Corbett Keeling and Debevoise & Plimpton host insurance industry round-table
A lunchtime gathering of the insurance industry hosted by Corbett Keeling and Debevoise & Plimpton, in the City, London, had a focused discussion on the issues facing Managing General Agents, with underwriters giving them delegated authority and investors looking to buy and/or build an MGA.
Three main topics were covered:
- Regulation and Structure
- Human Capital
- Buying an MGA
To read more about what was discussed by leading experts in the insurance sector, please read the full press release : Debevoise & Plimpton/Corbett Keeling Round-table discussion – issues facing MGAs
Sale of leading information and conference business
Corbett Keeling announces that private equity investor Alcuin Capital Partners (Alcuin) has acquired a majority stake in Applied Market Information Ltd (AMI) from its original founders and shareholders whom Corbett Keeling advised.
With offices in the United Kingdom and North America, AMI is a leading provider of information services to the global plastics industry through syndicated reports, databases, digital magazines, consulting and conferences. The company has grown steadily since it was founded in 1986. This year the company will hold over 40 conferences for the plastics industry in Europe, the USA and the Far East – more than any other competitor world-wide.
The team at Corbett Keeling, led by Jim Keeling, Francois Barou and Matt Dixon, advised the founders of AMI on the investment by Alcuin, which completed on 22 May 2015. The founders will continue to be actively involved in the business and have retained a significant minority stake.
Mark Storey, partner at Alcuin, said: “We are delighted we were introduced to AMI by Corbett Keeling and are now investing alongside the current directors to support the continued success of AMI. This is a dynamic business that has a very strong reputation in the plastics industry for the quality of the information it provides and the events that it organises. Alcuin has always targeted ambitious, growth companies with the ability to compete on a global basis and AMI definitely fits the bill.”
Andrew Reynolds, co-founder and director of AMI, said: “We really welcome the opportunity of joining Alcuin and moving the company forward in the next stages of its development. To arrive at this point we were advised over a period of months by the team from corporate financiers, Corbett Keeling; many thanks to them for getting what we believe was the best result from the best buyer for our business.”
John Horgan, co-founder and director of AMI, added: “Not only was Corbett Keeling’s advice always timely, to the point and in our best interest but, crucially, they had outstanding knowledge and understanding of the potential buyers, whether trade or financial and UK or overseas.”
Chris Longman of Challenge Energy shares with family businesses what it is really like to sell your business
At the “Succession or Sale” conference put on by Family Business Place in Yorkshire in May, Jim Keeling interviewed Chris Longman, who recently sold Challenge Energy, the business he and his wife, Denise, had built up with their co-founders Nick and Sue Hooke. Chris explained how he and his fellow shareholders, having received various approaches for their business over the past couple of years, finally reached the decision to sell. In a frank and honest interview, he described the process involved and the various hurdles that had to be jumped before the deal was finally signed. He closed by outlining how Corbett Keeling had been able to steer the transaction to enable them as selling shareholders to get the highest price from the best bidder.
As one guest commented “What always makes Family Business Place events like this really special is that the speakers are completely honest and open with their stories. It’s stuff that comes from their years of hard work at the helm of a family firm, great business advice based on real experience – it’s stuff you can’t find on Google.”
Key topics currently affecting sale values of private equity backed businesses
Our latest edition of Private Equity Director, the newsletter for executive directors of private equity backed enterprises, looks at some of the key topics currently affecting sale values of private equity backed businesses. In summary:
- While deal value couldn’t match the fast pace of the final three months of 2014, with values remaining resilient and strong volume numbers for the higher-value segment of the market, we remain confident in the outlook for the rest of 2015 (pages 2 to 3)
- With the use of warranty and indemnity insurance on the rise, we look at the state of the market and outline some key considerations, particularly for vendors of private equity backed businesses (pages 4 to 5)
- As the runners and riders jostle for position ahead of the General Election, we assess what the possible implications might be both for the UK economy and for financial markets (pages 6 to 7)
UK M&A remains resilient – our latest commentary on private equity deal activity
Our latest analysis of transactions among UK private equity backed businesses suggests M&A activity in the sector is remaining resilient. There has been a slight deceleration in both the volume and value of transactions but levels remain positive and our survey of market conditions, supported by our own experience, suggests sentiment remains broadly positive despite uncertainty about May’s general election.
Interestingly, a majority of those surveyed thought secondary buy-outs would continue to increase in importance as a deal source while the sale of family and privately owned businesses is also expected to be a growing source of deals with owners tempted into transactions by strong valuations.
Global average TEV/EBITDA multiple dipped slightly to 9.1 in the second half of 2014
Corbett Keeling is delighted to announce the latest edition of the Globalscope Newsletter, providing global market intelligence on:
- Global business valuation trends
- Sector specific commentary on Consumer, Financial Services, Life Sciences, Industrials, Services and TMT
Based on an analysis of 20,421 transactions in the six months to December 2014, of which 23% were categorised as cross-border, the global average Lower-Mid Market Transactions TEV/EBITDA Multiple has dipped slightly to 9.1 following a previous high in 2014 H1 at 9.2.
Succession or Sale for Britain’s family-run businesses? Join us at a conference on 19th May
Whether you have already outlined a clear path for your next generation, are toying with the idea of selling your company (either to another business or to your employees) or you just want to hear more about the different options, the Family Business Place Northern Conference offers a fantastic opportunity to learn more about the variety of exit options available to family business owners. Jim Keeling of Corbett Keeling is delighted to be joining an impressive line-up of guest speakers, including Sir Ken Morrison CBE, who will be sharing their experiences and giving invaluable insights into their own family business journey. They will be covering some of the hottest topics facing family businesses today, including:
- Passing the family business down to the next generation
- Selling the business to extract maximum value
- The ‘Employee Ownership’ model as an alternative exit strategy
- The process of creating a Family Charter and implementing a governance structure
If you would like to join us at the conference in Leyburn, Yorkshire, on Tuesday, 19th May, please contact Jim Keeling.
The UK housebuilding sector broke new ground on 13 occasions in Q1
In its quarterly review of the UK housebuilding sector, Corbett Keeling’s associate, Building Value, reports that the sector rose 10% in Q1 and broke new ground on 13 occasions – most recently on 25 March at a record £26 billion.
Building Value – Housebuiding Sector – 2015, Quarter One
Globalscope Partners enjoy unique insight into the ASEAN region at their 17th conference in Jakarta
Globalscope Partner’s 17th semi-annual conference, which was held at the newly opened Raffles Hotel in Jakarta, provided partners of Corbett Keeling’s international M&A network with unique insight into opportunities in the ASEAN region. The 5 day conference which, this year, incorporated a new segment, co-hosted by KADIN, the Indonesian Chamber of Commerce, welcomed numerous local and ASEAN industry leaders to meet with Globalscope delegates and discuss potential cross border investments.
During the conference, Globalscope was delighted to welcome two new member firms, both leading M&A advisors in their respective countries:
- Impello Management AS, from Norway
- Tomkins Turner, from Australia
The next Globalscope conference will be held in Tel Aviv in October 2015.
How to maximise value when selling your business
Corbett Keeling was delighted to host some 40 business owners at a seminar on preparing a business for sale and the sale process itself. Held in conjunction with international law firm Hogan Lovells, bankers Kleinwort Benson and PE Director, the newsletter for directors of private equity backed businesses, the seminar focused on key steps to take in order to maximise value when selling your business.
Over breakfast, Jim Keeling, Chairman and Chief Executive of Corbett Keeling discussed issues such as:
- how to build value in your business in the period leading up to a sale
- how to decide on the most appropriate exit route, including dealing with single or multiple buyers
- the choice of buyers, whether domestic or overseas, trade or financial, or in your or an adjacent sector
- the sale process itself, including how best to present your business so its value to buyers is maximised
There was also specialist input from Hogan Lovells covering key legal and tax aspects of a sale and from Kleinwort Benson outlining the practical steps owners should take to prepare themselves for being wealthy.