PwC’s Transaction Services (TS) team in the Midlands completed market leading transformational transactions with a value in excess of £2bn in the first half of 2021, topping the £1.1bn transactions delivered in the first half of 2019.
The TS team operates across the Midlands and the North and between January to June 2021, the combined value of the transactions across these regions amounted to £6.6bn.
Helen Ward, Transaction Services Partner for PwC in the Midlands said:
“Whilst it was initially believed that the assumed capital gains tax changes were driving activity in the first few months of 2021, the deals market has remained buoyant demonstrated by completed transactions involving highly resilient businesses with opportunities for further value creation and a pipeline of future transactions providing continued positive expectations for the rest of the year.”
The team continues to work alongside a diverse range of corporate and Private Equity (PE) clients, with a third of the deals involving work with PE funds to execute new investments and a third of deals involving buy side support to corporate clients and PE backed portfolio companies with buy and build growth strategies.
Providing support across a broad spectrum of sectors, the diverse team, made up of 40% female and 35% from minority ethnic backgrounds, specialises in Healthcare, Consumer and Industrial Products and Services and TMT. The team has seen continued strong activity with deals including Travis Perkins’ sale of its plumbing and heating business to HIG Capital, the sale of critical security services business Orbis Protect to Synova and investment by CBPE in Mindera, as well as supporting cloud-led digital transformation Managed Services provider Node4 to secured new investment from Providence Equity.
Helen Ward, continued:
“There has been significant M&A activity over the last six months, despite the continued uncertain economic backdrop brought on by the pandemic. We’re proud to have supported a fantastic range of clients across a number of transactions both large and small.
We continue to remain optimistic about the pipeline of deals activity in the Midlands for the second half of 2021. Our latest Economic Outlook has found that the UK economy has contracted less than expected during the third lockdown and could be on course to recover to pre-pandemic levels by the start of 2022 - one year earlier than previously expected.
In particular, the success of the Government’s vaccination programme and size of its economic support has raised hopes that consumers will start to spend an estimated £180bn worth of savings and release pent-up demand in the economy. Alongside this, the West Midlands remains the leading location for attracting Foreign Direct Investment (FDI) outside London and the South East, and the demand for resilient businesses which have invested well in people, capability and the ESG agenda.
We are keen to engage with clients to explore ways we can create and enhance value. Our significant investment in our people and technology, together with the depth of our knowledge and expertise, mean we are well positioned to support clients as we continue to see a Deals-led recovery.”
To see a selection of some of our H1 2021 deals click here.
Helen Ward, Transaction Services Partner for PwC Midlands
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Midlands, PwC United Kingdom
Midlands, PwC United Kingdom