Altium


		Minority sale of zahnarztzentrum.ch to G Square July 2010 Altium acted as exclusive financial adviser to the founders of zahnarztzentrum.ch in a minority sale to G Square. zahnarztzentrum.ch is the leading provider of dentistry services in the German-speaking part of Switzerland. The Company currently operates ten modern dental centers, offering generalist and specialist services including dental hygiene, surgery, implants, etc. at competitive prices. The business concept of zahnarztzentrum.ch is to expand to other cities in Switzerland and to enter the Swedish market. zahnarztzentrum.ch AG is based in Winterthur, was founded 2003 and employs 200 people, thereof aprox. 60 dentists.


		Sale of Lautsprecher Teufel GmbH July 2010 Altium acted as exclusive financial adviser to Riverside in the sale of Lautsprecher Teufel GmbH to HgCapital. Teufel is an industry leader in the design, development and direct sale of audio and speaker systems. The company is the only player in the audio market with a direct eCommerce business model and a strong brand thus controlling the full value-chain. The offering includes a wide range of products in the medium- to high-end segment including home cinema loudspeaker systems, multi-media loudspeaker systems, stereo loudspeaker sets, iPod products, as well as accessories. The company has successfully started selling its products outside its core market Germany to other European countries. Teufel is based in Berlin, was founded 1979 and employs 70 people.


		Majority Acquisition of SimonsVoss by HgCapital June 2010 A majority stake in electronic access control specialist SimonsVoss Technologies AG has been sold to private equity house HgCapital. The remainder stays in the hands of former majority shareholder Moraùn SA, a holding company controlled by Bernd Dietel (so far CEO and henceforth Chairman of the Company) and management. SimonsVoss is the world market and technology leader for electronic battery powered locking and access control systems. Core product is a battery powered, reprogrammable electronic locking cylinder with optional networking ability that is operated via an active transponder. SimonsVoss continuously enhances its products and has extended its offer into different digital locking solutions targeted at new markets. Altium acted as exclusive financial adviser to the seller.


		Acquisition of Angela Bruderer by BrainsToVentures May 2010 BrainsToVentures AG (b-to-v) acquired a majority stake of the Angela Bruderer Group, a Swiss mail order company, selling home textiles, bed-linen, fashion and accessories, in total more than 5’000 different products. The buyer, b-to-v, has become one of the leading private investor networks in Europe since the year 2000. Through b-to-v an extensive network of committed entrepreneurial private investors with backgrounds from various sectors invests in growth companies with promising and scalable business models. Altium acted as exclusive financial adviser to the buyer.


		Sale of Kaffee Partner by Odewald to Capvis and Partners Group May 2010 Odewald & Compagnie, the Berlin-based private equity firm, has sold Kaffee Partner Holding GmbH to Swiss-based investors Capvis Equity Partners AG and Partners Group AG. Management also reinvested in the Company. Kaffee Partner is the German market leader in commercial coffee provision to the SME sector, offering a broad range of brewing systems and water dispensers as well as related services and necessary consumables in a “one-stop-shop” concept. Altium acted as exclusive financial adviser to Odewald & Cie.


		Altium acted as adviser to Renova on the financial restructuring of Oerlikon April 2010


		Altium advise The Hut on £14 million pre-IPO April 2010 The Hut is a pure-play online retailer of a wide range of products. The Company operates through own branded sites (The Hut and Zavvi) as well as offering integrated eCommerce solutions to major high street retail partners. The Company has delivered exponential sales growth both through organic development and acquisition. Revenue CAGR for the period 2006 – 09 was 134% with significant further growth forecast. Following an institutional roadshow, £10m of new equity was raised in addition to a placing of £4m of existing shares. The funders included City fund managers Artemis and The William Currie Group, specialist e-commerce investor Balderton Capital, and former chief executive of Matalan, Angus Monro. The new shareholders have taken a 43 per cent. equity stake in the company, valuing it at £32 million (post money). The money raised will be used to finance select acquisitions of complementary online assets, and to diversify The Hut Group’s product range outside its core entertainment offering. Altium advised The Hut on all aspects of the process, which was completed in less than 10 weeks. Angus Monro, Iain MacDonald of The William Currie Group and Mark Evans of Balderton Capital will now join the board of The Hut Group as non-executive directors. Following the successful completion of the pre IPO fundraising, Altium intend to work with The Hut over the next 12 months in preparing the company for an IPO in Q2 2011. The Altium CF deal team comprised Mike Fletcher, David Foreman and Phil Frame, with support from Thomas Egli and Niclas Ahrens, who helped introduce certain overseas investors. London Sales, led by Ed Walsh, organised the Institutional element of the roadshow. Greg Feehely and Wayne Brown provided guidance on valuation.


		Public to private buyout of Care UK Plc April 2010 Altium advised management on its £442 million public to private buyout of Care UK, including the terms of their participation in Warwick Bidco.


		Sale of Diagnoseklinik München April 2010 Altium advised the owner and CEO of the private clinic Diagnoseklinik München in the sale of 100% of the company to NORDRAD Radiologie the holding company of the HANSERAD group, the Hamburg based radiologic service company. The Munich based Diagnoseklinik München is one of the leading European specialised private clinics for image-guided diagnostics, preventive medicine and therapy. The company has 15 physicians and additionally approximately 100 employees.


		Altium advises LDC and management on the BIMBO of Matrix March 2010 Matrix Control Solutions and Matrix Energy Solutions (“Matrix”) are specialists in the design, installation, maintenance and monitoring of Building Energy Management Systems (“BEMS”). BEMS allow companies to monitor and reduce the amount of energy consumed by buildings within their estate. Key customers include Tesco, M&S, Morgan Stanley, BAE and EDS who have recognised the benefit of BEMS in reducing energy costs and aiding compliance with the incoming Carbon Reduction Commitment (“CRC”) legislation. LDC invested £10m alongside of senior debt from HSBC. As part of the transaction a new management team comprising Ian Kelly (CEO), Simon Oldfield (CFO) and Steve Daniels (Sales Director) were appointed. Chris Thomas will also join the board as non executive Chairman. Altium advised Management and Newco on all aspects of the process, including identifying the targets, negotiating and structuring the deals, raising debt and equity funding and project management of the due diligence process. Following the successful completion of the transaction, Altium continues to advise Green Sky on further potential acquisitions. The Altium CF deal team comprised Simon Lord, Andy Clarke and Chris Hopwood.


		Capital Increase of Blue Line Group March 2010 We are pleased to announce that Vermeer Capital FCPR (“VC”), advised by Arjil-Groupe Altium (“ARJIL”), has become a significant minority shareholder in French based airline carrier, Blue Line Group (“Blue Line”), by subscribing to a significant capital increase (http://www.flyblueline.com/). Blue Line is the leading European VIP charter airlines serving corporates, governments, HNWI, tour-operators and other airlines with c. € 60 mil. in sales. The group operates a fleet of seven aircrafts (A310, MD 83 and Fokker 100) and offers dedicated VIP flights for top managers, politicians, artists, sports team, financial road shows,. In order to optimize its fleet, the group ensures also flights for Tour Operators and major airlines companies under ACMI leases. VC is a French private equity fund focused on providing growth capital to companies experiencing temporary financial difficulties. It has decided to support Blue Line to implement its ambitious business plan despite the recent setbacks due to the economic and financial crisis. Arjil organized the first contacts between Vermeer Capital and the shareholders of Blue Line Group in Q4 2009. ARJIL was then appointed as exclusive financial adviser of Vermeer Capital and managed the whole process until the closing of the capital increase last week. ARJIL managed to circumvent an auction and secured a proprietary deal very quickly.


		Acquisition of eCircle by TA Associates February 2010 TA Associates, a leading growth private equity firm, has acquired the majority in eCircle, a German provider of email marketing services Altium Capital acted as exclusive financial adviser to TA Associates. eCircle provides a complete range of email marketing solutions. The company’s offerings include high-performance email marketing software, permission marketing databases and professional services for email marketing. More than 550 enterprise clients are currently running eCircle’s eC-messenger web-based email marketing software, and the company has a transmission volume of over 5 billion emails per quarter (Q4 2009). Founded in 1999, eCircle is headquartered in Munich, with over 200 employees spread across offices in Germany, the UK, France and Italy.


		Sale of Kägi Söhne AG February 2010 In February 2010, Altium acting as financial adviser to Argos Soditic, completed the sale of Kägi Söhne AG to WM15 Holding AG. The company produces top quality chocolate wafer specialities and butter biscuits and is one of the best known brands in Switzerland.


		FDM Group plc January 2010 Altium provided strategic advice and acted as broker to Astra 5.0 Limited, a new company backed by management and Inflexion, on its £35.4 million public to private MBO of FDM Group plc. Altium negotiated and obtained substantial institutional support for the offer in the form of irrevocable undertakings and arranged the purchase of FDM shares from institutional shareholders on behalf of Astra which allowed Astra to declare its offer wholly unconditional. FDM is an international IT services company with sales offices in London, New York, Frankfurt, Zurich and Luxembourg which specialises in the provision of outsourced IT solutions predominantly to large blue chip organisations. FDM trains and supplies full-time IT consultants specialising in application development (java and .net), support, project management and testing. FDM also operates an IT staffing business.


		mytheresa.com first round funding January 2010 Altium advised Munich based e-commerce company mytheresa.com in the sale of a minority stake. Equity will be used to build on its market-leading position in Germany and to accelerate business growth abroad. Funds are provided by Acton Capital Partners (formerly known as Burda Digital Ventures), a specialist investor in internet and mobile based consumer oriented businesses also based in Munich. mytheresa.com is a leading online retailer of high-end women’s fashion. The company is well positioned in the growing luxury online market with strong customer relationships, worldwide reach and a portfolio of leading high-end brands. mytheresa.com has buyers on all five continents and generated revenue in the tens of millions of Euros last year.


		RSM Tenon Group PLC – Cash Placing January 2010 European investment bank, Altium, has acted as joint bookrunner and joint underwriter for one of its retained clients, RSM Tenon Group PLC (“Tenon” or the “Company”) on a fundraising of £40.0 million to part fund the acquisition of RSM Bentley Jennison (“RSMBJ”) for up to £76.3 million. Tenon, prior to the acquisition of RSMBJ, was the ninth largest accountancy and business advisory firm in the UK by fee income, built through organic growth and by the selective acquisition of advisory and accountancy businesses specialising in the entrepreneurial market. Tenon provides advice to clients to help their businesses grow and enhance their personal wealth and offers a broad range of services and has over 1,800 staff in over 40 locations and in excess of 30,000 clients in total, including more than 10,000 corporates. Following the acquisition and integration of RSMBJ, the Enlarged Group is expected to have approximately 50 offices, 3,000 staff and to be the seventh largest accounting and business advisory firm in the UK by fee income. The Board believes that the scale, market presence and service portfolio of the Enlarged Group will bring new business opportunities and improve financial performance and strength. The Altium Sales team, led by Ed Walsh, raised approximately 55 per cent. of the total institutional placing. The transaction team comprised Mike Fletcher and David Foreman in Corporate Finance and Chloe Ponsonby in Corporate Broking.


		£178 million acquisition of Goldshield Group Plc December 2009 Altium acted as a strategic adviser to HgCapital and as a broker to Midas Bidco ("Bidco"), a new company backed by management and HgCapital, on its £178 million public-to-private MBO of Goldshield Group Plc ("Goldshield"). This involved a competitive bid process against a trade bidder. Altium helped to ensure the success of the offer by acquiring a key shareholding from Schroders and by securing irrevocable commitments in support of Bidco's offer.


		Lavendon Group plc – Placing and Open Offer December 2009 European investment bank, Altium, has acted as joint bookrunner and joint underwriter for one of its retained clients, Lavendon Group plc (“Lavendon” or the “Company”) on a fundraising of £80.8m. Lavendon is the European and Middle East market leader in the rental of powered access equipment, operating a fleet of almost 22,000 machines through a network of 110 active depots located in Belgium, France, Germany, Spain, the UK and a number of countries in the Middle East. Due to the current challenging market conditions, the Company’s headroom against the interest cover and cashflow available for debt service covenants in their existing bank facilities was projected to become increasingly limited in the future. Accordingly, the Board concluded that it was in the best interests of the Group and its shareholders to reduce the group’s debt, renegotiate the financial covenants to restore headroom and establish a more appropriate capital structure for operating the business in the current market environment. The funds raised were applied to reduce net indebtedness to a more appropriate level, facilitate additional headroom under the new banking covenants, provide additional financial and operating flexibility and position the Company to take advantage of any consolidation opportunities. The Sales team (led by Ed Walsh) generated substantial demand with the fundraising being significantly oversubscribed and therefore giving the Company the opportunity to strengthen its institutional base. The transaction team comprised Phil Adams, Paul Lines and Adam Sivner in Corporate Finance and Chloe Ponsonby in Corporate Broking.


		Williams F1 Grand Prix Engineering November 2009 Williams Invest Ltd acquired a strategic minority stake in Williams Grand Prix Engineering, operator of the famous WilliamsF1 motor racing team. Founded in 1977, WilliamsF1 won 113 Grand Prix races, 9-times the constructors world championship and 7-times the drivers world championship and is the second most successful Formula 1 racing team of all times behind Ferrari. Williams Invest Ltd is an SPV founded by Toto Wolff, a shareholder in HWA AG where Altium advised on the 25% stake sale to Nasser Bin Khaled Holding in 2007. Altium exclusively advised Williams Invest Ltd on all financial aspects of the transaction.


		Acquisition of Powerleague Group Plc by Patron Sports Leisure S.A.R.L November 2009 We are pleased to announce the completion of the acquisition of Powerleague Group Plc (“Powerleague”) by Patron Sports Leisure S.A.R.L (“Patron”) for 52p per share, valuing the entire existing issued share capital of Powerleague at approximately £42.5 million. Altium acted as exclusive financial adviser to Patron. Powerleague operates 42 five-a-side football centres across the UK, offering customers the option of competitive league matches, corporate tournaments and social matches. For the year ended June 2009, Powerleague reported revenue of £30.9m and adjusted EBITDA of £10.2m. The acquisition was 100% cash financed by Patron Capital. The transaction also included the refinancing of Powerleague’s existing debt facilities. Despite the severe constraints in debt markets, Altium assisted Patron in raising £43m of new debt facilities from a club of HSBC and Lloyds Banking Group in order to refinance Powerleague’s existing debt and provide funding for future growth. The acquisition was unanimously recommended by Powerleague’s independent directors and was implemented by way of a scheme of arrangement. The Altium deal team comprised Ben Thorne, Sam Fuller, Katie Hobbs and Nick Burt.

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C2003 Altium Capital Ltd

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