The document provides an overview of corporate finance deals in 2011 that Grant Thornton advised on. It includes: - An introduction noting the challenging economic conditions in 2011 but that Grant Thornton still managed high quality deals due to their focus on the mid-market and long-term client relationships. - Summaries of multiple corporate finance deals across various industries that Grant Thornton advised on in 2011, including acquisitions, disposals, and refinancings. - Case studies highlighting two deals in particular: the sale of healthcare recruitment firm Team24 to Capita and the sale of online baby retailer Kiddicare.com to Wm Morrison.

1. Raising the bar
A review of Corporate Finance deals in 2011

2. Contents
Foreword 3
Support services 4
Case study: Team24 Limited 5
Consumer markets 6
Case study: Kiddicare.com 7
Technology 8
Case study: 9
ISIS Equity Partners
Healthcare 10
Media 11
Financial services 12
Case Study: Coface 13
Receivables Finance Limited
Property and construction 14
Education and housing 14
Energy, environment and 15
sustainability
Industrial, extractive and 16
manufacturing
Private Equity 18
Case Study: ECI Partners 19
Corporate finance contacts 20
2 Raising the bar

3. Foreword
There’s no denying that 2011 was an eventful
year, with the Eurozone crisis, government cuts,
liquidity issues in the banking arena and a wide
variety of other issues resulting in uncertainty in
the economy and volatility in the stock markets.
Whilst deals are undoubtedly taking longer to complete,
there is no doubt that there is still a strong demand to
invest in high quality companies with a robust business
plan and high quality management team. It is however
more important than ever that shareholders, investors and
management teams gain the best advice possible in order to
complete deals and maximise the benefits from them.
Notwithstanding the state of the market, the
Grant Thornton Corporate Finance team have managed
to maintain both the quality and quantity of deals that we
advised on. I believe that this is due to a number of reasons
including our local transaction teams providing national
coverage, our clear focus on the mid-market, both in the
UK and globally, and our commitment to building
long-term relationships with dynamic companies and
individuals. Some of our largest deals during 2011 came
from companies that we have advised over a number of
years and it is always extremely satisfying to have built a
deep relationship with shareholders and management teams
and then to help them to realise their strategic objectives.
However, the main reason for our success is
undoubtedly the quality of our team, both within
Corporate Finance and across the wider firm. We recognise
that our people are our greatest asset and, despite the
conditions in the market, have continued to invest to
strengthen the team, having appointed three new partners
and four new directors during 2011. This demonstrates
our commitment to the mid-market and our belief in the
opportunities that still exist for dynamic companies in this
market. The key to seizing those opportunities is ensuring
that you get the best possible advice and that is what you
can be assured that Grant Thornton provide.
Geoff Davies
Head of Corporate Finance
Raising the bar 3

4. Support services
Grant Thornton introduced a well-developed
opportunity and provided full advisory
support throughout a complex transaction,
complementing Corporate Finance advice
The Grant Thornton team with Tax and Pensions services to help ensure
completion of a challenging deal.
provided a joined up approach
to the work delivered. The Mark Aldridge
advice they provided was CEO
insightful and highlighted the Better Capital
key issues from a financial and
commercial perspective. The
team was fully committed and
proactive in project managing
Facilities Services Group Staffline Plc
the deal to a successful
conclusion. Facilities Services Group
Nationwide Property Solutions
Tony Norwood
MBO
Investment Director Acquisition of FourStar
Facilities management Employment and training
LDC
£9 million February 2011 £3 million April 2011
Grant Thornton provided corporate Grant Thornton provided due
finance advisory services diligence services
Reed & Mackay Team24 Limited The Danwood Group Trinks GmbH
Acquisition of
Document Express
Disposal of Team24 Ltd to Acquisition of M. Hubauer
Investment by ECI Partners Capita Group Plc Sells, leases and maintains GmbH & Co KG
print focused equipment,
Travel management solutions Healthcare recruitment software and infrastructures Beverage logistics
£undisclosed April 2011 £24 million May 2011 £undisclosed May 2011 £undisclosed May 2011
Grant Thornton provided due Grant Thornton provided corporate Grant Thornton provided due Grant Thornton Germany provided
diligence services finance advisory services diligence and tax services corporate finance advisory services
Tompkins and May
Transworld LDC LDC
CC Team Decoparc Partnership
Private Equity Less Ordinary
Acquisition of Impulse
Worldwide Limited by Secondary buy out of Driver
Transworld Global Logistics Hire Investments Group Limited Disposal to Pénélope Disposal to Elior Disposal
Courier and logistics Logistics recruitment Hosts and hostesses agency Facility management Social housing
£undisclosed June 2011 £undisclosed June 2011 £undisclosed June 2011 £undisclosed June 2011 £undisclosed July 2011
Grant Thornton provided corporate Grant Thornton corporate finance Grant Thornton France provided Grant Thornton France provided Grant Thornton provided corporate
finance advisory services advisory and due diligence services corporate finance advisory services corporate finance advisory services finance advisory services
4 Raising the bar

5. Case Study:
Team24 Limited
In May 2011 Grant Thornton advised the host of trade and private equity bidders.
shareholders of Team24 Limited in respect of Capita was prepared to pay a good price
the sale to Capita Group Plc. to support its ongoing strategy to become
Headquartered in Surrey, Team24 Ltd a leading healthcare resource provider to
provides nurses and doctors at short notice the NHS and the wider public and private
for a wide range of temporary placements healthcare sector”.
across the NHS and the private sector.
The acquisition adds depth and breadth of
expertise both to Capita’s recruitment business
and to the range of services it provides to the
NHS and wider healthcare market.
York Mailing Limited Established in 2005, Team24 employs 80
staff and has approximately 4,000 doctors and
nurses registered for placement. Team24 made
a pro-forma operating profit for its financial
I would like to thank the
Acquisition of the trade and year to 31 March 2011 of £4.2 million on Grant Thornton team for
net assets of Pindar Plc
turnover of £32.7 million. Capita acquired the way they kept in touch
Printing
Team24 for an initial consideration of £24 from the first day through
£undisclosed July 2011
million and a deferred consideration of up
Grant Thornton provided corporate
to £2 million dependent on Team24’s profit
to completion of the sale
finance advisory services
performance in the year to 31 March 2012. giving me endless support
Commenting on the deal, Rupert Rawcliffe, and guidance throughout
Evergo Canada Inc. Corporate Finance Director at the transaction. It was a real
Grant Thornton, said: “We are very pleased
to have assisted in successfully concluding
pleasure to have
this deal. We ran a highly competitive sales Grant Thornton and in
The assets of Evergo Canada
process which attracted strong interest from a particular Rupert and his
Inc. acquired by Agrium Inc.
team with me throughout the
Haulage and logistics
£undisclosed July 2011 process and I would have no
Grant Thornton Canada provided
corporate finance advisory services
hesitation in recommending
Grant Thornton to anyone
Romac Technical considering selling their
Services Limited Sinclair Knight Merz John Good Limited
business.
Robert Stiff
Managing Director
Acquisition of Mouchel Rail
AMA disposal from Mouchel plc Disposal Team24 Limited
Transport and logistics Support services Publisher and printer
£undisclosed August 2011 £3.4 million October 2011 £undisclosed October 2011
Grant Thornton provided corporate Grant Thornton provided corporate finance Grant Thornton provided corporate
finance advisory services advisory and due diligence services finance advisory services
Senturion Group / Davies Arnold Mainland Express
RJD Partners Healthcare Locums plc Cooper LLP Limited Spicers Limited
Disposal to May Gurney Refinancing Acquisition of Spicers UK
Merger and debt financing Disposal and Ireland
Specialised vehicle leasing to Healthcare recruitment
local authorities services Legal services Transport and distribution Office products supplier
£65 million November 2011 £undisclosed November 2011 £undisclosed November 2011 £undisclosed November 2011 £40 million December 2011
Grant Thornton provided vendor due Grant Thornton provided Grant Thornton provided due Grant Thornton provided corporate Grant Thornton provided corporate
diligence services financial due diligence services diligence services finance advisory and tax services finance advisory services
Raising the bar 5

6. Consumer markets Kiddicare.com
Disposal to Wm Morrison
Supermarkets plc
Multi-channel online retailer of
baby products
£70 million February 2011
Grant Thornton provided corporate
finance advisory and tax services
We are delighted by the
consistently energetic and A.F Blakemore & Son
Abbeydale Food
Group Limited
professional advice and
support that we have received
from the Grant Thornton
Refinancing and acquisition of
Corporate Finance team. We Capper & Co Limited
Acquisition
SPAR Wholesaler and
look forward to building on our Food retailer Food manufacturing
existing relationships within £undisclosed March 2011 £undisclosed March 2011
Grant Thornton provided corporate finance Grant Thornton provided corporate
Grant Thornton as we seek advisory and due diligence services finance advisory services
to grow the Abbeydale Food
Group in the future. Cheapflights Limited Bird Group (India)
Andrew Hayes
Managing Director
Acquisition of The Royal
Abbeydale Food Group Limited Park Hotel Limited Five Star
Acquisition of Momondo AS Boutique hotel
Online flight search engine Hotel and leisure
£undisclosed March 2011 £undisclosed March 2011
Grant Thornton provided tax and Grant Thornton provided financial due
financial due diligence services diligence services
Casterbridge Tours Shanti Hospitality Anglia Regional
Limited Group Limited Co-operative Society SHS Group Limited ECI Partners
Acquisition of Bottlegreen from
Disposal of Casterbridge Acquisition of Number Ten Disposal of 19 Piper Private Equity MBO of CarTrawler by
Tours Limited Hotel, Edinburgh department stores ECI Partners
Drinks retailer and
Educational tour operator Hotel and leisure Consumer retail manufacturer Online car rental
£undisclosed April 2011 £undisclosed April 2011 £7.5 million May 2011 £undisclosed May 2011 £undisclosed May 2011
Grant Thornton provided corporate Grant Thornton provided due Grant Thornton provided corporate Grant Thornton provided advisory and Grant Thornton provided due
finance advisory services diligence services finance advisory services due diligence services diligence services
Edmond de Rothschild
KEFI Limited Zambeef Products plc Sportingbet plc Mafco Investments Investment Partners
£65 million Placing and
Open Offer, Issue of £65
million Convertible Bonds Acquisition of a minority stake
Acquisition of The Real Greek and acquisition of Centrebet in Sun City Group
Food Company Limited AIM flotation and placing International Limited Acquisition of Cocosa
Children’s clothing
Restaurants Agriculture Online betting and gambling Online retailing under licenses
£undisclosed June 2011 £35 million raised June 2011 £118.5 million June 2011 £undisclosed July 2011 €60 million July 2011
Grant Thornton provided financial due Grant Thornton acted as reporting Grant Thornton provided due diligence Grant Thornton provided financial Grant Thornton France provided
diligence services accountant services and acted as reporting accountant and tax due diligence services corporate finance advisory services
6 Raising the bar

7. Certus Compliance Group/ Case Study: Mike Hughes, Corporate Finance
Canter Equity Partners Director at Grant Thornton said, “This
Kiddicare.com process has provided further evidence
that strategic trade buyers are very
Grant Thornton’s Corporate Finance definitely back in the Retail M&A
Acquisition of Scottish team has advised the partners of market. Businesses such as
Food Quality Certification
Limited backed by Canter
kiddicare.com in respect of the business kiddicare.com, with a strong brand
Equity Partners sale to Wm Morrison Supermarkets plc name, a scalable technology platform and
£undisclosed August 2011 for £70 million. The acquisition represents significant operating capacity, can expect
Grant Thornton provided
financial due diligence services
the first step for Morrisons in developing to continue to be top of buyers shopping
its online business.kiddicare.com, based lists in the months ahead.”
in Peterborough, is the UK’s leading
Nova Leisure Limited specialist online retailer of baby
products, with annual revenues of circa
£37.5 million and has grown by 75% in
the past three years. Over 80% of
Disposal to Marine kiddicare.com’s sales are now generated via
Mart Limited
its online channel.
Wholesaler of motor home
spare parts and accessories Commenting on the deal, Tim Hansell,
Corporate Finance Director at
£2.5 million August 2011
Grant Thornton’s Corporate
Grant Thornton provided corporate Grant Thornton, said: “kiddicare.com is
finance advisory services
a high quality business which attracted Finance team did a brilliant
significant interest from a broad range job for us on this transaction.
Jarvis Hotels Limited in
Administration
of strategic trade and private equity They ran an aggressive sales
buyers, with around 20 indicative bids
process in a rapid timescale
being received for the business. We ran
a hotly contested auction process for and were highly professional
this asset culminating in a fantastic price throughout. Together we
Disposal of business and
assets
being delivered for the vendors in a rapid delivered a fantastic
timescale.”
Hotel and leisure
outcome from the sale of
£111 million September 2011
Grant Thornton provided corporate
kiddicare.com and I would
finance advisory services
have no hesitation in
recommending the deal team
SA Brain & Seafresh Industry Public
L Capital Company Limited Company Limited as advisers in the future.
Scott Weavers-Wright
CEO
Acquisition of Captain
Tortue Group Acquisition of Coffee #1 Acquisition of Blue Earth kiddicare.com
Limited Foods Limited
Direct selling: women and
children apparel Brewing and hospitality Chilled seafood supplier
€60 million September 2011 £undisclosed October 2011 £undisclosed October 2011
Grant Thornton France provided Grant Thornton provided corporate Grant Thornton provided due
corporate finance advisory services finance advisory services diligence and tax services
Kintyre Development The Stamford Group
Company Limited Limited Sportingbet plc Rockall Seafoods Limited Quilvest Private Equity
Sale of trade and assets of its
Finance facility for the subsidiary, Bishop Commercial
restoration of luxury hotel Holdings Ltd, to KSC Disposal of Turkish language Disposal to Whitby Seafoods Investment in Tortilla (Mexican
accommodation Worldwide Limited website business Limited Grill Limited)
Hotels and Leisure Petrol & convenience retail Online betting and gaming Food and beverage Food retail
£undisclosed October 2011 £undisclosed November 2011 £125 million November 2011 £undisclosed December 2011 £undisclosed December 2011
Grant Thornton provided financial and Grant Thornton provided corporate Grant Thornton acted as reporting Grant Thornton provided advisory Grant Thornton provided due
commercial due diligence services finance advisory services accountant and taxation services to the vendor diligence services
Raising the bar 7

8. Technology
We are delighted with the advice provided by
Grant Thornton’s Transaction Advisory team.
The team worked closely with us throughout
the process and focused on delivery of our
objectives. The Attenda investment was
completed in seven weeks from gaining access
to the Company and Grant Thornton’s ability to
provide high quality, value added analysis in the
context of a rapid transaction timetable helped
our Fund complete this exciting investment.
We found Grant Thornton highly supportive
throughout our investment process by clearly ECI / Fourth Hospitality
understanding our needs as a private
equity investor.
MBO
Nick Jordan
Software for the hospitality
Partner industry
Darwin Private Equity £undisclosed March 2011
Grant Thornton provided operational
due diligence services
Point International
Unicom iomart Group Plc Acquire Inc Ubisense Group plc Group
Disposal to Peopleclick
Acquisition of Authoria AIM flotation Acquisition of TS3
Disposal to Vitruvian Partners Switch Media Limited Services Limited
Workforce analytics and talent Real time location systems
Business telecoms reseller Managed hosting solutions management software Electronic payment systems
£38.6 million market cap
£undisclosed April 2011 £1.25 million April 2011 £undisclosed April 2011 June 2011 £undisclosed June 2011
Grant Thornton provided corporate Grant Thornton provided due Grant Thornton US provided Grant Thornton acted as reporting Grant Thornton provided corporate
finance advisory services diligence services corporate finance advisory services accountant finance advisory services
Security Intelligent Data Amor Group/ Growth
Commidea Limited Partnerships Ltd Systems Limited Darwin Private Equity Capital Partners
Acquisition of FS Walker
Disposal to Bytes Technology Hughes Limited backed by
Disposal to Point International Group Limited Disposal to the AA Acquisition of Attenda Limited Growth Capital Partners
Electronic payment systems IT security Risk management solutions IT services IT managed services
£undisclosed June 2011 £undisclosed August 2011 £undisclosed August 2011 £50 millipn August 2011 £undisclosed August 2011
Grant Thornton provided corporate Grant Thornton provided corporate Grant Thornton provided corporate Grant Thornton provided due Grant Thornton provided due
finance advisory services finance advisory services finance advisory services diligence services diligence services
8 Raising the bar

9. Case Study:
ISIS Equity Partners
In October 2011 Grant Thornton advised ISIS Bridie Robinson, Corporate Finance
Equity Partners (‘ISIS’) on the institutional Associate Director at Grant Thornton, said:
buy-out of Onyx Group Limited (‘Onyx’) for “We are very pleased to have assisted in
£27 million. Established in 1994 Onyx is an successfully concluding this deal. The deal
operator of data centres, business continuity has provided further evidence that there is a
centres and a provider of cloud computing secure banking appetite given the business
services. It was recently listed in The Sunday has the right attributes and Onyx has a strong
Times Tech Track 100 which monitors the position as a leading specialist IT provider. The
faster growing technology companies in investment by ISIS will enable the company to
the UK. grow and build on its success to date.”
The company with annual revenues of
circa £15 million, has its headquarters in
Stockton-on-Tees and ten sites across the
UK including London, Glasgow, Edinburgh,
Newcastle, Teesside and Sheffield.
Grant Thornton worked closely with ISIS
providing lead advisory services. ISIS have
a well-established track record of helping
ambitious entrepreneurs create long-term We are delighted to have
value and market leadership. ISIS typically
worked with Grant Thornton
invest in businesses valued between £5 million
and £75 million. on this transaction. They
helped us run an aggressive
process to a rapid timescale
and were highly professional
and hands on throughout. The
team worked with us and the
Management Team to deliver
a transaction which met all our
ECI / Wireless Logic ISIS / Quantix original expectations.
Xavier Woodward
Investment Director
Disposal
ISIS Equity Partners
MBO Provider of outsourced
database, applications and
M2M Communications security management
£undisclosed August 2011 £undisclosed September 2011
Grant Thornton provided operational Grant Thornton provided vendor due
due diligence services diligence services
Kerridge Commercial Team Telecommunications
Dillistone plc ISIS Equity Partners Systems Limited Group Limited / Gresham Palatine Private Equity
Acquisition of MBO of Selection Services
Woodcote Software Limited Acquisition of Acquisition of C&C Technology Limited and acquisition of
IBO of Onyx Group Limited TIS Software Limited Limited Cloud Data Limited
Human resource
specialist software Provider of IT solutions Software solutions IT consultancy IT services
£3.8 million September 2011 £27 million October 2011 £undisclosed October 2011 £undisclosed November 2011 £undisclosed December 2011
Grant Thornton provided Grant Thornton provided corporate Grant Thornton provided corporate Grant Thornton provided financial and Grant Thornton provided corporate
financial due diligence services finance advisory services finance advisory services tax due diligence services finance advisory and tax services
Raising the bar 9

10. Healthcare
Surgical Spaces Inc.
Sale to Centric Health
Corporation Healthcare
Private surgical facilities
£undisclosed January 2011
Grant Thornton Canada provided
corporate finance advisory services
Ludlow Street Acorn Care and Acorn Care and Molecular Profiles Sphere Medical
Healthcare Education Limited Education Limited Limited Holding plc
RGF funding secured from
Merger of Beechwood Court Acquisition of the Department of Business, AIM flotation
and Orbis Education &Care Acquisition Pathway Care fostering Innovation and Skills
Medical devices
Specialist and care Fostering and education services Fostering services Pharmaceuticals
£34 million market cap
£undisclosed April 2011 £undisclosed April 2011 £undisclosed August 2011 £1.6 million October 2011 November 2011
Grant Thornton provided corporate Grant Thornton provided corporate finance Grant Thornton provided corporate finance Grant Thornton provided due Grant Thornton acted as reporting
finance advisory services advisory and financial due diligence services advisory and financial due diligence services diligence services accountant
10 Raising the bar

11. We were delighted with
the input provided by
Grant Thornton’s Transaction
Advisory Services team.
The team worked closely with
us throughout the process
and focused on delivery of our
Perform Group plc Mediaprism
objectives. The Grant Thornton
UK and US teams showed
commitment in ensuring that
the work was completed to an
Acquisition of Goal.com
(Holdco) SA
Disposal of Mediaprism to
Mediapost
excellent standard and within
Digital sports media Direct marketing our expected timescales which
US$30 million February 2011 £undisclosed March 2011
was key.
Grant Thornton provided due Grant Thornton France provided
diligence services corporate finance advisory services
David Surtees
Independent Media Chief Financial Officer
Perform Group plc Distribution plc
Perform Group Plc
Official list IPO
Media
Public to private by
Digital sports media Vitruvian Partners
£586 million market cap. Media logistics
£72.5 million raised
April 2011 £undisclosed April 2011
Grant Thornton acted as reporting Grant Thornton provided tax and due
accountant diligence services
Oakley Capital Private
Motivcom plc Equity Incisive Media Limited Freetouch Motivcom plc
Acquisition of Allsave Limited
and My Family Care Vouchers Acquisition of a majority stake Acquisition of Web Recruitment Fundraising by Croissance Acquisition of Goldserve Limited
Limited in Time Out America LLC Services Limited Nord Pas-de-Calais Online lead generation for
Marketing services Digital media Web-based recruitment Interactive agency MICE venues
£undisclosed April 2011 $14.2 million May 2011 £undisclosed July 2011 £undisclosed July 2011 £undisclosed August 2011
Grant Thornton provided financial & Grant Thornton provided due Grant Thornton provided due Grant Thornton France provided Grant Thornton provided commercial
commercial due diligence services diligence and tax services diligence and tax services corporate finance advisory services due diligence services
Progressive Digital
St Ives plc Media Group Plc JCDecaux UK Bongo IP Pty Limited Media Square Plc
Acquisition of Pragma Holdings
Limited and Pragma Consulting Refinancing Acquisition of Media Initiatives Acquisition of the trade and
Limited Limited assets of 63336 limited Sale of Media Square Plc
Digital media and data content
Marketing services management Face-to face marketing SMS-based Q&A service Marketing services
£undisclosed September 2011 £undisclosed October 2011 £undisclosed November 2011 £undisclosed December 2011 £undisclosed December 2011
Grant Thornton provided financial and Grant Thornton provided financial and Grant Thornton provided due Grant Thornton provided due Grant Thornton provided corporate
tax due diligence tax due diligence services diligence services diligence services finance advisory services
Raising the bar 11

12. Financial services
Grant Thornton was instrumental in enabling
the management team to work towards its
goal of completing a successful MBO. The
management team of MoneyPlus Group
had complete confidence in them and their
experience showed through in different
aspects of the deal. Having now reflected
on the deal I can point to specific areas
where Grant Thornton argued our case and
successfully delivered a better package for the
management team than we expected. I would
have no hesitation in recommending them on
any similar transaction.
Chris Davis
CEO
MoneyPlus Group Limited
Pall Mall Investment MoneyPlus Group Give Me My Money
Management Limited Merchant Securities Limited Limited GE Capital
Disposal of its European high
yield business to Brookfield
Investment Management MBO of MoneyPlus Acquisition of Eurofactor UK
(UK) Limited Adoption Group Limited New finance facility Limited
Investment management Financial services Financial services Claims management Asset based lender
£undisclosed March 2011 May 2011 £undisclosed June 2011 £undisclosed August 2011 £undisclosed September 2011
Grant Thornton provided corporate Grant Thornton acted as Grant Thornton provided corporate Grant Thornton provided due Grant Thornton provided financial and
finance advisory services nominated adviser finance advisory and tax services diligence services tax due diligence services
Nova Ventures Corporation/ Legendary Coface Receivables
Equiniti Sensornet Limited Investments plc Finance Limited Merchant Securities
Acquisition of Corporate and Disposal of the loan book of
Employee services division of Acquisition of Coface Receivables Finance
NatWest Stockbrokers Sensornet Limited Adoption Limited to Leumi ABL Takeover
Share registrar Asset monitoring solutions Financial services Receivables finance Financial services
£undisclosed September 2011 £undisclosed October 2011 October 2011 £undisclosed October 2011 December 2011
Grant Thornton provided due Grant Thornton provided financial Grant Thornton acted as Grant Thornton provided corporate Grant Thornton acted as
diligence and tax services and tax due diligence services nominated adviser finance advisory services Rule 3 Advisor
12 Raising the bar

13. Case Study:
Coface Receivables Finance Limited
In October 2011 Grant Thornton’s Gatwick of service they appreciated at Coface. We look
based Corporate Finance team advised the forward to developing with Leumi ABL a
management of Coface Receivables Finance strong partnership between receivables finance
Limited in respect of the sale of its portfolio of and insurance.”
clients to Leumi ABL the asset based lending Commenting on the deal, Rupert Rawcliffe,
subsidiary of Bank Leumi (UK) plc. Coface Corporate Finance Director at
Receivables Finance is part of the Coface Grant Thornton, said: “Following on from
Group delivering it’s factoring products in the our successful disposal of KBC Business
UK and Ireland, including invoice discounting, Capital last year, the sale of the Coface
export funding and reverse factoring. The Receivables loan book represents another true
acquisition adds depth and breadth to Leumi’s win-win result for both buyer and seller. Our
current factoring offering. latest success is a testament to our in-depth
Phil Woodward, Managing Director of knowledge of both the ABL sector and the
Leumi ABL adds: “This deal continues our current strategic thinking of all the major
growth strategy and follows our purchase two players in the market. This has resulted in us
years ago of the Charterhouse Commercial creating an excellent outcome for our client in
Finance client book. Since launching Leumi what remains a very challenging mergers and
ABL five years ago, we’re proud to have acquisitions market”.
built a strong reputation in the mid-tier deal
making arena. We are very pleased to be able
to extend our offering to assist the growth
of these additional clients, whilst offering
the flexibility, speedy decision making and
personal approach for which we are known.
As with our existing clients, Leumi ABL’s full The Grant Thornton team handled our
asset based lending capability will be available disposal process with great skill and
to support these new clients as their business professionalism but most importantly to me
needs evolve.”
never forgot that this transaction was about
Xavier Denecker, Managing Director of
Coface in the UK and Ireland, said “Coface is people and clients. The corporate objectives
discontinuing its receivables finance activity were all achieved and I was guided and
in the UK to focus on its core business, trade supported at every step by people who
credit insurance. We are confident that our understood what could be achieved, what
receivables finance clients will find at Leumi
ABL the business understanding and quality
was important and how things need to be
done. My thanks to Rupert Rawcliffe and his
team for all of the help they gave me.
Mark Chamings
Director
Coface Trade Receivables Limited
Raising the bar 13

14. Property and construction
Les Maisons Pierre JV Group
LMBO equity provided Disposal of Road Surface
by Naxicap maintenance
Construction Construction
£undisclosed May 2011 £undisclosed May 2011
Grant Thornton France provided Grant Thornton France provided
corporate finance advisory services corporate finance advisory services
GI Partners and Rowan
ATA Asset Management
Disposal to Hill & Smith
Holdings PLC
Acquisition of Aldwych House
Distributor and manufacturer of
road safety barriers Commercial property
£undisclosed May 2011 £82.7m December 2011
Grant Thornton Sweden provided Grant Thornton provided due
corporate finance advisory services diligence and tax structuring
Education and housing
Royal Forest of Dean Notting Hill Cognita Schools/
College Peabody Capital Plc Housing Trust Bregal Capital
Issue of £200,000,000 5.25% Issue of £120,562,000 5.25%
Merger Secured Bonds due 2043 Secured Bonds due 2042
Ongoing acquisitions - UK and
Further education Housing trust Housing trust international
£undisclosed January 2011 £undisclosed March 2011 £undisclosed July 2011 2004 to present
Grant Thornton provided financial due Grant Thornton acted as reporting Grant Thornton acted as reporting Grant Thornton provides due
diligence services accountant accountant diligence, audit and tax advice
14 Raising the bar

15. The Grant Thornton team ensured that the
process retained momentum, project managing
a number of parties to reach a successful
conclusion. They ensured they understood our
The Grant Thornton team business well from the outset, allowing them
worked together to deliver to ensure the finance package was tailored to
our exact requirements, and negotiating on
a professional, seamless our behalf to secure the best possible deal
service across lead advisory, for Avondale. I would have no hesitation in
due diligence and taxation recommending the team.
services. Their work kept
Derek Cooper, Managing Director
the transaction moving, and
Avondale Environmental Holdings Limited
ultimately ensured the success
of the acquisition. OSS are a
long-standing client of
Grant Thornton, and we will
continue to leverage their
experience, expertise and
excellent client service into
the future. Energy, environment and
Iain Lees
Acting Managing Director
sustainability
OSS Environmental
Holdings Limited
Avondale Environmental Climate Energy Holding Applied Superconductor Highland and Islands
Holdings Limited Limited Limited Enterprise
Fund raising Acquisition of Precise Heating Investment in Wind Towers
Services Limited Fundraising Limited
Development of a waste
recycling facility Heating solutions Renewable energy technology Renewables and manufacturing
£17 million May 2011 £undisclosed June 2011 £3.6 million June 2011 £3.4 million June 2011
Grant Thornton provided corporate Grant Thornton provided due Grant Thornton provided corporate Grant Thornton provided due
finance advisory services diligence services finance advisory services diligence services
OSS Environmental Tradebe Environmental
DCC plc Holdings Stirling Fibre Services Limited Inspired Energy plc
OSS GROUP
Admission to the AIM market,
placing of new shares and
acquisition of Inspired Holdings
Acquisition of Hall and Campey Acquisition of Solvent Resource Limited
Acquisition of Oakwood Fuels Environmental Services Limited Management Limited (SRM)
Limited Disposal to SAICA Energy procurement services
Hazardous garage and Organic waste materials £3.4 million raised via placing
Waste oil processing workshop waste Waste and recycling services disposal £10.2 million market
£undisclosed June 2011 £undisclosed September 2011 £undisclosed September 2011 £undisclosed capitalisation
Grant Thornton provided financial due Grant Thornton provided corporate Grant Thornton provided corporate Grant Thornton provided due Grant Thornton acted as reporting accountant
diligence services finance advisory services finance advisory services diligence services and provided due diligence services
Raising the bar 15

16. Industrial, extractive and manufacturing
Sirius Petroleum Plc Fibreweb Plc
Re-admission to AIM and
fund-raising through share Acquisition of Boddingtons
subscription Limited
Oil and gas sector Thermoplastic films, meshes
and nets
£3.5 million raised
February 2011 £9.7 million January 2011
Grant Thornton acted as reporting Grant Thornton provided due
accountant diligence and tax services
LDC W. Lucy & Co. Limited
Private Equity Less Ordinary
Acquisition of the trade and net
Secondary buy-out assets of Zodion Limited
Building safety Street lighting engineering
£undisclosed February 2011 £undisclosed February 2011
Grant Thornton provided due Grant Thornton provided financial due
diligence and tax services diligence services
A-Gas International Heating Plumbing
Chloride Group plc Judges Scientific plc Holdings Limited Orica Supplies Limited
Acquisition of Masterpower Acquisition of Deben UK
Electronics Limited Limited Tertiary buy-out by Lloyds MBO
Development Capital Acquisition of TitaNobel
Critical power protection Design, manufacture and sale Heating and plumbing
systems of scientific instruments Speciality gas processing Explosive manufacturer wholesaler
£9.4 million March 2011 £3.26 million March 2011 £undisclosed April 2011 £undisclosed April 2011 £undisclosed April 2011
Grant Thornton provided financial due Grant Thornton provided due Grant Thornton provided due Grant Thornton France provided Grant Thornton provided corporate
diligence services diligence and tax services diligence services corporate finance advisory services finance advisory services
Luminous Power Race Face
Fibreweb Plc Technologies Limited Components Inc. M. Clean Papertech ECI / Stewart Group
Sale to Race Face Disposal to Kadant BIMBO
Acquisition of Tubex Limited Disposal to Schneider Electric Performance Products Inc.
Supplier of high pressure UK plastic moulded products
Tree shelters and fencing Power Shortage Manufacturing water cleaners supplier
£5.1 million May 2011 £undisclosed May 2011 £undisclosed May 2011 £undisclosed June 2011 £undisclosed June 2011
Grant Thornton provided due Grant Thornton India provided Grant Thornton Canada provided Grant Thornton Sweden provided Grant Thornton provided operational
diligence services corporate finance advisory services corporate finance advisory services corporate finance advisory services due diligence services
16 Raising the bar

17. We’re delighted to have completed the MBO
with support of the management and staff.
Grant Thornton and Lloyds Banking Group
have provided excellent support throughout
the process and indeed our 10 plus year
relationship. It’s great to know that we can
count on both organisations to pull out all the
stops to help us achieve our goals.
Tony Curneen
Financial Director
Heating Plumbing Supplies Limited
Grant Thornton was
tremendous in leading the
effort of financial due diligence
in our recent successful IPO
on AIM. In every work stream
– from the Long Form Report, Wildhorse Energy
Ferrex plc Limited
Working Capital Report, to
Audit and tax reviews –
Grant Thornton was
professional in all respects. AIM Flotation AIM Flotation
The process was run very Mining and exploration Mining and exploration
efficiently from start to £2 million raised July 2011 August 2011
Grant Thornton acted as Grant Thornton acted as
finish, and additionally when nominated adviser nominated adviser
demands were heavy from the
Investment Bankers, MyCelx Technologies
Corporation
Really Useful Products
Limited / HSBC Stratex International
Grant Thornton responded
quickly.
AIM Flotation
David Pattillo Oil removal technology
Financing of Really Useful
Products Limited Adoption
CFO £12.1 million raised Storage solutions manufacture Mining and exploration
£27.1 million market cap
MyCelx Technologies Corporation August 2011 £undisclosed September 2011 October 2011
Grant Thornton acted as reporting Grant Thornton provided financial due Grant Thornton acted as
accountant diligence and tax services nominated adviser
Manganese Bronze Key Capital Partners
Holdings Plc Baobab Resources Plc LLP Avocet Mining Plc Benson Group
Admission to the Premium
Secondary buy-out of Midland Listing segment of the
Adoption Industrial Glass Limited from Official List Management buy-out backed
Adoption Midven by LDC
Exploration assets Mining and exploration
Transportation in Mozambique Specialist glass processing Printed folding cartons
£425 million market cap
October 2011 November 2011 £undisclosed December 2011 December 2011 £undisclosed December 2011
Grant Thornton acted as Grant Thornton acted as Grant Thornton provided due Grant Thornton acted as reporting Grant Thornton provided corporate
nominated adviser nominated adviser diligence and tax structuring accountant finance advisory and tax services
Raising the bar 17

18. Private Equity
2011 was a busy year for Grant Thornton
Private Equity, with deals across all sectors.
Grant Thornton’s Private Equity Team went from strength to Throughout 2011 Grant Thornton has worked
strength in 2011, advising in various capacities on 37 private with the following Private Equity houses:
equity-related deals nationally across Advisory services,
reinforcing our market leading position in mid-market
private equity.
We have continued to expand our senior management
team with a series of appointments and promotions, with
the addition of three Partners and five Directors across the
Corporate Finance team.
Looking ahead to 2012, we anticipate a strong year for
growth companies requiring minority equity investment.
Private Equity is set to have its challenges in 2012, primarily
with the challenge of raising debt and increased competition
for high-growth deals. However, 2012 will be an opportunity
to generate high returns for key businesses whose
performance has been optimised under the advice of their
private equity stake holders. The increasing demand for value
creation in the portfolio coincides with our recent expansion Private Equity Less Ordinary
of our post-deal services offering, with the development of
the Operational Deal Services team headed up by a newly
recruited Partner, Alan Dale, in London.
With this in mind, we are looking forward to seeing what
2012 brings.
18 Raising the bar

19. Case Study:
ECI Partners
In 2011 Grant Thornton advised ECI Partners
on five transactions, as they have acquired
XLN Telecom, Fourth Hospitality, Reed &
Mackay, Stewart Group and CarTrawler since
Over the last 12 months we have worked
September 2010. Grant Thornton provided
Operational and IT Due Diligence support on
with the Grant Thornton Operations and
each of these investments which represent the Technical Team to help identify and unlock
continuation of Grant Thornton’s relationship growth opportunities in the businesses
with ECI Partners. we back.
ECI is one of the longest established
and most successful private equity groups in
Lewis Bantin
the UK, specialising in buyouts, buyins and
ECI Partners LLP
development capital deals valued between
£10 million and £150 million. We have
provided ECI with a comprehensive
Operations and Technology service with a
particular focus on the process models and
technology employed by each business to
support their growth.
Commenting on the deals Richard Joyce
of Grant Thornton said “Working closely
with the ECI investment teams, we have
evolved our operations and technology service
to encompass detailed reviews of the target
company sales and business development
We looked hard to find an investor who
capability, operational performance, finance
function controls and effectiveness, and the use understood our business and would actively
and development of technology and systems assist us in our global growth ambitions.
within the businesses. Our relationship and I was particularly impressed by the
understanding of their business places us in an Grant Thornton team members ability
ideal position to add real value.”
We look forward to working with ECI on
to achieve such a deep and thorough
future transactions. understanding of our business, in a
very short time, and the report from
their DD work is already being used by
the management team as input to our
operational plans.
Mike McGearty
CEO
CarTrawler
Raising the bar 19

20. Corporate Finance contacts
If you would like to discuss how Grant Thornton can help you achieve your strategic objectives please contact a member of
our team or email us at corporatefinance@uk.gt.com
For more information on Grant Thornton International member firms, please visit www.gti.org
Belfast Leeds Martin Goddard Steve White
Charlie Kerlin Ian Marwood T 020 7728 2770 T 01908 359667
T 028 9031 6510 T 0113 200 1513 E martin.a.goddard@uk.gt.com E steve.j.white@uk.gt.com
E charlie.kerlin@uk.gt.com E ian.marwood@uk.gt.com
Trefor Griffith Newcastle
Birmingham Will Oxley T 020 7728 2537 Simon McIntosh
Ian Wilson T 0113 200 1582 E trefor.a.griffith@uk.gt.com T 0191 203 7792
T 0121 232 5151 E will.m.oxley@uk.gt.com E simon.a.mcintosh@uk.gt.com
E ian.p.wilson@uk.gt.com Mo Merali
Jonathan Steed T 020 7728 2501 Norwich
Alex Hyde T 0113 200 2661 E mo.merali@uk.gt.com Tim Hansell
T 0121 232 5245 E jonathan.m.steed@uk.gt.com T 01223 225616
E alex.s.hyde@uk.gt.com James Robson E tim.l.hansell@uk.gt.com
Leicester and Nottingham T 020 7865 2773
Bristol Mustafa Abdulhusein E james.robson@uk.gt.com Oxford
Mark Naughton T 0116 257 5110 Wendy Hart
T 0117 305 7712 E mustafa.abdulhusein@uk.gt.com Philip Secrett T 01865 799938
E mark.c.naughton@uk.gt.com T 020 7728 2578 E wendy.e.hart@uk.gt.com
London E philip.j.secrett@uk.gt.com
Richard Wilson Colin Aaronson Reading
T 0117 305 7756 T 020 7728 2942 Hemal Shah Paul Etherington
E richard.wilson@uk.gt.com E colin.p.aaronson@uk.gt.com T 020 7728 2635 T 01753 781070
E hemal.shah@uk.gt.com E paul.md.etherington@uk.gt.com
Cambridge David Ascott
Darren Bear T 020 7728 2315 Ian Smart Wendy Hart
T 01223 225673 E david.p.ascott@uk.gt.com T 020 7728 2465 T 01865 799938
E darren.m.bear@uk.gt.com E ian.v.smart@uk.gt.com E wendy.e.hart@uk.gt.com
Stephen Baker
Mark Clement T 020 7728 3100 Michael Thornton Duncan Lamb
T 01223 225604 E stephen.baker@uk.gt.com T 020 7728 2644 T 01753 781100
E mark.clement@uk.gt.com E michael.j.thornton@uk.gt.com E duncan.lamb@uk.gt.com
Gerry Beaney
Geoff Davies T 020 7728 2589 Manchester Bob Alsop
T 01223 225630 E gerry.d.beaney@uk.gt.com Anthony Booth T 0118 983 9637
E geoff.davies@uk.gt.com T 0161 953 6307 E bob.alsop@uk.gt.com
Philip Bird E anthony.booth@uk.gt.com
Cardiff T 020 7865 2228 Sheffield
Mark Naughton E philip.bird@uk.gt.com Will Oxley Ian Marwood
T 0117 305 7712 T 0113 200 1582 T 0114 262 9703
E mark.c.naughton@uk.gt.com Dominic Bolton E will.m.oxley@uk.gt.com E ian.marwood@uk.gt.com
T 020 7865 2306
Chelmsford E dominic.bolton@uk.gt.com Ali Sharifi Southampton
Darren Bear T 0161 953 6350 Nigel le Bas
T 01223 225673 Anuj Chande E ali.sharifi@uk.gt.com T 02380 381172
E darren.m.bear@uk.gt.com T 020 7728 2133 E nigel.lebas@uk.gt.com
E anuj.j.chande@uk.gt.com Milton Keynes
Edinburgh Tim Blois Paul Stout
Neil McInnes Paul Cooper T 01908 359582 T 02380 381265
T 0141 223 0618 T 020 7865 2622 E tim.m.blois@uk.gt.com E paul.stout@uk.gt.com
E neil.mcinnes@uk.gt.com E paul.a.cooper@uk.gt.com
Mark Clement Grant Thornton also has offices
Gatwick Peter Dawson T 01223 225604 in the following locations:
Rupert Rawcliffe T 020 7728 3197 E mark.clement@uk.gt.com Ipswich
T 01293 554022 E peter.dawson@uk.gt.com Kettering
E rupert.rawcliffe@uk.gt.com Mike Hughes Liverpool
Alan Dale T 01908 359581 Northampton
Glasgow T 020 7865 2777 E mike.hughes@uk.gt.com
Neil McInnes E alan.dale@uk.gt.com
T 0141 223 0618
E neil.mcinnes@uk.gt.com
© 2012 Grant Thornton UK LLP. All rights reserved.
‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership. Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd
(‘Grant Thornton International’). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently.
This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occassioned to any person acting or refraining from acting as a result of any
material in this publication.
www.grant-thornton.co.uk
V21161