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M&A Deal Directory 2003 Back  
Deals less than €10m
Scottish Radio Holdings plc
Acquirer: Scottish Radio Holdings plc
Target: The Longford Leader
Acquirer advisor: In house team
Target advisor: Grant Thornton Corporate Finance
Acquirer legal advisor: Dundas & Wilson and William Fry
Target legal advisor: McCann Fitzgerald
Origin of target: Ireland
Origin of acquirer: United Kingdom
Date of announcement: 12/03/02
Date of completion: 12/03/02
Consideration: €9.1 million

In March 2002 Scottish Radio Holdings plc (SRH) acquired 100 per cent of the Longford Leader for a consideration of €9.1 million. The Longford Leader is a regional newspaper servicing Longford and the surrounding areas. Eugene McGee is the managing director and editor.

SRH is a media group whose activities include radio, publishing and outdoor advertising in the United Kingdom and the Republic of Ireland. Following the Longford Leader acquisition SRH owns the following paid for weekly newspapers in the Republic of Ireland :- The Kilkenny People, The Tipperary Star, The Nationalist and Munster Advertiser and the Leitrim Observer.

The acquisition represented a key step in the implementation of SRH’s stated strategy to expand it’s media interests and further strengthens its position in the regional newspaper market.
Grant Thornton Corporate Finance advised the shareholders of the Longford Leader.

Profile by: Michael Neary, director of Grant Thornton Corporate Finance.

McInerney Holdings Plc
Acquirer: McInerney Holdings Plc
Target: Charlton Group (UK) Limited
Acquirer Advisor: BDO Simpson Xavier
Target Advisor: Lathams
Aquirer Legal Advisor: James Chapman
Target Legal Advisor: Lockett Loveday McMahon
Date of Announcement: Not disclosed
Date of Completion: 01/02
Consideration: €9 million

In January 2002, McInerneys completed the acquisition of Charlton Group (UK), a leading residential housing developer in the North West of England. The acquisition is beneficial for McInerney’s in a number of ways.

The transaction gave McInerney’s critical mass in the North West of England, with strong brands such as Charlton Homes and SPACE. The region has a market of 8 million people, with demand for housing being driven by changing demographics.

Furthermore, McInerney’s strong management team combined with access to a wide capital base, allows the enlarged UK operations to grow quickly and exploit the significant opportunities available to the Group. The Charlton acquisitions have added e35 million to its turnover, and is expected to produce a profit of €2.5 million this year.

The UK acquisition, along with the continued development of their Spanish developments, provides McInerney’s with greater scope for expansion and diversification beyond its Irish base. The Group intends to consider other opportunities for regional expansion in the UK marketplace.

Profile by: Paul Keenan is the lead partner in BDO Simpson Xavier Corporate Finance.

Heiton Group plc
Acquirer: Heiton Group plc
Target: Wright Window Systems (55 per cent)
Acquirer Advisor: In-house
Target Advisor: CFM Capital
Acquirer legal advisor: Matheson Ormsby Prentice Solicitors
Target Legal Advisor: LK Shields
Origin of target: Ireland
Origin of Acquirer: Ireland
Date of Announcement: 7/06/03
Date of Completion: 7/06/03
Consideration: €5.45 million

Heitons agreed to acquire 55 per cent of the share capital of Wrights put a call option on the remaining 45 per cent over the next two years. Wrights had a turnover of circa €21.5 million in the year ending December 2001 and PBT of circa €2 million. Heiton Group funded this acquisition from internal resources.

Wright Window Systems is a well-known producer of windows and doors based in Milltownpass, Co. Westmeath. It supplies both the residential (new and replacement) and commercial markets with its products, 90 per cent of which are sold on a supply-and-fit basis.

This was Heiton Group’s first acquisition of a manufacturing operation. It enhances the company’s position in terms of geographical and product spread. Both the existing and target markets of Wrights mirror that of Heiton Buckley. There should be considerable marketing synergies between the two businesses.

CFM Capital was the financial advisors to Wrights and LK Shields provided the legal advice.

Profile by: Jim Lillis, director of CFM Capital.

Coillte/ Griffner Haus
Joint Venture: Coillte/ Griffner Haus
Coillte advisor: CFM Capital
Coillte legal advisor: McCann Fitzgerald
Origin of Griffner Haus: Austria
Origin of Coillte: Ireland
Date of Announcement: 06/02
Date of Completion: 06/02
Consideration: €5m in total invested in joint venture

State owned Coillte engaged CFM Capital to find a strategic partner to fulfil its ambitions of becoming a manufacturer of modular buildings. No Irish company was perceived to have the relevant expertise in the construction of timber framed buildings.

CFM Capital carried out a global search assignment to find the right partner with the technical, design, production and marketing expertise in this area. Griffner Haus of Austria proved to be the most appropriate partner. CFM Capital assisted Coillte in negotiating the joint venture agreement.

Profile by: David Chapman, managing director of CFM Capital.

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