The legal sector forms the bulk of the coverage today, as we open with an attempt by Inflexion to take DWF Group private.
Switching sectors, a tech deal involving FPE Capital rounds out the Dealflow for the day.
The board of DWF Group, a UK legal and business services provider, is in talks with Inflexion Private Equity Partners about a possible cash offer for the listed business.
The offer is for 100p per share, comprising a cash part of 97p and a dividend for the six months to 30 April of 3p, which is conditional on the proposal becoming effective. That would value the total outstanding equity at around £342 million ($440 million; €400 million).
The DWF board said that should Inflexion make a firm offer, it “would be minded to unanimously recommend it” to shareholders.
DWF’s share price closed at 65.5p on the last trading day before the announcement, giving the offer a premium of about 53 percent. Traders appeared confident the offer will go ahead, with the share price jumping to 87.8p immediately after the announcement.
DWF is headquartered in Manchester and has offices around the world. The firm said in a statement on 30 May that it expects to report net revenue of £380 million for the financial year to 30 April.
Inflexion’s proposal also has two other options. One is for shareholders to receive a partial loan note instead of the cash consideration, made up of 65 percent as loan notes and/or preference shares and the rest as cash. The second is for shareholders to receive the cash consideration and immediately reinvest 40 percent of the total into loan notes or preference shares.
The news came on the same day that Inflexion made a series of promotions, including lifting Meredith Bourne, Tom Green, Alex Mathers, Andy Neville and Henrik Nordman to partner.
Sticking with the legal sector, Law Business Research (LBR), a portfolio company of Levine Leichtman Capital Partners (LLCP), has acquired MBL Seminars, a provider of compliance-led learning and development products for professional services firms.
MBL is headquartered in Manchester, UK.
LLCP first invested in LBR in December 2017.
“The addition of MBL bolsters LBR’s product portfolio while reinforcing its mission of informing and connecting the global legal community,” said Andrew Alexander, MD at LLCP.
MBL is LBR’s fourth acquisition under LLCP’s ownership. The company’s previous acquisitions include Globe Business Media Group in 2018, Docket Navigator in 2021 and Legal Monitor in 2022.
LBR is a provider of business information, legal analysis tools and networking for global legal markets. The firm is headquartered in London and has offices in the US and in Hong Kong.
FPE Capital has led a buyout of NoBlue and Elevate2, two UK Oracle NetSuite partners.
NoBlue and Elevate2 are based in Nottingham and London, respectively.
The combined business will trade under the name NoBlue2.
NoBlue2 is the fifth investment from FPE Fund III.
“We consider the opportunity for ERP and related applications to be significant and growing and could quickly see the value that Ian and Alex had built in their respective businesses, and the power of the combination,” said Dan Walker, partner at FPE.