M&A Deal Summary

Toscafund Asset Management, Penta Capital, Souter Investments Limited, Murray Capital and Maven Capital Partners Acquire TalkTalk

On March 16, 2021, hedge fund Toscafund Asset Management, private equity firm Penta Capital, family office Souter Investments Limited, family office Murray Capital and asset manager Maven Capital Partners acquired communications company TalkTalk for 1.1B GBP

Acquisition Highlights
  • This is Toscafund Asset Management’s 1st, Penta Capital’s 3rd, Souter Investments Limited’s 2nd, Murray Capital’s 1st and Maven Capital Partners’ 5th transaction in the Communications sector.
  • This is Toscafund Asset Management’s 0th, Penta Capital’s 0th, Souter Investments Limited’s 0th, Murray Capital’s 0th and Maven Capital Partners’ 0th largest (disclosed) transaction.
  • This is Toscafund Asset Management’s 3rd, Penta Capital’s 26th, Souter Investments Limited’s 27th, Murray Capital’s 8th and Maven Capital Partners’ 176th transaction in the United Kingdom.

M&A Deal Summary
Date 2021-03-16
Target TalkTalk
Sector Communications
Buyer(s) Toscafund Asset Management
Penta Capital
Souter Investments Limited
Murray Capital
Maven Capital Partners
Deal Type Going Private
Deal Value 1.1B GBP

Target

TalkTalk

Salford, United Kingdom
TalkTalk is a provider of landline, broadband, TV, and mobile services. TalkTalk serves over four million customers and operates Britain’s largest unbundled broadband network. TalkTalk was founded in 2002 and is based in Salford, United Kingdom.

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Buyer(S) 5

Buyer

Toscafund Asset Management

Investor Investor Investor

Category Hedge Fund
Founded 2000
PE ASSETS 4.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 5 of 6
Sector (Communications) 1 of 1
Type (Going Private) 1 of 1
Country (United Kingdom) 3 of 4
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-18 Lemonway

Paris, France

Lemonway is a regulated payment institution focusing on marketplaces, crowdfunding platforms, and e-commerce websites that require payment processing, wallet management, and third-party services in a KYC/AML-regulated framework. The company currently manages over seven million payment accounts. It offers an all-in-one solution of modular and proprietary API-based services ranging from onboarding to cash pay-out flows. Lemonway was formed in 2007 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 VoxSmart

London, United Kingdom

VoxSmart is a communications surveillance provider that designs, develops, and deploys cloud-based mobile recording and communications surveillance technology for global financial institutions to manage their business risks and regulatory requirements. VoxSmart was founded in 2006 and is based in London, United Kingdom.

Buy -
Buyer

Penta Capital

London, United Kingdom

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Penta Capital is a mid-market private equity firm that concentrates on later-stage investment opportunities throughout the UK and Ireland. Penta looks to invest between £5 and £200 million. Sectors of interest include leisure, consumer products/services, and business services. The Firm generally looks to support growth capital needs, as well as management buyouts/buy-ins. Penta Capital was formed in 1999 and maintains offices in London and Glasgow.

DEAL STATS #
Overall 28 of 29
Sector (Communications) 3 of 3
Type (Going Private) 3 of 3
Country (United Kingdom) 26 of 27
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 GRP Group

London, United Kingdom

GRP Group is an independent insurance intermediary. GRP operates retail broking, specialist MGA, network, and Lloyd’s businesses, enabling the Group to serve the growing insurance and risk management needs of its clients. GRP Group was founded in 2013 and is based in London, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 Sumer

Gatwick, United Kingdom

Sumer is delivering a range of accounting, tax, audit, advisory and business services across the UK and Ireland. Sumer is based in Gatwick, United Kingdom.

Buy -
Buyer

Souter Investments Limited

Investor Investor Investor Investor Investor

Category Family Office
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Souter Investments is a family office focused on private equity investing throughout the UK. The Firm looks to commit £2 to £30 million to support a variety of transaction situations including buyouts, growth capital financings, corporate divestitures, and balance sheet restructurings. Broad areas of interest include transportation, luxury goods, financial services, healthcare, and business services. Souter Investments was established in 2008 and is based in Edinburgh, Scotland.

DEAL STATS #
Overall 30 of 48
Sector (Communications) 2 of 2
Type (Going Private) 1 of 1
Country (United Kingdom) 27 of 42
Year (2021) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 Refined Brands

United Kingdom

Refined Brands is the corporate identity for the ethically sourced, natural and sustainable focussed group of British clothing businesses.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Amerplast

Tampere, Finland

Amerplast is a provider of flexible plastic packaging solutions for both food and non-food applications to the biggest brands in key market segments in Europe. Amerplast was founded in 1952 and is based in Tampere, Finland.

Sell -
Buyer

Murray Capital

Edinburgh, United Kingdom
Category Family Office
Founded 2000
Size Small
Type Sector Agnostic
DESCRIPTION

Murray Capital is a family-owned investment firm focused on investing in a wide range of 'growth and value-added opportunities'. The Firm will consider businesses in a wide range of sectors, including manufacturing, technology, support services, and leisure. Murray was formed in 2000 and is based in Edinburgh, Scotland.

DEAL STATS #
Overall 9 of 11
Sector (Communications) 1 of 1
Type (Going Private) 1 of 1
Country (United Kingdom) 8 of 10
Year (2021) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-15 Nu-Heat UK

Devon, United Kingdom

Nu-Heat UK Ltd. is a provider of warm water underfloor heating and integrated renewable solutions, Nu-Heat is committed to delivering fully designed, energy-efficient systems to installers, housebuilders, contractors, architects, and self-builders nationwide. Nu-Heat UK was founded in 1992 and is based in Devon, United Kingdom.

Sell £27M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 Wavegarden

North Berwick, United Kingdom

Wavegarden is a provider of world-class inland surfing lagoon facilities which will enable surfers of all levels to surf in a controlled environment using Wavegarden’s wave generation technology. Wavegarden is based in North Berwick, United Kingdom.

Buy -
Buyer

Maven Capital Partners

Glasgow, United Kingdom

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 2009
PE ASSETS 415M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Maven Capital Partners UK LLP (MCP) invests in lower mid-market companies throughout the UK. The Firm also provides mezzanine financing. MCP focuses on profitable companies with proven track records, balanced management teams, and diverse products and services. Maven looks to invest £2 - £10 million in businesses valued from £5 - £25 million. Sectors of interest include specialist manufacturing, health/pharmaceuticals, energy services, leisure, financial services, software and computer services, communication/IT, chemicals, food/beverage, media, consumer products, and support services. Types of transactions include MBOs, MBIs, BIMBOs, take privates, recapitalizations, and growth capital financings. Maven Capital Partners UK LLP was formed in 2009, following a management buyout of Aberdeen Asset Management's Private Equity division. Maven is based in Glasgow with additional offices in Aberdeen, Birmingham, Edinburgh, London and Manchester.

DEAL STATS #
Overall 178 of 218
Sector (Communications) 5 of 5
Type (Going Private) 2 of 2
Country (United Kingdom) 176 of 215
Year (2021) 11 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-11 TreasureBay

Aylesbury, United Kingdom

TreasureBay specialises in providing silver, gemstone and freshwater pearl jewellery. It currently has over 1,000 products across its website, TreasureBay, and Amazon shopfront. TreasureBay was founded in 2013 and is based in Aylesbury, United Kingdom

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 VoxSmart

London, United Kingdom

VoxSmart is a communications surveillance provider that designs, develops, and deploys cloud-based mobile recording and communications surveillance technology for global financial institutions to manage their business risks and regulatory requirements. VoxSmart was founded in 2006 and is based in London, United Kingdom.

Buy -
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