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Pinsent Masons advises Flogas Ireland on latest acquisition

Multinational law firm Pinsent Masons has advised Flogas Ireland, a subsidiary of DCC plc, on its entry into Northern Ireland with the acquisition of Budget Energy.

It marks the largest investment that Flogas has made in Ireland into the growth of its energy business and will enable its expansion into the residential and commercial electricity market in Northern Ireland where it has been operating for over 30 years in the liquefied petroleum gas (LPG) and more recently, the commercial natural gas market.

Budget Energy is one of Northern Ireland’s leading electricity suppliers. In recent years it has contracted with a strong portfolio of local renewable energy generation across solar, wind and anaerobic digestion sources. This renewable generation will be a key contributor to Flogas’s sustainability strategy. Budget Energy, which trades as BE Energy in the Republic of Ireland (ROI) has over 90,000 customers.

Commenting on the deal, Andrew Kerr said, “A deep rooted understanding of Ireland’s highly competitive energy retail sector and increasing regulatory demands enabled us to successfully bring this transaction into fruition. This is an extremely significant acquisition for Flogas and is closely aligned with its long term strategy to become one of Ireland’s leading all-island energy suppliers.”

Pinsent Masons advised Flogas on all aspects of the acquisition and was led by Andrew Kerr and Lisa Early with support from Danielle McKeefry, Dorian Rees, Laura McCrea and Craig Patterson.

The deal marks another important milestone in Pinsent Masons’ long standing relationship with DCC plc. Last year, the firm advised DCC Vital in its sale of Kent Pharmaceuticals.

Clifford Chance advises Shuanghuan on latest acquisition

Clifford Chance has advised China-based auto component producer Zhejiang Shuanghuan Driveline Machinery Co., Ltd (Shuanghuan) on the acquisition of a majority share in German gearbox and auto component manufacturer Schmiedetechnik Plettenberg GmbH & Co. KG and Werkzeugtechnik Plettenberg GmbH & Co. KG. German VVP Vermögensverwaltung Plettenberg GmbH & Co. KG is selling its 81 percent of its shares in both companies. Upon closing of the transaction the Chinese investor will inject further capital into the group and thereby increase its shareholding.

Schmiedetechnik Plettenberg and Werkzeugtechnik Plettenberg are engaged in R&D, manufacturing, and sale of metal mold and precision molding parts for the automotive and construction machinery sectors.

Zhejiang Shuanghuan Driveline Co., Ltd., a listed company based in Hangzhou, China, produces and sells gears and shafts. The company’s products are widely used in the fields of inter alia cars, electric cars, high-speed rail traffic, electric tools and industrial robots. By acquiring the German gear manufacturers, Shuanghuan is accelerating its international development and further expanding its European business.

The Clifford Chance team advising Shuanghuan on the acquisition comprised partner Nicole Englisch and associate Sebastian Lahner, senior associate Nico Basener, associate Annika Ascher (all Corporate/M&A, Munich), counsel Dimitri Slobodenjuk and senior associate Caroline Scholke (both Antitrust, Dusseldorf), partner Claudia Milbradt, counsel Florian Reiling and senior associate Nicolas Hohn-Hein (all IP, Düsseldorf), partner Ines Keitel, senior associate Christopher Fischer (both Frankfurt) and associate Mario Maier (Munich, all Employment), partner Mathias Elspaß, senior associate Philipp Büsch and associate Felix Feldmann (all Corporate/Public Law, Düsseldorf), partner Christian Keilich (Frankfurt), counsel Dennis Blechinger and foreign lawyer Marion Dalvai (both Munich, all Real Estate), partner Barbara Mayer-Trautmann and senior associate Jennifer Seipelt (both Acquisition Finance, Munich) and partner Olaf Mertgen and counsel Dominik Engl (both Tax, Frankfurt) as well as a team from the Clifford Chance office in Shanghai lead by partner Glen Ma and including counsel Richard Cui (both Corporate/M&A).

Livingstone in the UK rebrands as Arrowpoint Advisory

Following Rothschild & Co’s acquisition of Livingstone in the UK, which was completed in December 2019, the team has become Arrowpoint Advisory and is the dedicated UK lower mid-market team within Rothschild & Co’s Global Advisory business.

Arrowpoint Advisory is one of the UK’s most successful M&A, Debt Advisory and Special Situations advisers in its market with a 40-year track record of delivering outstanding results for clients.

As part of the Rothschild & Co group, Arrowpoint Advisory is the only financial adviser in its market with a global platform of this scale, with unparalleled access to the group’s comprehensive sector expertise and offices in over 40 countries.

The Arrowpoint Advisory team delivers insight, expertise and hands-on support to entrepreneurs, sponsors and corporates principally across the Business Services, Consumer, Healthcare, Industrials and Media & Technology sectors.

With a team of 35 bankers and a track record of over 650 completed transactions, the Arrowpoint Advisory team has a focus on client-first advice defined by technical rigour, understanding of markets and commitment to execution excellence.

Arrowpoint Advisory Managing Director, Jeremy Furniss says: “Our entire team is excited at the potential for growing an already successful business which we built together over 40 years. Our clients will benefit from full access to Rothschild & Co’s Global Advisory business and its international infrastructure and network.”

Pinsent Masons advises S.R. Smith on its acquisition of Sunbather

International law firm Pinsent Masons has advised S.R. Smith on the acquisition of Sunbather.

S.R. Smith LLC, a world leader in swimming pool deck equipment, has acquired Sunbather Pty Limited, Australia’s leading manufacturer of solar pool heating and pool covers.

Pinsent Masons worked closely with S.R. Smith’s US Counsel, Pepper Hamilton on both the diligence and the transactional documentation on S.R. Smith’s third acquisition in Australia.

The Pinsent Masons’ team acting on the transaction included partner Ewan Robertson, associate Lucy Carter and lawyer Lisa Meyer on M&A and due diligence matters, along with partner Katie Williams and lawyer Patrick Williams advising on employment aspects of the deal.

Transaction partner, Ewan Robertson, said: “We are delighted to have assisted S.R. Smith with what we are confident will be a really successful acquisition and look forward to continuing to work with them in the future.”

If you would like to find out more information, please visit: https://www.pinsentmasons.com/

Independent wealth management firm acquires six businesses

Succession Wealth has acquired six financial advisory businesses from around the United Kingdom. Together, the deals add up to £800m in assets under management, bringing Succession’s total AUM to more than £8bn.

As a result of the six new acquisitions, a further 2,100 clients will join Succession Wealth, as well as 16 qualified and experienced Financial Planners.

In April, Succession Wealth announced it had secured over £100m of additional financing facilities through its existing financing arrangements, to fund an intensive acquisition plan and accelerate its national growth and presence.

As a result 55 firms have now joined Succession since 2014 – an average of one acquisition per month.

The latest six acquired companies are:

  • Mackenzie Investment Strategies, Inverness
  • Winter Financial Services, Marlow
  • Warwick Butchart Associates, Cheltenham
  • Killermont Investments, Glasgow
  • Additional Glasgow business acquired subject to FCA Change of Control approval
  • Ellaby Pollard, Bristol

James Stevenson, CEO, Succession Wealth, said: “We are delighted to welcome the proprietors and staff of these outstanding businesses on board.

“We share common values and a relentless drive to achieve excellence for our clients.

“We look forward to these acquisitions continuing to drive the growth and development of our national business.

“Since the launch of our advisory business just five years ago and the acquisitions we have completed, Succession Wealth is now in a very strong position to continue to deliver sustainable growth and become the UK’s foremost professional financial planning practice.

“The most sustainable companies prioritise their relationships with their clients and stakeholders, and our aim is to ensure everyone who is interested in benefiting from full Financial Planning and wealth management has ready access to the best possible advice.

“These latest acquisitions extend our national coverage, creating new regional offices in Inverness and Bristol and considerably strengthening our already significant presence in Glasgow and the Thames Valley.”

Duncan Mackenzie, founder of Chartered Financial Planning firm, Mackenzie Investment Strategies, said: “Succession has invested heavily in Scotland and, for us, it was essential for our clients and staff to join an established, reputable company that would allow us to foster the same level of trust and provide the same quality of service upon which we had based our reputation.”

Bristol based financial advisory firm, Ellaby Pollard’s managing director, Andy Barr, said: “Our clients will continue to receive high quality financial planning advice but will also enjoy enhanced services and an improved proposition as a result of us becoming part of a larger, national organisation.”

Clifton Asset Management plans series of targeted acquisitions

Clifton Asset Management has acquired Plan For Life Wealth Management for an undisclosed fee. The deal is the first in a series of “targeted acquisitions” planned by the company to create a network of small financial advisory businesses.

The firm said its business model aims to “disrupt the established advisory firm acquisition model by creating targeted, geographic centres of excellence”.

These regional centres will be run by Clifton Asset Management through its subsidiary Clifton Wealth Partnership.

Each regional centre will enable smaller firms in the area to compete better with larger rivals by providing access to back office services, technology and products under the Clifton umbrella.

Clifton said IFA firms will be able to join the centres either through acquisition or via appointed representative (AR) status.

Targeted Acquisitions

Clifton Asset Management group financial planning director, Anthony Carty, said of the first acquisition: “Plan For Life is a great business which has been running since 2011 in a region not known as a ‘hub’ for financial services.

“We aim to build on the excellent work that Plan For Life has delivered thus far, with a package of services to enhance the customer journey still further.

“These services include our own low-cost investment platform, in-house DFM model portfolios and highly-interactive client portal.

“We have spent years developing our capability, both with resources and technically. We believe we have a model which will appeal to advisers who simply want to concentrate on providing the best outcomes for their clients.

“This is the first in a series of targeted acquisitions.”

If you would like to find out more information about Clifton Asset Management, please visit https://www.clifton-asset.co.uk/