Corporate Finance successful deal completed
The Mercer & Hole corporate finance team are delighted to announce the completion of a fundraising and partial realisation for no.1 traveller airport lounges.
The deal took approximately eight months to complete and involved a sale exercise in addition to fund raising.
Mercer & Hole Corporate Finance were lead advisers throughout the transaction. This role included liaison with all the other professionals involved; researching and approaching potential purchasers; advising and assisting in negotiating the purchase price; advice and assistance with the various legal documents. Other advisers included three firms of lawyers and five accountancy and commercial due diligence firms.
No.1 Traveller owns and manages various airport lounges throughout Europe. These lounges had approximately 650,000 customers last year, generating revenues of £10.5million. The management team built a successful company and were looking to move the business on to the next level. To achieve this they sought additional finance and at the same time were looking to seek an exit for the company’s initial funders.
The sale exercise was tailored to suit the needs of this transaction and produced three indicative offers from international groups. It was, however, considered that these offers did not fully value the company and so venture capital finance was sought and successfully found. This valued the entity at some £16million, allowing our client (a minority interest) to fully exit. The additional finance provided management with an excellent opportunity to roll out the development plan for the company over the next two to three years.
Date: 23rd June, 2014
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