M&A Deal Summary

Equistone and Intermediate Capital Group Acquire Clydesdale Financial Services

On January 26, 2001, private equity firm Equistone and mezzanine finance firm Intermediate Capital Group acquired financial services company Clydesdale Financial Services for 108M GBP

Acquisition Highlights
  • This is Equistone’s 2nd and Intermediate Capital Group’s 2nd transaction in the Financial Services sector.
  • This is Equistone’s 13th and Intermediate Capital Group’s 65th largest (disclosed) transaction.
  • This is Equistone’s 25th and Intermediate Capital Group’s 31st transaction in the United Kingdom.
Investment Fate
  • Clydesdale Financial Services was sold to a strategic buyer in 2003 for 86M EUR.

M&A Deal Summary

Date 2001-01-26
Target Clydesdale Financial Services
Sector Financial Services
Buyer(s) Equistone
Intermediate Capital Group
Deal Type Divestiture
Deal Value 108M GBP

Target

Clydesdale Financial Services

United Kingdom
Clydesdale Financial Services is the consumer credit business.Financial Services has grown to become a key provider of store cards and interest free credit products to a number of retail clients including Scottish Hydro, Karen Millen and Focus DIY.

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Buyer(S) 2

Buyer

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, United Kingdom.


DEAL STATS #
Overall 43 of 252
Sector: Financial Services M&A 2 of 10
Type: Divestiture M&A Deals 4 of 16
Country: United Kingdom M&A 25 of 101
Year: 2001 M&A 1 of 17
Size (of disclosed) 13 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-12-30 Hobbs

London, United Kingdom

Hobbs Ltd. is a contemporary fashion designer and retailer of women’s apparel, shoes and accessories, operating at the premium end of the UK market. Hobbs Ltd. was established in 1981 and is based in London, UK.

Buy £30M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-29 Nightfreight GB

Willenhall, United Kingdom

Nightfreight GB Ltd. is the UK market leader in the express delivery of freight of irregular dimension and weight (IDW).

Buy €60M
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 68 of 294
Sector: Financial Services M&A 2 of 12
Type: Divestiture M&A Deals 8 of 27
Country: United Kingdom M&A 31 of 81
Year: 2001 M&A 4 of 11
Size (of disclosed) 65 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 County Hotels

Buckinghamshire, United Kingdom

County Hotels owned 25 provincial hotels throughout England and Scotland. The hotels each had around 75 bedrooms and offered a range of leisure facilities, among them three golf courses. Notably, the company owned Burnham Beeches Hotel in Buckinghamshire, home to the England football team and England’s oldest hotel, the Royal Clarence Hotel in Exeter.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-02-01 The Stationery Office Group

Norwich, United Kingdom

The Stationery Office (TSO) was a supplier to Parliament and the Government of publishing, passport production, document management, printing and business supplies.

Sell -