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22nd July 2014

GP Bullhound publishes new research: The New Mobile App Reality - Unprecedented Value Creation Opportunity READ MORE »

26th June 2014

GP Bullhound advises Libratone on sale to Asian investors and Libratone management READ MORE »

25th June 2014

GP Bullhound advises 7digital on its AIM-listing via a reverse merger with UBC Media READ MORE »

23rd June 2014

GP Bullhound advises MyOptique Group Ltd on Series C investment round READ MORE »

18th June 2014

GP Bullhound advises Pingdom on sale to SolarWinds READ MORE »

18th June 2014

GP Bullhound advises Cambridge Technology Partners on sale to Atos SA READ MORE »

16th June 2014

GP Bullhound publishes new research: Can Europe Create Billion Dollar Tech Companies - THE FACTS! READ MORE »

23rd May 2014

GP Bullhound advises TIS (Treasury Intelligence Solutions GmbH) on investment round READ MORE »

16th May 2014

GP Bullhound announces the winners of Media Momentum Awards READ MORE »

8th April 2014

Join GP Bullhound at Start-up Day 2014 READ MORE »

8th April 2014

GP Bullhound advises CiteeCar on investment round
READ MORE »

2nd April 2014

GP Bullhound advises Somo on investment round READ MORE »

2nd April 2014

The North of England is buzzing with tech innovation and entrepreneurship READ MORE »

10th March 2014

International Technology investment bank sees strong growth in thriving northern technology and internet sector READ MORE »

5th March 2014

GP Bullhound advises IT Sonix, a leading German call centre SaaS provider, on its sale to Enghouse Systems Limited READ MORE »

3rd March 2014

GP Bullhound advises Realise on sale to St Ives plc. READ MORE »

5th February 2014

GP Bullhound advises Car Loan 4U on expansion funding READ MORE »

4th February 2014

GP Bullhound advises Pozitron on sale to Monitise READ MORE »

3rd February 2014

GP Bullhound advises Investment AB Öresund and Creades AB on the sale of their stake in the online payment success story Klarna READ MORE »

16th December 2013

GP Bullhound advises MyOptique Group on expansion funding  READ MORE »

6th December 2013

GP Bullhound advises Newlisi on investment by Beautiful Mind Capital
READ MORE »

21st November 2013

GP Bullhound announces the winners of GP Bullhound Connect 2013 READ MORE »

14th November 2013

GP Bullhound Connect 2013 Announces Shortlisted Companies READ MORE »

3rd October 2013

GP Bullhound backs SUP46, Start-Up People of Sweden READ MORE »

2nd October 2013

GP Bullhound Founding Partner Manish Madhvani awarded Dealmaker of the Year Award by M&A Advisor READ MORE »

26th September 2013

GP Bullhound & Vitesse Media announce winners of Investor Allstars Awards 2013 READ MORE »

20th September 2013

GP Bullhound advises European Media Holding AG on the sale of its portfolio company Tirendo Holding GmbH to public listed Delticom AG
READ MORE »

13th September 2013

GP Bullhound acts as financial advisor on Neonode's 2.5m public offering
READ MORE »

13th September 2013

GP Bullhound successfully advises MatHem.se on its expansion capital round READ MORE »

3rd September 2013

Investor Allstars Awards 2013 announce short-list and event details READ MORE »

29th July 2013

GP Bullhound advises PlayOn! Sports on $26.3 million strategic investment led by Herff Jones READ MORE »

23rd July 2013

GP Bullhound advises Cupid plc on £45 million divestment of its Casual Dating Business READ MORE »

8th July 2013

GP Bullhound advises Pure360 on a management buyout backed by Scottish Equity Partners and Investec READ MORE »

5th July 2013

GP Bullhound awarded "UK Boutique Investment Bank of the Year" and “Leading Advisers of the Year” at Acquisition International's M&A Awards 2013. READ MORE »

20th June 2013

GP Bullhound advises Bambuser on investment by the Associated Press READ MORE »

19th June 2013

GP Bullhound advises Planetveo on a joint investment from GIMV and Iris Capital READ MORE »

4th June 2013

GP Bullhound advises Fjord on its sale to Accenture READ MORE »

4th June 2013

GP Bullhound publishes new research report: Online Fashion
READ MORE »

4th June 2013

GP Bullhound advises on the sale of Tunigo to Spotify READ MORE »

24th May 2013

GP Bullhound announces winners of Media Momentum Awards READ MORE »

23rd May 2013

GP Bullhound advises the mobile gaming sensation LeoVegas on its expansion capital round READ MORE »

12th April 2013

GP Bullhound publishes new research report on Turkish Internet
READ MORE »

1st February 2013

GP Bullhound publishes new research report : GP Bullhound Technology Predictions 2013 READ MORE »

10th January 2013

GP Bullhound advises kununu and its shareholders on its sale to XING
READ MORE »

8th January 2013

GP Bullhound advises Essence on its acquisition of Point Reach READ MORE »

20th December 2012

We are hiring: Business Development Manager READ MORE »

17th December 2012

GP Bullhound advises LDC on its investment in top UK PR Consultancy Blue Rubicon READ MORE »

13th December 2012

GP Bullhound advises Prescription Eyewear Ltd on its capital raise and acquisition of LensOn AB READ MORE »

5th December 2012

A labour of love - Online Dating in the Age of Mobile and Social Media
READ MORE »

22nd November 2012

UK companies dominate Cleantech Connect 2012 Awards READ MORE »

13th November 2012

GP Bullhound successfully closes Expansion Capital round for Burt, the Marketing Analytics Software Company READ MORE »

1st November 2012

GP Bullhound completes successful sale of Steel Series, the leading manufacturer of gaming equipment, to US Private Equity fund Catterton Partners READ MORE »

28th September 2012

Investor AllStars 2012 - 10 year anniversary celebrations in London
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19th September 2012

GP Bullhound advises Webassets B.V. on the majority sale to Tomorrow Focus AG READ MORE »

18th September 2012

GP Bullhound advises Essence on its acquisition of Black Bag Advertising
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23rd August 2012

Investor Allstars, 27 September 2012 READ MORE »

13th August 2012

GP Bullhound Launches the 2012 Cleantech Connect Awards
READ MORE »

8th August 2012

GP Bullhound opens office in Berlin through the integration of Pure Equity Advisors READ MORE »

2nd July 2012

GP Bullhound advises Swedish Payson on its sale to Svea Ekonomi READ MORE »

28th June 2012

GP Bullhound successfully advises Swedish Internet grocery retailer MatHem.se on its expansion capital round
READ MORE »

15th June 2012

GP Bullhound advises we7 Limited on its sale to Tesco READ MORE »

22nd May 2012

GP Bullhound successfully advises hot Swedish start-ups Campadre and Leo Vegas READ MORE »

2nd May 2012

GP Bullhound advises Avito.ru on its USD75m financing round led by new investors Accel Partners and Baring Vostok Capital Partners
READ MORE »

23rd April 2012

GP Bullhound advises Bluewater Bio on its growth capital financing by Ombu Group and Hermes GPE READ MORE »

20th April 2012

GP Bullhound Digital Champions Nordic 2012
READ MORE »

22nd March 2012

GP Bullhound advises the Founders of myThings on the company's 15m US dollar expansion round
READ MORE »

15th March 2012

GP Bullhound advises 192business on its sale to Experian Plc
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31st January 2012

GP Bullhound publishes new research report: "Technology Predictions 2012" READ MORE »

24th January 2012

Media Momentum Awards – It is time to nominate! READ MORE »

17th January 2012

GP Bullhound and Universal Open Day Event – Thursday 26 January READ MORE »

20th December 2011

GP Bullhound advises Centralpoint on sale of Van den Ende & Deitmers’ stake to Greenfield Capital Partners READ MORE »

15th December 2011

Neonode® Announces Closing of Common Stock Offering READ MORE »

30th November 2011

GP Bullhound and ABG Sundal Collier advises Funcom on $15 million convertible bond placement READ MORE »

24th November 2011

GP Bullhound publishes new research report: "eBooks - A Social Revolution"
READ MORE »

18th November 2011

Julien Oussadon guest speaker at directorBAR on 28 November
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16th November 2011

Manish Madhvani guest speaker at the Italian VC Hub on 9 December READ MORE »

15th November 2011

Julien Oussadon guest speaker at London MOBIP Innovation & Investment Event READ MORE »

15th November 2011

GP Bullhound publishes new research report: “Innovation in the Water Sector”
READ MORE »

15th November 2011

AMEE, Nexeon, Nualight,  Nujira, Powersense PowerWind and Solarlite win awards at GP Bullhound's 3rd Cleantech Connect event READ MORE »

9th November 2011

GP Bullhound advises Gimv on the sale of its stake in Tinubu Square to the FSI READ MORE »

9th November 2011

GP Bullhound advises TradeDoubler AB on the sale of its search marketing business unit to NetBooster SA READ MORE »

21st October 2011

Hugh Campbell guest speaker at the BBAA Winter Workshop
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11th October 2011

Hugh Campbell mentor on TexDrive programme
READ MORE »

11th October 2011

GP Bullhound Tech Market Update 2011: Tech Sector Offers Silver Lining to Eurozone Clouds
READ MORE »

4th October 2011

4 October - Manish Madhvani revisits his predictions for 2010 and discusses the Exit Ecosystem for 2011 at WhiteBullSummit READ MORE »

23rd September 2011

Investor Allstars Awards Winners Announced READ MORE »

21st September 2011

GP Bullhound Brings Bulls to Stockholm Tech Sector READ MORE »

15th September 2011

GP Bullhound advises Bluewater Bio on the acquisition of FilterClear’s portfolio of advanced multimedia filtration technologies READ MORE »

14th September 2011

GP Bullhound opens up Nordic office in Stockholm READ MORE »

9th September 2011

Julien Oussadon gave his insights on the future of Mobile Payments at StrategyEye’s Breakfast Club event READ MORE »

2nd September 2011

Playdead buys independence from investors
READ MORE »

30th August 2011

GP Bullhound advises PLAYDEAD shareholders on sale of the Company to founders and management
READ MORE »

26th July 2011

We are now taking entries for Cleantech Connect 2011 READ MORE »

25th July 2011

GP Bullhound advises online music service we7 on its expansion financing with Qualcomm and Pentech
READ MORE »

19th July 2011

Andre Shortell was a panelist for Investment Banking at the The Clean Technology Investment World Asia Forum held in Singapore July 11-14 2011 READ MORE »

5th July 2011

GP Bullhound advises myFC AB on expansion funding round
READ MORE »

1st July 2011

Hugh Campbell to lead panel on Mobile and M-Commerce, British Business Angel Association's National Awards & Investment Summits
READ MORE »

14th June 2011

GP Bullhound advises 4energy, the leading provider of low energy cooling solutions for base stations, equipment rooms and data centres READ MORE »

20th May 2011

GP Bullhound announces winners of Media Momentum 2011 Awards
READ MORE »

17th May 2011

GP Bullhound advises CLX Networks on the sale of a minority stake to Neqst Partners READ MORE »

28th April 2011

GP Bullhound advises Skyline Solar, the leading manufacturer of integrated concentrated solar system READ MORE »

11th April 2011

GP Bullhound publishes new research report: "Deal or No Deal?: The Rapidly Growing Social Commerce a READ MORE »

7th April 2011

GP Bullhound advises sunglassesshop.com on its sale to Glasses Direct READ MORE »

29th March 2011

GP Bullhound hosts Breakfast Roundtable - the Rapidly Growing Social Commerce and Daily Deals Market READ MORE »

23rd March 2011

Media Momentum Awards announces shortlist READ MORE »

22nd March 2011

GP Bullhound completes funding for Interactive Investor Plc READ MORE »

8th March 2011

King.com, GP Bullhound advises certain shareholders on a secondary sale READ MORE »

25th February 2011

CEBIT Sounds - Hugh Campbell to give keynote address READ MORE »

23rd February 2011

London Business School's "Technology and Media Summit 2011" - Hugh Campbell participates READ MORE »

21st February 2011

GP Bullhound's Andre Shortell joins "Smart Green Utility of the Future" panel at ECO11 READ MORE »

1st February 2011

GP Bullhound hosts Breakfast Roundtable - Technology Predictions 2011 READ MORE »

25th January 2011

Smart Grid Forum hosted in London by Bird & Bird and investment bank GP Bullhound READ MORE »

12th January 2011

Research Breakfast roundtable session on the recently published report: No Holds Barred in the Digit READ MORE »

4th January 2011

Hugh Campbell judges at Qualcomm's European QPrize Semi-Finals READ MORE »

17th December 2010

GP Bullhound publishes new research report: "No Holds Barred in the Digital Music Battleground" READ MORE »

9th December 2010

GP Bullhound wins 'Boutique Investment Bank of the Year' & 'Green Energy Deal of the Year' award READ MORE »

7th December 2010

GP Bullhound advises Starlounge on the sale of a minority stake to Turner Broadcasting System Europe READ MORE »

6th December 2010

Turner buys Starlounge & www.di.se READ MORE »

19th November 2010

GP Bullhound - publishes new research report: Is thin film staging a comeback? READ MORE »

18th November 2010

GP Bullhound announces the Fastest Growing and Award Winning Cleantech Companies at Cleantech Connec READ MORE »

12th November 2010

Per Roman speaks at SIME, Stockholm 17 November 2010 READ MORE »

12th November 2010

SIME/Media Momentum Awards 2010 - 18 November, Stockholm, Sweden READ MORE »

12th November 2010

GP Bullhound complete $26m financing for Russian Internet Company Avito.ru READ MORE »

11th November 2010

GP Bullhound hires three new Partners, strengthening Media / Internet and Cleantech practices READ MORE »

10th November 2010

GP Bullhound publishes new research report: "Behavioral Retargeting" READ MORE »

9th November 2010

GP Bullhound advises Euroffice on its sale to Darwin Private Equity READ MORE »

21st October 2010

GP Bullhound publishes new research report: "The Era of The Touch Interface is Upon us" READ MORE »

30th September 2010

Playfish named Exit of the Year - www.mandadeals.co.uk READ MORE »

24th September 2010

Spotify Award - by Emiko Terazono, the FT READ MORE »

24th September 2010

GP Bullhound and Vitesse Media announce winners of Investor AllStars 2010 Awards READ MORE »

23rd September 2010

Per Roman joins the high profile judging panel at Bizspark European Summit READ MORE »

22nd September 2010

GP Bullhound advises online private sales specialist of brand clothing and accessories, Private Outl READ MORE »

21st September 2010

GP Bullhound at White Bull Summits; Tech market enters merger frenzy - www.techeye.net READ MORE »

14th September 2010

Manish Madhvani and Per Roman to deliver the opening presentation on the MandA market at the White B READ MORE »

13th September 2010

Microbus put on the block by private equity owner - the Independent READ MORE »

27th August 2010

GP Bullhound publishes new research report: "Augmented Reality: A Glimpse Beyond Reality" READ MORE »

9th August 2010

GP Bullhound publishes new research report: "The Social Media Explosion: Monetising the New Word of READ MORE »

22nd July 2010

Manish Madhvani Featured in M&A Deals READ MORE »

21st July 2010

Cleantech Connect 2010 - Call for Entries! READ MORE »

22nd June 2010

GP Bullhound advises Figleaves.com on its sale to N Brown Group plc READ MORE »

8th June 2010

GP Bullhound publishes new research report: "Supply Side Smart Grid Solutions Best Placed to Drive E READ MORE »

1st June 2010

Per Roman speaks at SIME, Barcelona READ MORE »

21st May 2010

GP Bullhound publishes new research report: "Wisdom From the Sage of Omaha" READ MORE »

20th May 2010

GP Bullhound wins Corporate Finance Boutique of the Year Award 2010 READ MORE »

14th May 2010

Per Roman addresses keynote speech at Red Herring, Paris READ MORE »

14th May 2010

Per Roman joins panel at BizSpark European Summit 2010 READ MORE »

13th May 2010

GP Bullhound announces Media Momentum 2010 Winners READ MORE »

14th April 2010

GP Bullhound publishes new research report: "Electric Vehicles and Batteries Charging Ahead READ MORE »

13th April 2010

GP Bullhound transactions win both Deal of the Year and Runner Up at the Rosenblatt New Energy Award READ MORE »

31st March 2010

GP Bullhound publishes new research report: "Social Games: The Fastest Growing Segment of the Games READ MORE »

3rd March 2010

GP Bullhound publishes new research report: "Don't judge an eBook by its cover READ MORE »

20th January 2010

GP Bullhound advises leading developer and manufacturer of optics-based multi-touch kits and subsyst READ MORE »

14th January 2010

GP Bullhound are proud to announce the launch of the 2010 Media Momentum Awards. READ MORE »

11th December 2009

GP Bullhound advises concentrating PV producer Concentrix Solar GmbH on its €55m sale to the Soite READ MORE »

9th December 2009

GP Bullhound publishes new research slide deck: Gaming trends  December 2009 READ MORE »

27th November 2009

GP Bullhound advises organic solar cell company Heliatek on its $27m financing READ MORE »

18th November 2009

GP Bullhound advises Muzicall, the leading provider of ringback tone services READ MORE »

15th October 2009

Per Roman will be speaking at the Nordic Private Equity Congress which is being held at the Grand H READ MORE »

15th October 2009

SIME Stockholm, GP Bullhound Workshop How to Plan Your Exit Strategy, and Per Roman providing keyno READ MORE »

28th September 2009

16 Oct 2009 - Per Roman, moderator at EVCA Venture Capital Forum in Berlin READ MORE »

28th September 2009

Per Roman is speaking at Etre in Paris READ MORE »

25th September 2009

Over 500 attended the 7th annual Investor Allstars in London last night READ MORE »

23rd September 2009

GP Bullhound advises eCommera, the leading provider of SaaS e-commerce services, on its £5m expansi READ MORE »

21st September 2009

Figleaves founder returns with new venture READ MORE »

6th August 2009

GP Bullhound publishes a new research report: "How real can we make games and virtual worlds? READ MORE »

29th June 2009

Hotwire have invited Hugh Campbell, to participate in Embracing Innovation in an age of risk aversi READ MORE »

23rd June 2009

The European Leadership Programme (ELP) have invited Hugh Campbell, Partner at GP Bullhound, to addr READ MORE »

11th June 2009

Nordic Private Equity Congress READ MORE »

10th June 2009

Hugh Campbell hosts panel at Mobile Web2.0 Summit READ MORE »

1st June 2009

GP Bullhound publishes new research report: "How Real is the Vision of a Smart Grid?" READ MORE »

6th May 2009

GP Bullhound advises Player X on sale to ZED READ MORE »

16th March 2009

GP Bullhound advises Greetz, the leading online personalised greeting card company, on its €7m exp READ MORE »

8th March 2009

GP Bullhound publishes new research report: "Mobile Communities: The New Mobile Broadband Kille READ MORE »

3rd March 2009

GP Bullhound advises Fjord, Europe`s leading cross platform digital agency on its expansion round of READ MORE »

16th January 2009

GP Bullhound advises Meez on its merger with Pulse Entertainment READ MORE »

15th January 2009

GP Bullhound advises Firecomms on its $5m funding round READ MORE »

5th January 2009

GP Bullhound publishes new research report: "A recessionary environment will drive new innovati READ MORE »

17th December 2008

GP Bullhound advises leading online multiplayer game and virtual world developer Playdo AB on its EU READ MORE »

15th December 2008

GP Bullhound publishes new research report: "Proliferation of Internet Widget Applications.&quo READ MORE »

27th November 2008

GP Bullhound publishes new research report: "Connected Home, the New Wave of Silicon Growth" READ MORE »

26th November 2008

GP Bullhound Throws Open its Doors for the Next Generation READ MORE »

24th October 2008

GP Bullhound Office Expansion to include additional meeting space READ MORE »

14th October 2008

GP Bullhound advises leading Internet registry of consumers' belongings MyThings.com on its $5m fund READ MORE »

3rd October 2008

GP Bullhound advises Cybercom Group AB on the sale of its UK subsidiary to Digital Marketing Group p READ MORE »

2nd October 2008

GP Bullhound advises The Cloud on its EUR15m funding round READ MORE »

1st October 2008

Investor AllStars 2008 a success again with over 600 investment professionals attending READ MORE »

11th September 2008

GP Bullhound advises Pan European E-Commerce Company PrivateOutlet.com on its EUR7.3m funding round READ MORE »

1st September 2008

GP Bullhound strengthens commitment to Scandinavia with two new hires READ MORE »

21st August 2008

Paul Rutherford is participating as a panellist at the EVCA Venture Capital Forum READ MORE »

18th August 2008

Manish Madhvani is participating as a panellist at the Kleinwort Benson Entrepreneurs' Forum READ MORE »

19th June 2008

GP Bullhound is jointly hosting a CEO Summit - 'Countdown to Exit: Paving the Way to a Top Value Exi READ MORE »

16th May 2008

GP Bullhound advises Multiwave Photonics on its EUR5m Series B financing round READ MORE »

8th May 2008

GP Bullhound witnesses strong start to 2008 with 5 successful transactions READ MORE »

26th March 2008

Alec Dafferner Joins GP Bullhound as Partner and Head of San Francisco Office READ MORE »

20th March 2008

GP Bullhound announces winners of Media Momentum 2008 READ MORE »

10th March 2008

GP Bullhound advises Zinwave on its $10m fundraising READ MORE »

28th January 2008

GP Bullhound short listed for Boutique of the Year at the M&A Awards 2008 READ MORE »

18th January 2008

GP Bullhound occupies new offices at One Maritime Plaza in San Francisco READ MORE »

1st December 2007

Grant J. Dolkens-Warrell joins as Director READ MORE »

28th November 2007

GP Bullhound advises Kiala on its $38.5m fundraising READ MORE »

30th October 2007

GP Bullhound advises Skinkers on its $16m funding round READ MORE »

8th October 2007

Claudio Alvarez joins as Associate READ MORE »

27th September 2007

GP Bullhound and Vitesse Media announce winners of Investor AllStars Awards 2007 READ MORE »

15th September 2007

Raphael Raingold joins as Associate READ MORE »

7th August 2007

GP Bullhound advises Mirics on its Series B Extension READ MORE »

6th August 2007

GP Bullhound & Vitesse Media Announces Shortlist for Investor Allstars READ MORE »

20th July 2007

GP Bullhound advises watAgame on its funding from Accel Partners READ MORE »

17th July 2007

Antony Northrop, founder of Touchstone Securities Limited, joins GP Bullhound on sale of Touchstone READ MORE »

4th July 2007

GP Bullhound advises Mirics Inc on its m fundraising READ MORE »

4th July 2007

GP Bullhound advises Graphico New Media on its sale to Digital Marketing Group plc READ MORE »

17th June 2007

GP Bullhound advises Handmade Mobile on its GPB2m fundraising READ MORE »

8th June 2007

GP Bullhound advises Nanoradio AB on its EUR20m fundraising READ MORE »

27th March 2007

Top 50 League Table of Fastest Growing Digital Media Companies in the UK READ MORE »

21st March 2007

GP Bullhound advises Nordic Semiconductor ASA on the sale of its Data Converter Business Unit to Chi READ MORE »

15th March 2007

Paul Rutherford joins as Director READ MORE »

25th January 2007

Frank Schmitt joins as Associate READ MORE »

23rd January 2007

Senior TMT banker, Matt Rogers joins GP Bullhound as a Partner READ MORE »

15th January 2007

GP Bullhound advises Birdstep Technology ASA on its acquisition of Aramova Inc. READ MORE »

12th December 2006

GP Bullhound advises Passado on its €10 million fundraising READ MORE »

19th October 2006

GP Bullhound advises spodradio on its million Series B funding from Benchmark Capital and Baytec READ MORE »

2nd October 2006

GP Bullhound advises Press Holdings on its sale of Handbag to The National Magazine Company READ MORE »

18th September 2006

Analog Devices Acquires Danish Audio IC Specialist, AudioAsics READ MORE »

3rd August 2006

SealedMedia, the Digital Rights Management software vendor, is sold to Stellent READ MORE »

22nd May 2006

GP Bullhound advises on the sale of the Amerindo Internet Fund and Emerging Technology Portfolio to READ MORE »

3rd April 2006

GP Bullhound completes £3.5m private placement for enterprise mobility solution provider Blackbay L READ MORE »

30th March 2006

GP Bullhound completes private placement for TXT4 READ MORE »

21st February 2006

GP Bullhound advises communications software provider Hotsip AB on its sale to Oracle READ MORE »

8th February 2006

GP Bullhound completes m private placement for communications software provider Apertio READ MORE »

18th November 2005

Doughty Hanson Invests in Handmade Mobile READ MORE »

6th October 2005

Nordic Trio Invests in TFS Technology READ MORE »

18th July 2005

GP Bullhound completes private placement for Zensys READ MORE »

8th July 2005

GP Bullhound completes private placement for Mtivity Ltd READ MORE »

7th April 2005

Bullhound & GP Capital Merger READ MORE »

11th March 2005

Kingston Communications PLC Acquisition of Technica UK Limited READ MORE »

4th February 2005

Media Momentum Awards ranks the UK's most Dynamic Media Companies READ MORE »

14th July 2004

GP Capital Structures Corporate Spin-out for Wi-Fi Leader, The Cloud READ MORE »

1st July 2004

GP Bullhound advises Lastminute.de Group on its sale to lastminute.com to create the number one onli READ MORE »

Down

22nd July 2010

Manish Madhvani Featured in M&A Deals


Carrying the torch

There is no disguising the fact that dealmakers struggled to wrap up transactions in 2009, but there were entrepreneurs, advisers and investors who somehow made deals look easy. Chris McIntyre reports.
As other companies delisted from the Alternative Investment Market (AIM) last summer, Matt Riley, chief executive of telecommunications company Daisy Group, undertook a £204 million reverse takeover.
Since then, he has overseen ten acquisitions and defied the odds by arranging a three-year revolving credit facility of £75 million from three banks, each providing £25 million. ‘We raised the cash to carry on the acquisition spree,’ says Riley, whose mantra is that he wants to create a company in the mid-market, B2B telecoms space that can rival the might of BT. Given the scarcity of ambition shown during the past 12 months, it’s not so surprising that Riley picked up the gong for Dealmaker of the Year at the annual M&A Awards. ‘We’ve got the cash available so it’s a very good time for a company like us at the moment,’ he says. ‘When the markets are really quite frothy, that’s not always the best time to be buying; you want to acquire at the bottom of the cycle if you can.’

The Great and the good
More than 400 of the UK’s leading advisers, financiers and dealmakers congregated at the Millennium Mayfair Hotel in London’s Grosvenor Square to congratulate the individuals behind the companies and firms that triumphed in what was an otherwise barren year for deals. Jim Smith is now managing director at Bloomsbury Professional, but he picked up the award for Small Deal of the Year for the £10 million sale of Tottel to the publishing giant last July. ‘It was an incredibly clean deal – pretty much blemish-free,’ he says. A publisher of academic titles, Tottel was initially acquired from LexisNexis in a management buy-out backed by Matrix Private Equity Partners six years ago. When the offer from Bloomsbury finally arrived, it was too good to refuse. ‘There were a number of reasons for exiting the business; not least so the shareholders could realise some of the value,’ Smith remarks. ‘We also accepted that our main clients, law and tax professionals, were very much going online and we would have needed another tranche of investment to fund the development of an online platform.’
The simplicity of Tottel’s sale stands in stark contrast to the cross-border deal for the household disposables concern CeDo, which private equity firm Rutland Partners bought from German investor Delton for £52 million. The financing package that was put in place spanned the UK, Germany and France, entailing an asset-based lending (ABL) component and a separate mezzanine fund.
CeDo’s revenue at the time of the deal was £185 million. Ben Slatter, a partner at Rutland, says the combination of ABL with mezzanine finance is an unusual one, and was particularly eyebrow-raising given the climate at the time. ‘July 2009 was close to the nadir of the banking crisis so it was impressive to get that sort of financing structure.’
Rutland made its initial approach to Delton in 2008. ‘As a firm, we look for businesses that need strategic change and have underperformed,’ says Slatter. ‘Any business, regardless of the sector, can be of interest provided we think we can add value by helping the management to improve the underlying business.’
For David Holbrook, a partner at technology investor MTI, its standout deal – the sale of bone repair company ApaTech to US healthcare group Baxter International – was anything but opportunistic. ‘I first came across the idea for ApaTech at the tail-end of 2003 by way of Simon Cartmell. He was the guy who was trying to raise money at that time and I’d been a colleague with him at GlaxoWellcome [now part of GlaxoSmithKline]. So I knew him very well, his reputation and capabilities.’
Along with the private equity giant 3i, MTI injected a first round of funding into what was then a profitless entity dreamed up at Queen Mary, University of London. ‘The market that it addresses is the need to fill holes in bone, particularly in spinal surgery where there may be crushed vertebrae. There is a huge market for this in the US.’
The challenge, as with any spin-out, was to develop the idea into a feasible, money-making reality. ‘Once we had established deals in the US early on, we had to build up our manufacturing capacity so that we could satisfy demand,’ states Holbrook, who is fulsome in his praise when speaking about Cartmell. ‘It was a wonderful job to enact a business plan that brought great sales and growth to the company so that it became a compelling acquisition for an international player like Baxter.\'
Over a six-year period, the company went from nominal sales to generating £40 million a year and it was highly profitable. Baxter paid $330 million (£220 million) for ApaTech in March, which saw it take home the award for Large Deal of the Year.

In rude health
Holbrook argues that the healthcare sector continues to be one of the more durable areas for deals: ‘The market for acquisitions by corporates of med-tech companies is ongoing. Big medical concerns tend to grow by acquisition rather than through innovation. They’ve got lots of cash so the healthcare environment is strong despite the economic doldrums that we all face.’
Manish Madhvani, a partner at investment bank GP Bullhound, sees similar trends among high-tech companies. ‘The sector is definitely picking up. The M&A market in our industry is being driven by the fact that many of the technology companies have large cash balances and are usually very profitable, but they’re not attracting good interest rates on that cash. As a result, they are looking for unique ways to deploy that capital by moving into new, strategic areas.’
One such deal came in the cleantech sector through the sale of Concentrix Solar to French semiconductor manufacturer Soitec. GP Bullhound, winner of Corporate Finance Boutique of the Year, worked on the deal, which Madhvani describes as a ‘perfect storm’. He explains that the core business of Soitec was losing momentum and the company needed to pull off a transformational acquisition, using its expertise and manufacturing capacity in the burgeoning solar technology sector.
‘They had the opportunity to enter a market that was growing rapidly as opposed to having a core market going steadily into decline,’ he says, adding that the deal was a spectacular piece of business for the vendors. Set up in 2005, the company was sold for €55 million (£50 million) when it was delivering sales of just €4 million.


Sound advice
Among the professional services firms to find some cheer amid the year’s thumb-twiddling gloom for the bulk of advisers was Travers Smith, which won Law Firm of the Year. With 70 partners split between offices in London and Paris, the firm continued to work on many of the notable transactions completed during the past year, such as the $104 million sale of MX Telecom to US company Amdocs, and the management buy-out of arts and crafts retailer HobbyCraft by private equity firm Bridgepoint.
Philip Sanderson, a partner at Travers Smith, claims that the firm has been involved in over a third of all mid-market deals in the first half of this year. ‘A lot of M&A is still done within the private equity space,’ he says. ‘We’ve looked at plenty of financial services and retail businesses, which I still expect to be one of the drivers of the recovery. We’re also trying to make sure that we can work as much as we can on international M&A. It’s very important in our market that we are doing global deals.’

Modesty is a virtue
The winners of this year’s awards are refreshingly reluctant to overstate their achievements, which echoes the general air of uncertainty from small business owners, investors, advisers and serial entrepreneurs about the current state of the economy. Sanderson, who notes that the firm is recruiting and very much on the front foot, admits, ‘It’s a market to be cautious about. While we had a fantastically successful year in terms of deals done, it’s quite difficult not to see an element of a purple patch in that activity’.
MTI’s Holbrook states that, although there are great investment opportunities arising, the problem for the investment community in the mid-market continues to be the relative lack of funds to deliver on attractive strategies. ‘The challenge for our industry is to get more money into the system,’ he comments.
Daisy’s Riley, who realised cash in the business when it reversed onto AIM, stands out as the one who wants to keep pushing for the summit. ‘Our major competitor is BT, which still has the lion’s share of the market with over 50 per cent. We’re not anywhere near them yet, but we’re trying.’
The company, it should be pointed out, is still loss-making and the scale of the task in hand is not to be underestimated. That said, there is pedigree on the board, such as executive chairman Peter Dubens. He created the 365 Media Group (sold to BSkyB) and Pipex Communications, which wisely sold off part of its broadband operations before evolving into the present business.
Last year, Daisy posted revenue of around £53 million and the expectation is for this to be around £300 million for this financial year. The hope is for further acquisitions to eventually push revenue up to £500 million. ‘That’s the number we’re aiming for because that then gives us real market scale,’ says Riley. ‘We’re heading in that direction and looking forward to achieving it.’
By next year we may find that Daisy is still leading the way as the UK’s most acquisitive business.

For more details, visit the website www.manda-awards.com