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finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised Inflexion, a leading mid-market private equity firm on its investment into TC Group, a provider of accountancy and taxation services to UK SMEs. The investment is being made from Enterprise Fund V, Inflexion’s dedicated lower mid-market fund.

TC Group is an Accountancy Age ‘Top 30’ firm and provides bespoke, high-quality accounting, bookkeeping, tax, audit and payroll services. It operates through 29 local offices throughout the UK with over 500 employees servicing almost 15,000 customers, and has a successful track record of M&A and profitability. TC focuses on enabling partners to retain their autonomy and grow their income whilst providing industry leading infrastructure and support.

TC Group has a strong track record of organic growth and through acquisition, with 28 completed to date and a strong pipeline of further opportunities. Inflexion brings significant buy and build experience, having completed over 440 throughout its near 25-year history. Inflexion will support the business as it continues its strategy to consolidate the fragmented market.

Advisers to Inflexion from finnCap Cavendish were Andrew Jeffs (Partner), Leigh Webb (Head of PE Sponsor Coverage & Elliott Jeans (Associate Director).

Andrew commented:

“We are delighted to have advised Inflexion on its investment into TC Group.  It is a deal that highlights the continued appetite of private equity to invest in the professional services sector especially firms with differentiated models like TC has. Congratulations to Malcolm, his team and all involved on the successful investment.”

“This deal evidences the focus and capability finnCap Cavendish has on the professional services and wider business services sector. It also marks another notable buyside credential for the firm”.

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of five sites of John Nicholls Trading Ltd, the Midlands-based independent builders’ and plumbing merchants, to MKM Buildings Supplies, the UK’s leading independent builders’ merchant.

Founded in 1965 by late chairman John Nicholls, the group has grown significantly over the years from one branch in Banbury to over 25 sites covering Oxfordshire, Warwickshire, Northamptonshire, and Dorset. The business offers a wide range of building and plumbing materials and kitchen and bathroom suites and accessories. In 2014, it acquired J&B's Plumbing & Heating based on the South Coast, adding an additional 8 Plumbing & Heating branches and 5 Bathroom Showrooms.

MKM has acquired builders’ merchants branches in Banbury, Bicester, Kidlington and Rugby together with a distribution centre at Long Hanborough, adding to its 100-plus network.

This transaction also marks the retirement of Philip Nicholls (Director) and David Hebdon (CEO), with Andrew Nicholls (Executive Chairman) leading a management buy-out of the remaining branches alongside four Directors, encompassing the company’s plumbing and heating division.

Advisers to John Nicholls Trading from finnCap Cavendish were Peter Gray (Partner), Mike Dinsdale (Director) & Daniel Dwyer (Associate).

Mike Dinsdale, Director at finnCap Cavendish, said:

“We are delighted to have advised the Shareholders on this deal. In a rapidly consolidating sector, this transaction sees MKM continue its regional expansion strategy, acquiring five Nicholls builders’ merchant branches in fantastic locations that are known for providing excellent service to customers in the local community.”

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of UK Storage Company Ltd to an investor syndicate consisting of funds advised by Davidson Kempner Capital Management LP (“Davidson Kempner”) and Pithos Capital, a European self-storage operator (the “Syndicate”). Founded in 2005, UK Storage Company Ltd is the UK’s largest independent self-storage provider, with a portfolio of 28 well-invested sites. The business holds a strong position across the UK’s highly resilient self-storage sector, characterised by repeat revenues and excellent growth dynamics. Its real estate portfolio includes both leasehold and freehold properties that consist of 11,000 storage units, translating to around 900,000 square foot of built rentable space. The sale completed on 9 June 2023.

Originally focused in the South West of England, the business has expanded its geographic presence through a carefully considered site selection process, with facilities spanning from Redruth to Leeds and employs approximately 40 staff. The sale provides an attractive opportunity for the Syndicate to invest in and grow the platform across the UK over the coming years.

UK Storage Company Ltd was equally owned by Keith Taylor and Cathy Taylor, who together have developed it into the largest independent operator in the UK.

The lead adviser on the sale was Peter Gray, Partner and Nehal Patel, Director from finnCap Cavendish.

Peter Gray and Nehal Patel at finnCap Cavendish, commented:

“We are very proud to have advised on this deal, further cementing finnCap Cavendish’s expertise in the business services’ space. This transaction is particularly significant given the Company’s scale in the UK, history of strong financial performance and as well as its huge growth potential.”

“We are pleased that the deal continues to enhance the reputation and credibility of finnCap Cavendish, whilst building on its strengths and increasing the firm’s visibility in the self-storage market. Congratulations to Keith, Cathy and all involved on a successful deal.”