Most successful year ever for Penningtons Manches’ corporate team
The corporate team at Penningtons Manches advised on a record number of deals in 2017 and saw the value of those deals rise by 27%. The practice, which has a significant presence across London, Oxford, Cambridge, Reading, Guildford and Basingstoke acted in a total of 140 deals with an aggregate value of £1.5 billion.
Partner Simon Bickerdike said: “We’ve seen a healthy increase in M&A and fundraisings for the second year in a row. We’re really happy with the progress we’ve made and the signs for 2018 are equally promising.”
Commenting on the growing proportion of international transactions, partner Matthew Martin added: “Global appetite and favourable US tax policies may well encourage US companies to put capital to work in the M&A market.”
The deals completed by the team span a number of sectors with a particular focus on technology, fintech and life sciences. Other sectors included engineering, retail, leisure and publishing.
Significant transactions included:
- advising on the sale of Criterion Adjusters, Criterion Surveyors and Criterion Claims Management to international loss adjuster Charles Taylor Adjusting for a maximum consideration of £13.1 million
- advising the shareholders of leading European manufacturer of torque products, Norbar Torque Tools on the sale of the group to Snap-On Inc for approximately US$72 million
- acting for the shareholders of Oxford Gene Technology, a University of Oxford spinout founded in 1995, on its acquisition by Sysmex Corporation
- advising Mumbai-based Wadhawan Capital on its £30 million investment in leading UK peer-to-peer lender Zopa
- acting for the founding shareholders of Kelerbay Limited on the sale of the company to multimillion pound private equity company A2E Industries
- acting for real estate investors Aprirose on the purchase of 73 pubs from Mitchells & Butlers (one of the largest operators of pubs, bars and restaurants in the UK)
- advising Asia-based Klareco Communications on its separation from Bell Pottinger out of administration.
