Transactions
Sale of Punter Southall Aspire Employee Benefits Division to Foster Denovo
Craven Street Capital has advised Punter Southall Aspire on the sale of its Employee Benefits division to Foster Denovo Group.
Size of Transaction: Undisclosed Date of Announcement: November 2023 Status: Announced
Vidett / 20-20 and PSGS
Craven Street Capital has advised Intermediate Capital Group, Punter Southall Group and management on the merger of 20-20 Trustees and Punter Southall Governance Services to create Vidett.
Size of Transaction: Undisclosed Date of Announcement: February 2023 Status: Closed
Sale of Camradata Analytical Services to With Intelligence
Craven Street Capital acted as Financial Adviser to Punter Southall Aspire Limited on its sale of Camradata Analytical Services Limited to With Intelligence, an Intermediate Capital Group portfolio company.
The acquisition is expected to enhance With Intelligence’s offering by enabling institutional investor clients to access and assess more than 5,000 investment products offered by over 700 asset managers.
Size of Transaction: Undisclosed Date of Announcement: January 2023 Status: Closed
Acquisition of ATEB Compliance and ATEB Suitability by Thistle Initiatives
Craven Street Capital advised Thistle Initiatives on its acquisition of regulatory compliance business ATEB Business Solutions, and suitability software business ATEB IT Solutions
Size of Transaction: Undisclosed Date of Announcement: November 2022 Status: Closed
Sale of UIA renewal rights to Uinsure
Craven Street Capital advised UIA Mutual on its strategic options and subsequent sale of renewal rights to Uinsure.
Size of Transaction: Undisclosed Date of Announcement: September 2022 Status: Closed
Sale of Thistle Initiatives to Copper Street Capital
Craven Street Capital advised Thistle Initiatives on its majority sale to Copper Street Capital to create a market-leading regulatory compliance group
- Thistle Initiatives has a strong reputation in the UK regulatory compliance sector and is looking to grow the core business by adopting an acquisitive growth strategy in partnership with Copper Street
- The selling shareholders will retain a minority share in the new group
Size of Transaction: Undisclosed Date of Announcement: October 2022 Status: Closed
Sale of Origo Services to Vespa Capital
Craven Street Capital acted as the sole corporate finance adviser to Origo Services and its shareholders on its sale to Vespa Capital .
Size of Transaction: Undisclosed Date of Announcement: May 2022 Status: Closed
Recommended cash offer for Nucleus Financial Group by James Hay
Craven Street Capital acted as joint financial and Rule 3 adviser to Nucleus Financial Group on a £145m recommended cash offer from James Hay Holdings.
Size of Transaction: GBP 145 million Date of Announcement: July 2021 Status: Closed
£40m sale and leaseback for Rutherford Health by Equitix
Craven Street Capital were the introducers in respect of a £40 million sale and leaseback of Rutherford’s Newport facility
Size of Transaction: GBP 40 million Date of Announcement: March 2021 Status: Closed
£25m financing facility for Guardian from Scottish Friendly
Craven Street Capital advised Guardian Financial Services on securing a £25m financing facility from Scottish Friendly Assurance Society. The facility will be used to accelerate the continued growth of the business
Size of Transaction: GBP 25 million Date of Announcement: November 2020 Status: Closed
Rutherford Diagnostics £55m development
Craven Street Capital advised Rutherford PLC and Rutherford Diagnostics on securing a £55m development framework agreement with Equitix Limited.
- Proceeds used to fund a network of new diagnostic facilities in the UK
- Provided assistance in relation to the investor identification, structuring of the transaction, documentation negotiation, and development of the business plan
Size of Transaction: GBP 55 million Date of Announcement: June 2020 Status: Closed
Management buyout of Complete Cover Group with assistance from Sun Capital Partners
Craven Street Capital advised the management of Complete Cover Group (“Complete Cover”) on their management buyout with Sun Capital Partners (“Sun Capital”).
- Complete Cover is a specialist motor insurance group of scale – providing integrated distribution, underwriting and claims solutions
Size of Transaction: Undisclosed Date of Announcement: January 2020 Status: Closed
Acquisition of BDO’s Employee Benefits Business by Punter Southall Aspire
Craven Street Capital advised Punter Southall Aspire (“Aspire”) on acquisition of the employee benefits business of BDO.
Size of Transaction: Undisclosed Date of Announcement: October 2019 Status: Closed
Acquisition of FFI Holdings PLC by 777 Partners LLC
Craven Street Capital advised 777 Partners LLC (“777”) on its recommended cash offer for the entire issued share capital of FFI Holdings PLC (“FFI”).
- FFI is a world leader in providing production, financing, evaluation and monitoring services to the entertainment industry, and has a respected and trusted brand
- Following the offer, 777, together with its concert party members, holds 89% of the ordinary shares of FFI, and the admission of FFI shares to trading on AIM has been cancelled
Size of Transaction: GBP 39.5 million Date of Announcement: July 2019 Status: Closed
Lifetime mortgage and purchase agreement for Trans Atlantic Lifetime Mortgages with OneFamily
Craven Street Capital advised Trans Atlantic Lifetime Mortgages Limited (“TAMI”) on the establishment of a lifetime mortgage (“LTM”) origination and purchase agreement with OneFamily Lifetime Mortgages Limited (“OFLM”).
- The product contains features that the incumbent LTM lenders, regulated by Solvency II, are not able to offer, filling an unmet borrower demand and receiving a positive response in the market
- Financing for TAMI has been arranged with Leadenhall Capital Partners (“LCP”) as part of the transaction
Size of Transaction: Undisclosed Date of Announcement: March 2019 Status: Closed
Sale of Punter Southall Health and Protection to Howden, part of the Hyperion Insurance Group
Craven Street Capital advised Punter Southall Group (“PSG”) on the sale of Punter Southall Health and Protection (“PSHP”) to Howden Broking Group Limited (“Howden”), part of Hyperion Insurance Group Limited (“Hyperion”)
- Trade sale exit following a buy and build program comprising four acquisitions over a five and a half year period
Size of Transaction: Undisclosed Date of Announcement: January 2019 Status: Closed
Acquisition of JDP Financial Services Limited by Punter Southall Aspire
Craven Street Capital advised Punter Southall Aspire (“Aspire”) on the acquisition of JDP Financial Services Limited (“JDP”)
- Strategic acquisition to further develop the retail advisory business offering of Punter Southall Aspire
Size of Transaction: Undisclosed Date of Announcement: October 2018 Status: Closed
Acquisition of the Healthcare Consulting Business of XPS Pensions Group PLC by Punter Southall Health and Protection
Craven Street Capital acted as Financial Adviser to Punter Southall Health and Protection Limited (“PSHP”) on its acquisition of the Healthcare Consulting Business of XPS Pensions Group PLC.
- Strategic acquisition bringing together leading experts within the healthcare market
Size of Transaction: GBP 1.25 million Date of Announcement: September 2018 Status: Closed
£140m IPO of Nucleus Financial Group on AIM market of the London Stock Exchange
Craven Street Capital acted as Financial Adviser to Nucleus Financial Group PLC (“Nucleus”) on its successful restructuring and IPO on to the AIM market of the London Stock Exchange. Nucleus floated with a market capitalisation of GBP 140 million and successfully raised GBP 32 million.
- Provided financial advice to the company to simplify the capital structure, in order to make it suitable for flotation
- Provided financial advice in relation to the IPO process
- Managed a large shareholder base with differing investment criteria
Size of Transaction: GBP 140 million Date of Announcement: July 2018 Status: Closed
Recommended Cash Offer for Mytrah by Raksha Energy
Craven Street Capital advised Raksha Energy Holdings Limited (“Raksha”) on its recommended cash offer for Mytrah Energy Limited (“Mytrah”). Raksha is backed by Ravi Kailas, the Chairman of Mytrah, with funding provided by Credit Suisse AG, Singapore Branch.
- Mytrah is a large independent power producer in the Indian renewable energy sector, with a portfolio of 1,743 MW of installed and under construction renewable energy projects across nine Indian states
- Following the offer, Raksha, together with its affiliates, holds 93.3% of the share capital of Mytrah, and the admission of Mytrah Shares to trading on AIM was cancelled
- Raksha obtained a £34.25 million term loan facility from Credit Suisse AG, Singapore Branch to support the offer
Size of Transaction: GBP 78 million Date of Announcement: June 2018 Status: Completed
Acquisition of Focus Oxford LLP by Punter Southall Aspire
Craven Street Capital advised Punter Southall Aspire (“Aspire”) on the acquisition of Focus Oxford LLP (“Focus”)
- Strategic acquisition to enable Punter Southall Aspire to develop its retail advisory business offering and offer a fully integrated financial advice service
Size of Transaction: Undisclosed Date of Announcement: December 2017 Status: Closed
Merger of Punter Southall Holdings Ltd and Xafinity plc
Craven Street Capital advised Punter Southall Group (“PSG”) on the merger of its actuarial consulting, pensions administration and investment consulting businesses with Xafinity plc. The merger was conducted along with the simultaneous acquisition by PSG of HR Trustees from Xafinity.
- Creation of the largest “pure-play” pensions consultancy firm in the UK and an alternative to the Big Three in the pensions consultancy sector
- Creation of a clear independent trustee market leader in the UK
- Complex deal structure which included simultaneous acquisition and disposal along-side a debt raise and placement and open offer
Size of Transaction: GBP 153 million Date of Announcement: December 2017 Status: Closed
IPO of Sabre Insurance Group on the LSE
Craven Street Capital acted as Financial Adviser to the Executive Directors and the Senior Managers of Sabre Insurance Group PLC on its successful IPO on the London Stock Exchange. The proceeds from the IPO will be used to purchase the Topco Preference Shares, which are 99.9 per cent. owned by funds advised by BC Partners LLP
- Provided independent advice to the Executive Directors and the Senior Mangers throughout the IPO process
- Priced at 230 pence per share, giving the company a market value of GBP 575 million (USD 771 million) at the start of conditional trading
Size of Transaction: GBP 575 million Date of Announcement: December 2017 Status: Closed
Arrangement of Bridge Financing Facility for Green City Energy AG
Craven Street Capital advised its client Green City Energy AG in securing a bridge financing facility to be used to fund the construction of photovoltaic and hydropower plants in France.
- Provided assistance in relation to the investor identification, structuring of the transaction, documentation negotiation, and independent pricing advice
Size of Transaction: Undisclosed Date of Announcement: July 2017 Status: Closed
£184m Capital Raise for Gryphon Group
Craven Street Capital advised a pre-revenue UK Life Insurer, Gryphon Group Holdings Limited, on raising £184 million in committed capital in the form of equity, mezzanine, senior debt and financial reinsurance facilities.
- Provided assistance in relation to project and independent due diligence management, documentation negotiation, investor identification and independent pricing advice
- Complex deal structure
Size of Transaction: GBP 184 million Date of Announcement: January 2017 Status: Closed
Acquisition of UK Insurance Carrier by Guardian from Swiss RE
Craven Street Capital advised Gryphon Group Holdings on the acquisition of Guardian Financial Services from SwissRe
- Full details to be announced in the near future
Size of Transaction: Undisclosed Date of Announcement: December 2016 Status: Closed
Investment in Quai Administration Services by Punter Southall Aspire
Craven Street Capital advised Punter Southall Aspire (“Aspire”) on the investment into Quai Administration Services Limited (“Quai”)
- Strategic partnership to assist Punter Southall Aspire to transform the way employees engage with workplace saving
Size of Transaction: Undisclosed Date of Announcement: October 2016 Status: Closed
Investment in Future Kings by Punter Southall Aspire
Craven Street Capital advised Punter Southall Aspire (“Aspire”) on the investment into Future Kings Limited (“Future Kings”)
- Strategic partnership to assist Punter Southall Aspire to improve the services that it provides to its workplace pensions and savings clients
Size of Transaction: Undisclosed Date of Announcement: September 2016 Status: Closed
Sale of a 48MW UK Solar Power Plant by Solaer Energias Renovables
Craven Street Capital advised Solaer Energias Renovables on the sale of a 48 MW solar power plant at Eveley Farm. The mandate included:
- Evaluation of different financing and sale options to determine the most attractive solution for the client
- A structured tender process for long-term, inflation-linked project finance debt from UK and international banks
- A structured tender process for the pre-construction sale of the project with a milestone-payment based EPC contract in place
Size of Transaction: Undisclosed Date of Announcement: March 2016 Status: Closed
£30m Secured Loan Facility for Proton Partners International with Shawbrook Bank
Craven Street Capital advised Proton Partners International Limited, a pre-revenue company, on securing a £30 million debt facility from Shawbrook Asset Finance, part of specialist lending and savings bank Shawbrook Bank Limited
- Proceeds used to fund development of the first three UK proton beam therapy and radiation therapy centres
- Provided assistance in relation to project and independent due diligence management, securing of banks facility, documentation negotiation, investor identification and independent pricing advice
- Complex deal structure
Size of Transaction: GBP 30 million Date of Announcement: December 2015 Status: Closed
Acquisition of Ashcourt Rowan Corporate Solutions by Punter Southall Group
Craven Street Capital advised Punter Southall Group (“PSG”) on the acquisition of Ashcourt Rowan Corporate Solutions Limited (ARCS) from the Towry Group
- Strategic Acquisition to almost double the number of defined contribution clients on PSG’s books to 800
- Acquisition will provide an increased presence in the north and north-west of England with offices in Leeds, York and Manchester
Size of Transaction: Undisclosed Date of Announcement: October 2015 Status: Closed
Share Sale and Financing Arrangement by Acorn Group
Craven Street Capital acted as financial adviser to Jersey based finance business, Acorn Group Holdings (“Acorn”), on the share sale and funding agreement
- Strategic investment in a market-leading Jersey based asset and consumer finance business
- Proceeds used to significantly increase the lending book from £36.5 million
Size of Transaction: Undisclosed Date of Announcement: June 2015 Status: Closed
Acquisition of Blacktower Financial Advisors by Punter Southall Group
Craven Street Capital advised Punter Southall Group (“PSG”) on the acquisition of Blacktower Financial Advisors Limited (“Blacktower”)
- Strategic acquisition of a leading employee benefit and private client financial planning company in a fast growing market
- The transaction of the Surrey-based IFA sees PSG’s number of private clients rise by nearly 20 per cent to almost 5,000
Size of Transaction: Undisclosed Date of Announcement: November 2014 Status: Closed
Acquisition of Private Health Partnership by Punter Southall Health and Protection Consulting
Craven Street Capital advised Punter Southall Health and Protection Consulting Limited (“PSHPC”) on the acquisition of The Private Health Partnership (“PHP”)
- Increased PSHPC presence in the north of England
- Strategic acquisition to increase the amount of clients that PSHPC advises on to more than 700 corporate clients and 7,500 SME and personal lines clients, worth more than £150 million in insurance premiums
Size of Transaction: Undisclosed Date of Announcement: July 2014 Status: Closed
£150 Million IPO by River and Mercantile Group
Craven Street Capital advised the newly merged business, River and Mercantile Group, on its listing on the Main Market of the London Stock Exchange
- Provided assistance in relation to project management, appointment of banks and other advisers, investor identification, demerger from parent company and independent pricing advice
- High pressure to complete transaction on a tight timetable, commencing immediately after merger
Size of Transaction: GBP 150 million Date of Announcement: June 2014 Status: Closed
Merger of P-Solve and River and Mercantile Asset Management
Craven Street Capital advised Punter Southall Group and P-Solve Limited (“P-Solve”) on the merger of P-Solve and River and Mercantile Asset Management LLP (“River and Mercantile”)
- Created a unique proposition incorporating asset management, derivitabes and investment advisory
- Complex deal structure which included the acquisition of an LLP
- The merger was intended to be a precursor to an IPO
Size of Transaction: Undisclosed Date of Announcement: March 2014 Status: Closed
Investment in Argentis Financial Group by Punter Southall Group
Craven Street Capital advised Punter Southall Group Limited (“PSG”) on the investment into Argentis Financial Group (“Argentis”)
- Strategic partnership to assist PSG’s financial planning and wealth management businesses to grow further
Size of Transaction: Undisclosed Date of Announcement: March 2014 Status: Closed
Construction Capital Funding and Project Sale by Rurelec
Craven Street Capital was mandated by Rurelec plc, a UK based AIM-listed company, to raise capital to fund the construction of a number of hydro projects in Peru
- Craven Street previously secured a $15 million debt facility for Rurelec, used to fund development of power projects in South America
Size of Transaction: Undisclosed Date of Announcement: January 2014 Status: Closed
Acquisition of AXA Framlington’s Private Client business by Psigma Investment Management
Craven Street Capital was mandated to advise Psigma Investment Management (“PIM”) on the acquisition of the £300m wealth management business of AXA Framlington
- Strategic acquisition to grow the wealth management offering
Size of Transaction: Undisclosed Date of Announcement: July 2013 Status: Closed
$25m Seed Capital Raise for CommEq from Man Group
Craven Street Capital advised CommEq on raising seed capital from FRM, Man Group plc’s fund of hedge fund division
- Seed capital raised to fund CommEq launch an institutional asset management business
- CommEq will seek alpha through its artificial intelligence based prediction engine
Size of Transaction: USD 25 million Date of Announcement: July 2013 Status: Closed
Sale of PSigma Asset Management to Miton Group
Craven Street Capital was mandated by the Punter Southall Group on the disposal of PSigma Asset Management Holdings (“PAM”) to Miton Group plc, a UK based AIM-listed company
- Disposal of a non-core business
Size of Transaction: GBP 13 million Date of Announcement: July 2013 Status: Closed
Acquisition of Enrich Consulting by Punter Southall Health and Protection Consulting
Craven Street Capital advised Punter Southall Health and Protection Consulting Limited (“PSHPC”) on the acquisition of Enrich Consulting
- Strategic acquisition to increase the amount of clients that PSHPC advises on to more than 670 clients, worth more than £100 million in insurance premiums
Size of Transaction: Undisclosed Date of Announcement: March 2013 Status: Closed
Arranged $15.5m Loan Facility for Rurelec from Burford Capital plc
Craven Street Capital advised Rurelec plc, a UK based AIM-listed company, on securing a $15.5 million debt facility Burford Capital plc
- Proceeds used to fund development of power projects in South America
- Provided assistance in relation to project and independent due diligence management, securing of bank facility, documentation negotiation, investor identification and independent pricing advice
Size of Transaction: USD 15.5 million Date of Announcement: August 2012 Status: Closed
Restructuring advice for China Pacific Construction Group
Craven Street Capital was mandated to advise China Pacific Construction Group (“CPCG”), one of the largest private construction companies in China, on a corporate restructuring project with a view to raising equity from international investors
- Provided valuable advice in relation to project management, capital raises, project finance and corporate restructuring
- Created value by helping CPCG achieve their strategic objectives
Size of Transaction: RMB 42 million Date of Announcement: 2010 – 2012 Status: Closed
$21m Share Placement and Capital Raise for PetroAlgae
Craven Street Capital raised capital for the American company PetroAlgae Inc (“PetroAlgae”), a pre-revenue company developing novel processes and technologies to produce feed and fuel from biomass
- Strategic investment in a leading renewable energy company in a fast growing market
- Proceeds used to continue roll out of licenses and continue R&D to maintain lead over competitors
Size of Transaction: Date of Announcement: September 2010 Status: Closed
$120m LSE-Listed Fund Management for PSource Structured Debt
Craven Street Capital managed the PSource Structured Debt Limited (“PSD”) fund and placed secondary offerings
- PSD included over 80 loan and equity investments into small- and mid-sized US corporates
Size of Transaction: Date of Announcement: June 2008 Status: Closed
$30m IPO for PSource Structured Debt
Craven Street Capital structured, listed and managed the PSource Structured Debt Limited (“PSD”) fund
- Fund structuring, broker selection and investor roadshow
- PSD included over 80 loan and equity investments into small- and mid-sized US corporate
Size of Transaction: Date of Announcement: August 2007 Status: Closed