Primary Capital Mergers and Acquisitions Summary

Private Equity Profile

Primary Capital’s most common sectors for investment are retail (14%) and business services (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (69%) and divestiture (11%). In total, Primary Capital has invested in 2 different countries. Its largest (disclosed) acquisition occurred in 2017 when it acquired Metamark for $95M.

In the last 3 years, Primary Capital has exited 1 company. The Firm’s most common exit type is trade sale (64%). Primary Capital’s largest (disclosed) exit occurred in 2005 when it sold The Works Stores for $78M.

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M&A Summary

  • M&A Total Activity48
    • M&A Buy Activity29
    • M&A Sell Activity19
  • Total Sectors Invested 19
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 15
  • M&A Advisors 5

Primary Capital Ltd.

Augustine House, Austin Friars,
London, EC2N 2HA
United Kingdom
+44 (0) 20 7920 4800
www.primaryeurope.com
primary@primaryeurope.com

Primary Capital is a private equity firm focused on management buyouts and buy-ins of mid-market companies with an enterpirse 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 £40 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 1997 and is based in London.


Investment Criteria

Sectors of Interest: Agriculture, Automotive, Business Services, Communications, Consumer Products, Consumer Services, Electrical Equipment, Energy Services and Equipment, Engineering, Financial Services, Food, Healthcare Services, Information Technology, Internet Software and Services, Leisure, Machinery, Restaurants, Retail, Safety/Security, Software, Staffing, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Secondary Buyout

Geographic Preferences: United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 40
Enterprise Value 20 100
values in millions of GBP

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.8/yr) # 25 1 2 - 1 - 29
vol $450M $95M $545M
Sell (0.8/yr) # 15 2 1 1 - - 19
vol $232M $232M
  48

Most Recent M&A

Company Date Value Type
Automated Systems Group Ltd. 2019-01-01 - Secondary Buyout
Cambridge, United Kingdom · www.asl-group.co.uk
Esteem Systems Ltd. 2018-10-09 - Add-on Acquisition
Wetherby, United Kingdom · www.esteem.co.uk
Metamark (UK) Ltd. 2017-05-26 95M GBP Buyout (LBO, MBO, MBI)
Lancashire, United Kingdom · www.metamark.co.uk
Thompson & Morgan (UK) Ltd. 2017-03-01 - Add-on Acquisition
Ipswich, United Kingdom · www.thompson-morgan.com
Readypower Engineering Ltd. 2017-02-01 - Buyout (LBO, MBO, MBI)
Wokingham, United Kingdom
Leisure Pass Group Ltd. 2016-12-16 - Secondary Buyout
London, United Kingdom · www.leisurepassgroup.com
Maru Group Ltd. 2016-02-29 - Growth Capital
Southampton, United Kingdom · www.marugroup.net
Tobar Group Trading Ltd. 2016-01-12 - Secondary Buyout
Beccles, United Kingdom · www.tobargroup.co.uk
Pacific Direct Ltd. 2015-09-09 - Add-on Acquisition
Bedford, United Kingdom · www.pacificdirect.co.uk
MS Industrial Services Ltd.(MSIS) 2015-06-01 31M GBP Secondary Buyout
Invergordon, United Kingdom · www.msisgroup.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Metamark (UK) Ltd. 2017-05-26 Trimwel Ltd. 2018-05-09 1
Lancashire, United Kingdom · www.metamark.co.uk Dublin, Ireland · www.trimwel.ie
Readypower Engineering Ltd. 2017-02-01 Terrawise Construction Ltd. 2017-12-05 1
Wokingham, United Kingdom Cheshire, United Kingdom · www.terrawise-construction.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Retail 1 (10%) 46M (19%) 4 (14%) 72M (13%)
Restaurants 1 (10%) - 3 (10%) 15M (3%)
Business Services 3 (30%) - 3 (10%) -
Software - - 2 (7%) 85M (16%)
Leisure - - 2 (7%) 54M (10%)
Food - - 2 (7%) 46M (8%)
Manufacturing 1 (10%) 95M (39%) 1 (3%) 95M (18%)
Machinery 1 (10%) 40M (16%) 1 (3%) 40M (7%)
Consumer Products - - 1 (3%) 38M (7%)
Energy Services and Equipment 1 (10%) 31M (13%) 1 (3%) 31M (6%)
Test/Measurement Equipment 1 (10%) 31M (13%) 1 (3%) 31M (6%)
Engineering - - 1 (3%) 16M (3%)
Safety/Security - - 1 (3%) 15M (3%)
Communications - - 1 (3%) 6M (1%)
Electrical Equipment - - 1 (3%) -
Information Technology - - 1 (3%) -
Internet Software and Services - - 1 (3%) -
Staffing 1 (10%) - 1 (3%) -
Transportation - - 1 (3%) -
Total 10 $243M 29 $545M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United Kingdom 10 (100%) 212M (100%) 27 (93%) 353M (96%)
Germany - - 2 (7%) 16M (4%)
Domestic 10 (100%) 212M (100%) 27 (93%) 353M (96%)
Cross-border - - 2 (7%) 16M (4%)
Total 10 $212M 29 $368M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (60%) 166M (68%) 20 (69%) 368M (69%)
Secondary Buyout 2 (20%) 31M (13%) 3 (10%) 85M (16%)
Divestiture 1 (10%) 46M (19%) 3 (10%) 77M (15%)
Growth Capital 1 (10%) - 3 (10%) -
Total 10 $243M 29 $530M

Exits by Deal Type

Type Total # Value
Trade Sale 8 (42%) -
Secondary Sale 6 (32%) 189M (81%)
Trade Sale - Public Company 4 (21%) 43M (19%)
Sold to Management 1 (5%) -
Total 19 $232M

Top M&A Advisors

Financial Deals
Canaccord Genuity Corp.
1
Deloitte
1
Wyvern Partners Ltd.
1
Legal Deals
Eversheds LLP
1
Olswang LLP
1

Deal Values

buy # Total
< $100M 15 $545M
TOTAL $545M
Largest Metamark (UK) Ltd.
$95M (2017-05-26)
sell # Total
< $100M 4 $232M
TOTAL $232M
Largest The Works Stores Ltd.
$78M (2005-04-01)

M&A Connections

Deals %
Acquired from
PE Firm(s)
50%
3 50%
Strategic(s)
50%
3 50%
Exited to
PE Firm(s)
33%
6 33%
Strategic(s)
67%
12 67%

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