Clearwater advises €1bn worth of deals
Birmingham-based Clearwater Corporate Finance has advised on 31 deals in the past year with a total value of more than €1bn (£873.7m). The firm said it recorded a “landmark” final quarter during which 13 deals were completed.
Clearwater said the results suggest a revival of activity in the private equity sector, and a huge increase in overseas deals. About 80 per cent of trade sales went to cross-border buyers, said the firm.
Phil Burns, managing partner at Clearwater in Birmingham, said: “At a time of low GDP growth, corporates are looking to expand revenues and market share through acquisition opportunities. However, the revival in M&A activity is great news for the Birmingham’s financial and professional community, but also indicates that confidence is gradually returning to the wider economy.”
In the financial year ending 31 March 2011, Clearwater advised on 31 deals with a total value of just over €1bn and an average deal size €32m (£27.9m).
Key deals for the firm included the €188m (£164.2m) pan-European management buyout of pet food manufacturer Provimi Pet Food; the £100m fundraising for start up house building company, London Square and the £45m sale of Teaching Personnel.
Of the 31 deals completed, the support services sector was the most active with ten transactions followed by the chemicals and consumer sectors with five deals each.
