Date
06 Mar 2024Category
Corporate Finance, TaxAzets Ireland have made a strong start to 2024 completing five due diligence assignments. The transactions spanned a range of sectors including domestic and international deals.
Jack Swinburne (Transaction Services Partner) “It is great to see a continuing appetite for M&A activity with Irish companies looking to invest in Ireland and overseas. We are proud to assist our clients in closing deals in Ireland, The Netherlands, Denmark and Thailand with support from our international network.”
Azets Ireland (formerly known as PKF O’Connor Leddy & Holmes Limited) is delighted to have provided financial due diligence to Fortus Group Limited (“Fortus”) in their acquisition of P.G. Security Systems B.V. (“P.G. Security”). This acquisition marks the first move for Fortus in establishing a base in mainland Europe.
The financial due diligence team was led by Jack Swinburne, David Lucas, Conor O’Rourke, and Mark Rowland. Ernst Andriessen and Joeri Tichelaar of PKF Wallast provided local expertise and assistance with the financial due diligence. The PKF Wallast tax team was led by Eelco van der Vijver and Gerriet Negalhout in the Netherlands. Eoin Kenny (Azets Ireland) assisted with the tax structuring. Legal due diligence was led by Tony McGovern and Jonathan Ennis of Eversheds Sutherland.
Mark Brophy, CEO of the Fortus Group commented: “It being leap year day, it’s only apt that we can proudly announce that a big proposal has been accepted! Today, marks the start of our strategic expansion into mainland Europe. We are delighted to welcome PG Security Systems into the Fortus family. We are excited to enter the Dutch and Benelux market with such a dynamic and brilliant team that is PG Security Systems."
PG Security Systems Director Peter Gatowinas said: “I am proud and excited to join the Fortus Group and expand capabilities in the markets we jointly serve with our industryleading security solutions. Starting in the Dutch market and then taking further steps from here to realise Fortus' mission and vision to become Europe's fastest-growing security distributor. I am already confident that PG Security Systems can and will accelerate growth together with the Fortus Group.”
David Lucas, Partner at Azets Ireland commented: “It is great to once again support Mark, Andrew and the wider Fortus Team on this acquisition. It is their first move in mainland Europe and we received great support from PKF Wallast on the Tax side. Onwards And upwards for the Fortus Team.”
Azets Ireland provided financial due diligence to CycleØ Group Limited (“CycleØ”), who are backed by private equity firm ARA Partners (“ARA Partners”) in their acquisition of Biogasclean A/S (“Biogasclean”).
The financial due diligence team was led by Jack Swinburne, David Lucas, Mark Rowland and Dean Buttimer. The tax team was completed the PKF International Network, led by Peter Krogsrud Eriksen in Denmark, and Theeradaje Tansuwanrat in Thailand. Legal due diligence was completed by Gorrissen Federspiel.
Laurence Molke, CEO of CycleØ commented: “We are delighted to welcome Biogasclean’s talented and experienced team to our Group and look forward to deploying their patented biocatalyst technologies to produce more carbon-negative fuels for the hard-to-electrify energy, heat, transport, and industrial sectors.”
Raúl Rodriguez Garcia, Group Finance Director of CycleØ said: "We were delighted to work with Jack and the team at Azets (formerly PKF). This multi-jurisdictional transaction required effective coordination, and through their international network, the PKF team helped manage the process from start to finish. We were delighted with the service, advice, and responsiveness we received."
Azets Ireland also provided financial and tax due diligence to Internet Protocol Telecom Limited (“IP Telecom”) in their acquisition of Centrecom Systems Limited (“Centrecom”). This marks the first acquisition they have made since receiving a €6m investment from Development Capital in August 2023.
The financial due diligence team was led by Jack Swinburne, David Lucas, Ben Pentony and Calum Hill. The tax team was led by Kevin Quinn and Ornagh Morrissey. Legal due diligence was led by Eoghan Doyle, Hugo Grattirola and Deirdre Brannigan of Philip Lee.
Shena Brien, CEO of IP Telecom said “We are thrilled to welcome Centrecom into the IP Telecom family today, and look forward to offering our customers additional services through this acquisition, as we continue to put the customer first. IP Telecom has large ambitions for the year ahead, and our acquisition of Centrecom is a sign of great things to come; growth is most certainly on the agenda for 2024, and this is one of many moves we will be undertaking in an effort to deliver against that goal.”
David MacNeaney, Finance Director of IP Telecom commented: "We are delighted to announce the successful acquisition of Centrecom, a milestone made possible through the strategic guidance and expertise of our trusted advisors, Azets Ireland, (formerly PKF). Their insightful financial counsel and attention to detail played a pivotal role in navigating this deal, reinforcing our commitment to growth and excellence in partnership with Azets."
David Lucas, Partner at Azets Ireland commented: “Congratulations to Brian, Shena, David and Edel on this acquisition. It is great to support the IP Telecom team once again as they continue to grow from strength to strength”.
Azets Ireland, alongside Cooney Carey, provided financial due diligence to Chartered Accountants Ireland (“CAI”) in relation to the proposed merger with the Institute of Certified Public Accountants (“CPA”). The merger will allow for members of both accountancy bodies to use either their ACA/FCA or CPA/FCPA designations.
The financial due diligence team was led jointly by Cooney Carey and Azets Ireland. Anthony Carey led the Cooney Carey team along with Paul Henry and Sudhanwa Jambhorkar. Jack Swinburne led the Azets Ireland team with Conor O’Rourke and Calum Hill.
Mark Gargan, president of CPA Ireland said: “Amalgamation would bring together the best parts of our two organisations, pooling the resources and highly talented staff to benefit all members and creating a single qualification with dual designation for the benefit of our members at home and abroad. Our combined voice would amplify the needs of our profession and our strong commitment to the public interest and future economic growth.”
Sinéad Donovan, president of CAI commented: “As the only two Irish-based accountancy bodies, coming together as a newly enhanced Chartered Accountants Ireland will strengthen our voice. This proposed move is endorsed by the councils of both organizations and based on months of productive discussions and on a strong financial case.”
Azets Ireland also provided financial and tax due diligence to SRC Nibiru Limited (“Starz Real Estate”) in relation to its provision of a €26m loan to Bartra Property (Eblana) Limited (“Bartra”) in connection to Niche Living, a co-living space in Dun Laoghaire, Dublin.
The financial due diligence team was led by Jack Swinburne, Ben Pentony and Calum Hill. The tax team was led by Kevin Quinn and Jacob Langille.
