Buckingham Corporate Finance advises on the successful acquisition of Weaver Pallet Express.
26-Aug-2003
Buckingham Corporate Finance ('BCF') is pleased to announce the successful completion of a second acquisition for its client Business Post Group plc. The press announcement, which was recently released to the London Stock Exchange, giving full details of the transaction is attached.
This acquisition of Weaver Pallet Express for a total consideration of €18million is a direct result of the retained search which BCF carried out for Business Post and as well as identifying the target, the services and advice provided to the client included:
Approaching the target
Carrying out a detailed review of the business
Leading the negotiations on the deal which included the Hive Out of a non-core business, the disposal of a substantial freehold property and an element of deferred consideration in both cash and shares
Arranging a 10 year term loan to part finance the acquisition
Project managing the Financial, Legal and Commercial due diligence
Preparing the draft RFA and supporting IRR model for presentation to the Business Post Board
Carrying out the Class Tests as required by the UK Listing Authority to determine the disclosure requirements to be made by Business Post through the London Stock Exchange
Working closely with the client's legal team to overcome/avoid the many pitfalls which occurred during the process
Re-negotiating the deal at the 11th hour.
Further information about the acquisition can also be found on www.business-post.com
The express distribution of palletised goods is an extremely fast growing market in the UK and this acquisition has attracted a great deal of interest in the express delivery market. If any European members of IMAP are aware of similar delivery networks based in other European countries we would be happy to discuss with you how we can jointly assist in creating further deals in this sector.
