Angel Springs Holdings Limited / Lloyds Development Capital
Cavendish Corporate Finance LLP is pleased to announce it has successfully advised on the sale of Angel Springs, the largest independent water cooler service provider in the UK, majority owned by funds managed by 3i. The purchase was funded by LDC, the leading private equity provider, backing the growth plan of the existing management team with Royal Bank of Scotland providing debt for the deal.
Angel Springs supplies more than 45,000 bottled water coolers and mains-fed water coolers, to approximately 24,000 customers across the UK. Clients include the BBC, Staples, DHL, Xerox and a large number of SMEs. It employs 180 staff and is one of only two national operators that provide both bottled water coolers and mains-fed coolers to supply chilled drinking water.
Angel Springs was established in 2003 following the acquisition of three water cooler businesses led by existing Chief Executive, John Dundon. It has since doubled in size following a mix of strategic acquisitions, organic growth and geographic expansion. The business has considerably strengthened its position in the marketplace through innovation, the development of new products and services, as well as offering superior customer service. LDC’s investment will support a continued buy and build strategy in the fragmented UK market.
Having been appointed by the management and institutional shareholders of Angel Springs in November 2010, Cavendish conducted an extensive marketing exercise generating considerable interest from financial and trade buyers, delivering a successful result for all shareholders.
Bernard Cook, Chairman, said “The Cavendish team were extremely professional in their advice, generating a highly competitive process with some out of the box buyers and managing the intra-shareholder relationships sensitively. We are all delighted with the outcome.”
Jonathan Buxton, Partner at Cavendish, said: “The sale of Angel Springs clearly demonstrates our capability to find unusual bidders to drive pricing and create competitive heat. We were very pleased to have achieved a successful result for both 3i and the management shareholders.”
“The finnCap Cavendish team has achieved a truly outstanding result for our Shareholders. Their knowledge of our business, the sector and the buyer landscape, as well as their commitment throughout to the process, was critical to our success.”
“I could not be prouder to be joining the Otonomo team. This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all. Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources to help them compete and thrive in a connected new world ahead.
We really appreciated Cavendish’s excellent advice, their understanding of the business and getting the best outcome for the company by driving the process.”
Over the last 16 years, we’ve grown to become the biggest search firm in the world dedicated to executive search in sports and entertainment, working in partnership with brands and wonderful clients across more than 20 countries and in every major sports league. Today, we join with Excel, enhancing our ability to see our clients achieve their fullest potential both on and off the field.
The finnCap Cavendish team played a critical role in helping us to secure the right partner and home for our business. The team’s recruitment sector expertise and commitment throughout the deal was second to none, I would have no hesitation in recommending them to other business owners considering M&A.”
“I have loved working with Andrew, Ben and Hugh at Cavendish! Hamilton Fraser is more than just a company to me. For me to sell, any deal had to deliver value but also see the business find a great new home. Cavendish always listened and provided their advice on these points and how best to achieve what I was looking for. I am delighted to have found the perfect partner in GRP with their support.”
“We are delighted with the support received from the finnCap Cavendish team throughout this process. Mike and the team ensured that we prepared meticulously, identified the right pool of potential investors and worked closely with us, the management team and our legal advisers to deliver a great outcome for the Shareholders. We wish the Intelling team and RDCP all the best in their next phase of growth.”
“This transaction is a hugely important step in the company’s development, strongly positioning the business for its next phase of growth, allowing us to meet the growing need for secondary school students to learn in an independent, fluid and remote manner.”
“Cortland shares our core values and our customers focus, and their additional resources will help us accelerate our growth in the UK market.”
“Thank you to John and your fantastic team at FinnCap Cavendish for your unwavering support, dedication, work ethic and belief in Xexec’s mission. John, Mike and Sam were instrumental in bringing the deal to a successful completion and provided invaluable guidance throughout the process.
We look forward to our new partnership with the Castik and Abry teams who are the ideal partners as we continue to expand our business and pursue the next phase of our strategy.”
‘The finnCapCavendish team were great to work with, they took time to listen, properly understand our objectives and tailored the process to get a fantastic result for us. They really understood the value drivers in the ICT sector and had access to all the key buyers for our business, they were able to efficiently manage the sale process maintaining the great relationship we’d built we Adept as our preferred buyer.’
“Thank you to Jon, Steph and Chirag for their tireless efforts in recent months. Jon offered invaluable leadership and strategic advice, while Chirag and Steph provided diligent and supportive guidance throughout. They also behaved throughout as one would expect friends and confidants to act, which is very helpful in a confidential situation. We were delighted with the result and very, very pleased to have had the three of them as our team.”
Recent Deals for Business Services Sector
Nolan Partners Limited
Excel Sports Management
Global Risk Partners
Intelling Group Limited
GCSEPod (Soundbite Learning)