Leading the way · Investment in Opus 2 Magnum Holdings Limited Legal electronic document management July 2017 Grant Thornton provided due diligence services GetBusy plc AIM Admission

Leading the wayA review of corporate finance deals in the technology, media and telecommunications sector

2017

2 Leading the way | TMT 2017

Leading the way | TMT 2017 3

ContentsSection

TMT foreword 5

Software 6

Case study - Sale of SecurEnvoy Limited to AIM listed Shearwater Group plc 7

IT services 8

Case study - Investment in Com Laude and Valideus Limited by Vespa Capital LLP 9

Telecommunications and network services 10

Case study - Management buyout of Sabio Limited by Lyceum Capital 11

FinTech 12

Case study - Sale of Sequel Business Solutions Limited to HgCapital 13

Advertising and marketing services 14

Case study - Sale of Motivcom plc to Sodexo Motivation Solutions UK Limited 15

Content and data 16

Case study - Acquisition of StreamAMG by PA Group Limited 17

Online services and ecommerce 18

Case study - Sale of tastecard and Gourmet Society to Bridgepoint Capital 19

Contact us 20


Our performance in the TMT sector over the past 24 months

Total number of deals

85Cumulative

value of deals

£4.8bn

Number of deals involving private equity

27

Number of cross-border

deals

20Average value

of deals

£57m

11%

11%

13%

16%9%

24%

Content and data11%Advertising andmarketing services

FinTech

Telecommunicationsand network services

5%Miscellaneous

Software

Online servicesand ecommerce

IT services


Foreword

Technology, Media and Telecommunications continues to be one of the hottest sectors for M&A activity. Software – whether subscription or traditional licence models – continues to be the bedrock of deal activity, with strong appetite from private equity on both sides of the Atlantic and international trade consolidators benefiting from the current weakness in sterling. Despite valuations reaching heady levels, we expect activity to remain high throughout 2017 with a clear premium for scale and quality.

The fintech revolution continues apace with the UK, and London in particular, continuing to stake a major claim to global leadership in what is proving to be the biggest disruption to the financial services industry since Big Bang in 1986. This continues to drive M&A activity as financial incumbents look to acquire innovative new entrants and technology/software majors broaden their offering in financial services. As the clouds slowly lift around the Brexit implications, we can expect fintech to be a key battleground for M&A.

We are also seeing a step up in activity levels in the IT Services and BPO arena, as scale and focus become ever more important, whilst the ever accelerating move to the cloud continues to drive the worlds of telecoms and IT closer together through M&A. The drive into digital is transforming the delivery of services and continues to underpin deal activity in the media sector. The question of how to turn data into value remains a key challenge for many industries, and that is driving transaction activity as the inherent value in proprietary data assets and the ability to monetise this through real time insights and analytics gathers momentum.

We would be delighted to discuss our perspectives on the funding and M&A market in the sector, and your strategic plans for growth. If you are debating how best to achieve your strategic ambitions and accelerate your growth please get in touch.

Andy MorganHead of Corporate Finance and Technology, Media and Telecommunications sector lead

T 020 7865 2626E [email protected]


Software

EQUINITI Group plc

Acquisition of Toplevel Holdings Limited

Digital case management sector

£undisclosed July 2016

Grant Thornton provided due diligence services

SecurEnvoy Limited

Sale and reverse takeover of SecurEnvoy Limited by Shearwater Group plcCyber security software

£20 million May 2017

Grant Thornton provided corporate finance advisory services

N M Rothschild & Sons Limited

Investment in Opus 2 Magnum Holdings Limited

Legal electronic document management



GetBusy plc

AIM Admission

Accountancy and document management software

August 2017

Grant Thornton acted as nominated adviser and reporting accountant

Netcall plc

Acquisition of MatsSoft

Cloud-based low-code software

£undisclosed August 2017


idox plc

Acquisition of 6PM Holdings plc

Software solutions and services

£18.5 million February 2017


Altium Limited

Acquisition of Premier EDA Solutions Limited

Software distribution

£undisclosed January 2017


White Clarke Group

Investment by Five Arrows Principal Investments in White Clarke GroupAutomotive and asset finance software and consultancy services

£undisclosed October 2016

Grant Thornton provided vendor assistance services

Tenzing Private Equity

Acquisition of Bond Payroll Services Limited, Bond HR and Payroll Software Limited and Eurowage LimitedSoftware and payroll services provider

£30 million August 2016


Amadeus Capital Partners Limited

Investment in Relayware Limited

Computer hardware and software

$11 million May 2016


NVM Private Equity / myparceldelivery.com

Investment in myparceldelivery.com Limited

Delivery management software

£undisclosed April 2016


Cerillion plc

Admission to AIM and loan finance raised

Billing, charging and CRM software solutions provider

£15 million March 2016

Grant Thornton acted as reporting accountant

Peppermint Technology Limited

Growth capital

Software for the legal services vertical

£undisclosed December 2015


Centre4 Testing

Merger with The Test People

Software services


Grant Thornton provided corporate finance advisory, due diligence and financial modelling services

Inflexion Private Equity

Sale of Optionis

Workforce management service provider



International

Private equity

Public listed


Sale of SecurEnvoy Limited to AIM listed Shearwater Group plc

Client name: SecurEnvoy Limited

Sector: Cyber security software

Transaction type: Sale and reverse takeover

Transaction value: £20 million

Services provided:Corporate finance advisory

Background to dealInnovation is at the core of SecurEnvoy’s business with the patented pre-load technology providing a clear differentiator in the marketplace. Recent developments include a mobile app utilising Push technology. In addition, the business has developed a number of complementary patented products with SecurMail providing unique MFA based email security.

How we made a differenceWith an established MFA product range, a track record of innovation and diverse user base and international footprint, the founders began to plan for the next phase of the business’ development and sought to realise an element of value from their investment over the previous 15 years. Grant Thornton were engaged with the business and the founders to advise on achieving these strategic objectives.

The acquisition by Shearwater Group (which is a reverse takeover under AIM rules), with its focus on digital resilience solutions to UK-based private and public sector organisations, provides an excellent strategic fit to fulfil the growth ambitions of the business and the founders. The £20 million transaction value will see Shearwater Group plc purchase 100% of the share capital of the business with the founders staying on to manage day-to-day operations, meaning that customers and staff will have continuity through the business’ next phase of growth.

“ We are delighted with the outcome and enthusiastic at the prospect of working with Shearwater Group whilst growing the SecurEnvoy brand. Grant Thornton did a fantastic job throughout the process. They provided full support throughout the deal and, along with their technical expertise, the team were always on hand to provide advice and drive the deal forward.”

Andrew Kemshall, Technical Director and Co-Founder, SecurEnvoy Limited

Case study

Creators of Tokenless® Multi Factor Authentication (‘MFA’), SecurEnvoy was founded in 2003 by Andrew Kemshall and Stephen Watts. Following a successful period at one of the world’s leading cyber security companies the founders were ideally placed to create and launch a pioneering SMS-based MFA product for enterprise clients.


IT services

On Direct Business Services Limited

Acquisition of the alwaysOn Group Limited and other cloud based services providerTechnology Solutions



Nom-iq Limited (t/a Com Laude) & Valideus Limited

Investment by Vespa Capital LLP

Domain names, registry and online intellectual property management

£undisclosed May 2017

Grant Thornton provided corporate finance advisor, due diligence, tax and modelling services

The British Standards Institution

Acquisition of Info-Assure Limited

Cyber-security consultancy



Attenda Limited

Sale of Attenda Limited to Ensono

Critical applications and hybrid IT managed services

£undisclosed September 2016

Grant Thornton provided vendor assistance services

Modrus Limited

Sale of Modrus Limited to Nasstar plc

IT managed services

£13 million August 2016


Midwich Group plc

AIM flotation

Trade-only distributor of audio visual and document solutions equipment£165.3 million May 2016market capGrant Thornton provided due diligence services

Rigby Group plc

Acquisition of a majority stake in Zycko Group Limited

Value added IT distributor



telent Technology Services Limited

Acquisition of Arqiva’s Secure Solutions business

Public safety ICT



Premier IT Networks Limited

Sale to Node4 Limited

Managed cloud services provider



Rigby Group plc

Acquistition of Wick Hill plc

Value added IT distributor



Attenda Limited

Refinancing of Attenda Limited

IT Services



Springboard Research Limited

MBO backed by YFM Equity Partners

Technology & Retail intelligence

£6 million October 2014

Grant Thornton provided corporate finance advisory and tax services

BIPB Limited

Sale of BIPB to Keyrus

Big data analytics consultancy

£undisclosed June 2014


TechFinancials Inc.

AIM Admission

Financial software

£18.4 million market cap March 2015

Grant Thornton acted as nominated adviser

SecureData / SensePost

Acquisition of SensePost pty

IT Security



International

Private equity

Public listed


Investment in Com Laude and Valideus Limited by Vespa Capital LLP

Client name: Com Laude and Valideus Limited

Sector: Domain names, registry and online intellectual property management

Transaction type: Sale

Services provided:Corporate finance advisory; due diligence; tax and modelling services

Background to dealThe shareholders were seeking to crystallise value from their investment to date, and bring on board the right funding partner to capitalise on the significant growth opportunities available and maximise the strategic value in the business in the medium term.

SolutionWe worked closely with the shareholders, understanding what was important to them, whilst refining the business plan, building a financial model, and exploring a variety of investment options with potential investors. The shareholders received a number of attractive offers and concluded that Vespa Capital was the right partner to support them through the next phase of the journey for the business.

How we made a differenceGrant Thornton provided corporate finance advisory, modelling, vendor due diligence and tax advisory services, enabling a seamless and joined-up process for all parties throughout.

“The Grant Thornton team provided us with excellent advice and support. They are strategic, commercial, responsive and tireless. They helped us to develop an international vision for our business that was backed up by sound financial plans. They then guided us through a complex sale process to a result that exceeded our expectations. When we needed specialist support, they had access through the Grant Thornton network to experts who fitted neatly into the team. We will work with them again and we recommend them highly.”

Nick Wood, Founder & Managing Director, Com Laude

Case study

Com Laude and Valideus were founded by Nick Wood and Lorna Gradden in 2005 to provide support for brand owners seeking to protect and position their intellectual property in the domain name system.

Com Laude is a corporate domain name registrar and Valideus is a market-leading consultancy which delivers strategic advice and services to Dot Brand new gTLD registry operators.


Telecommunications and network services

Infomedia Services Limited

Debt finance from Beechbrook Capital LLP

Monetisation of mobile content via Direct Carrier Billing

£undisclosed March 2017

Grant Thornton provided vendor due diligence services

International

Private equity

Public listed

Rigby Private Equity / Nuvias

Acquistition of a majority stake in SIPHON Networks Limited

Unified communications



John Henry Group

Investment by Growth Capital Partners

Telecommunications Infrastructure services

£23.3 million June 2016

Grant Thornton provided corporate finance advisroy services

Pinnacle Technology Group plc

Acquistition of Adept4 Ltd, ITaaS Provider

Technology



GCI Telecom Group Limited

Acquistition of Fusion Media Networks Limited

Networks services provider



Rigby Group plc

Acquisition of a majority stake in One Point Telecom Limited

Mobile services provider



Telegesis (UK) Limited

Sale to Silicon Laboratories Inc.

Wireless mesh networking module specialist

$20 million November 2015


RJD Partners Limited

Sale to MBO team backed by WestBridge Capital

Network andWi-Fi services

£10.5 million July 2016


Sabio Limited

Management buyout of founder shareholders

Contact centre technology solutions

£50 million June 2016

Grant Thornton provided corporate finance advisory, tax and SPA advisory services

Eckoh plc

Acquisition of Product Support Solutions Inc.

Telecommunications Services

$8 million November 2015


Specialist Computer Centres plc

Acquisition of SIP Communications plc

Cloud based software services and communication



Living Bridge EP LLP / CR7 Services / 123 Send

Refinancing of CR7 Services Limited

Telecommunications



Gage Networks LLP

Sale to Intercity Telecom Limited

Cloud communications provider



Rigby Group plc / SCC Limited

Investment in Fluidata Limited

Data connectivity solutions



LoopUp Group plc

AIM IPO and Placing

SaaS conferencing solution for remote enterprise meetings

£40.8 million August 2016market capGrant Thornton acted as reporting accountant


Management buyout of SabioLimited by Lyceum Capital

Client name: Sabio Limited

Private equity involvement:Lyceum Capital Partners LLP

Sector: Contact centre technology solutions

Transaction type: MBO


Background to dealThe business was founded in 1998 and now supports customers in over 51 countries around the world. It has successfully grown revenues to in excess of £40 million by focusing on the delivery of exceptional customer service and partnering with leading technology vendors including as Avaya, Nuance and Verint.

With a UK market share of 7.1%, Sabio is the largest independent provider of its services and has delivered average annual growth of 15% for each of the past three years.

The buyout has secured a majority exit for the four founding shareholders who will remain involved in the business through the next phase of growth, which will include a number of selected acquisitions supported by additional committed capital from Lyceum as part of their buy-and-build strategy.

The £50 million transaction will see Lyceum take a majority shareholding in the business, with the COO, Andy Roberts, becoming CEO.

SolutionGrant Thornton acted as Corporate Finance advisors to the shareholders on the sale of the business as well as providing SPA advisory services and shareholder tax advice.

“ It was therefore essential that we had top quality advisers who would take the time to understand all of our objectives and guide us through to completing the right transaction. Grant Thornton supported us throughout the process, negotiating extra value in the deal and doing what was required to complete the deal within a tight timeframe through drawing upon a range of specialists. It was a pleasure to work with the Grant Thornton team through to the completion of a transaction that achieved all of our objectives.”

Seb Henkes, Founder and former Managing Director, Sabio Limited

Case study

Based in London with operations in Glasgow and Singapore, Sabio is a market-leading service provider of contact centre technology solutions, delivering transformational technology and managed services to some of the UK’s largest call centres such as the AA, together with major global organisations including DHL.


FinTech

Teathers Financial plc

Adoption

Financial Technology

August 2015


Project Certify

Fundraising

Fintech



Luxoft Global Operations GmbH

Acquisition of Excelian Limited

System integration and technology consulting company

£13.9 million February 2015


London Stock Exchange Group plc

Sale of Proquote Limited and the trade and assets of LSEHub to IRESSMarket data and trading software



Sequel Business Solutions Limited

Sale of Sequel Business Solutions to Hg Capital

Insurance software and consultancy



Option Computers Limited (t/a DealHub)

Sale to Markit Group Limited

Foreign exchange software



thinkFolio Limited

Sale to Markit Group Limited

Investment and portfolio management software



Derivation Software Limited

Sale to Linedata Services

Risk analytics and accounting solutions



Streamwire Group Limited

Acquisition of EACS Limited

IT solutions



International

Private equity

Public listed

IntelliFlo Limited

Sale to HGCapital

SaaS solutions provider



Trayport Limited

Acquisition of Contigo Limited

Software

£undisclosed November 2013


Callcredit Information Group

Sale of trade and assets of non-core contact centre to Echo Managed ServicesCredit reference agency



Validus-IVC Limited

Sale to MBO team backed by LDC

Software support to the insurance sector



Synova Capital LLP

Acquisition of Defaqto Group Limited

Information provider to the financial industry

£24.25 million March 2015



Sale of Sequel Business Solutions Limited to HgCapital

Client name: Sequel Business Solutions Limited

Sector: Insurance software



Background to dealBased in London and Malaga, Sequel has users globally and its Eclipse suite of products now support some of the largest players in the Lloyd’s of London market. Sequel has invested heavily in innovation and continues to target new areas like risk management and health insurance.

Attracted by a proven and scalable product portfolio of mission-critical applications, an unrivalled reputation for service delivery and significant opportunity for continued growth, the shareholders had received a number of approaches from PE and trade investors in recent years.

How we made a differenceGrant Thornton engaged with the shareholders early on to assess their strategic options and explore opportunities which met the key objectives of all stakeholders.

Following a detailed assessment of their options, we advised the shareholders on progressing the opportunity with HgCapital who showed a strong appetite to structure a deal that, while meeting stakeholders’ objectives, provided a strong platform for growth, creating potential for significant future upside.

Grant Thornton led the negotiations for the transaction and completed in a relatively short-time period of 8 weeks from signing of heads of terms.

“ We are delighted with the support provided by the Grant Thornton team over the years in preparing us for a transaction. Their advice has been invaluable and they introduced us to a partner that has a strong understanding of our market, allowing us to secure a great future for Sequel, and its many stakeholders. We look forward to continuing our association with Darren and his team during the next phase of our growth.”

Mario Garica, Chief Executive Officer, Sequel Business Solutions Limited

Case study

Established in 1993, Sequel has grown from a trusted consultancy services business to a leading insurance and reinsurance software specialist delivering a modern and powerful suite of applications which provide full end-to-end management of all insurance and reinsurance business.


Advertising and marketing services

Porta Communications plc

Adoption

International marketing and communications group

July 2016


Chime Communications Limited

Acquisition of Adconnection Limited

Media planning and buying



Rightster Group plc

AIM fundraise

Digital media

£10 million January 2016


Flixmedia Limited

Sale of Flixmedia Limited to Advantage Smollan

Digital marketing content creation and syndication


Grant Thornton provided SPA, tax, pensions and valuations advisory services

Jaywing plc

Acquisition of Bloom Media (UK) Limited

Digital marketing

£8 million September 2016


PEI Group Topco Limited

Refinancing

Media and publishing



Eclipse Web Limited

Sale to GI Solutions Group Limited

Print marketing

£undisclosed February 2017


Esendex Topco Limited

Sale of Esendex to HgCapital

Business critical application-to-person messaging solutions

£undisclosed June 2017

Grant Thornton provided vendor due diligence services

International

Private equity

Public listed

bChannels Limited

Secondary MBO of bChannels backed by Westbridge Capital LLPIT sector channel marketing consultancy and channel management services£undisclosed July 2014


Briefing Media (Group) Limited

Refinancing of debt

Media – publishing and events



Motivcom plc

Sale to Sodexo Motivation Solutions UK Limited

Incentives & loyalty and event management

£41 million September 2014

Grant Thornton provided corporate finance advisory finance advisory, tax & valuation services & acted as Rule 3 adviser

Redleaf Polhill Limited

Sale to Porta Communications plc

Public relations



Jaywing plc

Acquisition of Epiphany Solutions Limited

Media




Sale of Motivcom plc to Sodexo Motivation Solutions UK Limited

Client name: Motivcom plc

Sector: Incentives, loyalty and event management

Transaction type:

Sale

Services provided:Corporate finance advisory; rule 3 adviser; TAS tax advisory

Geographies served: UK; France

Background to dealMotivcom plc is a long-standing client of Grant Thornton, who has acted as Nomad and Auditor to the listed incentive and event management business.

How we made a differenceGrant Thornton provided corporate finance and Rule 3 advice on the sale of the group to Sodexo Motivation Solutions UK Limited, a wholly owned subsidiary of Sodexo SA, in a deal that values the group at approximately £41 million.

The team was engaged to provide Motivcom with corporate finance advice and to help maximise shareholder value. French-listed multinational Sodexo SA agreed to acquire Motivcom as the preferred purchaser of the Milton Keynes headquartered group.

Grant Thornton supported Motivcom throughout the transaction as the lead financial adviser, project managing the entire transaction. The advice included providing City Code, valuations and taxation advisory work to facilitate this listed company sale.

“ We are grateful for Grant Thornton’s support over the last few years. We value their expertise, professionalism and commitment in helping to advise on this significant transaction for the business and the shareholders of Motivcom. They have provided sound advice and support throughout the process, coordinated all parties to the transaction, and most definitely made a positive difference in helping us to make important decisions.”

Susan Hocken, Group Finance Director, Motivcom plc

Case study

Motivcom operates in two key business areas: (1) incentives and loyalty including employee recognition, engagement and benefits, distribution channel incentives and customer loyalty and incentives; (2) meetings and event management including strategic meeting management, product product launch, events, logistics, conference and congress management.


Content and data

Mergermarket Limited

Acquisition of 100% of C6 Intelligence Information Systems Limited and UK Group companies

Provision of data and intelligence in the field of customer due diligence


Grant Thornton provided due diligence, SPA advisory and completion account services

Rushmore Associates Limited

Sale of Rushmore Associates to IHS Inc

Oil & gas



Kester Capital LLP

Sale of Briefing Media (Group) Limited

Media – publishing and events



Zinc Media

Reverse acquisition of Reef Television Limited

Media - television production and publishing



PA Group Limited

Investment in Blackball Media

Content marketing



Gravity Media Group Limited

Acquisition of Hyperactive Broadcast Limited

Provider of television broadcast equipment and services



Perform Group plc

Acquisition of Opta Sports Data Limited

Sports data provider

£40 million July 2013


Progressive Digital Media Group

Enlarged group refinancing

Digital media and data content management

£undisclosed July 2014Grant Thornton undertook working capital forecast review

BBC Worldwide Limited

Investment in Original Talent Limited

Talent agency and TV production



PA Group Limited

Investment in StreamAMG

Online video streaming



International

Private equity

Public listed

BBC Worldwide Limited

Investment in Lookout Point Limited

Television co-production company




Acquisition of StreamAMG by PA Group Limited

Client name: PA Group Limited

Sector: Content and data

Transaction type: Acquisition


Background to dealOver its 149 year heritage, PA has continued to find innovative solutions, through both print and digital, to provide its users with fast, accurate and reliable information.

How we made a differenceThe Grant Thornton team ran a competitive search process, initially setting out key characteristics that would qualify a suitable ‘target’.

The search process identified StreamAMG as a preferred target, a deal which provided all parties with the desired outcome.

StreamAMG provides online, high definition video solutions to rights-holders and content owners, enabling them to capitalise on the value of their video content. The investment gives PA new capability in live-streaming, web-casting and video-on-demand, enabling new and existing clients to monetise content more effectively.

SolutionGrant Thornton provided corporate finance advisory services, ensuring a seamless and joined-up process for PA Group Limited.

“ PA engaged Grant Thornton to search against a range of criteria and they distilled this to a shorter list of relevant businesses with the StreamAMG deal evolving from that point. This deal follows our investment in Blackball Media which was also initiated by Grant Thornton.” Ed Ethelston, CFO, PA Group Limited

Case study

Headquartered in London, PA Group (‘PA’) is the UK’s leading provider of multi-platform content solutions, amongst being the owner of the national news agency for the UK and Ireland.


Online services and ecommerce

GVC Holdings plc

Transfer of listing from the Standard segment to Premium segment of the Official ListOnline gaming and sports betting

£1.5 billion August 2016


International

Private equity

Public listed

BlueGem Capital Partners LLP

Acquisition of Wool and the Gang Limited by DMC

E-commerce crafts retailer



tastecard & Gourmet Society

Sale of the world’s largets discount diners club

Restaurant dining club



Wahanda

Acquisition of a majority shareholding by Recruit HoldingsOnline hair and beauty market place


Grant Thornton provided SPA advisory services and tax structuring advice

CBPE Capital LLP / Sofa.com Limited

Acquisition of Sofa.com by CBPE Capital LLP

Retail



Momondo Group Limited

Sale of majority equity stake to Great Hill Capital Partners

Online travel metasearch

$210 million October 2014


Golfbreaks Limited

Issue of an unlisted retail bond

Leisure



Iglu.com

Refinancing of Iglu.com with RBS

Web-based business selling ski and cruise holidays



GVC Holdings plc

Acquisition of bwin.party

Online gaming and sports betting

£1.1 billion February 2016


Purplebricks Group plc

AIM IPO and Placing

Estate Agents

£240 million December 2015market capGrant Thornton acted as reporting accountant

Tui Group

Sale of LateRooms Limited to Hotelbreak Holding UK Limited

Online hotel booking portal



TUI Travel plc

Acquisition of Glocal Obi S L, trading as RoiBack

Hotel booking engine and website management services



Cruise.co.uk

Sale of majority stake

Online cruise travel agent



LDC

MBO of uSwitch

Price comparison website


Grant Thornton provided fincancial. IT separation and tax bid support services


Sale of tastecard and Gourmet Society to Bridgepoint Capital

Client name: tastecard and Gourmet Society

Sector: Restaurant dining club


Services provided:Corporate finance advisory; TAS tax advisory

Geographies served: UK; Netherlands

“ The Grant Thornton CF team were the outstanding advisor demonstrating the team clearly understood the value drivers of Didix’s Diners Club to ensure the business was strategically positioned for a process and ensuring Waterland and all stakeholders objectives were met and exceeded. Their knowledge of and relationships with trade and financial buyers globally was highly impressive.” Boudewijn Jansen, CEO, DIDIX BV

Case study

tastecard was founded in 2005, by Matt Turner, with the aim of making dining out more affordable for the public, together with helping restaurants, by encouraging people to visit their establishments more often.

Background to dealThe world’s largest discount diner’ club, comprising of tastecard and Gourmet, has over 1.1 million members, 10,000 unique partner restaurants and has become increasingly tech-enabled, allowing it to continue to rapidly expand.

Both companies were acquired in 2014 by DIDIX BV, a Dutch gift card business backed by Waterland Private Equity. Grant Thornton advised the shareholders of tastecard and Gourmet Society on these strategic transactions.

Following immediate strong growth, DIDIX, alongside Waterland re-engaged Grant Thornton, as a result of our sector expertise, to act as lead advisors on the disposal of the combined group, a bigger, non-core UK subsidiary element of the Dutch gifting business.

How we made a differenceThe Grant Thornton team ran a competitive process, with much interest coming from the private equity community in a very attractive, high-growth asset.

Bridgepoint Capital was selected as the preferred partner for the businesses, providing all parties (DIDIX, Waterland and the shareholders of both tastecard and Gourmet Society) with the desired outcome.

© 2017 Grant Thornton UK LLP. All rights reserved.

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.

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London

Andy Morgan T 020 7865 2626 E [email protected]

Anthony Platt T 020 7865 2384 E [email protected]

Atul Monga T 020 7865 2534 E [email protected]

Vasu Majumdar T 020 7728 3455 E [email protected]

Central & East

Phil Sharpe T 0122 322 5609 E [email protected]

Darren Bear T 0122 322 5673 E [email protected]

Sheffield & Midlands

Claire Davis T 0114 262 9728 E [email protected]

Alex Hyde T 0121 232 5245 E [email protected]

North West

Peter Terry T 0161 953 6350 E [email protected]

Yorkshire & North East

Richard Goldsack T 0113 200 2653 E [email protected]

Scotland

Neil McInnes T 0141 223 0618 E [email protected]

Barry Fraser T 0122 492 5986 E [email protected]

South

Wendy Hart T 0186 579 9938 E [email protected]

John Panteli T 0117 305 7680

E [email protected]

Debt Advisory

Chris McLean T 020 7865 2133 E [email protected]

Financial Due Diligence

Pete Dawson T 020 7728 3197 E [email protected]

Mo Merali T 020 7728 2501 E [email protected] Financial Modelling

Rob Bayliss T 020 7865 2655 E [email protected]

IT / Technology / Digital Diligence

Richard Joyce T 020 7728 2161 E [email protected]

Operational Diligence

Alan Dale T 020 7865 2777 E [email protected] Strategy and Commercial Due Diligence (CDD & VDD)

Ven Balakrishnan T 020 7865 2695 E [email protected]

SPA Advisory

Patrick O’Brien T 020 7728 3161 E [email protected] Transactional Tax

David Hewitt T 020 7728 2300 E [email protected] Wealth Advisory

Neil Messenger

T 011 4262 9712

E [email protected]

Working Capital

Mark O’Sullivan T 020 7728 3014 E [email protected] Pensions Advisory

Jamie MacKenzie T 020 7865 2418 E [email protected] Restructuring

David Dunckley T 020 7728 2408 E [email protected]

Regional contacts

Transactional advisory services

Documents

Leading the way · Investment in Opus 2 Magnum Holdings Limited Legal electronic document management July 2017 Grant Thornton provided due diligence services GetBusy plc AIM Admission