20 years of dealmaking
This year we proudly celebrated our 20th year of dealmaking in our home city of Cambridge.
Established in 2004 to expand PEM’s advisory offering for owner-managed businesses, PEM Corporate Finance (PEMCF) has been at the forefront of facilitating strategic deals and empowering clients across multiple sectors to achieve their growth and exit objectives across Cambridge, the East of England and beyond.
Reflecting on this milestone, Partner and Head of PEMCF, Philip Olagunju said, “PEMCF was initially established by Lake Falconer in 2004, and we are incredibly proud of the subsequent journey we’ve taken over the past 20 years. Our success is a testament to the hard work and dedication of our talented team, as well as the trust and confidence our clients, colleagues, and professional contacts have placed in us. As we celebrate this milestone, we remain deeply committed to delivering the same level of excellence that has defined PEM Corporate Finance since its inception.”
Over the past two decades, our team have consistently received accolades and industry recognition for its client-centric solutions and successful deal closures, including winning several Insider Dealmakers awards.
Over the period, we have advised on several highprofile regional deals including; the sale of Chell Instruments and the MBO at Titan Motorsport (both winning Insider Deal of the Year awards), the sale of Adcock Refrigeration, the sale of Orbital Fabrications, the MBO of Falcon Cranes, the sale of English Architectural Glazing, the MBO of COEL, the sale of MJog and the MBO of Bailey Fisher.
Despite an uncertain economic landscape, we continue to be active and further solidify our position as a leading M&A advisory practice in Cambridge and across the East Anglian region.
Welcoming new talent
As we look to the future, we’re delighted to announce the appointment of three new team members in its 20th year.
We were pleased to welcome Joshua Adu to the team earlier in the year. As a big-4 trained ACA and CFA level one holder, Joshua has added to our team’s technical and analytical capabilities.
With 6 years of experience, Darren Hagan has joined the firm as a manager. Having previously worked at Grant Thornton and Bishopsgate, Darren brings a depth of knowledge of mid-market private company transactions and will further enhance PEM Corporate Finance’s ability to deliver tailored solutions to our clients. Recent deals include the sale of Buttress Group to H2 Equity Partners and the sale of Risk Decisions to Lumivero LLC.
After a university placement year with PEMCF, Marvel Okosun has since graduated in Accounting and Finance from the University of Warwick and has re-joined our team as an analyst, commencing her ACA studies and further developing a career in corporate finance.
Philip Olagunju added, “We remain busy with a full pipeline, so, I’m genuinely excited to welcome these talented individuals to the team. Their experience and enthusiasm for corporate finance aligns perfectly with our commitment to providing industry-leading service to our clients. Their addition strengthens PEMCF, with an increased level of varied skillsets and knowledge, as well as diverse lived experiences. These factors position the firm well for the next phase of growth.”
Our team.
Our team’s combined experience clocks in at more than 40 years. That’s four decades of helping clients prosper. The knowledge and pragmatism we’ve gained means you can have absolute confidence in our advice.
Philip Olagunju Partner
▪ 20 years’ experience in corporate finance and industry
▪ Part of lead advisory teams with RSM and BDO
▪ Experience in company sales, acquisitions, management deals and strategic reviews.
Joshua Adu Executive
▪ ACA qualified at KPMG
▪ CFA level 1 holder
▪ BSc Economics from Bristol
▪ Finalises marketing materials and deliverables whilst providing transaction support.
Ellie Rochira Analyst
▪ MSc (Distinction) Finance
▪ BSc (First-Class Honours) Business & Finance
▪ Drafts the marketing materials, provides financial analysis and transaction support through to completion.
Darren Hagan Manager
▪ Experience of working with SMEs and larger corporates in varied industries
▪ ACA qualified at Grant Thornton
▪ Supports clients with corporate transactions, valuations and strategic advice.
Jan Ansari Analyst
▪ MSc (Distinction) Investment Management
▪ BSc (First-Class Honours) Accounting & Finance
▪ Part of the PEMCF team supporting M&A transactions, MBOs, and valuations.
Marvel Okosun Analyst
▪ BSc (Hons) Accounting & Finance from Warwick Business School
▪ Responsible for financial research and analytical tasks
▪ Provides client-support on transactions, valuations and MBOs.
6 Team members
3 New hires
About PEM Corporate Finance.
Focussed
▪ Solely on entrepreneurial owner-managed SMEs
▪ East of England, Home Counties, London, but we go where the deals are
Practical
▪ Senior team members fully involved in deals
▪ Track record of helping our clients succeed
Resourceful
▪ PEM resources
▪ International reach as part of Kreston Global
What we do
▪ Company sales & acquisitions
▪ Management buyouts, recapitalisations, financial due diligence
▪ Business valuations, strategic & succession planning
▪ Financial due diligence and fundraising
Insightful
▪ Research resources
▪ Decades of experience both in practice and in industry
Transaction size
▪ Typical deal size £1m - £100m
▪ Sweet spot: £3m - £50m (min EBITDA: c£500k)
Cost effective
▪ Fees agreed up front
▪ No lock-in = service guarantee
Added value
▪ Expert negotiators – senior team have seen most issues before
▪ Can bring the best buyers to the table - very used to dealing with overseas acquirers
▪ Customised process – one size doesn’t fit all – we’re not process junkies
Total value of advisory projects
Mandates
MBOs
Valuations
£325m+
Total value of projects
3 Company disposals (QMX, Shoreside Law, Adcock refrigeration)
2 MBOs (Prestige Purchasing, Cambridge Private Doctors)
19 Valuations
2024 transaction highlights.
Sale of Shoreside Law to Davies Group
We were appointed by Shoreside Law Ltd to provide M&A advice. Philip Olagunju and Cameron Rothwell supported the vendors throughout the negotiation process.
Shoreside Law are a team of specialist international lawyers dedicated to shipping, yacht, commercial, insurance and energy disputes.
Our team were able to support Shoreside through deal negotiation and due diligence, providing timely and commercial advice to the vendors. This resulted in an overall uplift in consideration and a fantastic deal for all parties.
Davies Group acquired 100% of Shoreside Law, with the management team joining Davies’ existing legal solutions business, Keoghs.
Legal advice to the vendor was provided by Olly Phillips and Matt Dempsey of Phillips Dempsey.
Legal advice to the buyer was provided by Stevens & Bolton LLP.
Sale of Adcock to Bowmer + Kirkland
We were appointed by Adcock Refrigeration to provide M&A and tax advice. Philip Olagunju and James Lewin supported the vendors throughout the negotiation process.
Founded in 1964 by John Adcock, Adcock Refrigeration had grown to become a widely respected organisation within the cooling and heating industry with 230 staff across multiple regional offices.
Our team provided analysis and advice to the Vendors relating to completion mechanism, net working capital targets and input on the SPA drafting as required. This resulted in a significant uplift on day one consideration from the initial calculations.
Bowmer + Kirkland acquired 100% of Adcock Refrigeration and Air Conditioning from the Vendors.
Legal advice to the vendor was provided by Laurence Evans and Joe Greenstock from HCR Hewitsons.
MBO of Prestige Purchasing
We were appointed by Prestige Purchasing to assist with their Management Buyout (MBO). Philip Olagunju and Cameron Rothwell supported the vendors throughout the negotiation process.
Since inception in 1997, Prestige Purchasing established themselves as a quality procurement provider, leading them to become the largest independent provider of procurement service to the foodservice sector.
We worked closely alongside the PEM Business Tax team and Buckles to advise on deal structuring and the legal framework to complete a great deal for all parties in a very quick timeframe.
The transaction saw a new company formed to acquire Prestige Purchasing, allowing the existing majority shareholder to significantly reduce their ownership stake, and for the management team to assume control and majority ownership.
Legal advice for the MBO team was provided by Nichola Stephens and Alastair Gunn from Buckles.
Legal advice to the vendors was provided by Philips Dempsey.
Sale of Qmx Laboratories to Calibre Scientific
Headquartered in Thaxted, Essex, Qmx is a leading provider of specialist chemicals and products to research and quality testing laboratories in the environmental, chemical, life sciences, medical and academic sectors. Qmx is a leading supplier of reference standards and materials, resulting from its first-class commitment to quality and distinction in the development and delivery of dependable, highquality scientific solutions.
Qmx Laboratories engaged us to provide specialist transactional advice to the shareholders. Founded in 2013, Calibre Scientific is a diversified global provider of life science reagents, tools, instruments, and other consumables to lab research, diagnostics, industrial, and biopharmaceutical communities. Its global presence and capabilities gives it an unrivaled ability to address its customers’ challenges in their respective markets.
On the sale, Dr Glyn Banks, Managing Director and Founder of Qmx Laboratories commented:
“PEMCF have been a reassuring guide through the process providing pertinent professional advice with a friendly, supportive manner, ensuring a successful outcome. Philip and his team have been approachable and relatable throughout and have been a pleasure to work with. The new partnership between Qmx Laboratories and Calibre Scientific will provide the resources and support to enable the continued growth of Qmx Laboratories whilst ensuring the high standards of customer service and technical expertise are maintained.”
Philip Olagunju and Darren Hagan assisted the vendors with price negotiations, net working capital analysis, due diligence assistance and general transaction support. Supplementary transactional tax advice was provided by Angus Wood from PEM.
Philip Olagunju commented:
“This was a fantastic deal, from start to finish. On the buyside, it was a pleasure to deal with Calibre Scientific once again, with PEMCF previously providing sell-side advice on their acquisition of Molecular Dimensions, and valuation advice on their acquisition of Camlab (which completed in April 2024). On the sell-side, this was a real case of PEM providing holistic joined up advice, from Jemma Gibbons-Riddell providing compliance services, through to Angus Wood advising on transaction tax. It was also great to work alongside Alastair Gunn and Martino Barzaghi at Buckles on the legals. Glyn was a dream client to advise, and the PEM team would like to congratulate him and everyone involved in this transaction. We very much wish the Qmx team and Calibre Scientific all the best for the future.”
Legal advice to the vendor was provided by Alastair Gunn and Martino Barzaghi of Buckles Law.
Legal advice to the buyer was provided by Jayne McGlynn of DWF Law.
An awardwinning team.
Sale of Adcock Refrigeration Wins Insider Media Deal of the Month
The sale of Adcock Refrigeration to Bowmer + Kirkland was named as May Deal of the Month by Insider Media.
Founded in 1964 by John Adcock, Cambridgeheadquartered Adcock Refrigeration today has 230 staff across multiple regional offices.
The management team made the strategic decision to sell to Bowmer + Kirkland, a privately owned construction and development group.
Philip Olagunju and James Lewin provided lead M&A advice, and were supported by tax advisors Jan Fachot and Daniel Simper from the PEM Business Tax team.
Insider Central and East Dealmakers Awards 2024
We were delighted to have been shortlisted for multiple awards at this years’ Insider Central and East Dealmakers Awards held in Milton Keynes. Awards included Corporate Finance Advisory Firm of the Year, Deal of the Year (£10m+) for majority sale of shares of Orbital Fabrications and Dealmaker of the Year (Philip Olagunju).
The team also sponsored the award for the Transaction Services Team of the Year which was deservedly won by Price Bailey.
On the shortlisting’s Philip Olagunju commented:
‘This year’s event was outstanding. Although we didn’t take home awards in our categories, it was an honour to be shortlisted among such impressive corporate finance teams. Personally, I’m proud to have been recognised as a finalist for Dealmaker of the Year for six consecutive years, which reflects how active our team has been over this period.’
‘Congratulations to all the winners and nominees, and here’s to another year of exceptional deals across the Central and Eastern region.’
Over the last few years, our team have been shortlisted and won several awards such as: Deal of The Year Award (sub £10 million) in 2022 with the sale of Titan Motorsports and previously in 2020 with the sale of Chell Instruments, along with Phillip Olagunju winning Dealmaker of the year in 2021.
Team highlights.
ACA Trainee Intake
This year, the team at PEM Corporate Finance have been excited to support the professional development of two new ACA trainees.
Marvel joined PEM Corporate Finance as an Analyst in August 2024, and is undertaking her ACA studies to further develop her career in corporate finance. She is responsible for drafting valuations, producing market analysis and developing buyer lists for clients.
Prior to Marvel completing her BSc in Accounting & Finance at Warwick University, she undertook a yearlong placement in our team. She provided a fresh outlook on transactional processes and assisted with essential research and financial data for mandates.
Marvel approaches each new project with an analytical mind, marrying her academic knowledge with practical experience.
Ellie joined our team in October 2023 as an Analyst, she is responsible for examining market trends and conditions which translates into meaningful data for our clients and their sectors. Prior to joining us, Ellie completed her BSc in Business and Finance, followed by a MSc in Finance, and proudly graduated top of her cohort at the University of Lincoln.
Ellie began her ACA traineeship alongside Marvel, and is looking forward to progressing through her exams and becoming a Chartered Accountant.
PEM Corporate Finance celebrates a record-breaking year
Despite the turbulent economic landscape and fall of M&A activity across the UK, we worked on over £350m worth of projects during the 12 months to March 2024, advising over 40 clients on company transactions, financial due diligence reports, valuations, capital fundraisings and strategic reviews.
Between April 2023 to March 2024, our exceptional deal volume resulted in an increase in fee income of 30% from the previous financial year. Our team advised clients from across a range of sectors including (but not limited to) specialist engineering, manufacturing, facilities management, IT services, life sciences, and professional services.
Completed deals include the sale of Papworth-based specialist manufacturer Supply Plus to Swedish consolidator Lagercrantz Group AB, the acquisition of SaaS provider DisplayNote Technologies by Constellation Group’s subsidiary Kinetic, the sale of St Ives-based specialist engineering business Orbital
Fabrications to Swedish industrials group Bergman & Beving, the MBO of supply chain consulting firm Prestige Purchasing, the sale of Cambridge-based HVAC specialists Adcock Refrigeration and Air Conditioning to national construction group Bowmer and Kirkland Ltd, and the sale of legal specialists Shoreside Law to Davies.
Philip Olagunju said:
“Our record-breaking financial year is a testament to the dedication, hard work, expertise and excellence of our team, and our recent appointments reflect our commitment to further nurturing talent and fostering a culture of growth.
Despite the economic challenges of the past year, our performance underpins our strong positioning in our chosen markets. We remain committed to delivering exceptional results for our clients and have continued to build a strong pipeline of projects for the rest of 2024 into 2025 and beyond.
I’m grateful not only to my team and the clients we’ve worked with but my colleagues across the various PEM teams, as well as the wonderful intermediary friends of the firm.”
Sale credentials.
Advised the vendors on the sale of Shoreside Law to Davies Group
Advised the vendors at Adcock on the sale of the business to Bowmer & Kirkland
Advised the vendors on the sale of QMx to Stone Calibre
Advised the directors at Supply+ on the sale of the business to Lagercrantz Group AB
Advised the vendors at Orbital Fabrications on the sale of the business to Bergman & Beving
Advised the directors at Masters Logistical on the sale of the company to Knowles
Testimonials.
“They’re a company that seem to have good contacts, they found a very good buyer for us and there’s no complaints there… we got a price that we were happy with. Should someone ask me about selling, I know that they’re a company that I’ve dealt with, and I would put a recommendation through.”
Keith Warwick
“PEMCF were able to reach a large and varied number of serious potential buyers for the business. Their commercial insight, good humour and tenacity were key to our being able to secure such a good outcome. And we enjoyed working with them.”
“It was very obvious they [PEMCF] were a serious player and they had good track record and that was really reassuring because this was my one opportunity to sell the business. I came away from it thinking I’ve got some really good advice here from people who know what they’re doing.”
Kevin Nutt
Richard Featherstone Director, ATP Architects & Surveyors CEO, MJog CEO, Medical Device Usability
Buyout credentials.
Advised Prestige Purchasing on the MBO of the company
Advised Titan Motorsport on the MBO of the company
Advised COEL on the MBO of the company
Advised Laser2000 on the succession buyout of the company
Advised Independent Project Engineering on the MBO of the company
Advised Incident Management Solutions on the MBO of the company
Testimonials.
“I would absolutely recommend them… they’ll take the time to get to know you and explore what you’re truly trying to achieve and tailor a solution around that.”
“First of all, extremely experienced and knowledgeable. Secondly, very, very professional…but at the same time friendly and understanding. They always made me feel as if they were actually on my side.”
“They just got their heads down and got on with it, didn’t really need me there at all, to be honest. So yeah, I’m very grateful for that.”
Andy Brown
Mike Little
Guy Holmes Falcon Cranes MiTech Consultants Laser2000
Financial Due Diligence credentials.
Directors of AJGE Ltd –acquisition of Bournemouth Glass Company
Kinetic Solutions –acquisition of Display Note Technologies
Zero Imprint –acquisition of Ecosphere+
Monkfield Nutrition –acquisition of Eurorep
Beijing Perception Technology – acquisition of ESM Global
Herbonis AG –acquisition of Wyreside Products Ltd
Valuation credentials.
Business valuation for
Business valuation for Mick George
Business valuation for
Business valuation for
Business valuation for Edmund
Business valuation for
FitFlop
Hokodo
Nuclera
Services
Camlab