M&A Deal Summary

Hermes GPE Acquires The Works

On April 1, 2005, asset manager Hermes GPE acquired retailer The Works from Primary Capital for 51M GBP

Acquisition Highlights
  • This is Hermes GPE’s 1st transaction in the Retail sector.
  • This is Hermes GPE’s 3rd largest (disclosed) transaction.
  • This is Hermes GPE’s 2nd transaction in the United Kingdom.
Investment Fate
  • The Works was sold to a consortium of financial buyers in 2008 for 17M GBP.
  • The Works went public in 2018.

M&A Deal Summary
Date 2005-04-01
Target The Works
Sector Retail
Buyer(s) Hermes GPE
Sellers(s) Primary Capital
Deal Type Secondary Buyout
Deal Value 51M GBP

Target

The Works

Birmingham, United Kingdom
website
The Works is a discount retailer with a chain of stores throughout the UK. The Company was formed in 1981 and is headquartered in Birmingham, United Kingdom.

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Buyer(S) 1

Buyer

Hermes GPE

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 2010
PE ASSETS 8.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

Hermes GPE is a global investor in private equity funds as well as direct co-investor. The Firm manages assets on behalf of institutional investors with a focus on private markets. Hermes GPE is headquartered in London.

DEAL STATS #
Overall 2 of 11
Sector (Retail) 1 of 1
Type (Secondary Buyout) 2 of 7
Country (United Kingdom) 2 of 8
Year (2005) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-01 Merlin Entertainments

Poole, United Kingdom

Merlin Entertainments is an European entertainments company operating in Europe. Merlin runs 124 attractions in 25 countries across four continents. Merlin Entertainments was formed in 1999 and is headquartered in Poole, England.

Buy £73M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-23 Merlin Entertainments

Poole, United Kingdom

Merlin Entertainments is an European entertainments company operating in Europe. Merlin runs 124 attractions in 25 countries across four continents. Merlin Entertainments was formed in 1999 and is headquartered in Poole, England.

Sell £103M

Seller(S) 1

SELLER

Primary Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1994
PE ASSETS 700M GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Primary Capital is a private equity firm focused on management buyouts and buy-ins of mid-market companies with an enterprise value of £20 - £100 million. Primary looks for opportunities across Europe but concentrates primarily on businesses located in the UK and Germany. The Firm looks to invest £10 to £44 million of equity or equity-related capital per transaction. Target sectors include consumer products/services, business & support services, financial services, IT services, software, and industrial products/services. Primary was formed in 1994 and is based in London.

DEAL STATS #
Overall 4 of 24
Sector (Retail) 1 of 4
Type (Secondary Buyout) 1 of 6
Country (United Kingdom) 2 of 22
Year (2005) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 PCL Group

Munich, Germany

PCL Group GmbH is a provider of design, engineering and computer simulation services to the automotive, truck and aerospace industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-01 Blackwater Bars

Preston, United Kingdom

Blackwater Bars Ltd. is an owns and operates restaurants and party venues.

Buy -
Mergr

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