This has been a great year so far for the south-west based Milsted Langdon corporate finance team, with an average of one successful transaction completed each month.
Two successful acquisitions were in the bingo industry, with the entry to the market of Majestic Bingo; a newly launched equity and debt-funded company.
Milsted Langdon advised the bingo company on the acquisition of two businesses this year, providing a total club portfolio of 15 and a value well into eight figures.
Mark Jepp and Susannah Adams
The accountancy firm provided Majestic with input on valuation and negotiation as well as providing financial due diligence and projections modelling to give clarity on the key metrics of the deal to debt and equity funders.
Undertaking transactions of this size is made possible through a close collaboration between Milsted Langdon’s dedicated Corporate Finance team – who provided the advice and reporting – and the Business Innovation team who provided the analysis and the modelling. The flexibility in this combined team of 10 enables Milsted Langdon to manage transactions of all sizes. So far in 2014 they have ranged from a £1.2m disposal on the lead advisory side to this multi-million pound acquisition.
Majestic Bingo’s Managing Director Mark Jepp commented: “This is an exciting new opportunity for me to bring my years of industry experience and offer a fresh approach to a highly popular leisure activity which has suffered in recent years from under-investment in the overall customer experience. Milsted Langdon provided tremendous support throughout the transaction in a clear and friendly, but highly professional way.”
Susannah Adams, Corporate Finance Partner at Milsted Langdon, added: “This was a challenging transaction, but very enjoyable. It is a great example of a collaboration of expertise to achieve a highly successful outcome.”