Brunel Group Holdings Limited – www.brunel.com
CORMORANT ADVISES ON SALE OF THE BRUNEL GROUP TO EUROPCAR TO BUILD GLOBAL MOBILITY PLATFORM
Cormorant has advised Brunel, the ride-hailing business, on its sale to the Europcar Group, the European leader in vehicle rental services and a leading player in mobility markets. Originating in London in 1982, Brunel has built a high quality chauffeur and executive drive service across a range of corporate markets, including investment banks, law, advisory firms and financial institutions, using its strong technology focus. Brunel processes over 20,000 vehicle movements each month, executing transactions on behalf of clients in 480 cities in 75 countries around the world.
Cormorant was retained in early 2014 as strategic adviser following the sudden death of the company’s founder. Strategic reviews of both the operational development opportunities for the business and the changing industry environment were undertaken. This resulted in a two year programme to accelerate organic growth and also create the platform for a possible trade sale. Cormorant subsequently advised on the sale process which resulted in Brunel’s sale to Europcar in August 2016.
Following the sale Brunel continues to operate as a separate business led by Anthony Edwards, the founder’s son, and is able to capitalise on the infrastructure and buying power of Europcar to extend its offering nationally and internationally. Nick Morant has been retained as Board Adviser at Brunel post its acquisition.
Sprint Enterprise Technology Limited - www.sprintenterprise.co.uk
Sprint, established in 2011, provides technology solutions to wealth management advisers. Its Fastrak software, specifically designed for financial advisers, paraplanners and back office administration, is the first cloud-based technology solution that aggregates investment data from across wrap platforms and non-platform assets, back office and fund providers in a user friendly front-end system.
Cormorant has advised Sprint since its inception, on both strategy and capital raising, including on the acquisition of a 15% strategic stake in the company in 2014 by Integrated Financial Holdings Ltd, owner of Transact, the UK's leading wrap service provider.
Verrus(UK) Limited - www.paybyphone.co.uk
Over five years the European business grew to 35 corporate clients, 1.6 million registered users and 900,000 transactions per month. The business was merged with the Canadian company in March 2010 and the combined entity was sold to PayPoint plc, a UK FTSE 250 company, for a consideration of £33m.
As retained advisers from Verrus’ incorporation, Cormorant advised on the structure of the original UK joint venture company, as well as sourcing the equity investment (utilising the EIS scheme) & debt required to fund the business.
Cormorant also negotiated the merger of the UK & Canadian companies on behalf of the UK shareholders, as well as negotiating the simultaneous trade sale of the combined group to PayPoint plc, a UK quoted group, for a consideration of over £33m. PayPoint had been identified as a possible trade buyer early on, & relationships were built and maintained with them which facilitated the eventual sale process. In the actual sale process a number of bids were also received from leading UK & US VCs for the group - which created competitive bidding and helped maximise the sale price achieved.
The sale was a great result - representing for the UK business a price of 68x the last year's earnings & 4x sales. Original investors made 10x their money (tax free) in just over four years.
Market Place Data Limited
Market Place Data Limited is a specialist provider of time critical market data to information technology companies. With proprietary information sources and specialist software programmes, the Company provided mission critical information to its clients.
Cormorant advised the shareholders on the cross border sale of the whole of the issued share capital of the company to Thompson Reuters. The sale successfully completed in October 2010 despite the difficult market circumstances at the time.
Mackley Holdings Limited - www.mackley.co.uk
Mackley Holdings Limited is a third generation family owned civil engineering firm established over 80 years ago with over 150 employees & £20m turnover. The family also owns substantial property interests.
Over a five year period Cormorant, acting as retained strategic adviser to the board, advised and assisted in the development & execution of a long term business strategy which resulted in the re-organisation of the Group’s balance sheet as well as advising on inter-generational ownership and management planning. Cormorant also advised on the acquisition of Intermarine Limited.
Perry Bishop and Chambers Limited - www.perrybishop.co.uk
Perry Bishop and Chambers are an independent firm of Chartered Surveyors and Estate Agents offering a complete property service in the Cotswolds.
Over a five year period Cormorant acted as retained adviser to the Board on both general business planning and corporate development as well as advising on four successful acquisitions over the period
Travtel Leisure Group Limited
Travtel was a diversified hotel & travel operator based in the Channel Islands. Following the sudden untimely death of the founder, Cormorant advised the Trustees of the estate on their long term corporate strategy specifically recommending divestment of the non-core and unprofitable activities.
Cormorant then executed the disposal of the business travel division, the tour operator business and the leisure travel division. Cormorant also introduced new bankers and assisted in the renegotiation of bank facilities. This enabled the Trustees to focus on the development and refurbishment of the group’s principal property asset, a freehold boutique hotel in Jersey.