Category: Case Studies

Project Merlin was the fund raising of £10mn for Revolymer Group. Revolymer is a polymer based ingredients business developed from technology which emerged from research at Bristol University. Oghma Partners was approached to assist the business with its fundraising. Oghma’s role was to evaluate the opportunities for the business, review the potential income streams and assess the potential value of the company. Oghma quickly executed the project goals with the result being the successful raising of development funds for the business. Revolymer is now an Aim listed business.

Project Emerald was the sale of a specialist ingredients business for a multi-national agri-processing company. Oghma kicked off the process in June and the transaction was signed off in November and completed in December of the same year post competition clearances. The business operated on a global basis with relatively low levels of profitability but with a valuable stock of new ingredients coming to market as we initiated the sales process. Through a detailed IM and Management Presentations we transmitted the message to a small group of buyers the likely upside to come through from the NPD activities. The result was a competitive auction process with the final consideration at a healthy level and comparing favourable with similar deals in the ingredients sector.

Project Neo was the sale of McCambridge Cake. Oghma Partners was appointed to sell McCambridge Cake a multi-site, multi country manufacturer of private-label cake products by Barclays Ventures. After careful analysis Oghma identified a list of over 30 potentially interested parties for the business – based in both the UK and overseas and being both trade and private equity. The potential buyers were contacted on a no-names basis and 14 Information Memorandums were sent out under a Non-Disclosure Agreement. 4 initial Offers were received for the business. Oghma Partners ran a second round of the process including the preparation of Management Presentations; the overseeing of site visits and; the setting up of a data room. Oghma Partners collated and reviewed the Final Offers with the client and oversaw the final stages of due diligence with the chosen buyer. Oghma co-ordinated the final stages of the Process working with the legal advisors to ensure a positive outcome to the negotiations. Oghma was appointment in April 2012 and the deal was completed in December 2012.

Project Seine was the acquisition of New Ivory of the UK by French Ingredients Company Solina. Oghma Partners was appointed by Solina to find bolt-on acquisitions in the UK. After a process of understanding precisely what our client was looking for and then reviewing the opportunities – New Ivory was identified as a potential target. Oghma contacted the owner of New Ivory and secured a meeting for our client. After initial due diligence Oghma assisted with evaluation of the New Ivory business and the submission of an indicative offer moving to Heads of Terms. Oghma also assisted in the appointment of third party advisors to our client and co-ordinated and oversaw the Process to conclusion including price negotiation discussions. The Project was executed in a timely and smooth manner with an initial appointment in February 2016 and completion in September 2016.

Project ABBA was the acquisition of Swedish frozen desserts manufacturer Almondy AB by Givesco of Denmark. Oghma Partners knew the Givesco team well and understood what their broad acquisition criteria was. On hearing of the sale of Almondy we contacted Givesco who quickly confirmed their interest in the opportunity. Securing entry for Givesco in the Process we reviewed the documentation and visited the plant and took part in the management presentation with our client. We advised on the submission of offers, built the acquisition model and P&L and cashflow model and assisted in preparing the bank financing presentation. After securing exclusivity for our client we took part in the negotiations with the sellers and worked closely with the legal teams to secure a successful conclusion of the transaction. We took the lead role in co-ordinating all the various elements of the Process whilst managing the expectation of the sellers as to the timing and speed of our client’s responses in the Process. The overall result was the completion of the transaction in a timely manner and keeping the transaction on track despite a sometimes difficult negotiation process.

Our client was able to agree an offer with a target company after we sifted through over 300 business opportunities. The client progressed its expansionary strategy with a minimum of management down-time with the assurance that a comprehensive review of its acquisition options had been undertaken.

Situation: Our international client was seeking to expand its existing UK operations via an acquisition of a complementary business in an adjacent category.

Problem: Despite actively looking for potential acquisitions with its existing advisors, the client had been unable to identify the appropriate opportunity. After nine months the company was no further ahead in executing its acquisition strategy.

Solution: Oghma Partners invested time in fully understanding the client’s requirements and in mapping out opportunities in line with strategy. Oghma initiated a comprehensive search process and from a preliminary list of over 300 businesses, produced an agreed ‘short list’ of fifty potential targets. These were fully profiled and 20 target companies were contacted. From these contacts, 5 one on one meetings were arranged and an offer was agreed with one of the five targets.

Payoff: The client benefited from the experience brought by the Oghma team, focused on moving its acquisition strategy forward. This guaranteed a stream of opportunities and a reassurance that a comprehensive review of options had been undertaken. The process also delivered a non-competitive process, ensuring value was obtained. Finally, the target company was one that the client had not come across previously.

By employing Oghma to value his business and review future opportunities, our client was able to optimise his exit strategy.

Situation: Our client was invited to form a joint venture with another business.

Problem: The client was a relatively young, fast growing business but unsure of the trade-off between accepting a joint venture agreement at its current early stage of development and other potential deals in a few years time.

Solution: Oghma provided strategic advice to evaluate the approach. We stress-tested the financial forecasts provided by the company and supplied valuation projections.

Result: The board was able to make a balanced decision on its future strategy with data provided by an informed, independent third party.

By employing Oghma to value his business and review future opportunities, our client was able to optimise his exit strategy.

Situation: Our client was invited to form a joint venture with another business.

Problem: The client was a relatively young, fast growing business but unsure of the trade-off between accepting a joint venture agreement at its current early stage of development and other potential deals in a few years time.

Solution: Oghma provided strategic advice to evaluate the approach. We stress-tested the financial forecasts provided by the company and supplied valuation projections.

Result: The board was able to make a balanced decision on its future strategy with data provided by an informed, independent third party.

Leading beverage service company was offered significant new diversification opportunities by using Oghma’s in-depth industry expertise.

Situation: The client had a very successful business but a 50% market share made it difficult to expand its operations.

Problem: A narrow customer base and mature market limited our client’s expansion opportunities. The client sought ways of leveraging its national infrastructure but was unsure of how to approach this or in which direction to expand and diversify.

Solution: Oghma spent time with the client understanding its business, skill set and suitable expansion areas that also offered potential synergies with its existing operation. Oghma identified four business areas screening 3500 companies in the process.  A long list of around 100 companies was then subsequently distilled down to a ‘short list’ of twenty. The end result was that an offer was made for one of the businesses which provided opportunities for considerable synergies and suitable diversification.

Result: The client gained an M&A and strategy resource that it lacked in-house. As a result it was able to execute an efficient and comprehensive M&A acquisition process without management dilution.