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Bowman Stores sold to Americold Realty Trust

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Bowman Stores Sold To Americold Realty Trust

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Location

USA flag

Sector

Industrial & Manufacturing

Deal Type

Sale

Value

£74m

Bishopsgate has advised the shareholders of Bowman Stores, a leading cold storage and logistics business on the £74m cross-border sale to Americold Realty Trust.

This represents another complex cross border deal for the Bishopsgate team.

Bowman Stores is a family business that operates from a single campus located in Spalding, Lincolnshire. This campus aggregates 10 million cubic feet with four buildable acres of land to support additional development. Bishopsgate worked closely with the family to run a competitive process culminating in the sale to Americold Logistics.

Americold (NYSE: COLD) (the “Company”), is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses.

Bishopsgate Advisors

Ed Wesson

Ed Wesson

Partner
James McBain Allan

James McBain Allan

Partner
Morgan Atherton

Morgan Atherton

Managing Partner

Fred Boehler – President & CEO, Americold

We continue to find opportunities to build our network in Europe.

Subsequent to quarter end, we entered into a purchase agreement to acquire Bowman Stores, which operates a single campus located in Spalding, England, for $102 million. The campus aggregates 10 million cubic feet along with four buildable acres of land to support additional development. Nearly all of the customers in this facility are new to Americold and the commodity mix is distributed between protein, prepared foods, and produce. The facility is also one of the few businesses in the UK with a protein export license to China. The asset is located approximately 100 miles north of London and complements our existing Whitchurch site.

Marc J. Smernoff – CFO, Americold

Subsequent to quarter end, we entered into a purchase agreement to acquire Bowman Stores in the UK for a total investment of £74 million Pounds Sterling, which translates to $102 million US dollars, and is expected to close this month. This translates into a net entry NOI yield of 6.8% and the deal was funded using the Pound Sterling component of our revolver. We continue to execute on our strategic growth plan in Europe.

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    Orderwise sold to Forterro

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    Orderwise Sold To Forterro

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    Location

    Switzerland flag

    Sector

    Technology & Software

    Deal Type

    Sale

    Value

    -

    Bishopsgate advise on the sale of Wise Software (Orderwise) a leading provider of business software to 1,000 customers across the UK. The Company employs over 200 software and ERP specialists and generates revenue of c.£18m.

    For more than 30 years, Wise Software (OrderWise) has been developing, implementing, and supporting ERP software solutions for small and midsize industrial companies in the UK. OrderWise’s specialised, highly-integrated financials, order management, Point of Sale (POS), warehouse management (WMS), transportation management (TMS), and ecommerce solutions are used by nearly 1,000 clients across a broad range of industries, from manufacturing and distribution to wholesale, retail, and ecommerce.

     

    The Company was acquired by Forterro a software group that operates across Europe and employs over 1,200 people. Since it was founded in 2012, Forterro has grown to over 40 office locations around the world to support specialised software solutions and more than 10,000 small and midsize manufacturers. Headquartered in London, Forterro is a category leader in one of the largest and most steadily growing markets in software, with strongholds in each of the Europe’s top production economies, as well as regional service hubs and development centres around the world. Forterro is home to a diverse range of local and vertical industry software solutions—each one uniquely developed by the midmarket, for the midmarket.

     

    OrderWise will significantly expand Forterro’s northern Europe region, with the product representing the group’s fourth largest revenue stream and fourth largest customer base. The acquisition marks Forterro’s second in the UK, following its acquisition of 123insight a year ago. It also serves as Forterro’s inaugural acquisition under its new owners Partners Group, a leading global private markets firm, acting on behalf of its clients.

    Bishopsgate Advisors

    Ed Wesson

    Ed Wesson

    Partner
    James McBain Allan

    James McBain Allan

    Partner

    Dean Forbes – CEO, Forterro

    We warmly welcome OrderWise, its people and customers,

    OrderWise and its products are a perfect fit with the Forterro vision and cements our position as the leading provider of software solutions for the industrial SMEs of Europe.

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      Thermocable sold to Halma Plc

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      Thermocable Sold To Halma Plc

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      Location

      UK flag

      Sector

      Industrial & Manufacturing

      Deal Type

      Sale

      Value

      £22m

      Thermocable’s specialist detection technologies further expand the range of devices Apollo offers in the commercial and industrial fire detection markets.

      Based in Bradford, UK, Thermocable will become part of Apollo, Halma’s fire detection and alarm company, and will help to keep more people safe from the risk of fire. Thermocable’s technology detects fire risk using temperature sensitive cables, known as Linear Heat Detectors. This technology is particularly suited for use in challenging infrastructure and industrial applications such as tunnels, factories, car parks, and increasingly solar farms.

      Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad markets it operates in:

       

      • Safety – Protecting people’s safety and the environment as populations grow, and enhancing worker safety.
      • Environment – Addressing the impacts of climate change, pollution and waste, protecting life-critical resources and supporting scientific research.
      • Health – Meeting the increasing demand for better healthcare as chronic illness rises, driven by growing and ageing populations and lifestyle changes.

      It employs over 7,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.

      Bishopsgate Advisors

      Morgan Atherton

      Morgan Atherton

      Managing Partner
      James McBain Allan

      James McBain Allan

      Partner

      David Bulley – Managing Director, Apollo

      With the acquisition of Thermocable, we will serve a greater range of customer needs globally while offering an extra layer of protection to help extinguish fires at the source before they cause serious harm. Its technologies are highly aligned with our purpose to protect people and their environment.

      James Rayner – Managing Director, Thermocable

      Bishopsgate provided an excellent end-to-end service throughout the transaction and took a lot of stress off our shoulders as sellers. They duly delivered on their proposal and exceeded our expectations. The professionalism and expertise of their individual practitioners are second to none.

       

      I hope to work with Bishopsgate again in the future and would highly recommend them to others.

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        Opals UK sold to OCU Group

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        Opals UK Sold To OCU Group

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        OCU Group

        Location

        UK flag

        Sector

        Industrial & Manufacturing

        Deal Type

        Sale

        Value

        -

        Opals provides telecommunications infrastructure services across all disciplines of digital communications networks, from its headquarters in Peterborough. The company particularly brings a wealth of specialist fibre experience to Triton Partners backed OCU, helping to support Instalcom (an OCU Group subsidiary) as it develops and expands its fast-growing telecoms offering across the South and in particular the East of England.

        OCU Group is an innovative service provider in the Utilities Industry; operating on a national scale.  The Company delivers a wide range of customer-focused business solutions throughout the UK and Ireland, working with a large blue-chip client base in all utility areas including; Power, Telecoms, Water, Oil & Gas, Rail and Directional Drilling.

        Opals started trading in 2012 and has grown within the industry to become an established and leading network infrastructure services company, offering an extensive range of complimentary services covering civil engineering, fibre optics and traffic management.

         

        Working with network operators to design, build, maintain and repair full fibre network infrastructure, Opals’ customer base includes Upp, Netomnia and Openreach where they provide a total delivery solution from their East of England head-office in Peterborough.

        Bishopsgate Advisors

        James McBain Allan

        James McBain Allan

        Partner

        Sam Hodge – Managing Director and Founder, Opals

        James and the team at Bishopsgate were fantastic to work with. They guided and assisted us throughout a well- structured process which delivered a really great result. They were responsive and supportive and took a lot of complexity out of the process by applying a pragmatic approach. I would have no hesitation in recommending Bishopsgate Corporate Finance.

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          Virgin Experience Days received investment from Inflexion

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          Virgin Experience Days Privately Acquired By Inflexion

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          Location

          UK flag

          Sector

          Consumer

          Deal Type

          Private Equity

          Value

          £30m

          Acorne Ltd, which trades under the Virgin brand as Virgin Experience Days, pioneered the experience gift voucher market and has seen enormous success over the last 10 years reaching £50m in turnover during 2017.

          The deal represents an exit for its founders Richard Gyselynck and Andrew Dent and the chance for the existing management team, alongside Inflexion, to accelerate growth in both the B2C and B2B divisions

          Bishopsgate Advisors

          James McBain Allan

          James McBain Allan

          Partner

          Andrew Dent and Richard Gyselynck – Founders, Virgin Experience Days

          We’ve been working with Bishopsgate for a while to ensure the company was ready for sale. They not only delivered us a fantastic deal but they ran the process with efficiency and pin point accuracy!

          We have enjoyed growing the business organically and by acquisition and believe the business is capable of substantial future growth. I am delighted that Inflexion have recognised this potential.

           

          This investment by Inflexion will ensure the longevity of the business and allows the management team to continue to participate in its future growth. Experienced management and new blood will enable the company to exploit fully the market opportunities now opening up.

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            Agsenze received investment from Cibus Capital

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            Agsenze Series A Capital Growth Investment

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            Cibus Capital

            Location

            UK flag

            Sector

            Technology & Software

            Deal Type

            Private Equity

            Value

            -

            Bishopsgate Corporate Finance advised agricultural technology company Agsenze on a Series A growth capital investment.

            Agsenze is a computer vision technology platform focused on developing low-cost precision livestock technology solutions. Their first product, HerdVision, provides automated identification of health and production outcomes for dairy cattle using 2D and 3D computer vision technology. It provides farmers with analytics on productivity, emissions and welfare. The platform was primed for globalisation with key environmental impacts to help farmers better manage their livestock and ensure more environmentally friendly management.

             

            The transaction was a financial and corporate ventures syndicated Series A growth capital investment. The funding was provided by Cibus Capital, whose funds strategy is a food and agribusiness focused platform that invests opportunistically in food companies who provide a sustainable competitive advantage.

            Bishopsgate Advisors

            Ed Wesson

            Ed Wesson

            Partner

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              Isopharm Laboratories sold to Eurofins

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              Bishopsgate advises on the carve out of Isopharm Laboratories and sale to Eurofins

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              Location

              Luxembourg flag

              Sector

              Healthcare

              Deal Type

              Sale

              Value

              -

              Bishopsgate Corporate Finance has supported the shareholders of Private Equity backed Agilio Software in the divestment of its laboratory business, Isopharm Laboratories, to Eurofins.

              Agilio Software is a leading UK frontline healthcare operations software provider. It is supported by strategic growth investment from Five Arrows, the alternative assets arm of Rothschild & Co., and TA Associates (“TA”), a leading global private equity firm.

               

              Eurofins is a listed global group of laboratories providing food, environment, pharmaceutical and cosmetic product testing and pharmacology, forensics, advanced material sciences and agroscience contract research services.

               

              Isopharm Laboratories brings a modern approach to water testing, ensuring decontamination and infection control in both hospital and domestic environments. With state-of-the-art facilities and techniques, and temperature-controlled transport, Isopharm delivers testing services to sterile service departments, including endoscopy, theatres, and domestic settings.

               

              This acquisition strengthens Eurofins’ UK presence in water hygiene testing by incorporating specialist healthcare testing into its extensive portfolio. Eurofins Food & Water Testing UK continues to offer a wide range of accredited services, including water safety, food safety, composition, authenticity, origin, traceability, and purity testing, as well as auditing services, through its expanding network of laboratories across the UK and globally.

              Bishopsgate Advisors

              Ed Wesson

              Ed Wesson

              Partner
              Sam Reynolds

              Sam Reynolds

              Associate Director

              Paul Ward – Managing Director (Hospital), Agilio Software 

              Agilio is a leading provider of SaaS platforms to the Healthcare industry. We gained the laboratory business as part of an acquisition, and the time was right to find a new home after six years of development into a market leading UKAS accredited service to the Hospital decontamination sector.

               

              We are sure that the laboratory will continue its success as part of the Eurofins group of laboratories, safe in the hands of a market leading test provider.

               

              I would like to express my thanks to Ed and the team at Bishopsgate for their assistance and support throughout the transaction, building a professional end-to-end relationship with all parties, I would have no hesitation in recommending Bishopsgate services to others.

              Ed Wesson – Partner, Bishopsgate Corporate Finance

              It has been a pleasure working with the team at Agilio on the divestment of Isopharm. The transaction provides a great home for the Isopharm laboratories business, its customers and employees and Bishopsgate are thrilled with the outcome.

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                Custard Technical Services sold to Thrive Technologies

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                Custard Technical Services Sold To Thrive Technologies

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                Location

                USA flag

                Sector

                Technology & Software

                Deal Type

                Sale

                Value

                -

                Bishopsgate Corporate Finance and law firm Browne Jacobson have jointly advised on the acquisition of award-winning tech solutions business, Custard Technical Services by US managed services and cyber security provider, Thrive.

                The acquisition will support Thrive in its ambitions to further expand its IT solutions offering in the UK.

                 

                Nottingham and London headquartered Custard which was founded in 1996, specialises in the provision of innovative tailored solutions including IT consultancy, managed services, disaster recovery planning, IT security, back-up solutions, and software and hardware support. The business is a trusted partner to Microsoft (including Microsoft Teams), EE, HP, Fortinet and Purestorage and works with a national and international client base.

                 

                The Bishopsgate advisory team was led by partner James McBain Allan and manager Sam Holmes whilst head of corporate, Richard Cox and senior associate Sam Sharp led from the Browne Jacobson side.

                Bishopsgate Advisors

                James McBain Allan

                James McBain Allan

                Partner

                Chris Pass – CEO and Co-Founder, Custard Technical Services

                We are excited to join Thrive’s global roster and believe that our proven track record and our top-tier talented professionals will be an excellent complement to expand Thrive’s extensive NextGen portfolio of solutions.

                Interested in our services or have any questions?

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                  Data Interchange PLC sold to Epicor

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                  Data Interchange PLC Sold To Epicor

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                  Location

                  USA flag

                  Sector

                  Technology & Software

                  Deal Type

                  Sale

                  Value

                  -

                  Bishopsgate further demonstrates its capabilities in the technology and software sector by successfully advising supply chain EDI software provider Data Interchange on the sale to US based Epicor

                  For over 30 years Data Interchange has been developing pioneering technology for data communication. The Company now employs over 100 EDI specialists across Europe generating a turnover of £9m with high levels of SaaS revenue. The Company has a blue chip customer base and works with some of the biggest brands in the world.

                   

                  Data Interchange’s B2B integration software solutions – including the company’s DiNet global EDI Network, Odex B2B communications platform, Darwin order processing solution, and XE EDI mapping tool – will help Epicor customers streamline their supply chain strategies, providing a single-source of truth to more closely manage supplier relationships, automate business processes, and plan for changing business needs. That includes support for European market protocols and standards such as OFTP2, EDIFACT, VDA, TRADACOMS and PEPPOL.

                   

                  Epicor is a business software company owned by Private Equity House – Clayton, Dubilier & Rice that is based in Austin, Texas. Epicor provides enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM) and human capital management (HCM) software to business customers in the manufacturing, distribution, lumber/building materials, retail and automobile verticals globally.

                   

                  The Data Interchange acquisition expands the reach of Epicor in European markets and adds to the company’s portfolio of B2B integration technologies, empowering customers to connect businesses and trading partners, increase efficiency, and drive value in the supply chain.

                  Bishopsgate Advisors

                  Ed Wesson

                  Ed Wesson

                  Partner
                  James McBain Allan

                  James McBain Allan

                  Partner

                  Andrew Filby – CEO, Data Interchange

                  Our goal at Data Interchange has always been to streamline the way EDI is delivered and presented to our customers and partners…by joining with Epicor, we’re extending our mission to help companies drive positive business outcomes by simplifying every stage of their EDI journey.

                  Interested in our services or have any questions?

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                    Hawkins Electrical sold to RSK Group

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                    Hawkins Electrical Sold To RSK Group

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                    Location

                    UK flag

                    Sector

                    Industrial & Manufacturing

                    Deal Type

                    Sale

                    Value

                    -

                    Bishopsgate has advised on the sale of Hawkins Electrical, a specialist nationwide electrical service to the UK holiday and mobile home industry on its sale to RSK Group.

                    Skegness based Hawkins Electrical was founded in 1967 and its team of 74 includes qualified electrical engineers along with electrical apprentices and a skilled, experienced management team. It offers bespoke design and installation, product supply and manufacture, inspection and maintenance, mandatory testing and remedial works. It has built its reputation on designing and installing private electrical distribution networks and providing quality products to the holiday and mobile home park industry, with a small element of works in the marina marketplace.

                     

                    RSK is a global leader in the delivery of sustainable solutions. It has a family of over 175 environmental, engineering and technical services businesses who work together to provide practical solutions to the challenges faced by society. They operate in most sectors of the economy, including many of those most critical to future global sustainability, such as water, energy, food and drink, infrastructure, urban development, mining and waste.

                    Bishopsgate Advisors

                    James McBain Allan

                    James McBain Allan

                    Partner

                    Alex Farrow – Managing Director, Hawkins

                    Our business has been built on a proud tradition of strong growth and ethics and we believe that joining the RSK Group will provide an excellent foundation to continue this ambitious trajectory. RSK offers considerable opportunities for expansion into new markets and being part of such a significant group is great for staff development and retention, which is very important to our entire team.

                    Alan Ryder – Chief Executive Officer, RSK Group

                    Hawkins Electrical has an enviable reputation of innovation and client service – one of its customers has had a relationship with the business for 52 years – and this close alignment with RSK’s ethos is why we are proud to welcome the company to our group. Hawkins has earned a reputation that is unrivalled in the industry, servicing both the small and large sites with national holiday park operators.

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