Keeling brings a remarkable talent for managing Buyer's and Seller's expectations throughout the process of putting a deal together. This is an essential ingredient for a successful MBO.”

Christopher Spratt, Chairman, Tysers

Service
Sector
Year
2007
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Allco Finance Group

Financial conglomerate Allco completed a merger and listing on the Australian Stock Exchange.

Corbett Keeling advised shareholders on the valuation of the business.

Service
Sector
Year
2007
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CBS Insurance Holdings

CBS Insurance, a provider of non-life insurance services, sold its subsidiaries CBS General Partner and CBSICP Capital.

Corbett Keeling advised CBS Insurance on the sale of these businesses.

Service
Sector
Year
2006
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Towry Law Insurance

Towry Law Insurance was sold by Towry Law plc to its management team, led by Martin Wright. The MBO was funded by Broker Network plc, a trade investor.

Corbett Keeling advised the management team on finding and structuring the financing and on the design and terms of this highly unusual “trade-backed management buy-out” transaction.

 

 

“The team at Corbett Keeling was imaginative and resourceful in finding the best possible investor to finance the management buy-out of Towry Law Insurance Brokers. They also played a crucial role in negotiating with the vendors and providing general guidance on the legal and financial intricacies of the deal. They were always available and responsive. It was a pleasure to work with them.”

Martin Wright, Corbett Keeling's Client and Leader of the Management Buy-out team

Service
Sector
Year
2006
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Find.co.uk

Find.co.uk, one of the UK’s leading consumer finance portals, was sold to a management team backed by Electra Quoted Management and FF&P Private Equity.

Corbett Keeling advised the management team on the entire process, including raising finance, structuring the transaction and negotiating terms.

Service
Sector
Year
2005
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Opus Holdings

Opus Holdings Limited, a regional insurance broking and group benefits consultancy business, backed by Bridgepoint Capital and Royal Bank of Scotland, was sold to Willis, the global insurance broker.

Corbett Keeling advised the Opus management team on its strategy for selling their business and the terms obtained.

 

 

“Corbett Keeling advised us on restructuring the funding of Opus Holdings. They were particularly helpful in discussions between the company, its private equity backers, and its senior debt and mezzanine funding providers. They then advised management on exit strategies which led to a successful exit from the business.”

Bob Bareham, Finance Director, Opus Holdings

Service
Sector
Year
2004
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Glencairn

Glencairn Ltd, an insurance broker, was acquired by its management from Glensure Ltd, a subsidiary of  Glenrand, a South African  provider of risk advisory and financial services.

Corbett Keeling advised the management team of Glencairn on the buyout of their business.

 

“I have worked with Corbett Keeling on a number of projects and the team is always efficient and responsive. Importantly, they have very good access to sources of funds, whether for equity or debt.”

Mark Pattle, Chief Executive of Glencairn

Service
Sector
Year
2004
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Aspace Solutions

Aspace Solutions, a provider of business security solutions and specialist consultancy services to the banking sector, raised equity funding and sold a minority stake to a trade backer.

Corbett Keeling advised Aspace Solutions on this shareholder restructuring and equity financing.

Opus Holdings

Opus Holdings Limited, a regional insurance broking and group benefits consultancy business, refinanced mezzanine and senior debt.

Corbett Keeling advised Opus on this transaction.

“Corbett Keeling advised us on restructuring the funding of Opus Holdings. They were particularly helpful in discussions between the company, its private equity backers, and its senior debt and mezzanine funding providers. They then advised management on exit strategies which led to a successful exit from the business”

Bob Bareham, Finance Director, Opus Holdings

Service
Sector
Year
2003
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Binns & Co

Binns & Co, a financial PR consultant, raised equity funding and acquired Winningtons, a Bristol financial PR business.

Corbett Keeling advised Binns & Co on its fund raising and acquisition.

Opus Holdings

Opus Holdings Limited, a regional insurance broking and group benefits consultancy business, refinanced equity, mezzanine and senior debt.

Corbett Keeling advised Opus on this transaction.

Opus Holdings

Opus Holdings Limited, a regional insurance broking and group benefits consultancy business, refinanced mezzanine and senior debt.

Corbett Keeling advised Opus on this transaction.

“Corbett Keeling advised us on restructuring the funding of Opus Holdings. They were particularly helpful in discussions between the company, its private equity backers, and its senior debt and mezzanine funding providers. They then advised management on exit strategies which led to a successful exit from the business.”

Bob Bareham, Finance Director, Opus Holdings

Service
Sector
Year
2001
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Apollo Underwriting

Apollo Underwriting Ltd,  an agency that manages a Lloyds of London syndicate specialising in marine insurance, was acquired by Munich Re AG, the German insurer, from Stewart Underwriting Plc, an underwriting agent at Lloyds of London.

Corbett Keeling advised on this transaction.

Service
Sector
Year
1997
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Alwen Hough Johnson

Alwen Hough Johnson, the insurance broker, sold its aviation department to The Sedgwick Group.

Corbett Keeling advised on this transaction.

Service
Sector
Year
1997
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Advent Capital

Advent Capital, an insurance underwriter, raised equity funding by way of a rights issue.

Corbett Keeling advised Advent Capital on this transaction.