Midlands dealmakers advise on £35m acquisition
Who?
Dealmakers in the East Midlands Lloyds TSB Corporate Markets team and a handful of other local advisers.
Did what?
Have supported the recent £35m buyout of AMTECH Group from HSBC Private Equity UK.
What does this mean?
AMTECH, the producer of software solutions and data service products for the electrical and mechanical building services industry, was bought by Primary Capital. Lloyds TSB Corporate Markets acquisition finance, represented by Andy Taylor and Paul Whitehouse, provided a £15m senior debt package to support the buyout. Amtech has offices in Birmingham and Nottingham.
Who advised?
Midlands-based advisers that worked on the deal include Matthew Heaton at Pinsent Masons, acting as legal advisers to Lloyds TSB Corporate Markets acquisition finance, Dougal Baxter at BDO, which undertook financial due diligence for Primary, and Catherine Eley of Eversheds, the legal advisers to the vendor, HPE.
Insider comment:
Primary was awarded exclusivity after a competitive auction process, with high deliverability cited as a determining factor. The deal was led and structured by Rob Foreman, Alistair Armstrong and Peter Jacobs at Primary. Jacobs, an investment director with Primary, joins the Amtech board as non-executive director. The transaction represents Primary’s sixth deal in the software and IT services space in recent years and the sixth investment in its current Primary III fund.
HPE led the original buyout of AMTECH in July 2006, backing Mark Tindall and his management team.
