Acquisitions

Campbell Dallas have experience in acting as lead advisors and offering transactional support to a variety of clients from MBO teams to individuals and from investors to funders. We will assist in the negotiation of price, advise on the most appropriate deal structure dependant upon the client's needs, advise on the tax implications as well as assist in fundraising, due diligence and project management.

Our objective is to achieve the best price, reduce the risk and achieve the best deal structure for our clients.

Our acquisition process is normally in either two or three parts.

Part 1

Identification of targets is key to meeting our clients' strategy requirements. As such targets may be anything from competitors, similar businesses operating in a different locality or a business operating in the same industry but at a different point in the supply chain etc.

Targets can be identified by carrying out market research on the chosen sector, reviewing our databases of companies looking for a disposal opportunity or by using our network of solicitors, banks and other professionals. Our aim is to identify targets that would be a 'good fit' to our clients and add value to their current business proposition whilst at an appropriate purchase price.

Part 2

The objective of part two is to get an offer accepted by Campbell Dallas, directly or indirectly through our networks within various sectors and through professionals.

We will review the preliminary information made available by the target and when appropriate meet with the seller. The purpose of meeting the seller is to try and ascertain their price expectation and timetable for completion.

Finally, should our client wish to proceed we will assist in the submission of an offer. The offer will be defined in terms of its type, either a share deal or a trade and asset purchase. The offer will then define the consideration, how and when that consideration will be paid, what the deal is dependent upon and the expected timetable to completion.

Part 3

The objective of part three is to project manage the process to completion. Campbell Dallas will carry out financial due diligence on the target. We will carry out this process in conjunction with the client's solicitor who will be carrying out a legal diligence to ensure that a joined-up approach is taken. If appropriate we will also liaise with other professionals who may be carrying out further diligence work (commercial, market, technology etc). Depending upon the findings of the diligence exercise it may be appropriate to renegotiate the purchase price or indeed the structure of the deal. Campbell Dallas will advise where appropriate.

Campbell Dallas will also give advice during the legal process. We will advise on the preparation of the sale and purchase agreement where appropriate ensuring that the 'legals' encompass all the appropriate warranties and disclosures picked up during the diligence exercise.

Campbell Dallas will also assist in the preparation of projects and a business plan that may be required by a funder to fund the acquisition. Further Campbell Dallas will approach funders and discuss the proposed transaction with them on the client's behalf in order to obtain the required funding.

Once we have co-ordinated the necessary funding for the proposed acquisition and are satisfied with the legal documentation we will work with you to completion.

We recognise that a business acquisition is a key event and we aim to make sure that you maintain control without being distracted from running your existing business.

Our Success

In 2010 the Corporate Finance Team were named Deal Making Team of the Year at the annual Deals:Dealmakers Awards ceremony. In winning the award, the judges recognised the team's unique approach to each transaction and as mentioned earlier, the teams' ability to 'think outside the box' and bring creative solutions to perceived problems.

For further information or advice please contact Chris Horne on 0141 886 6644 or email corporate.finance@campbelldallas.co.uk.

top