Cooper Parry win Leading Adviser in the Midlands Family Business Awards

A regional business advisory firm has been recognised for the services it provides to family-run companies by scooping an award.

Cooper Parry beat off strong competition to win the “Leading Adviser” category in the first-ever Midlands Family Business Awards.

The firm won the prize following a rigorous application process and assessment interview. Other shortlisted companies in the running for the award included PricewaterhouseCoopers (PwC), Smith Cooper, Action Coach and Vistage.

Colin Shaw, the firm’s Chairman, said: “We are delighted to have won this award which is a major achievement for us and a real testimony to the work we do and the service we provide to family businesses in the region.”

“As a business we have always understood the huge role played by family businesses to the local economy and it is a real honour to be recognised for our part in helping them to thrive and contribute to the community in which we live.”

“Winning this award goes a long way to realising our vision of being number one in our chosen markets by growing, protecting and realising value for our clients.”

The award was announced at a ceremony hosted by The Wilson Organisation at Thrumpton Hall, attended by hundreds of family business owners and professionals.

Designed as a not-for-profit venture, all proceeds from the awards will go to three charities that support young enterprise and young people: The Children's Society, The Willow Foundation and The Venture Foundation.

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Rapala acquires Dynamite Baits in multi-million pound deal

Rapala VMC Group has finalised the acquisition of 100 % of the share capital of Dynamite Baits Ltd in a transaction originated and led by Cooper Parry Corporate Finance and Geldards law firm.

Nottingham based Dynamite which employees 60 people is, a manufacturer of groundbaits, boilies, liquid attractants, pellets and bagged particle baits for sport fishing.

Founded some 15 years ago, Dynamite manufactures and sells a wide range of baits in particular for carp fishing under its main brand Dynamite Baits and other sub brands. Dynamite is a market leader in premium carp baits in the UK and it has a good market share of the carp and groundbait market in other European countries. In 2009, the net sales of Dynamite were GBP 6.5 million of which some 20% was outside the UK.

Dynamite has its own efficient distribution system in the UK securing deliveries directly to some 1,200 sales outlets within 72 hours from receipt of order. Its products enjoy an excellent reputation for catching fish. The acquisition of Dynamite Baits brings Rapala into an important segment of the bait market in which it has not been represented before.

"Dynamite is an ideal fit for the Rapala family of brands," said Jorma Kasslin, CEO of Rapala. "Their products have a great reputation with anglers and are widely known for their quality. We intend to take this quality brand to the global marketplace via our network of Group distribution companies and to widen their product range. As a result of the Dynamite acquisition we are able to offer a wide range of products including baits, hooks, accessories, terminal tackle and fishing lines to the carp fisherman. In addition, in the UK we are able to combine the distribution of our group products with those of Dynamite."

"It was a difficult decision to sell the business that was founded by my partner and I some 15 years ago," said Marcus Twidale, Managing Director of Dynamite. "But the decision was made easier knowing that the Dynamite product range, quality and good service will continue, and that Dynamite is able to benefit quite significantly from some distribution and product synergies as a member of the Rapala VMC Group." Marcus will continue as the Managing Director of Dynamite after the acquisition.

This acquisition is part of Rapala’s strategy for profitable growth and it will make Rapala a strong player in the growing carp fishing market in Europe. Carp fishing is the fastest growing market in fishing throughout Europe. It contributes to the Group’s brand strategy and portfolio while it leverages Rapala’s unique sourcing and distribution platforms.

Rapala aims to significantly expand its sales to carp fishermen in the next few years by more than doubling Dynamite’s 2009 sales. Before this deal, Rapala had only moderate sales of carp fishing products predominantly in France and few East European markets.

The Shareholders of Dynamite Baits Limited were advised on the sale by David Browne and John Bryant of Cooper Parry Corporate Finance and David Tilly and Debra Martin of Geldards provided legal advice. Commenting on the transaction John Bryant, Director said, "It is fantastic to see a local business become recognised as a World leader in its field and we are delighted to have contributed to its success and ultimate sale."

Geldards Partners David Tilly and Debra Martin advised Dynamite on the disposal, assisted by solicitor, Jenny Allen.

David Tilly said: "We are delighted to have advised Dynamite on this deal. It's a real Nottingham success story and it’s great to see such a forward thinking company achieve success. This type of deal provides a lot of satisfaction for all involved."

Cooper Parry Corporate Finance seal deal for Parnutt Foods

Lincolnshire based Parnutt Foods has been acquired by Volac International, a leading international dairy nutrition group, in a transaction originated by Cooper Parry Corporate Finance.

Parnutt Foods is a successful and well-established specialist in young animal nutrition, with a particular focus on piglet and pet nutrition. Formed in 1985, the business has a strong reputation for product quality and customer service. The company’s founders, John Gibson and Paul Lane, will remain as directors of the company.

Volac and Parnutt Foods have worked together for a number of years and the acquisition will allow both companies to work with their customers by combining their joint knowledge to develop their young animal feed businesses in the piglet, equine and pet food markets across Europe.

Cooper Parry acted for the vendors. Corporate Finance Director Matthew Proudlove commented, "Our clients built up an impressive business and it strongly complements Volac’s product range. The deal will provide an exciting platform for further growth."

The vendors received legal advice from Gavin White, Corporate Partner at Fraser Brown who added "This was a great deal to work on – Parnutt are leaders in their field and with the Volac network behind it the business looks likely to go from strength to strength."

The terms of the transaction were undisclosed.

Danny Parker promoted to Partner

Regional Business advisers Cooper Parry have further strengthened their team by promoting Danny Parker to Partner.

Danny becomes one of twenty-four partners championing three offices in the region and a further office in London.

Danny works closely with his clients to provide strategic advice and support to help them create opportunities and tackle the challenges they face in their businesses.

He became a director at Cooper Parry in 2004 as an Audit Manager before quickly moving up the ranks to become a Director in 2006. Prior to joining Cooper Parry, Danny was part of the team at Dafferns in Coventry where he qualified, before going on to spend five years with KPMG in Nottingham.

Danny said, "I am delighted to be taking on the role of Partner and will continue to drive the ongoing growth and success of the firm. The promotion allows me to focus on my clients and to work with colleagues to help to maintain and grow our clients’ prosperity."

Commenting on the appointment, Cooper Parry’s Chief executive, Jeremy Bowler said, "We feel incredibly well placed as a business and Danny’s promotion is a key step in building the resource that we need to match demand from our clients. We have a clear vision to become No 1 in our chosen markets by growing, protecting and realising value for our clients and Danny will be an important contributor to achieving that vision."

Cooper Parry further strengthens Tax Team with appointment of Mark Pashley

Business Advisers, Cooper Parry have made a significant new signing - Mark Pashley as a Business Tax partner based in Nottingham.

Mark will focus on advising family businesses and entrepreneurial clients in minimising their overall tax burden, as well as being heavily involved in handling the tax issues that come out of transactional deal work.

Before his appointment with Cooper Parry, he was a Director at Tenon where he worked for ten years and before that was at PricewaterhouseCoopers for twelve years.

Mark said about his appointment, "I am delighted to have joined Cooper Parry as a business tax partner and really excited about further bolstering the tax capability in the East Midlands to help achieve the firm’s goal of being number one in the region in the core owner managed market of £5-£50m turnover businesses."

He continued, "As a local lad and having focused on the Nottingham marketplace for my entire professional career I am really excited about building a significant portfolio of new clients where my tax knowledge and commercial experience can add real value to business plans and objectives."

Philip Rogers, Head of Business Tax at Cooper Parry said, "This is a big signing for us, we are thrilled to have Mark on board, alongside the four other tax partners that we have, giving us real strength and depth to our tax team across the region."

Budget 2010 - Cooper Parry analysis

Alistair Darling presented his third and possibly his final Budget on 24 March 2010. As expected, the Budget focused on the tough choices ahead to support the fragile recovery of the UK economy as well as tackling the massive level of Government debt.

Click to view Cooper Parry's full Budget 2010 analysis

Cooper Parry and Browne Jacobson advise on £4.4m Venture Capitalist backed management buyout of LEEC Limited

Cooper Parry Corporate Finance and law firm Browne Jacobson have advised the management team of LEEC Limited on a £4.4m VC backed management buyout, funded by Octopus Ventures and Lloyds TSB.

LEEC, whose head office is in Colwick, Nottingham has established itself as the UK market leader in the design and manufacture of mortuary and laboratory products.

The Company provides a full turnkey solution to a variety of customers in the mortuary sector including the NHS, local authorities, universities and funeral directors, offering a unique service which includes consultation, design and manufacture along with ongoing maintenance and servicing.

The laboratory division manufactures and supplies a range of incubators, safety cabinets, drying cabinets and humidity cabinets for the healthcare, life sciences, pharmaceutical sectors and many others. New laboratory products are constantly being developed with the Company recently launching a state of the art CO2 incubator range, targeted primarily at the export market.

Equity funding was provided by Octopus Ventures, with debt and working capital facilities provided by Lloyds TSB which will allow LEEC to continue to develop new products, expand into new geographical markets and provides a solid platform for future growth.

The transaction was led by the MD Paul Venners who throughout his 21 years at the Company has been instrumental to the growth and development of the business.

John Bryant and Rob Burden from Cooper Parry Corporate Finance advised the management team on the transaction. John Bryant said, "We are proud to have supported Paul in his desire to purchase Leec Limited and work with Octopus Ventures helping to position the business for its planned growth into international markets." He continued, “It’s also a fantastic result for Cooper Parry, completing our second deal in a week.”

Law firm Browne Jacobson advised the management team, led by Mark Hughes and Paul McCannah, with Shaun McCabe advising on the banking arrangements. Mark commented, "The deal provides the opportunity to build upon the success already achieved by Paul over many years." He continued, "It is the latest in a series of mid-market private equity deals that we have been involved in and it is very encouraging to see a return to deals of this type successfully reaching completion."

Mark Nunny and Stuart Nicol from Octopus Ventures led the investment in LEEC Limited, Stuart said, “We’re looking forward to working with Paul in the next stage of the company’s development. We’ve been impressed by the company’s strong trusted relationship with its UK mortuary customers. Our funds will help to ensure that the company remains the market leader in this niche.”

Liz Fuge from Lloyds Banking Group said, “Our team, led by myself and relationship director Leo Magee, has worked closely with LEEC for many years. The company’s experienced management team has a strong track record and we were pleased to support this transaction with a collaborative approach from different divisions within the bank to provide the diverse funding solution required.”

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