Financial Due Diligence
Management buy-out
Steliau Technology
Total Merchandise
Paris-based Steliau Technology specialises in the supply of electronic parts including screens, connectors and cables to manufacturers in the aeronautical, automotive, rail, telecom and consumer sectors. Steliau, advised by DDA & Company - a fellow AICA member firm in France, had already made a number of acquisitions. When it identified its first target in the UK, DDA contacted FRP to provide support. Our Financial Advisory team led by Joanne Price was appointed to carry out financial and tax due diligence on Alpha Micro Components – a leading distributor of components and wireless solutions in the UK and Ireland. The FRP team reviewed the historic and forecast trading performance alongside net assets and cashflows to identify key risks. The team also provided tax advice and supported negotiations of deal terms. The acquisition will open up cross-selling opportunities for Steliau, with Alpha Micro bringing new expertise in connectivity and geolocation technologies to the newly expanded group. Advisers to Paris based Steliau Technology on its acquisition of UK based Alpha Micro Components.
Founded in 2004, Total Merchandise has built an enviable reputation as a trusted promotional partner to UK businesses and organisations, generating consistent year-on year growth. They are one of the UK’s leading suppliers of promotional products and branded merchandise with over 10,000 key product lines. Our Corporate Finance team, helped provide strategic advice and manage the transaction from start to finish including the design of a debt led structure to facilitate the capital restructuring, preparation of stress tested integrated financial forecasts including associated covenant review and presenting the business to its funder to secure a credit approved funding offer. The team also led on all taxation structuring matters including obtaining the requisite HMRC tax clearances to facilitate the deal. Adviser to multi award winning supplier of promotional merchandise, Total Merchandise, on its MBO.
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The level of assistance and handholding where needed was hugely valuable and quite frankly I don’t think we could have made this happen without them.
This acquisition provides an excellent strategic fit, giving Steliau Technology a foothold in the UK and Ireland for the first time.
Jay O’Connor Total Merchandise
Joanne Price FRP Corporate Finance
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