Better Capital Mergers and Acquisitions Summary

Private Equity Profile

Better Capital’s most common sectors for investment are aerospace (12%) and building materials (6%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and secondary buyout (30%). In total, Better Capital has invested in 2 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired OfficeTeam Group for $123M.

The Firm’s most common exit type is trade sale (29%). Better Capital’s largest (disclosed) exit occurred in 2015 when it sold Santia for $72M.

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M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity17
    • M&A Sell Activity7
  • Total Sectors Invested 16
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 5
  • M&A Advisors 1

Better Capital LLP

10 Buckingham Street,
London, WC2N 6DF
United Kingdom,
44 (0)20 7440 0840
www.bettercapital.co.uk
info@bettercapital.co.uk

Better Capital LLP is a private investment firm specializing in acquiring operational and acquisition turnaround of underperforming middle market companies located in UK and Ireland. The Firm looks to invest £50 million in companies with revenues in between £25 and £500 million. Better Capital is a consultant to the general partners of BECAP Fund LP and BECAP12 Fund LP. The Firm was formed in 2009 and is based in London.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Building Materials, Business Services, Consumer Products, Distribution, Engineering, Furniture, Healthcare Services, Information Technology, Manufacturing, Marine, Publishing, Retail, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: United Kingdom

Transaction Criteria Min Max
Target Revenue 25 500
Target EBITDA - -
Investment Size 50 -
Enterprise Value - -
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 17 - - - - - 17
vol $268M $268M
Sell (0.0/yr) # 7 - - - - - 7
vol $91M $91M
  24

Most Recent M&A

Company Date Value Type
Santia Ltd. 2015-12-02 72M GBP Add-on Acquisition
Caerphilly, United Kingdom · www.santia.co.uk
Fairline Boats Ltd 2015-12-02 - Bankruptcy
Oundle, United Kingdom · www.fairline.com
Calyx Managed Services 2015-04-02 18M GBP Add-on Acquisition
London, United Kingdom · www.calyxms.com
CAV Aerospace 2015-03-20 62M GBP Buyout (LBO, MBO, MBI)
County Durham, United Kingdom · www.cav-aerospace.net
City Link Ltd. 2015-01-02 - Bankruptcy
Baginton, United Kingdom · www.city-link.co.uk
iNTERTAIN Ltd. 2014-11-10 31M GBP Buyout (LBO, MBO, MBI)
Hertfordshire, United Kingdom · www.intertainuk.com
OfficeTeam Group Ltd. 2014-07-24 123M GBP Buyout (LBO, MBO, MBI)
Croydon, United Kingdom · www.officeteam.co.uk
Reader's Digest UK 2014-02-16 - Unknown
London, United Kingdom · www.readersdigest.co.uk
City Link Ltd. 2013-04-29 2M GBP Divestiture
Baginton, United Kingdom · www.city-link.co.uk
ATH Resources Plc 2013-03-01 - Unknown
Doncaster, United Kingdom · www.ath.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
m-hance Ltd. 2010-09-10 Maxima Business Solutions Division 2012-02-29 1
Stockport, United Kingdom · www.m-hance.com Cheltenham, United Kingdom

M&A by Sector

Sector Current # Value All-time # Value
Aerospace 2 (20%) 92M (38%) 2 (12%) 92M (34%)
Distribution 1 (10%) 123M (50%) 1 (6%) 123M (46%)
Leisure 1 (10%) 31M (13%) 1 (6%) 31M (11%)
Publishing - - 1 (6%) 20M (7%)
Transportation - - 1 (6%) 2M (1%)
Building Materials 1 (10%) - 1 (6%) -
Diversified - - 1 (6%) -
Furniture 1 (10%) - 1 (6%) -
Healthcare Services - - 1 (6%) -
Information Technology - - 1 (6%) -
Internet Software and Services 1 (10%) - 1 (6%) -
Marine - - 1 (6%) -
Metals/Mining - - 1 (6%) -
Retail 1 (10%) - 1 (6%) -
Software 1 (10%) - 1 (6%) -
Technology Hardware 1 (10%) - 1 (6%) -
Total 10 $246M 17 $268M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 10 (100%) 216M (100%) 16 (94%) 237M (100%)
France - - 1 (6%) -
Domestic 10 (100%) 216M (100%) 16 (94%) 237M (100%)
Cross-border - - 1 (6%) -
Total 10 $216M 17 $237M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (60%) 216M (87%) 8 (47%) 216M (80%)
Secondary Buyout 2 (20%) 31M (13%) 5 (29%) 51M (19%)
Divestiture - - 2 (12%) 2M (1%)
Special Situations/Distressed 1 (10%) - 1 (6%) -
Stake Purchase 1 (10%) - 1 (6%) -
Total 10 $246M 17 $268M

Exits by Deal Type

Type Total # Value
Bankruptcy 2 (29%) -
Unknown 2 (29%) -
Trade Sale 1 (14%) 72M (80%)
Trade Sale - Public Company 1 (14%) 18M (20%)
Secondary Sale 1 (14%) -
Total 7 $91M

Top M&A Advisors

Legal Deals
Olswang LLP
1

Deal Values

buy # Total
$100M to $1B 1 $123M
< $100M 5 $145M
TOTAL $268M
Largest OfficeTeam Group Ltd.
$123M (2014-07-24)
sell # Total
< $100M 2 $91M
TOTAL $91M
Largest Santia Ltd.
$72M (2015-12-02)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
4 67%
Strategic(s)
33%
2 33%
Exited to
PE Firm(s)
33%
1 33%
Strategic(s)
67%
2 67%

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