Events: Inflexion and Cobepa’s Investment in international events company Easyfairs 

We provided transaction support to Inflexion and Cobepa as part of their investment.

Easyfairs, one of the world’s top ten events companies, currently employs 820 people across 20 offices in major European cities. It organises 110 event titles in 12 industry verticals, including packaging & logistics, manufacturing, industrial processing, hospitality and construction. The company welcomes more than one million visitors and 23,000 exhibitors to its events each year. In addition, Easyfairs manages multi-function venues in Belgium, the Netherlands and Sweden, which host both Easyfairs and guest events. 

The transaction will enable Easyfairs to drive faster organic growth through new event launches and geo-cloning of existing events, extend its geographic and sector footprint, enhance its position as a sector frontrunner in big data and artificial intelligence technologies, and unlock further strategic M&A opportunities. 

The transaction is expected to close by Q3 2024, subject to receipt of regulatory approvals. 

The Armstrong team supported Inflexion and Cobepa in furthering their understanding of Easyfairs’ portfolio, and used our extensive knowledge of the events sector to advise on the key areas to consider when making an investment decision. 

This is Armstrong’s first project in the events sector post-Covid. We hope it signals renewed interest in a sector with diverse opportunities.

If you are interested in talking to us about opportunities in the events sector, please contact: 

Matt McNally

mmcnally@armstrong-ts.com
+44 7894 736 523

Email Matt

Financial Services:  Supporting the acquisition of RiskQuest by Zanders

Armstrong is delighted to have provided commercial due diligence (CDD) in support of Zanders’ acquisition of RiskQuest.

Zanders is a global independent treasury and risk consulting firm with 30 years of experience in providing innovative solutions to multinational corporations, financial institutions, public sector entities, and NGOs (Non-Governmental Organisations). The company has grown strongly to become a leading global consulting firm with 450 employees across Europe, the Middle East, the US, and Asia.

Based in Amsterdam and founded in 2008, RiskQuest specialises in building state-of-the art models for managing financial risk, developing sustainable strategies, and preventing financial economic crime. The business has an impressive customer base and services all major Dutch financial institutions, including the Dutch Central Bank. 

This strategic acquisition is set to further strengthen Zanders’ presence in the European market and reflect a shared commitment to deliver excellence, paving the way for strengthened services and increased market influence.

Armstrong interviewed a range of RiskQuest’s clients to help develop key recommendations to maximise the business’s potential, and enhance the proposition of the combined group.

Sjoerd van Zoelen, Chief of Staff at Zanders said: “The Commercial DD work that Armstong has provided was very helpful. With their report it was easy to understand the relationship that RiskQuest has with their clients. Furthermore, the report clearly shows any business opportunities in different areas of expertise.”

Jack Hibbs, Engagement Manager at Armstrong said: “We really enjoyed working with the Zanders and RiskQuest teams and are thrilled to have helped with the transaction. We are looking forward to seeing the success of the group going forwards.”

If you are interested in talking to Armstrong about opportunities in Financial Services, please contact:

Jack Hibbs

[email protected]
+44 7883 296 346

Email Matt

Solomon Ishack

[email protected]
+44 7943 036 633

Email Solomon

Simon Hemsley

shemsley@armstrong-ts.com
+44 7957 340 534

Email Simon

Built Environment: Supporting the acquisition of Murphy Geospatial by Woolpert Inc.

Armstrong is pleased to have provided due diligence to Murphy Geospatial, a multidisciplinary geospatial solutions provider on its sale to U.S.-based Woolpert Inc.

Headquartered in Kilcullen, Ireland, Murphy Geospatial is a private, family-owned company that delivers a broad range of services that include survey, mobile and indoor mapping, asset monitoring, subsurface engineering, and 3D digital twin development. Murphy Geospatial has six offices across the UK and Ireland and employs nearly 400 experts who have delivered more than 27,000 projects.

Woolpert is a private, architecture, engineering, and geospatial firm that was founded in 1911 and has been providing comprehensive and integrated geospatial services for more than 50 years.

The acquisition of Murphy Geospatial will drive the expansion and elevation of Woolpert’s geospatial footprint in Europe and enable the companies to align best practices, leverage operational efficiencies, and improve its offering to customers.

Armstrong provided focused vendor CDD which included in-depth interviews with market experts, a detailed assessment of Murphy’s geospatial market, assessment of market dynamics, and in-depth interviews with customers.

If you are interested in talking to Armstrong about opportunities in the Built Environment and Technology sectors, please contact:

Brandon Matthews

[email protected]
+44 7771 401 723

Email Matt

Industrials: Supporting the acquisition of Checkmate Fire by IK Partners

Armstrong is pleased to have provided sell-side Commercial Due Diligence support to fire protection specialist Checkmate Fire (Checkmate) on its sale to IK Partners.

Founded in 1989 with headquarters in Elland, Checkmate is the UK’s largest passive fire protection specialist providing a comprehensive range of fire protection services to businesses across the healthcare, education, government, social housing, and commercial sectors.

Checkmate operates across the UK and has over 200 employees. The Company is responsible for maintaining passive fire systems in around 2,000 buildings to ensure compliance with increasingly stringent regulations, carrying out over 30,000 fire door remediations or replacements per year. 

The acquisition will allow Checkmate to further develop its passive fire offering and continue to invest in its people and technology whilst executing a targeted M&A strategy.

Armstrong provided full scope vendor CDD which included in-depth interviews with market experts, a detailed assessment of Checkmate’s passive fire safety market, how its competitive environment is evolving, and in-depth interviews with customers. We validated Checkmate’s growth plan, which presents exciting opportunities across its core end-sectors.

Please get in touch to discuss opportunities in the Industrial and Built Environment sectors.

Matt McNally

[email protected]
+44 7894 736 523

Email Matt

Brandon Matthews

[email protected]m
+44 7771 401 723

Email Brandon

Tech: LDC’s investment in 15below

Armstrong is delighted to have provided sell-side commercial due diligence (CDD) to support 15below, the travel industry’s leading provider of automated passenger communications software, on its investment from private equity firm LDC.

Brighton-based 15below was established in 2000 and has become a market leader in hyper-personalised, automated passenger communications. Its platform supports more than 60 of the world’s best known airlines, rail operators, and travel management companies, offering real-time operational updates including booking confirmations, boarding passes, and disruption alerts to passengers.

Armstrong’s work included in-depth interviews with 15below’s clients and partners, detailed analysis of the market and competitive environment, and an assessment of potential adjacent opportunities. Armstrong’s commercial strategy work also evaluated the key growth drivers in the business plan to validate the investment hypotheses.

With plans of accelerated growth, the partnership forms part of a strategic move to enhance 15below’s proprietary software and expand its client services, with ambitions to deliver an even greater number of innovative solutions that meet the evolving needs of global travel companies and their customers.

Nicholas Key, CEO at 15below said: “The Armstrong team was great to work with. They quickly understood our business and the complex industry dynamics, and were responsive and helpful throughout the process. The report produced for us has been invaluable for the business up to this point, and the insights gained will continue to have an impact on our decisions going forwards.”

Jack Hibbs, Engagement Manager at Armstrong said: “15below is a high-quality business with an impressive management team and excellent opportunity for growth; taking on investment will help the business continue its trajectory. We really enjoyed working with the 15below and Clearwater teams, and very much look forward to seeing the success of the business going forward.”

If you are interested in talking to Armstrong about opportunities in the Tech or Travel sectors, please contact:

Mike Callow

mcallow@armstrong-ts.com
+44 7894 594 500

Email Matt

Jack Hibbs

jhibbs@armstrong-ts.com
+44 7883 296 346

Email Jack

Federico Romanelli

fromanelli@armstrong-ts.com
+44 7908 906 907

Email Federico

Tech: Codestone’s investment in Cloud Business

Armstrong is pleased to have provided Voice of the Customer Due Diligence to FPE backed business and digital solutions leader Codestone Group (Codestone), in support of its acquisition of Cloud Business Limited (Cloud Business), an award-winning digital transformation and IT-managed services consultancy.

Basingstoke based Cloud Business, operates an end-to-end cloud consultancy team who have delivered hundreds of successful Microsoft transformational projects from Azure, Modern Workplace, and Cybersecurity across 15 sectors in the UK and worldwide. Their services encompass assessment, strategy design, integration, deployment, and post-go-live managed support services.

The acquisition aims to further enhance Codestone’s offering of IT consulting and transformational services to new and existing clients through a dedicated team comprising hundreds of skilled experts.

If you are interested in talking to Armstrong about opportunities in the Tech sector, please contact: 

Ifan Dafydd

[email protected]
+44 7792 158 738

Email Matt

Professional Services: Armstrong supports NorthEdge’s investment in Contollo Group

Armstrong is delighted to have provided commercial due diligence (CDD) to NorthEdge Capital (NorthEdge) in support of its investment in Contollo Group (Contollo), a newly formed built environment consultancy.

Contollo specialises in consultancy services across a range of sectors, supporting clients with their regulatory and sustainability targets; NorthEdge’s investment will allow Contollo to undertake a UK-focused buy and build strategy. Upon completion, Contollo secured its first acquisition of Abacus, a Manchester-based cost management consultancy.

Armstrong provided focused CDD which included in-depth interviews with market experts, an assessment of the wider construction market and a detailed review of the cost management and mechanical & electrical (M&E) consulting segments, alongside analysis of the competitive landscape and a review of buy-and-build strategies in the sector.

Liam May, Director at NorthEdge said: “It was great to work with Armstrong; the team’s excellent work validated our investment thesis and the CDD report was high quality. Solomon, Jack and Rupert also provided valuable insight into M&A in the sector to inform and develop our growth strategy.”

Jack Hibbs, Engagement Manager at Armstrong said: “We really enjoyed working with Contollo and NorthEdge, and are pleased to have assisted on this transaction. Contollo and Abacus have impressive management teams, and market conditions mean this is an exciting opportunity for growth. We very much look forward to seeing the success of the business going forward.”

If you are interested in talking to Armstrong about opportunities in the professional services sector, please contact: 

Soloman Ishack

sishack@armstrong-ts.com
+44 7943 036 633

Email Solomon

Jack Hibbs

[email protected]
+44 7883 296 346

Email Matt

Rupert Cookson

rcookson@armstrong-ts.com
+44 7983 110 150

Email Rupert

Financial Services: Supporting the acquisitions of Garfield-Bennett and Sanctuary by Summit Group, backed by Sovereign Capital 

Armstrong is pleased to have provided due diligence to Sovereign Capital Partners (Sovereign) in support of two acquisitions by the Summit Group – Garfield-Bennett in December 2023 and Sanctuary in January 2024.

Jersey-based Garfield-Bennett was established in 1995 as Garfield-Bennett English Solicitors. In 2004 Garfield-Bennett Trust Company Ltd was created to manage trust and company services. It has since built a diverse international client base, including corporate entities, high-net-worth individuals, families, and institutions, and become one of the most reputable and trusted providers in the Jersey financial sector.

Established in 2019 as a boutique advisory firm, Sanctuary is now a market-leading provider of services to entrepreneurs and families in the UAE, offering a comprehensive range of fiduciary, tax and advisory services that cater to the unique and complex requirements of clients in the region.

Summit Group is a leading independent provider of fiduciary and administrative services. The addition of Garfield-Bennett and Sanctuary broadens the range of services the combined group can offer to clients, and increases the group’s international presence.  Summit Group now has offices in the Cayman Islands, Guernsey, Jersey, Switzerland and the UK, as well as in Dubai, Abu Dhabi and Saudi Arabia. The Middle East is a high growth market for fiduciary services, and the addition of Sanctuary represents a strategic move to capitalise on the burgeoning opportunities within the region.

Sovereign’s investment will drive Summit Group’s ambition to build a selectively global fiduciary group capitalising on the growth market for fiduciary services.

If you are interested in talking to Armstrong about opportunities in the Financial Services sector, please contact: 

Rick Romanelli

[email protected] 
+44 7908 906 907

Email Matt

Human Capital: Armstrong supports Mobeus’ investment in Ellis Recruitment Group

Armstrong is delighted to have provided commercial due diligence to Mobeus Equity Partners in support of its investment in Ellis Recruitment Group (Ellis), a leading technology recruitment consultancy.  

Founded in 2010 and headquartered in Woking, Ellis has grown to become a key player in the Oracle and SAP ecosystems. Ellis has established a strong presence in Europe and North America, its proprietary database of consultants build deep, ongoing relationships with clients. across different industries and geographies. 

Armstrong provided full buy-side CDD support for Mobeus’ investment in Ellis, including the addressable market and growth opportunity in its key ecosystems, how its competitive environment is evolving, and in-depth interviews with clients and candidates. We validated Ellis’ growth plan, which presents exciting opportunities globally in Oracle and SAP   

Armstrong looks forward to seeing the business continue its positive growth trajectory in both Oracle & SAP recruitment in Europe and US, led by an impressive management team and the backing of Mobeus. 

If you’d like to speak to our team about our view on the Human Capital sector, please contact: 

Rupert Cookson

[email protected] 
+44 7983 110 150

Email Matt

Matt McNally

[email protected] 
+44 7894 736 523

Email Matt

Simon Hemsley

[email protected] 
+44 7957 340 534

Email Simon