1. Our latest news
Observations, commentary
and market trends
© Catalyst Corporate Finance LLP 2015
H1
2015
2014 review
Business without
borders – international
acquirers are targeting
UK companies
Recent deals –
debt-funded MBOs,
securing premium
valuations, achieving
market leadership
International
perspectives
Sector M&A insights
Reasons to be cheerful
Within this publication you will find
information on our recent deals, sector
and international insights, observations
on trends within the M&A market and
news on our business generally.
I am conscious that an M&A advisor
talking up the market might be seen
as somewhat self-serving. However,
whilst there are a number of challenges
to sustainable and predictable GDP
growth, we do see many reasons for
business owners and managers to be
optimistic. The most important of these
is the sheer weight of capital chasing
investment opportunities. Whether
that capital is from the balance sheets
of large corporates, the private equity
community or the relatively new breed
of alternative debt providers, it is
seeking a home and providing a degree
of choice for businesses that has rarely
been seen before.
I hope that you find the enclosed of
interest and that our paths cross soon.
“It is a privilege to be
an integral part of
our clients’ journeys,
working with them
to grow and realise
maximum value for
the businesses they
have built.”
Andy Currie,
Managing Partner

2. MBO
Telecoms for micro SMEs
£120m
Deal activity
© Catalyst Corporate Finance LLP 2015
Selected 2014 transactions
* Total value of non-disclosed deals: over £600 million
Business Services
TMT
Healthcare Industrials
Consumer
Waste Renewables
Sale to
Medical supplies
and services
£45m
Sale to
Technology products for the
financial services market
n/d
MBO
Healthcare IT
£35m
Sale to
Generic pharmaceutical
products
£50m+
Sale to
Industrial automation
n/d
Sale to PE
investment vehicle
Supplier to the global
aerospace industry
Project Scorpion
n/d
MBO
Recruitment specialist
£90m
Growth capital
investment by
Marketing communications
£30m
Sale to
Automotive dealership
£52m
Sale to
Food manufacturer
n/d
Acquisition of
Emergency and off highway
vehicle lighting
£110m
Debt Capital Markets
World leading architect
Return to
Partnership Model
Sale to
Waste services
n/d
Radioactive waste
management services
Sale to
n/d
Private Equity
MBO
Recruitment specialist
£90m
MBO
£307m
Venue operator
Sale to
n/d
Corporate travel for marine
and offshore sector
Furniture manufacturer
n/d
Sale toMBO
Telecoms for micro SMEs
£120mn/d

3. A record year for Catalyst and our clients
Latest news
Activity across all sectors
As the tombstones opposite demonstrate,
in 2014 we worked with world-class
businesses and management teams to
complete 25 deals worth over £1 billion,
a record year. We completed deals in each
of our sector verticals and most involved
a cross-border aspect. In the first two
months of 2015 we have completed
a further five deals worth in excess of
£500 million in value.
Investing time with the right parties
This success is the result of our focus on
keeping clients’ interests at the heart of
what we do. When selling a business we
believe that value is obtained by focusing
on a few, clearly strategic, buyers. Our
approach is to invest in those parties to
drive value, rather than hoping someone
from a longer list will step forward. In all
of the sale transactions we engaged with
five counter-parties or fewer.
This has significant client benefits,
ranging from protecting confidentiality
through to more expedient deal
timescales and less disruption to the
business.
Creating innovative solutions for clients
International expansion is a priority
for many corporates and our approach
of building knowledge about global
businesses interested in making
acquisitions in the UK has been key in
delivering many of the sales for clients.
Recent investment to broaden Catalyst’s
service offering has also borne fruit,
including the creation of our debt
capital markets team led by Andrew
Shellard. With unrivalled experience and
knowledge of mid-market bank and
non-bank debt funding, the team has
delivered innovative structures for
shareholders and management.
Following the retirement of Brian
McGowan, entrepreneur and
experienced chairman Tim Trotter,
profiled opposite, has joined as
Chairman.
John Wimbleton has joined as a
specialist advisor in the travel sector.
Throughout his 35 year career, John
has held senior executive positions
with leading companies in the sector
including Tui plc, Scott Dunn and
European Travel Ventures.
Senior advisory appointments
Commenting on the appointments,
Andy Currie said “Tim and John have an
enviable record of building and creating
value in new and established businesses
in the UK and around the world. They
bring considerable operational and MA
experience, sector insights and a wealth
of contacts that we can share with our
clients. We recognise the value that
industry advisors can give to clients and
we are looking to expand our advisory
panel across other sectors.”
© Catalyst Corporate Finance LLP 2015
Number of Catalyst deals by value in 2014 Catalyst deals by sector over the last three years
Up to £20 million
£20-£50 million
£50-£100 million
£100 million+
33%
28%
22%
17%
Business
Services
Consumer /
Food Drink
Technology,
Media and
Telecoms
Industrials /
Construction
Waste
Renewables
Healthcare
35%
24%
15%
15%
7%
4%
New chairman
Tim Trotter has joined
Catalyst as non-executive
Chairman following
the retirement of Brian
McGowan.
Tim is a successful
entrepreneur with over
thirty years’ experience
establishing and running
businesses. He is the
co-founder of Citywire,
Luther Pendragon and
Bluefin, which was
acquired by AXA.
Tim is also the founder
of international PR
consultancy Ludgate
Group and led its sale
to Interpublic.
Commenting on his
appointment, Tim said
“I’m delighted to be
joining the Catalyst team
which has a high quality
reputation as experienced
and trusted practitioners
giving objective advice.
The firm has a very
strong and experienced
team. This is a great
opportunity to work
alongside them to help
achieve the next stage
of growth for Catalyst.”

4. Business without borders
© Catalyst Corporate Finance LLP 2015
MA trends
UK inbound acquisitions by sector in 2014
Source: Mergermarket
0
20
40
60
80
100
120
140
160
180
£0
£2
£4
£6
£8
£10
£12
£14
£16
HealthcareIndustrials TMT Business
Services
Consumer
Value (£bn)
No. of deals (RHS)
Numberofdeals
Value£billion
£2
£4
£6
£8
£10
£12
£14
£16
Value (£bn) £0
£2
£4
£6
£8
£10
£12
£14
£16
Industrials
Value (£bn)
No. of deals (RHS)
Cross-border MA is at a post-financial crisis high,
a situation that certainly reflects our deal portfolio
The majority of transactions advised by
Catalyst in 2014 had an international
element and this trend will continue in
2015. There are many factors driving
this including limited domestic growth
encouraging overseas expansion, the
attractiveness of the UK business
environment and economy, and
access to innovative products and
services. A selection of our recent
cross-border deals illustrate a number
of these points.
UK market entry; specialist products
Routeco is the UK’s largest independent
distributor of industrial automation
and control products. In 2010, the
founders supported an internal
management buy-out which resulted in
the management team acquiring a 35%
shareholding. By 2014, the founders
wanted to realise the remainder of their
shareholding and retire.
The transaction process started with
a strategic options review, which
included pre-screening a short list of
large multinational strategic acquirers
we knew would have a strong interest
in Routeco. This gave us intimate
knowledge of these companies’
acquisition rationale, value assessment
“When we are selling
a business there
is always a high
level of interest
from international
corporates. UK
companies are
attractive targets:
relative growth rates
and a supportive
business environment
mean that the UK
is a key market for
corporates that
want to expand
internationally.
They are prepared
to pay premium
prices for their
acquisition targets
given that they tend
to be strategically
important.”
and MA process methodology, allowing
us to present the opportunity in a way
designed to maximise its appeal to each
potential acquirer.
One of these parties was Sonepar,
the French-based privately-owned
global market leader in the B2B
distribution of electrical products.
Sonepar serves customers in 41
countries and has a total turnover of
more than €16 billion, none of which
came from the UK. We knew Sonepar
had a long-held ambition to enter the
UK market. Over the years this had been
thwarted by losing out on opportunities
to the likes of Rexel and Edmundson
Electrical, as well as the available
opportunities not being of sufficient
scale or sufficiently specialist. As a
specialist distributor with significant
market share, Routeco represented a
strong platform to enter the fragmented
and highly competitive UK market.
Armed with this knowledge, we were
able to encourage Sonepar to submit a
very attractive offer to secure the deal.
The acquisition provided a full exit for
the founding shareholders, whilst the
management team shareholders were
able to retain an ongoing stake.
Keith Pickering,
Partner,
Catalyst Corporate Finance

5. “US corporates
are putting their
significant cash
balances to work
buying innovative,
high quality mid-
market businesses to
help them fuel growth.
US corporates acquire
more businesses
in the UK than in
any other country.
Equally, the US is
the largest target
market for acquisitive
UK businesses; the
stable US economy
and rising consumer
confidence make it
a strategically
attractive market
for UK companies
of all sizes.”
Phil Seefried,
CEO,
Mergers Alliance, USA
Top 10 companies regionally by cash on balance sheet (US$bn)
Attractive UK market; supply chain
relationships
The sale of privately-owned franchised
motor dealer group Allen Ford to South
Africa’s Super Group was a classic
example of thinking strategically about
exit options and not accepting an easy,
sub-optimal solution. Whilst our options
review concluded a deal could be
achieved with another UK dealership,
the ability to drive premium value would
be limited. Therefore, although the UK
dealership market is very concentrated,
and there have been few cross-border
deals, Catalyst and the shareholders
felt that a non-UK buyer would see
most value from the UK platform and
strategic relationship with Ford.
To achieve this strategy we worked
closely with our international partner
firms in Mergers Alliance to identify
and screen a pool of parties from key
automotive markets including the USA,
Australia, Japan and South Africa.
This resulted in expressions of interest
from a number of significant overseas
dealerships. We entered into serious
discussions with two of these, one of
them being Super Group, the second
largest dealership in South Africa.
This approach allowed us to secure a
price for the business which was at a
significant premium to domestic deals in
this sector.
© Catalyst Corporate Finance LLP 2015
Completing global presence; sales
network synergies
We regularly work with foreign
corporates looking to acquire in
the UK. In 2014 one such deal was
US-based ECCO Group’s acquisition
of UK-headquartered Public Safety
Equipment International (PSE). ECCO
Group, a portfolio company of the US
family office Berwind Corporation, is
a manufacturer of safety and warning
lighting for commercial vehicles.
ECCO had a strategy to grow its global
presence in the blue and amber
lighting market.
We identified PSE as a business that
would enable ECCO to compete as
a strong global player in both the
commercial vehicle aftermarket and
emergency services. Through our
market knowledge and relationships,
we enabled ECCO to gain access to PSE
before the intended auction process.
At this point in time, ECCO’s valuation
of PSE was not sufficient to pre-empt
a process and so they stood down.
We then monitored the deal process
and reintroduced ECCO at a point
where its offer would be sufficiently
attractive to gain exclusivity. Having
secured exclusivity, we assisted ECCO
in completing the deal, including
negotiating with the PSE shareholders
and debt holders.
0
100
200
300
400
500
North America Asia Pacific Western Europe Latin America Middle East
480
202
165
27 13
Source: Orbis by Bureau van Dijk
US$billion

6. Recent research reports
Companies are becoming increasingly
sophisticated buyers of consultancy
services. Hiring behaviour is changing
as highly focused assignments, which
emphasise outcomes and value for
money, are increasing demand for
specialist skills. As a result, new
delivery models are emerging as
traditional consultancies use MA
to create end-to-end consulting
capabilities and new players establish
innovative models to grow market share.
Many consultancies are seeking to
increase their exposure to high growth
opportunities via acquisition.
Global technology market leaders are
targeting UK companies that provide
highly innovative software solutions and
capabilities. Given the fast moving nature
of the sector, large corporates are looking
to acquire these capabilities rather than
develop them in-house so that they can
continue to stay ahead of the competition.
These innovative companies are also
being keenly fought for by private equity
(PE) due to having asset light platforms,
long-term recurring revenue streams
and the potential to be scaled very
quickly. This, combined with the ability
to use the platform as a ‘buy and build’
Major consultancies and mid-sized
players are using bolt-on acquisitions
to deepen expertise, add new
capabilities and widen their geographic
presence in industries and regions
where demand is strong. Valuations
are very attractive in sectors such as
technical and business consultancy.
Private equity (PE) investors are
targeting those businesses that have
developed scalable propositions
delivering essential services. A track
record of successful exits to larger
PE and strategic buyers is emerging,
encouraging further investment.
vehicle, is very attractive to PE. Software
companies in niche verticals which are
highly fragmented, such as healthcare
IT, fintech and adtech, are of particular
interest.
Private equity and corporate acquirers
have considerable appetite for high
quality assets and are willing to meet
price expectations, with double digit
multiples increasingly prevalent. As
such, the prospects for continuing MA
activity in the sector remain very positive
for 2015.
© Catalyst Corporate Finance LLP 2015
Below are extracts from some of our recent reports exploring MA trends in a range of sectors
Sector insights
“The pressure on
major technology
players to stay
competitive is higher
than it has ever been.
Recent acquisition
activity shows that
the fastest way to
meet this challenge
is to acquire niche
providers with
innovative services
and technologies.”
Jamie Hope,
Partner
Technology sector update
Demand for software at the forefront of technology MA
Consultancy MA driven by increasingly sophisticated
client demands
Consultancy sector update
“We expect transaction
activity will remain
high over the next
few years as major
players seek to
acquire both scale
and specialist
consultancies in order
to broaden reach and
maintain margins.”
Andy Currie,
Managing Partner
Bs
Business
Services
Tmt
Technology,
Media Telecoms

7. Catalyst’s Debt Capital Markets
factsheets provide details of new high
yield and leveraged loan issuance by
UK and European companies, with each
factsheet dedicated to a specific sector.
The implementation of Basel III
regulations in January 2014, requiring
banks to set aside more capital to
cover lending positions, means that
bond markets and alternative capital
providers are competing to supplement,
and often replace, bank debt as the core
medium to long-term lending option for
the mid-market.
Debt financing options for mid-market companies
Debt Capital Markets factsheets
The changing investor profile in
healthcare services is increasing
competition for assets. A new pool of
overseas investors, including US real
estate investment trusts, sovereign
wealth funds and government pension
funds, are investing in the sector. They
often have a lower cost of capital and a
longer investment horizon than traditional
investors, which is attractive to certain
care businesses. This, together with lower
yields, is increasing valuations.
In the pharmaceutical industry, mega
mergers will benefit mid-market contract
research organisations (CROs) as merged
entities will continue to increase the
outsourcing of non-core capabilities.
Healthcare sector update
Strong deal volumes in 2014 across healthcare markets
Recent deals demonstrate that
non-bank debt investors can provide
greater flexibility than traditional bank
debt, whether that is longer maturities,
higher leverage or more operational
freedom. Positive economic news from
some major developed economies is
creating a sustainable positive lending
environment and the scale of funds
available to alternative lenders means
there are now a variety of debt providers
and structures available to complement
existing bank capacity.
This will result in their major
outsourcing partners, typically the
largest CROs, continuing to grow and
acquire new capabilities themselves,
which will drive activity across the
supply chain.
Technology is enabling new care
models. The digitisation of data and
increasingly sophisticated digitally-
connected medical devices and
smartphones offer the potential to
integrate primary, secondary and social
care and promote preventative care.
Innovative new market entrants include
the likes of Babylon Health and Apple.
This is encouraging further investment
across the medtech sector.
© Catalyst Corporate Finance LLP 2015
All our reports are available in full at www.catalystcf.co.uk/research
“Market conditions
in alternative debt
capital markets are
very favourable for
both existing and new
borrowers. Strong
investor demand is
underpinned by highly
liquid debt funds
looking for yield in the
prevailing low interest
rate environment.”
Andrew Shellard,
Partner
“The story in 2014
has been the strong
re-emergence of
capital, whether it
be venture capital,
traditional debt, REITs
or hedge funds. They
are all attracted to the
positive dynamics of
the sector.”
Justin Crowther,
Head of Healthcare
Dc
Debt Capital
Markets
Hc
Healthcare

8. Deal activity
Selected recent deals
The solution
Private capital in the mid-market has
historically been dominated by senior
banks and institutional equity funds.
However, non-bank debt funds now
provide more options, both alongside
private equity and in their stead.
Based on a deep knowledge of the
non-bank debt funds market, and the
fundamentals of the business, we advised
management that a totally debt-funded
buy-out was both appropriate and
achievable.
© Catalyst Corporate Finance LLP 2015
A number of debt funds were
attracted to the opportunity with GSO,
a subsidiary of Blackstone, one of
the world’s largest alternative asset
managers, winning the mandate to
deliver the debt facility.
We worked with the management
team, ECI (the exiting shareholder) and
GSO to optimise the terms of the debt
package, ensuring the deal structure
would support growth and enable the
business to retain, attract and reward
key members of staff.
XLN, a provider of telecoms
services to small businesses, has
successfully partnered with two
private equity firms over the last
seven years to grow market share.
The management team could still
see significant opportunities for the
business and wanted to regain full
control and drive the next stage of
the business’s growth. Based on a
long-held relationship, XLN asked
Catalyst to advise on the options
available to achieve this objective.
Debt-funded management buy-out gains control Value: £120m
The solution
HCIG’s management team wanted
to bring in a new partner that could
support them in delivering the next
phase of growth. It was decided that
investment from a strategic private
equity house with a strong record in
recruitment was the best option.
HCIG’s business model meant there
were a lot of minority shareholders;
we managed the deal process to
achieve a smooth transition to new
investors and ensure the complex
shareholder structure continued to
incentivise key employees and position
the business for future growth.
Founded in 2007, Human Capital
Investment Group (HCIG) is a
fast-growing recruitment company
which has expanded rapidly using
acquisitions and new brand launches
to create a diverse portfolio of niche
recruitment agencies. By 2014,
HCIG’s private equity investor was
ready to exit the business.
Secondary management buy-out supports growth Value: £90m
The solution
In parallel with developing the dialogue
with the approaches made, we
conducted a strategic options review
which identified a further handful of
strong global strategic buyers.
This culminated in the decision to
accelerate discussions with the
strategic buyers who had made the
unsolicited approaches, recognising for
reasons unique to those buyers a sale
in 2014 was desirable.
Having already prepared the business
for sale, we were able to share bespoke
information, helping the buyers to fully
appreciate the strategic fit.
One of those parties was Amdipharm
Mercury (AMCo). Our interaction with
AMCo enabled them to make an offer
that met the Focus shareholders’
aspirations, both in terms of value
and structure. We completed the
transaction within eight weeks of
agreeing terms.
Focus Pharmaceuticals develops
and licenses generic pharmaceuticals.
In 2013 the shareholders decided
to appoint an advisor to help them
manage a couple of unsolicited
approaches and prepare for a future
sale process. There were no time
pressures driving a sale, however,
the shareholders recognised
external advice would help deliver an
optimal outcome either through the
unsolicited approaches or a future
managed sales process.
Saletostrategicbuyersecurespremiumvalue Value: £50m+

9. Opinions online
Catalyst views online
© Catalyst Corporate Finance LLP 2015
Catalyst staff regularly share their insights on events and
developments in the UK and international MA markets.
Extracts from recent blog posts are shown below.
To read the blogs in full, go to www.catalystcf.co.uk
“Consolidation in the dental
market is continuing
with Oasis Healthcare’s
acquisition of Smiles Dental.
Bridgepoint-backed Oasis
has ambitious plans to create
a consumer-focused ‘go-to
brand’ for UK dentistry…”
Oasis Healthcare
acquires Smiles Dental
Sophie Stephenson
Overseas investors
targeting UK
healthcare services
Justin Crowther
Tips for succession planning - it’s never too early to start
Richard Sanders
“Owning and running your own business can be a lonely but rewarding
position to be in, and probably more so now than ever in the last few
years. When it comes to deciding on its future, undoubtedly the biggest
decision you will ever make is when to sell and who to sell it to...”
Why an FD matters for fast growth companies
Mark Wilson
“For many high growth business owners the decision of whether and
when to recruit a full time finance director rather than using a financial
controller/book keeper or firm of accountants to produce the accounts
can be a challenging one. Getting the decision right may impact both
the future direction of the business and its speed of development...”
“It is the school holidays and many a teacher may be wondering about
their next career move. Certainly there seem to be plenty of vacancies
to fill judging by the flurry of MA in teacher recruitment and staffing...”
Buoyant fundamentals for teacher recruitment
and staffing
Jeremy Harrison
Private equity - The Pros and Cons
Mark Farlow
“Without doubt, the private equity market is a significant part of the MA
landscape. If you’re considering a sale of your business or seeking capital to
support the business going forward, it’s likely that the private equity market
will be an option for you. It’s therefore important to understand the pros and
cons of this market before the decision is made to explore it in detail…”
“UK firms are leading the global push to make civil aviation ever
more fuel efficient in order to minimise its impact on climate
change. The UK’s technological and engineering prowess has
provided the country with the world’s second largest aerospace
industry after the US…”
MA in the aerospace sector is taking off
Richard Benyahia
Healthcare in focus
Can Google and Apple
reinvent healthcare?
Emma Dowson
“Google and Swiss drugmaker
Novartis have announced
they’re developing a ‘smart’
contact lens for diabetics
capable of monitoring glucose
levels in tear fluid...”
“It has been another busy
month for healthcare deals,
confirming a number of
trends discussed in our latest
healthcare sector update...”

10. © Catalyst Corporate Finance LLP 2015
Perspectives from our partners
International outlook
Cross-border MA represents around
30% of deal volumes and over 70% of
aggregate deal value.
MA is being supported by cash-rich
corporates, which have accumulated
cash balances of more than $2 trillion
and are enjoying a significant increase
in operating profitability.
Outbound MA to the US, UK and Europe
remains high. The UK is Japan’s favoured
target country in Europe. Recent deals include
Suntory Beverage Food’s acquisition of
Ribena and Lucozade from GSK, VT Holdings’s
acquisition of vehicle dealership Griffin Mill
Garages and ENDO Lighting’s acquisition
of electrical lighting products wholesaler
Ansell Electrical Products.
United States
Japan
High levels of corporate liquidity, cheap
debt, a booming private debt market
and highly active private equity investors
will boost MA volumes in 2015. Given
limited domestic growth, many large
companies need to acquire both at home
and abroad.
Cross-border deal activity will accelerate
as companies look to consolidate in
Europe and expand outside the region
with a specific focus on North America.
Targets include the UK mid-market with
France’s INSIDE Secure, an embedded
security specialist, acquiring software
encryption specialist Metaforic, Dutch
medical technology specialist Medivator
acquiring Puricore International and H2
Equity Partners acquiring aggregates
producer Ballast Phoenix.
France and Benelux
Outbound MA volumes are at record
highs due to the availability of financing,
especially from the non-bank debt
market, and the need to acquire to
achieve growth.
The UK is the most targeted nation with
US companies making 278 acquisitions
worth over £25 billion in 2014. The UK is
still seen as the springboard into Europe
with the benefit of a common language
and legal framework.
Technology, Telecoms, and Healthcare
Information and Services are driving MA.
Growth in the broader US economy is
encouraging family businesses, with owners
at retirement age, to sell. Some $5-7 trillion
of value is held in these businesses, creating
significant opportunities for acquirers, both
domestic and cross-border.
Many UK companies are using MA to
access the US market and grow
market share.
“US private equity is
sitting on US$486bn,
a record level of
unspent capital. This is
encouraging PE funds
to look towards the UK,
targeting both bolt-on
acquisition opportunities
and new stand alone
investments.”
“Japan is one of the
main acquirers of UK
companies. With over
$2 trillion of cash,
Japanese corporates
continue to look to the
UK as a source of high
quality assets across a
range of sectors.”
“Outbound cross-border
activity is rising as
companies look to gain
access to technology,
management expertise
and new markets,
particularly in the
e-commerce, digital
media, outsourcing and
food and agricultural
technologies sectors.”
Mergers Alliance, USA
Mergers Alliance, Japan
Mergers Alliance, France and
Benelux

11. © Catalyst Corporate Finance LLP 2015
What our clients say
Testimonials
“Catalyst have a calm, no nonsense robustness to their approach. When this is
combined with their attention to detail, tenacity and innovation, they are a deeply
impressive team.”
Scott Malvenan CEO, Sofa Brands International Sector: Consumer
Has been acquired by
Furniture manufacturer
“The shareholders of Routeco are very pleased to have reached an agreement with
Sonepar and we are sure the group will continue to thrive under new ownership.
The team at Catalyst invested a great deal of time in understanding our business
at the outset, and from there were innovative and professional in driving a successful
outcome for all parties.”
Ian Stewart CEO, Routeco Sector: Industrials
Industrial automation
Has been acquired by
“With the wide food and drink sector experience on hand from Catalyst, and their high
level of motivation throughout, a successful deal was delivered that worked for all
the parties. Their strategic input into the process, execution and superb day-to-day
management was second to none; I am now a big supporter of Catalyst.”
Simon Webber Chairman, McCambridge Group Sector: Consumer
Food manufacturer
Has been acquired by
“Over the five years we have worked with Catalyst they have supported us on
fund raising, acquisitions and all manner of conversations around MA. Most recently
this led to our refinancing with Bridgepoint, a deal Catalyst successfully brought to
fruition, working with all the stakeholders to achieve the outcome we were seeking.
This represents another stage in our relationship and I am sure this will continue under
the new ownership.”
Simon Ward CEO, Inspired Thinking Group Sector: Business Services
A portfolio company of
Received a growth capital investment from
“This was a great journey for us and without the invaluable advice, support and guidance
from the Catalyst team, we would not have achieved such a fantastic outcome.”
Richard Grethe Finance Director, Focus Pharmaceuticals Sector: Healthcare
Has been acquired by
A portfolio company of
“Catalyst was instrumental in getting the deal done. They have a unique offering
in terms of how deep they go into the financial preparation of the business for sale.
In our circumstances this was a key driver of value in this process. Griffin is a complex
business operating in over 22 countries so the careful aggregation, cleansing, vetting
and preparation in rapid time of numbers was important to take pressure off the
management team and ensure that all parties had robust figures to work from.”
Gareth Healy Investment Director, Inflexion Sector: Business Services
A portfolio company of
Has been acquired by

12. Catalyst Corporate Finance LLP is a limited liability partnership registered in England Wales (registered number OC306421) Registered Office: Bank House, 8 Cherry Street, Birmingham, B2 5AL
Catalyst Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority (number 478406)
www.catalystcf.co.uk
London
5th Floor
12-18 Grosvenor Gardens
London SW1W 0DH
T +44 (0) 207 881 2960
Birmingham
16th Floor, Bank House
8 Cherry Street
Birmingham B2 5AL
T +44 (0) 121 654 5000
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ng2 Business Park
Nottingham NG2 1AE
T +44 (0) 115 957 8230
© Catalyst Corporate Finance LLP 2015
Company sales
Management buy-outs and buy-ins
Company acquisitions
Raising private equity capital
Raising and refinancing debt capital
Smart advice
Catalyst advises business owners and
management teams on:
Global reach
Access to overseas buyers
Identification of overseas targets and acquisition execution
International MA research
Local insight into MA culture and likely tactics
International sector teams understand industry trends and issues
Cross-border relationships with strategic acquirers and capital providers
Regular primary research output
Our international partnership is present
in 50 cities worldwide and provides:
Sector coverage
We have in-depth knowledge of the sectors our
clients operate in:
Bs
Business
Services
Hc
Healthcare
Ind
Industrials
Tmt
Technology,
Media Telecoms
Wt
Waste
Renewables
Fd
Food Drink
Cn
Construction
Co
Consumer