Michael Taylor
Editor of North West Business Insider
In Focus: The Age of Asia
Michael Taylor looks at the role of Manchester-based DC Advisory Partners in the sale of BWA.
The North West corporate finance community prides itself on its tight collegiate spirit and a readiness to support one another with referrals and instructions.
That works very well when the local business base is selling assets to another, or exiting an investment. Local advisers are able to introduce private equity investors into clients and can usually manage to operate an auction without too much upset.
But how does this reasonably harmonious model work when deals are done off-market? And how does it work when the deal being done increasingly involve international trade buyers?
I was discussing these issues recently with Richard Pulford of DC Partners. To be fair to him, despite coming from PWC he doesn’t have the network to compete against the likes of Deloitte, Altium and Rothschild when a private equity deal hits the block.
But his corporate finance business is owned by a Japanese bank. It is plugged into networks in the Far East that are hovering over western assets.
The latest example is his work with Berwind on the acquisition of BWA, the Trafford Park based water additives business that was sold by a Middle East investor.
So how did he do it?
"Using our local relationships, sector and international network, we were able to identify that Seera would be sellers of the business at the right price and that BWA suited Berwind's investment objectives.
"We were able to introduce the parties outside a formal process and bring the transaction to a successful conclusion."
But what does it mean for the future direction of deals in the local market? He's adamant that those lawyers and advisers, him included, that can grasp the motivations and ambitions of the internationally focused corporate will do well.
"This is a great transaction for the local market, with the Manchester offices of Eversheds advising Berwind and Addleshaw Goddard advising BWA." he said.
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About Michael
Michael Taylor joined Insider in 2000 when he became editorial director. He has been responsible for overseeing the significant growth of the editorial division in this time.
Michael has played a major role in the development of Insider events, insiderbusiness.tv and is a regular contributor to BBC Radio Manchester. During his tenure as Editor of the multi-award winning North West Business Insider Magazine he has made the magazine market leader in the North West.
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