We have a particular focus on selected sectors and provide specialist services, often as an integral part of advising on a management buy-out or sale of a business:
SPECIALIST SERVICES
- protecting or improving the position of particular stakeholders – whether equity or debt
- equity and debt restructurings
- development capital and acquisitions, including contested takeovers, recommended bids and making investments
- situations governed by the City Code on Takeovers and Mergers (‘the Code’)
- independent adviser to quoted companies
- valuations
- expert witness
Our clients comprise private equity owned businesses, owner managed companies, publicly listed companies, stakeholders in companies and prospective acquirers of businesses including management teams.
“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, BACKED BY BRIDGEPOINT CAPITAL LTD AND THE ROYAL BANK OF SCOTLAND
“Corbett Keeling advised us on a series of transactions, including a de-merger and two investments, leading to the successful disposal of Chivers. The service provided was always to the highest standard, with integrity, commitment and continuity.”
SIMON GIBBS, MANAGING DIRECTOR OF CHIVERS COMMUNICATIONS
“Simon Keeling acted as our expert witness in a very complex professional negligence action. We asked him to consider a number of fund-raising matters, including the way in which one would go about attracting investment into a substantial overseas telecoms project. Simon’s input – in particular, his ability to translate arcane issues into comprehensible reports to be placed before a Court – was most impressive and was greatly appreciated by both the client and the legal team.”
TIM BULLIMORE, PARTNER, SQUIRE & CO, SOLICITORS
“We have been deeply impressed by the integrity, tenacity and intellectual quality of your actions … your commitment and time input have been impeccable … working with you has been a first class experience and your support has been much appreciated … I hope we can continue a business relationship in the future.”
DOUGLAS BLAUSTEN, MANAGING DIRECTOR, OAKBURN PROPERTIES PLC, COMMENTING ON CORBETT KEELING’S ROLE IN THE BUY-OUT OF OAKBURN IN A CONTESTED TAKEOVER
“Corbett Keeling advised Linguaphone on raising development capital over three successive funding rounds. It was the lead financial adviser on these transactions, providing necessary continuity throughout and ensuring a good balance of shareholders.”
GORDON POWER OF INFLEXION LTD, ONE OF LINGUAPHONE’S PRINCIPAL INSTITUTIONAL BACKERS
Specialisations | Sectors & services
Sector specialisations
In many transactions, Corbett Keeling’s corporate finance skills can be applied equally effectively, regardless of whether or not it has in-depth knowledge of the industrial or service sector in which its client operates. However, its directors and associates have experience of working in all major sectors and, where appropriate, the firm includes sector specialists – drawn from within or outside Corbett Keeling – in its advisory teams. Sector specialists are supported by a core of highly experienced corporate finance specialists:
Click below for further details of Corbett Keeling's sector expertise:
Engineering / Industrials / Tech
Consulting / Business Services
Click here for Corbett Keeling's latest reviews of sector activity.
Other transactions requiring the corporate finance advice which Corbett Keeling provides include the following:
Protecting or improving the position of particular stakeholders – equity and debt restructurings
Companies may have multiple forms of capital, including different classes of ordinary shares, preference shares, options, warrants, mezzanine funding and senior debt. In some cases, management teams or other stakeholders may have special rights through ratchet and similar mechanisms. There will be times when the interests of the holders of each class of capital are not aligned. In this case, Corbett Keeling represents the members of one particular class ensuring the best possible result for them is achieved.
Companies sometimes need to restructure their capital because trading is not going as well as planned – in which case they may ask debt providers to convert their loans to equity. Alternatively, if trading is going well, they may seek to re-finance expensive equity funding by raising cheaper debt to repay part or all of the equity. Corbett Keeling has in-depth knowledge of the requirements of debt and equity providers in these circumstances and guides its clients through restructurings, making introductions to sources of funding as appropriate.
Development capital
Development capital may be required for a variety of different types of opportunity, triggered by market, technological or management change. In other situations, there may be an opportunity to turn a business around following a period of difficulties, or the opportunity for growth may be the product of far-sighted decisions that have positioned a business in a new, expanding market - for example where it has the opportunity to acquire competitors in a buy and build strategy.
Extra cash will often be the key to unlocking the future potential and making the most of the opportunity. Corbett Keeling understands the issues involved and the timescales to which management is often operating in such circumstances. Whatever the reason for a fund-raising, Corbett Keeling has the ability and experience to help growing companies with attractive prospects raise the funds they need to satisfy their objectives.
Acquisitions and investments, including contested takeovers and recommended bids
Great care needs to be taken in finding, assessing, negotiating and completing acquisitions. Corbett Keeling helps clients in all of these steps. With its wide range of access to sources of funds, it is also able to arrange acquisition finance on behalf of its clients.
Where a business is making an investment in a new project, it will need to evaluate the risks and rewards of that investment. If the proposal involves material expenditure, a formal board paper and associated approvals may be required. Corbett Keeling assists in this process and helps ensure that a rigorous approach is taken to evaluating the opportunity.
Where a target company falls under the regulation of the City Code on Takeovers and Mergers – broadly where it is a public limited company or has issued a prospectus in the preceding ten years – Corbett Keeling deals, on behalf of its clients, with the Panel on Takeovers and Mergers, which issues the Code, and steers its clients through the steps that need to be taken on the way to making a bid.
Other situations governed by the City Code on Takeovers and Mergers (‘the Code’)
The Code is designed principally to ensure fair treatment of all shareholders in relation to takeovers, but also applies in certain situations where a takeover is not intended or does not happen. For example, if a shareholder or group of shareholders increases its stake in a company to more than 30%, it may need a ‘whitewash’ under the Code in order to avoid being compelled to bid for the company. Corbett Keeling advises its clients and prepares the documentation required by the Panel on Takeovers and Mergers in these situations.
Quoted companies - independent adviser
Corbett Keeling acts as independent adviser to quoted companies and those seeking to obtain a quote via an initial public offering ("IPO"). In this respect, it is independent in a way that is not possible for a Nominated Adviser for the purposes of the Alternative Investment Market as the Nominated Adviser has responsibilities to the London Stock Exchange as well as the client, or a stock broker which has client relationships with investors as well as the business receiving advice on how to raise funds.
When advising companies on an IPO, Corbett Keeling assists with all aspects of the process from preparation and the decision to carry out the IPO to evaluation of pricing achieved in the IPO and admission to the relevant Stock exchange. In some instances, it will advise its client to adopt a twin track process in order to evaluate as precisely as possible the relative merits of IPO versus trade sale.
Valuations
Valuations may be required for tax purposes, to settle an arbitration or simply to enable the owners of a business to decide what strategic direction to take – for example whether or not to commence a sale process. Corbett Keeling's principle activities, whether buying, selling or raising money almost always involve forming a practical view on valuation. The firm is therefore very well placed to provide valuation advice as and when needed by its clients.
Expert witness work
Corbett Keeling's expertise in its chosen field within corporate finance is such that members of the firm have been called to act as expert witness in cases relating to these activities. As the members of the team are all highly experienced – with a minimum of 20 years each in business – they are particularly well placed to carry out this role.