THE MAGAZINE DEDICATED TO THE DEALMAKERS Deal Makers 2011.pdf · THE MAGAZINE DEDICATED TO THE DEALMAKERS DealMakers MONTHLY TopDealmakersInside: >> LaSalleCapitalGroup EyesUSMidwestexpansion

T H E M A G A Z I N E D E D I C A T E D T O T H E D E A L M A K E R S

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DealMakersMONTHLY

Top Dealmakers Inside:

>>LaSalle Capital GroupEyes US Midwest expansion

>>Mood MediaTightens its Nordic-region hold

>>Shaw CommunicationsCloses senior unsecured notes offering

B U S I N E S S N E W S > I N S I G H T > D E A L S > C O U N T R Y F O C U S > L I F E S T Y L E S

March 2011

MOODMEDIABUYSPELIKACanadian in-store media services providermakes strategic move for Northern Europe

Fine wine prices continued to increase in Februarywith the main indices rising by 3.3% (Liv-ex 100) and3.9% (Claret Chip). The question therefore is: areAmerican buyers returning to the fine wine market?

The Napa Valley Vintners’ annual barrel auction, which isconsidered to be a key indicator of the health of the US winemarket, generated record sales of $2.4 million (a 23% increaseover 2010).

According to one producer it is “a definite sense that confidenceis slowly returning to the market”. If true, this would be significantas US buyers have been the most notable absentees from themarket in the period since the financial crisis.

News from Russia also appeared encouraging as it was reportedthat 2010 saw a record number of billionaires, partly on the backof Chinese demand for Russia’s natural resources.

The increasing political uncertainty in North Africa and theMiddle East is feeding through to further demand for physicalassets. Both gold and oil prices are rising. This is seen as likely tobe a positive sign for wine prices too as investors tend to migratetowards tangible assets in times of turmoil.

The Wine Investment Fund’s (TWIF) view is that traditional claretdrinkers who are used to paying, for example, £2,500 for a case ofa first growth may have been priced out of that market, but will beprepared to pay more than previously for a case of a ‘lesser’ château(where in fact the quality of the wine, in a top vintage, may well beequal to or better than a lesser vintage of a first growth).

Time to raise your glasses, folks.

Isaac Hamza, Editor

PUBLISHER - Accurate Media Limited

EDITOR Isaac [email protected]

For advertising and editorialopportunities 0044 (0) 844 567 3917

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Dealmakers MonthlyCopyright 2010 By Accurate Media Limited

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DealMakersMONTHLY

“We are excited about thePelika acquisition for anumber of reasons,” saysMood Media CEO LorneAbony. “It further cementsour leadership in Europe.”

BUSINESS NEWS ..................4/5/6/7

COVER STORIESMood Media ......................................8/11

Shaw Communications ...................12/13

LaSalle Capital Group......................14/15

REVIEWSFreehills .................................................17

Baptista, Monteverde & Associados ...18

Skeppsbron Skatt .................................19

Bird & Bird .............................................20

Machado Associados ............................21

Blake Dawson .......................................22

DEAL REPORTS ............................23

EAT, SLEEP, PLAYSydney ............................................34/35

Four Seasons Hotel Sydney ............36/37

Lamborghini Aventador LP 700-4 ..38/39

Hexathrill .........................................40/41

John Makepeace ...................................42

Welcome

March 2011 www.dealmakers-monthly.com 3

Kwik-Fit acquired by ITOCHU CorporationUUKK’’ss lleeaaddiinngg ffaasstt--ffiitt ssuupppplliieerr ooff ttyyrreess ssoollddffoorr oovveerr ££660000 mmiilllliioonn

ITOCHU Corporation acquired the UK-basedKwik-Fit Group (“Kwik-Fit”). In an agreementsigned between with current owner PAIpartners, Japan’s ITOCHU Corporation hasacquired all shares of the Kwik-Fit Group in atransaction worth £637million. With revenues of over £25 billion and bases in

74 countries, ITOCHU is one of the leadingJapanese Trading Corporations with interestsranging from textiles and machinery toaerospace, electronics and energy. It operates anumber of tyre-related businesses globallyincluding, in the UK, Stapleton’s Tyre Services,which has a network of over 100 centres and asubstantial tyre wholesaling operation. The agreement, which is subject to approval

by the European Competition Authorities andsuccessful completion of the consultationprocess with French Works Council, will enableKwik-Fit to continue the successful delivery ofits strategy of providing an integrated fullservice offering to customers by expandingthe range, accessibility and quality of itsproduct offerings.

Ian Fraser, CEO, Kwik-Fit said: “It has been apleasure working with PAI, partners over theyears. Their support has been an importantfactor in our continuing success. We now lookforward with enthusiasm to our partnershipwith ITOCHU and the next stage of Kwik-Fit’sdevelopment. “Despite challenging economic conditions

Kwik-Fit has continued to increase sales anddeliver strong operating profits and with thefinancial strength and synergies of its newowners ITOCHU, is well positioned forfurther growth.”

www.dealmakers-monthly.com March 2011 5

News

44 March 2011 www.dealmakers-monthly.com

News

DealMakers NEWSBerenberg Bank reports highestinflow of new funds in its historyGermany’s oldest private bank, Berenberg

Bank, reported its net profit of €61.5million (2009: €65.1 million) for 2010 was thesecond highest in its 421-year history. It said theturnover was particularly appreciative whenconsidered with the many investments it hadmade in the year towards its future growth. Berenberg said it acquired around 1,000 new

clients in 2010 as well as continued with itsbusiness divisions expansion plans for that year,particularly in its Private Banking, InvestmentBanking and Asset Management division. Itsaid the increase in business had led to theemployment of 83 new employees.Dr Hans-Walter Peters, spokesman for the

managing partners, said: “We have takenadvantage of recent growth opportunities andfollowed through consistently. We concentrateour activities on business areas in which we canoffer our clients real added value. “This is particularly the case in private

banking, but also for our London basedindependent research, which analyses over300 stocks in Europe, for our strategicconsultancy based in Frankfurt and London,which works with corporate clients, and forour quantitative approaches servinginstitutional investors.”

In 2010, Berenberg was ranked best privatebanking provider in Germany by EUROMONEYand was also awarded highest marks in the‘Elite Asset Managers’ report, as in the previousyear. In the Thomson Reuters Extel Survey,Berenberg took first place for sales, researchand corporate access for German small- andmid-caps.

Independent luxury hotel brand alliancelaunches industry-first guest loyaltyprogramme The Global Hotel Alliance (GHA), considered the world's largest alliance of independent hotel

brands, officially launched the GHA Discovery 11 March.

Using a common technology platform, members of the GHA receive recognition across almost300 hotels, resorts, palaces and spas in all of the 12 Global Hotel Alliance member brands.

The new loyalty programme is the first-ever to unite independent luxury hotel brands includingKempinski, Doyle Collection, Leela, Anantara and Omni to deliver experience-based rewards to itsmembers globally.

The programme, which runs across 12 brands and nearly 300 hotels, aims to turn a business tripor weekend getaway into a one-of-a-kind adventure. The programme also provides access to morethan 1000 Local Experiences designed by the local hotel employees to provide exclusive access tooff-the-beaten path activities around the world.

Local Experiences vary by membership level – the higher the membership level, the more exclusivethe reward.

Reto Wittwer, CEO, Kempinski Hotels, said: “As a GHA founding member, we are very pleasedto see this project come to fruition.

“GHA Discovery gives us the opportunity to provide international travellers with peace of mindby helping them select accommodations that meet the service standards they are accustomed toreceiving with Kempinski while also enjoying unique access to incredible Local Experiences worthtalking about when they return home.”

Five years of technological development, collaboration, research and strategy went into creatingGHA Discovery. Each member brand utilises a consistent reservation and customer databaseplatform enabling guests’ membership status and personal preferences to be recognised at allhotels – regardless of the brand.

Pinsent Masons

International law firm PinsentMasons has enhanced itsFunds team in London with theappointment of DanielGreenaway, who joins as a newpartner.Daniel arrives from SJ Berwin

where he was a senior associatein the private equity fundsformation team. He brings withhim a broad range ofknowledge and experience onstructuring and closing buyoutfunds and debt funds. He alsobrings fund-related experienceon M&A transactions includingthe establishment ofcoinvestment funds, theacquisition of funds andacquisition structuring. Ian Warner in the Funds

Group at Pinsent Masons said:"I am delighted that Daniel isjoining the team. Hisappointment supports our aimto significantly grow our Funds team and the widerCorporate and Banking &Finance teams in London. Thiswill undoubtedly allow us toenhance our market presencein this area."Greenaway said: "I am

excited to be joining the fundsteam at PM and look forwardto playing a key role indeveloping the profile of thefirm in this area."

AAPPPPOOIINNTTMMEENNTTSS

Daniel Greenaway

United Kingdom Europe

Vivendi

Vivendi announced theappointment of Lucian

Grainge as Chairman and ChiefExecutive Officer of UniversalMusic Group (UMG), a globalmusic company. Graingeformerly served as CEO ofUMG. He continues to report toJean-Bernard Levy, CEO ofVivendi and serves as a memberof the Vivendi ManagementBoard. Lucian Grainge CBE, a British

citizen, started his career withCBS/April Music in 1979,advancing to positions in Artists& Repertoire (A&R) and talentdevelopment, and rising tosenior management positionsat PolyGram UK and UniversalMusic internationally. In 2010, Vivendi achieved

revenues of €28.9 billion andadjusted net income of €2.7billion. With operations in 77countries, the Group has about51,300 employees.

AAPPPPOOIINNTTMMEENNTTSS

Lucian Grainge

Boliden

Mikael Staffas has beenappointed new CFO at

Boliden, a European metalscompany. He succeeds JohanFant who is moving on to theAxel Johnsson Group. Staffas'most recent position was at theforest industry company Södra,where he has held the positionof CFO since 2005. Mikael will take up his new

position at Boliden in thesummer of 2011. Boliden’s core competence is

in the fields of exploration,mining, smelting and recycling.Boliden's main metals are zincand copper. Other importantmetals extracted and refinedinclude lead, gold and silver.

Privalia acquires German onlineretailer Dress for Less MMoovvee eexxppeecctteedd ttoo eessttaabblliisshh PPrriivvaalliiaa aassEEuurrooppeeaann mmaarrkkeett ccoonnssoolliiddaattoorr

Private online sale company Privalia VentaDirecta (“Privalia”) acquired 100% of Dress

for Less (“DfL”), a Germany-based onlineclothing and apparel retailer, from PalamonCapital Partners, a pan-European private equityfirm. Dress for Less was founded in 1999 and

operates a distribution platform in the opensite, discount and full price segments. It hasmore than 500,000 active customers and a totalcustomer base of 1 million in more than 50countries worldwide. The acquisition will be funded through a

combination of €88 million of new equity

provided by General Atlantic , a growth equityfirm, Highland Capital Partners, Index Ventures,and Insight Venture Partners, a debt facility andshares. As a result, the founders of DfL andmanaging partners Mirco Schultis and HolgerHengstler will become significant shareholdersin Privalia. This acquisition marks Privalia’s first entry to

the German market, and follows the Companycompleting a €70 million ($95 million) financingin October 2010 which was one of the largestcapital raises in the private online sales sectorglobally. Privalia was founded in Barcelona, Spain in

2006 by Lucas Carné and José-ManuelVillanueva and is the market leader in eachcountry in which it currently operates: Spain,Brazil, Italy and Mexico. Lucas Carné and José-Manuel Villanueva, Co-

Founders, Privalia, said: "There are significantstrategic and operational synergies in thispartnership. This acquisition brings a significantgeographic expansion, a leadership position inGermany and expands the Privalia businessmodel, providing Privalia with a large andeffective channel for the private sales returnstock. Mirco Schultis and Holger Hengstler,

Managing Partners, Dress for Less, said: “Privaliahas ambitious plans for continued expansionand Dress for Less will benefit greatly from thecombination.”

Berenberg's Managing Partners: Andreas Brodtmann, Dr Hans-Walter Peters, Hendrik Riehmer

Mikael Staffas


News


News

Europe and Middle East leadglobal hotel performance Major cities in Europe and the Middle East

lead global hotel performance, takingseven spots each in the world's top 20 revenueper available room (revPAR) rankings, theannually-produced Deloitte Touche Tohmatsureport revealed.

It said the global tourism industry saw asignificant slowdown in most world regions in2008, particularly in the final quarter, as theeconomic meltdown trickled through andimpacted leisure and business travellers.Deloitte said that despite the economicslowdown, many cities across the worldachieved strong hotel performance. Six citiessecured places on all three top 20 ranking tables(occupancy, average room rate and revPAR)including New York, Abu Dhabi, London, Dubaiand Paris.

Figures from the World Tourism Organisationrevealed the first half of 2008 saw internationaltourist arrivals rise 5%. However, growthmoved into negative territory in the second halfof the year (down 1%), resulting in overallgrowth of 2% for the year. Despite growthbeing slower than the 7% achieved in 2007, anextra 16 million people travelled around theworld and a new record was set of 924 millionworldwide tourist arrivals.

Marvin Rust, Managing Partner forHospitality, Deloitte, said: "The global economyhit turbulent times in 2008, and as expected thetourism sector has been impacted by theeconomic slowdown around the world.”

Looking ahead to 2009 Alex Kyriakidis,Deloitte Global Managing Partner of Tourism,Hospitality & Leisure who is based in the MiddleEast, said: "The strategy for the tourism industrythis year is one of survival. Hotels in particularwill need to focus on providing value for moneyfor customers and concentrating on what theydo best. The hospitality basics will be key ashotels compete for room nights.

"It is important for countries to invest intourism infrastructure developments, includingairport expansions and hotel developmentsonce credit becomes available again, as this isneeded for the industries long-term growthand sustainability."

The Dangote Group President, AlikoDangote, (53), has emerged as the richest

man in Africa for the first time, according to areport from the Forbes annual world'sbillionaires ranking released earlier this month.Dangote’s wealth has been estimated at a networth of $13.8 billion.The 14 Africans on the Forbes Rich list are

two Nigerians, four South Africans and eightEgyptians.Dangote's fortune swelled 557% in the past

year, from 436 position to 51 in 2011, makinghim the world's biggest gainer in percentageterms and Africa's richest individual for the firsttime.With presence in 14 African countries,

Dangote has emerged the continent's biggestcement-maker, contributing significantly toother African countries' economy.Beginning his career as a commodities trader,

Dangote built the Group into a conglomeratewith interests in sugar, flour milling, salt

processing, cement manufacturing, real estate,oil and gas, among others.Nigeria’s Chairman of Globacom and

Equatorial Trust Bank (ETB), Dr. Mike Adenugajnr, (54), also features on the list for the first timewith a personal wealth valued at $2 billion. Adenuga’s business foray in mobile

technology has proved very successful for him.His telecoms carrier, Globacom, recently

launched a 4G network and he has invested $1billion on a submarine cable, which connectsNigeria to the rest of the world. He also owns astake in the Equitorial Trust Bank and chairsNiger Delta oil exploration firm, Conoil.

The Americas & Canada

adidas is ‘all in’LLaauunncchheess bbiiggggeesstt mmaarrkkeettiinngg ccaammppaaiiggnn iinnbbrraanndd''ss hhiissttoorryy

Adidas launched its boldest marketingcampaign ever this month. The campaign,

launched 16 March, fuses the worlds of sport,music and fashion to leverage the adidasSport Performance, adidas Originals andadidas Sport Style sub-brands. Captured in their natural, authentic

surroundings, brand ambassadors from soccerstars Lionel Messi and David Beckham to NBA starDerrick Rose and pop icon Katy Perry to the adidasskateboarding team and other top names workon the message that when you love your game,whatever the game, you put your all into it. Steve Ralph, President, adidas Canada, said:

"The campaign showcases adidas' distinctivepresence across and into different sports,cultures and lifestyles. Its creative conceptbrings together the diversity of the brandunder one strong roof. “From the court to the catwalk, the stadium

to the street, we are giving an authenticstatement with credibility only adidas has." Montreal-based agency Sid Lee created and

produced the global campaign. The "all adidas" campaign speaks to a

broad consumer group with a clear focus onthe 14- to 28–year-old consumers and the waythey utilise and consume media today. CaratCanada is responsible for the media buy,which includes a broad mix of television,cinema, out-of-home and digital.The campaign will take place throughout

2011 in a mix of environments with differentelements rolling out over the year such assports, music, lifestyle, fashion.

Engis Corporation plans 54,000-sq.-ft.expansion at world headquarters

Engis Corporation, a provider of complete superabrasive finishing solutions for lapping,honing, polishing and grinding, announced expansion plans that will likely nearly double

the size of its world headquarters in Wheeling, Illinois, a Chicago suburb. The company willexpand its state-of-the-art manufacturing and warehouse facilities and create space for the newEngis Technology Center.

The 54,000-sq.-ft., multi-million-dollar expansion will bring total space to 121,500 sq. ft.and enable the company to consolidate all engineering, process development labs,manufacturing, warehousing andadministrative offices into a singlefacility. In conjunction with thisproject, Engis will add newmanufacturing, process developmentand testing and measurementequipment. Construction will start inApril and be complete by fall of 2011.

Stephen Griffin, President, EngisCorporation, said: “This expansiondemonstrates our long-termcommitment to customers as a leading-edge provider of superabrasivesolutions.

McCarter &English namedone of the bestplaces to workin New Jerseyfor 2011

McCarter & English hasbeen named one of the

‘2011 Best Places to Work inNew Jersey’ by NJBIZ, aweekly business journalowned by JournalPublications. The annual listrecognises 70 employers whoshow dedication to theiremployees’ growth andquality of life. The dinner andawards ceremony will be heldon April 26, 2011 at the HiltonEast Brunswick. McCarter & English was

named in the large-sizeemployer category (over 250employees) as one of the bestplaces to work in New Jerseyby NJBIZ. The ranking is basedon a two-part process. This is the seventh year the

award has been given out torecognise and honour the topemployers in New Jersey. Stephen M. Vajtay, Jr.,

Managing Partner, McCarter &English, said: “This award isreally a testament to everyonewho works at McCarter. Wework together as a team in allrespects, and the atmosphere ofcollegiality that we enjoy hereat McCarter is one of the specialcharacteristics of the firm.” Established more than 160

years ago, McCarter & Englishrepresents Fortune 500 andmiddle-market companies intheir national, regional andlocal litigation and on othertransactions. Its 400 attorneysare based in offices in Boston,Hartford, New York, Newark,Philadelphia, Stamford andWilmington.

Stephen M. Vajtay, Jr.

Kate Perry in ad campaign

Englis Corporation facility

Africa & Middle East

Qatar Airwayssteps upinternationalexpansion

Qatar Airways announcedthree cities will join its

rapidly growing global networkduring the second half of 2011,part of a continued expansionthe move strategy focused onnew routes and capacityincreases.India, Norway and Bulgaria

have been earmarked for newroute development as theairline spelled out its ongoingcommitment to internationalgrowth, targeting both popularand underserved markets inEurope, Middle East, NorthAmerica and Asia, from itsDoha hub.On 9 March, Qatar Airways

CEO Akbar Al Baker unveiledthe latest expansion details at apress conference on theopening day of ITB Berlin, theworld’s largest travel showtaking place in the Germancapital this month.Al Baker said the airline’s

growth remained on targetwith relentless expansion. He said: “Yet again, we are

demonstrating our strategicfocus to serve key business andleisure cities around the world,as well as underserved marketswith new direct flights andincreased capacity.”By 2013, Qatar Airways plans

to serve more than 120 keybusiness and leisuredestinations worldwide with amodern fleet of over 120aircrafts. Qatar Airways has been voted

third best airline in the worldfollowing the annual 2010Skytrax survey of 18 millioninternational passengers. In thesurvey, the airline was also votedas having the Best Business ClassService and Catering in theWorld, as well as beinghonoured as the Best Airline inThe Middle East for the fifthconsecutive year.

Qatar Airways CEO Akbar Al Baker

Aliko Dangote

Forbes crowns AlikoDangote ‘Africa'sRichest Man’

Armani Hotel, Dubai

A provider of in-store media services to businesses around the world, Toronto-based

Mood Media’s recent acquisition of Pelika Business Music Oy for $9.8 million sets

the mood just perfect for company CEO and Chairman Lorne Abony

looking beyond boundaries and imagination.


Cover StoryMood Media

Finland, primarily serving clients in the hospitality sector.

One of Nordic’s largest digital music providersspecialising in business environment background musicsolutions, Pelika’s experience in business music reaches asfar as to the 1990s when Finland's first hard disk-basedbackground music player Soittorasia was launched. Sincethen, the company has gone from strength-to-strength, arecurrently present in several countries, such as Sweden,Norway, Germany, Russia and the Baltic States.

Indeed, the two key success factors in Pelika’s business isits music team that prides itself on selecting music to suit

individual customer taste. The company’s productdevelopment unit is also well-known within the region forits new software products as well as its product range, whichcaters for small and large companies. Reasons thatattracted Abony and his team.

“We are excited about the Pelika acquisition for a numberof reasons,” says Abony. “Firstly, Pelika has a clear marketleadership position in the Nordic region and its acquisitionat an attractive multiple strengthens and scales Mood’sinternational in-store media network.”

“Secondly, Mood is acquiring a strong product as well as


Cover Story Mood Media

A recipient of Canada's Top 40 Under 40 award and anAmbassador for the Province of New Brunswick, MoodMedia chief Lorne Abony is a man of manyachievements and one who leads from the front. Hiscompany sits on the cutting edge of technology and witha reputation that is fast isolating it as the premier namerevolutionising sensorial marketing through creativity,content expertise and customer centric services.

Employing over 800 people and with offices in 40countries worldwide, Mood Media, a wholly-ownedsubsidiary of Mood Media Corporation, is a leading in-

store media specialist offering a range of audio, visualand scent media solutions.

Describing Mood, Abony says: “First and foremost weare a company that is built on boundless creativity, a deepunderstanding of forward thinking technologies andultimately, retail business. Our aim is to form solidpartnerships with our clients and to achieve theirmarketing objectives in the most efficient andconsistently executed way.”

In pursuit of this goal, Mood has acquired Pelika, adominant market leader in digital business music solutions in

Mood MediaSensing successwherever it goes


Cover StoryMood Media

entertainment business providing products and servicesthat enhance leisure time for its core femaledemographic. This included expanding its digitalbusiness by launching digital music stores with Walmartand Billboard; launching new fitness programs atWalmart and Shopper’s Drug Mart; launching intoaudio-books with unique content from provenbrands/performers such as Harlequin, Bob Newhart,Fisher Price; and launching into the Mexican marketthrough a distributor, DICSA, giving this division accessto leading Mexican retailers including Walmart Mexicoand Soriana.

The expansion effort is a conscious one as Abony iskeen to retain his company’s extensive geographicfootprint and the broad client base that includes severalmultinational blue chip organisations.

In November 2009 for example, Mood completed itsacquisition of Somerset Entertainment, for a totalpurchase price of C$61.9 million. Abony also led Moodto its IPO on the TSX in June 2008. Under Abony'sleadership, Mood has raised nearly C$300 million inequity and debt financing.

Now riding on the back of Pelika’s successful buy-out,Abony sees future acquisitions as a strong possibility andin line with Mood’s global plans.

“We will always consider opportunities as they appear.

We think there is some great growth opportunity in small

markets such as the Nordic region. We have had history

of acquisitions and we will therefore always look at

opportunities as they appear and present themselves.”

Abony is positive about Mood’s future and he believes

that it is extremely bright. “I feel strongly that our best

is yet to come – and that keeps things very interesting.

“The fact is we are market leaders operative in

170,000 locations worldwide. We are in a market that has

been described as the fastest growing one, particularly

the visual market. We continue to deliver on numbers

that are stronger than expected.

“We are operating very strongly in business. As such,

we are very excited about the future and the growth of

our business which is going from strength to strength.”

“In Pelika’s case, we can certainly draw from Mood’s

size and strength. It can look forward to more solid

support in the future to see its products gain more

mileage and space. Indeed, for both companies, I see

nothing but a win-win situation.” DM


Cover Story Mood Media

a strong operating business. We believe that Pelika’sspecialised bar and restaurant product has applicabilityacross Mood’s international network in the hospitalitysector, a market segment where we see strong growthpotential. By acquiring Pelika we immediately acquirethe ability to serve this segment while eliminatingpotentially significant development costs.”

“Finally, the acquisition will enable Pelika’smanagement team to sell Mood Media’s wider range ofdigital signage and other in-store media products andservices to their long-term client base. The Pelikaacquisition further cements Mood’s leadership inEurope.”

Abony is also pleased with the fact that the Pelikamanagement will remain with the business. “It has beenan exceptional management and we are delighted tohave them onboard.”

He adds: “Indeed, it does happen a lot of time wheneither management of the target company or theacquired company does not stay or has no say in the newstructure but that is not the case with this acquisition.

“The Pelika management though is staying – and weare so very happy about it. And the reason they arestaying is because they are incentivised to grow thebusiness. They are empowered and encouraged to growour Nordic region business.

“Earlier they were very capital-constrained as well asrestricted by their product but are happy now as theyhave been given free reign by Mood. They get thebenefit of a large company in Mood and small, focusedmanagement in a particular region.”

Formed in June 2010, following the acquisition ofMood Media Group SA by Fluid Music Canadasubsequently changing its name to Mood MediaCorporation, the company operates through its twoprincipal divisions, In-Store Media and Retail Point-of-Purchase and is listed on both the Toronto and Londonstock exchanges, under symbol “MM”.

As CEO, Abony led Fluid Music Canada in completingthe acquisition of Mood Media Group SA in June 2010,for a total purchase price of €160 million. Over the lasttwo completed fiscal years, Mood Media averagedannual revenue of $130 million and annual EBITDA of$31 million.

The company works with more than 800 retail chainscountries throughout North America, Europe, Asia andAustralia.

Through its subsidiaries Mood Media and SomersetEntertainment, Mood Media Corporation pursuesgrowth in-store media solutions across multiple markets.

Over the last two completed fiscal years, Mood Mediaaveraged annual revenue of $130 million and annualEBITDA of $31 million.

In early March this year, Mood reported its results forthe three and twelve months ended December 31, 2010.Its revenue Q4 grew by 9% over the prior quarter,fuelled by new client additions in both 2010 and in Q4,including names such as Dairy Queen, Toys R Us, Fruits& Passion, Guess, An Post and Carter's.

Mood also said its retail point-of-purchase division(“RPOP”) had a strong quarter with record sales at Costcoand Walmart Canada during the holiday season. In Q4,the division expanded its distribution network, launchinginto 1,100 Michael’s stores in the USA and Canada.

RPOP also took a number of steps to reposition itselfin the same period as an international multi-mediaLorne Abony

Niketown

“In February 2011, we reopened our6.75% 2039 issue and raised anincremental $400 million,” Wilson says.“In aggregate, we now have $1.45billion of 6.75% debt maturing in2039. We like the duration of the 30year issue as it suits the characteristicsof our assets and we view thisfinancing as opportunistic as we viewthis debt as ‘quasi-equity’ due to the30 year tenure.”

Wilson believes that securing longterm financing at an after tax cost ofapproximately 5% is prudent andefficient. He feels it also reducesliquidity risk as approximately 25% ofhis company’s outstanding debt ismaturing in 2039, which he reckonswould provide its equity investors withtransparency regarding its annualinterest charges.

The senior notes were made availablein Canada and the US, under Shaw’spreviously filed shelf prospectus,pursuant to an agency agreement withTD Securities acting as lead agent.

Says Wilson: “In 2008, we wereupgraded by Moody’s and S&P toinvestment grade and since theupgrade we have raised a total of $3.8billion.” Prior to this, Shaw was splitrated as DBRS was the only ratingagency that had an investment grade

rating on its debt. This upgrade hasincreased the fixed income investoruniverse for Shaw and Wilsonacknowledges that his companycertainly benefited from the depth ofthe Canadian Investment grade marketas all of its recent issues have been donein Canada.

“Over the last several years we haveexperienced strong demand frominstitutional fixed investors for our notesand in the last six years, we havesuccessfully completed nine new issuesand redeemed eight outstanding notesbefore maturity. This refinancing activityhas reduced our long-term cost of debtby over 160 bps to approximately6.20%,” Wilson points out.

Shaw will use the net proceeds of thisoffering for the repayment of debtincurred under its credit facility as wellas for working capital and generalcorporate purposes.

“The proceeds of this issue (and thepast $900 million issue completed in2010) were used to eliminate thebalance drawn on our credit facility thatwas used in connection with theCanwest acquisition,” Wilson elaborates.

“The acquisition, which closed at theend of October 2010, was effectivelydebt financed. The transaction totalwas approximately $2 billion consistingof $1.2 billion in cash and $800 millionin assumed debt.

“Upon close, we refinanced Canwest’s

$400 million high yield term loan andwas obligated to make a change ofcontrol offer on the $338 13.5% PIKNotes, of which approximately $56million was tendered. In August of thisyear, the remaining $282 million becomecallable. By refinancing the majority ofthe acquired debt, we realised somesignificant interest savings.”

“Our liquidity position is strong,”Wilson adds. “We currently have anundrawn $1 billion credit facility andapproximately $200 million of cashon hand.”

“We have a swap liability of $160million due December 2011 and theremainder of the 13.5% CWMG PIKnotes become callable in August 2011.We can fund these liabilities through acombination of our cash on hand, creditfacility, and cash flow being generatedby our business.”

Based on its strong foundation andsolid growth, Wilson believes Shaw’sfuture is bright.

“The future for ShawCommunications is dynamic and veryexciting,” he states. “We are focused onintegrating our new broadcastingassets, and we plan to invest in ourwireless initiatives. As the largest cablecompany and video distributer inCanada, we also continue to invest inour core business of cable and satelliteto bring the latest in technology andproduct enhancements to our 3.4million customers.” DM


Cover StoryShaw Communications


A diversified communications and media company, ShawCommunications providesconsumers with broadband cabletelevision, high-speed internet,Home Phone, telecommunicationsservices (through Shaw Business),satellite direct-to-home services(through Shaw Direct) andengaging programming content(through Shaw Media). Shaw istraded on the Toronto and NewYork stock exchanges and isincluded in the S&P/TSX 60 Index.

Shaw’s current market capitalisation isapproximately C$9 billion and in 2010 itbecame the largest cable company inCanada with over 2.3 million basiccustomers.

Shaw Media operates one of thelargest conventional televisionnetworks in Canada, Global Television,and 19 specialty networks includingHGTV Canada, Food Network Canada,History Television and Showcase.

As of August 31, 2010 Shaw had aninternet penetration rate of almost

80% and was the first company inNorth America to introduce DOCSIS3.0. In 2010, Shaw generated over $3.7billion in revenue, EBITDA of $1.7billion and free cash flow in excess of$500 million.

Inline with its exponential growth,the company’s recent closure of itsunsecured notes is seen as a positivemove by Steve Wilson. He shouldknow being a chartered accountantby profession and Chief FinancialOfficer at Shaw.

Shaw Communicationsfunding a great future

Canadian media and communications company Shaw Communications recently closed

its offering of the reopened 6.75% senior unsecured notes due 2039 for an additional

C$400 million principal amount. Senior Vice President and CFO Steve Wilson allows

for an insight into where and how the proceeds of the issue will be used

(L-R) Steve Wilson, Senior VP and Chief Financial Officer, Rhonda Bashnick, Group Vice President, Finance, Trevor English, Vice

President, Capital Markets

Cover Story Shaw Communications


Cover StoryLaSalle Capital Group


Cover Story LaSalle Capital Group

One of the two co-founders of LaSalleCapital Group, Rocco Martino, hasbeen in business long enough to knowa winner when he sees one.

LaSalle focuses on making control-oriented equity investments inestablished, microcap companieslocated throughout the US. It invests inpartnership with the managementteams of profitable businesses that havesubstantial growth potential and theopportunity to execute meaningfulimprovements in strategy or operations.

To date, LaSalle has completed 11platform acquisitions, and 11 add-onacquisitions. Martino believes withMRSI, he and founding partner, JeffWalters, have hit bull’s eye once again.One of the leading agencies in itsmarketplace, it provides medical claimsrecovery services to healthcare providers.

Founded in 1999, MRSI offersvarious collection services, such as pre-collect and early-out self-payoutsourcing, workers compensation andliability claims, third-party claimscollections, insurance denials, Medicarebad debt logs, payment planmonitoring, charity/financial assistanceapplication processing, bad debtcollections, and second placements.

The acquisition represents asignificant geographic expansion ofRMP’s Midwest footprint. “It willprovide RMP with a much-soughtpresence in Illinois, Missouri and Iowawhere it has had no presence,” saysMartino. “We have a targetedgeographic focus, staying in theMidwest. Our original investmentthesis was to build a very robust andtechnologically-advanced accountsreceivable management company inthe Midwest.”

Established in 1984 and based inChicago, Illinois, LaSalle manages twocommitted funds totallingapproximately $250 million in capitalraised from prominent financialinstitutions and high net worthindividuals. From its pool of dedicatedcapital, LaSalle can provide thenecessary resources to recapitalise abusiness, fund growth plans, or makestrategic, complementary acquisitions.

LaSalle typically invests in businessservices, food and beverage and valued-added distribution and assembly. Itseeks to invest in companies locatedthroughout the US.

Elaborating on the buyout, Martinosays: “MRSI’s customer base is verystrong. The business services some ofthe largest and most-sophisticatedhospitals in the Chicago area. It was ourgoal to expand our business intoIllinois, where we did not have ameaningful presence.

“The acquisition, will allow us toextend our capabilities to the existingcustomers of MRSI and provide moretechnological support. Additionally, weexpect to increase the MRSI business byselling our offerings to new customers inthe region through some very targetedmarketing efforts.”

He adds: “There are also somesignificant synergies between the twogroups. Every single one of ouracquisition has brought us something.We have a very talented managementgroup, led by Mark Schabel, whichseeks to learn from each acquisitionand employs new best practicescompany wide.”

Post-acquisition, MRSI will retain itsidentity though working under theReceivables Management Partnersumbrella. Martino believes it isimportant for RMP-acquired companiesto be allowed to retain their individuality,run on their own steam.

“We believe it is important, at leastin the Midwest, to maintain the namesof the targeted companies because itis all about relationships here.Customers have strong brandawareness and recognition. Theyrecognise who MRSI is, whoReceivables Management Partners is.We benefit from this recognition”

Martino’s colleague, NickChristopher, a Managing Director atLaSalle, works closely on the RMPplatform informs. According to him,there would be only limited structural ormanagement changes at MRSI as aresult of the takeover by RMP.

Says Christopher: “Whenever weacquire companies, our approach is to

supplement the acquired company’smanagement team with the talent thatis necessary based upon our assessmentof the existing team’s strengths andweaknesses.

“We have management benchstrength at RMP that can roll up itssleeves and make any necessary changesefficiently. We will then supplement theexisting team’s efforts as we learn moreabout the acquired business.”

Corroborating Christopher’s claims,MRSI’s Rich Meyer says: “Our twobusinesses share a deep commitment toserving our customers. Thecombination of RMP and MRSI willallow us to share best practices andprovide additional resources to betterserve our customer base."

Martino speaks of a great future forLaSalle. “The future for LaSalle Groupis very bright. We have a very establishedinvestment team. We have raised oursecond fund and we have plenty ofopportunities that we continue to look at.

“With relation to RMP, we are executingour original investment thesis, which wasto build one of the largest accountsreceivable management groups in theMidwest region focused on healthcare.

“I believe we have achieved that goalvia the MRSI acquisition - we are veryexcited of that opportunity. We continueto look at a couple of othercomplementary opportunities that are onour desks. We believe that MRSI will bean important asset to our future successbecause of its locations and clients.DM

LaSalle Capital’s portfolio company Receivables Management Partners recently made its

fifth acquisition with Medical Recovery Specialists, Inc, a healthcare receivables outsourcing

firm located in Des Plaines, Illinois, US. LaSalle co-founder Rocco Martino outlines why the

firm acquires top companies and then inevitably turns them into further success.

Rocco Martino

LaSalle Capital Grouppicking winners every time


The Firm

“Freehills is a multidisciplinary firm with over 2,000 lawyers andnon legal staff in Brisbane, Sydney, Melbourne, Perth andSingapore. It is regarded as a top commercial law firm inAustralia. The labour law group within Freehills is continuallyrated as the No. 1 labour law provider in Australia byindependent experts.

2011

“2011 has been an excellent year for the entire Freehills labourlaw group. We play the role of a key advisor on employmentlaw matters to companies such as BHPB, Rio Tinto, Qantas,Ford, Amcor, Lion Nathan/National Foods, CommonwealthBank, General Motors, Orica, Kraft Foods and Grocon andmany others.

“We are heavily involved in advising many of Australia’sleading companies in relation to enterprise bargaining. Wehave also conducted some of Australia’s largest employmentlaw litigation for major employers in the banking, airline,construction and stevedoring industries.

“Freehills has built a strong reputation over many years forrepresenting employers in Australia and we have continued tostrengthen our client base during 2011.

Challenges & Complexities

“New industrial legislation known as the Fair Work Act wasintroduced in 2009. This legislation has made some significantchanges to the bargaining process, particularly the rights ofthe parties. It also strengthened the provisions providing forthe general protection of employees in the workplace.

“This new legislation has produced challenges inadvising clients and developing strategies as there is littleprecedent to provide guidance. However, our group hasadapted quickly and we run fortnightly internal nationalforums to facilitate the exchange of information, whichhas proved invaluable.

Looking Ahead

“The future is bright. The Fair Work Act is continually throwingup new challenges for employers and their advisors. Australiahas also recently introduced legislation to control executiveremuneration, which is also presenting challenges. In addition,Australia is moving toward the national harmonisation of itsstate-based occupational health and safety laws.

“These legislative initiatives have and will continue to openup new areas of work for employment lawyers. Freehills is wellpositioned to provide cost effective, high quality strategicadvice to Australian employers. Accordingly it is expected thatthe level of work throughout 2011 and 2012 will continue tobe strong.” DM

Freehillsthe masters of the game

Graeme Smith


Reviews Management, Labour & Employment Law Review

Graeme Smith graduated with a laws/arts degree from the University of Melbourne in

1980. A legal practitioner for over 30 years, he has specialised in labour law for over

25 years. He has been a partner at Freehills for 25 years and currently leads the Freehills

national employment group consisting of over 100 lawyers including 14 other partners.

His expertise is in dispute resolution, enterprise bargaining and workplace

strategies. Smith speaks to DealMakers Monthly on his firm.

Graeme SmithTel: +61 3 9288 1563 • Fax: + 61 3 9288 1567

Email: [email protected]

BUSINESS REVIEWS

>> Management, Labour & Employment LawFreehills

>> TrademarkBaptista, Monteverde & Associados

>> Corporate TaxSkeppsbron SkattMachado Associados

>> Life SciencesBird & Bird

>> CompetitionBlake Dawson


ReviewCorporate Tax


The Firm

“Baptista, Monteverde & Associadosrapidly became a key reference inPortugal’s legal sector by offering acomplete range of legal services andspecializes in areas which are nottraditionally delivered by law firms inPortugal.

The firm and its team are well knowninternationally for its success inintellectual property and commerciallitigation.

In fact, Baptista, Monteverde &Associados has recently been awarded thePatents Law firm of the year 2010 and theIP Law Firm of the year 2011 in Portugal.

Also, Baptista, Monteverde & Associados has beenrepresenting parties in some landmark IP andpharmaceutical cases in Portugal.

Clientele

“Baptista, Monteverde & Associados includes clients frommany of the most technologically advanced and innovativebusinesses in the world, in fields such as chemistry, life sciences,telecommunications, media and information technology.


“Portugal is facing a severe economical crisis. Still, someimportant changes in the IP Law should be expected. In fact,specialiSed IP Courts have been announced by theGovernment for October 2011. These new Courts will helpto significantly speed up the current Court decisions timelines and to“Also, discussions on Portugal joining theLondon Agreement aimed at reducing the translation costs

of European patents granted under theEuropean Patent Convention areongoing. Portugal joining this agreementwill lead to a significant reduction oncosts of the patent protection procedure.

Role of IP Advisor

“An IP adviser helps its clients to makethe most appropriate and cost effectivestrategic business options. Shouldinvestment be made in developing anew technology? What ‘prior art’ is thereconcerning those technologies? Willthere be turnover from that investment?Should a lawsuit be initiated against acompetitor using a similar technologyprotected by a client’s patent?

“The above are some of the questions which requireproper knowledge and skills to help the companies’decision makers taking the proper choices and predictingthe outcome of each decision. For example, innovativebusiness methods, rather than innovative products, may beat the core of a company’s competitive advantage.”

Looking Ahead

“I trust that Baptista, Monteverde & Associados willcontinue to grow in a consistent way and that it will soon berecognised as a leading law firm in Portugal within its mainareas of practice. Still, given the country’s general crisis,the Portuguese market is not expected to grow significantlyin 2011 and 2012.” DM

Baptista, Monteverde & Associados

creating a new tradition

Review Trademark

Paulo MonteverdeTel: +351 213 806 530 • Fax: +351 213 806 531


Paulo Monteverde

Paulo Monteverde is a partner at the Law Firm Baptista, Monteverde & Associados.

His main areas of expertise are IP and pharmaceutical Law. Monteverde

speaks to DealMakers Monthly on his firm.

The Firm

“Having begun operations in August2003, Skeppsbron Skatt has seen acontinuous growth and now employs 47people in Stockholm and Malmö. We areSweden's largest independent consultingfirm advising solely on complex tax issues,which makes Skeppsbron Skatt a uniquealternative in the market. We are part ofTaxand, a global organisation forindependent tax advisers with membersin approximately 50 countries.

“We supply quality advice on complexaspects of Swedish and internationalcorporate taxation and value added tax.Our customers are primarily large andmedium-sized companies.

“We are a full-service provideralthough focused on transactions, whichinclude mergers, acquisitions,divestments, restructuring and financingsolutions. A sizeable share of ourbusiness also consists of advisingcustomers on day-to-day tax issues

“We command specialist expertise inthe area of complex Tax Litigation,Transfer Pricing and Tax Planning. Wehave recently been noted in the pressafter winning the biggest tax case inSweden ever.

2011

“In 2010 and also in 2011 we haveclearly seen a rise in demand for ourservices and have also employed moretax advisers to meet this demand. It islikely that we will continue to growthroughout the year.

“The real estate sector is also comingalive and we are of the opinion thatthere will be a continuous increase inthe number on transactions in the field.We have also noted that the size of realestate transactions is getting bigger.There has also been more activity in theprivate equity sector.

Clientele

“Skeppsbron Skatt is owned and run as atrue partnership. The partners of the firmshare the same fundamental values,which we use as a basis for long-termdevelopment of our business. It alsomeans that our name comes before theindividuals working at the firm, and thatour customers are clients of the firm, not our individual consultants. Thisfundamental approach encourages all ofus to share our know-how and experiencefor the benefit of our customers.


“The Swedish domestic tax lawsbecoming are more and morecomplex, which creates a need forclients to be more pro-active in theirtax planning. At times it can even bedifficult for companies to understandthat they do have a tax exposure thatneeds to be handled.

“The growing complexity of thefield has also created a situationwhere it is no longer enough tolook into the tax situation wheninvolved in transaction, closing thebooks, or filing the tax returns.

More and more resources need tobe devoted to strategic tax planningall year around.

Looking Ahead

“We believe that 2011 as well as 2012will be a good year for our clients andthus also for us. As the Swedishcurrency is currently strong, we alsosee a growing interest for outboundinvestments. We are very pleasedthat we can follow our domesticclients out into the world throughour global organisation Taxand, andthat we can help the clients of ourTaxand-colleagues when they needtax advice in Sweden.” DM

Skeppsbron Skatt the right advice

Graeme Smith

Carl-Magnus Uggla has been a tax adviser since 2000. He joined Skeppsbron Skatt in

2003 from Deloitte, having previously worked at KPMG. Uggla has written articles on

complex tax issues surrounding restructuring measures and international tax law

including EU-law. He has lectured and taught on many courses and seminars on Swedish

and international tax law, including EU-law. As one out of six tax advisers in Sweden, he

has been recommended in the 2010 edition of The International Who’s Who of Business

Lawyers. Uggla speaks to DealMakers Monthly on his firm.

Carl-Magnus UgglaTel: +46 8 522 441 50 (D)

Fax: +46 8 23 63 [email protected]


ReviewCorporate Tax


Review Life Sciences

The Firm

“Bird & Bird has been recognised byWho’s Who Legal as the leadinginternational law firm for Life Sciences.”

“Our Life Science Sector Group is madeup of 147 lawyers in 22 offices in themajor European markets (Germany, UK,France, Italy, Spain, Poland, TheNetherlands, Belgium, Hungary, CzechRepublic & Slovakia, Sweden and Finland)and Asia (China/Hong Kong andSingapore) offering Intellectual Property,Corporate, Commercial, Competition,Regulatory and Product Liability advice tosome of the world’s most innovative anddynamic organisations in the Life Sciencessector.

“Our firm stands out by having acombined lawyer and patent attorneypractice.


“One of the challenges of life sciencepatent litigation work in Europe is the increasing focus oncompetition-law aspects which has been spurred by theEuropean Commission’s Sector Inquiry.

“With our integrated patent litigation and competitionpractice we are well-geared towards this challenge, and itis to be expected that the importance of combinedlitigation and competition advice will increase.

“A further trend is the ongoingdiversification of the life scienceindustry with big pharma acquiringinnovative bio tech companies on theone hand and expanding into sectorsbeyond the innovative drugs whichhave been their main business model inthe past (e.g. expanding into thegenerics sector, increased role ofmedical devices).

“With the territorial reach and multi-disciplined expertise of our life sciencegroup, we are uniquely placed to adviceon the transactions involved in this andare aiming to increase our life sciencetransactional practice.

Looking Ahead

“A change of the landscape betweenoriginators and generics can be observedwith the focus on biosimilars. They seemto be the battleground of the futurewith an increased importance of

regulatory strategies with which Bird & Bird is alreadycurrently assisting its clients, but which will have anincreased role in the future.” DM

Bird & Birdhigh-fliers in pharma regulatory advice

Dr. Ina vom Feld is a partner in Bird & Bird’s life science practice based in Duesseldorf.

vom Feld’s focus is on both contentious (patent litigation) and non-contentious work.

Within the contentious part of her work she specialises in the coordination of pan-

European patent litigation for pharmaceutical products. Within her non-contentious

work, where her litigation experience is a valuable asset, she advises on the IP related

aspects of commercial transactions in the life science sector as well as commercial

agreements, such as clinical trials agreements. vom Feld also assists her firm’s clients

with pharma regulatory advice.

Dr. Ina vom Feld

Dr. Ina vom Feld Tel: +49 (0)211 2005 6135 * Fax: +49 (0)211 2005 6011


The Firm

“Machado Associados is a leadingfirm which assists clients not just intax matters but in all major areas ofbusiness law. Over the past twodecades, we have consistently grownby expanding our team anddiversifying our practices to meet theclients’ needs.

“The firm currently relies on 110technical professionals, of which 65specifically work in the tax area,making it one of the largest taxgroups among the law firms in Brazil, which is sub-dividedinto five areas: Corporate and Direct Taxes, Consumer andIndirect Taxes, Tax Litigation, International Taxation, andTransfer Pricing. From the firm’s 21 partners, 11 partnersand five senior consultants (with partner status) are fromthe tax area.

2011

“We expect 2011 to be a year in which we will be able toexpand our business, especially with the opening of ouroffice in Rio de Janeiro and Brasilia as a consequence of themassive investment required for the two major events to beheld in the country in the next years.

“In general, in the Consumer and Indirect Taxes area, themain topics that Machado’s Consumer and Indirect Taxesteam has been working on are derived from (i) the so-calledtax war in which states have been competing for investmentsby granting tax incentives without the consent of otherstates. This situation has been creating a lot of legal

uncertainty among taxpayers andlitigation among states, and (ii) thetax substitution regime in which thelarger taxpayers in the supply chainare responsible for collecting theconsumer indirect taxes levied in thesubsequent transactions.


“Considering the scenario above, asexternal lawyers, the mainchallenge of Machado’s ConsumerIndirect Taxes team is to assist our

clients in structuring or developing their business,without creating tax risks or increasing the tax burden.To overcome those complexities and challenges, we relyon a lot of study, creativity, and dedication of our team inunderstanding the business of our clients in order toalways surpass their expectations.

Looking Ahead

“We are optimistic about the forthcoming years with regardsto our firm as well as the Brazilian market. This is owing tothe increasingly greater presence of Brazilian companiesacross the globe, to the increased amount of foreigninvestment in our country, and to the fact that we are thehosts of major events such as the World Cup, which reflectthe growing demand for our services.” DM

Machado Associadosleague toppers

Júlio M. de Oliveira

Júlio M. de Oliveira has a Masters and a Ph.D. in tax law from the Law School of

Pontifícia Universidade Católica de São Paulo - PUC/SP (2000/2005). Specialising in tax

law, Oliveira has also been appointed by the Year Book ‘Law's Most Admired – 2006,

2008, 2009, 2010’, the most recognised Brazilian publication in the legal field, as one

of the top ten most-respected tax attorneys in the country. Internationally, he has

been recognised as one of Brazil’s leading tax lawyer of 2010 by the British directory

Who´s Who Legal. Oliveira speaks to DealMakers Monthly on his firm.

Júlio M. de OliveiraTel: ++55 11 3819 4855 • Fax: +55 11 3819 5322Email: [email protected]


Deal Reports


Review Competition Law

TThhee FFiirrmm

“From the early years, Blake Dawsonplayed a significant part in the legalsystem in Victoria and New SouthWales, with a substantial commercial,litigation and property practice. Thefirm's client base included largecorporations, banks, mining andpastoral companies.

“It is among the largest firms ofAustralia. Blake Dawson is a full-service commercial law firm withfirst-tier corporate, tax, insolvency,competition, intellectual property,industrial relations, litigation,

environmental law, and property andinfrastructure projects practices.

“It has areas of expertise rightacross a gamut of what acorporation would want to engagein terms of undertaking deals orinvestments. The firm operatesacross the major Australian capitalcities as well as keeps a presence inthe Asia-Pacific region namely PapuaNew Guinea, Indonesia, Japan,Singapore, and Shanghai.

“It is also one of only twoAustralian law firms to employ a fulltime pro bono partner. It has a strongtradition of pro bono work and since1999 maintained a formal, nationalpro bono programme.

22001111

“Blake Dawson's competition team hashad a positive and strong financial.”

CClliieenntteellee

“Our major clients and transactionshave been:

• BHP Billiton: we were theAustralian law advisers on theproposed establishment of a 50:50production joint venture with RioTinto. We have also been advisingfor five years on Australia'sleading access to infrastructurecase, where a competitor wasseeking access to BHP Billiton'srailway infrastructure in WesternAustralia.

• ExxonMobil: we advised on thesale of ExxonMobil's nationalpetrol station network as well as anumber of terminal divestments.

• Pick'n'pay: we advised Pick'n'payon the sale of its Franklins brandgrocery supermarkets in Australiaincluding in-court proceedingscommenced by the ACCCchallenging the sale to Metcash.

• ANZ: we advised on ANZ'sacquisition to full ownership ofING's wealth management business.

“In addition, Blake Dawson'scompetition group acts in Australiafor clients such as Google, Hewlett-Packard, Visy Industries, StocklandCorporation, Goodyear and Boral.

CChhaalllleennggeess && CCoommpplleexxiittiieess

“The Australian legal landscape is inthe process of change includingincreasing competition by globalfirms and increasing penetration byAustralian firms into ourneighbouring Asian countries.

LLooookkiinngg AAhheeaadd

“Blake Dawson's strong relationshipswith Australian and overseascorporates, our work with our clientstogether with the firm's expertise willstand us in good stead to meet thechallenges ahead.” DM

Blake Dawsonset for challenges

A partner at Blake Dawson and with 20 years experience in his area of expertise,

Ayman advises on all aspects of competition and consumer law in Australia including

on the implications of mergers, joint ventures and arrangements between

competitors, as well as arrangements with suppliers and customers. He also engages

with the regulator Australian Competition and Consumer Commission (ACCC) and

acts in litigation matters involving competition issues.

Ayman Guirguis

Altacor......................................................................................24

Classic Fine Foods Group.........................................................24

Compuspar...............................................................................25

Divergence ...............................................................................25

Donald J Pliner.........................................................................26

Exploration Logistics ...............................................................26

Fospat.......................................................................................27

Groupe Hild .............................................................................27

HWA Group .............................................................................28

Lynxs Shredders .......................................................................28

Anglo Operations SA...............................................................29

Stehlin Hostag Ink ...................................................................29

Swift Transportation ...............................................................30

Telkom......................................................................................31

Vega-Chi...................................................................................31

Victoria Packing Corp..............................................................32

Volantis ....................................................................................32

Deal Report IndexDealmakers Monthly reports on up-to-date global business news on M&A deals,

management buyouts, debt refinancing, venture capital and privatisations

Ayman GuirguisTel: 61 2 9258 6262 Fax: +61 2 9258 6999

Email:[email protected]


Deal Reports


Deal Reports

Monsantoacquires

Divergence

This announcement appears as a matter of record only

Legal Advisor to the Management Team:

Polsinelli Shughart PC

Financial Advisor to the Management Team:

Tax and Accounting Advisor to the Management Team:

Divergence JW:Layout 1 3/3/11 10:58 Page 1

Syncreoncompletes purchase of

Compuspar



Legal Advisor to the Vendor:

Commercial Due Diligence Provider:

Financial Due Diligence Provider & Tax Advisor:

Financial Advisor to the Vendor:

Artisan Partners

Compuspar LH:Layout 1 1/3/11 13:16 Page 1

US-based multinational agricultural biotechnologycorporation, Monsanto Company, acquired Divergence, aprivately-held St. Louis-based biotechnology research and

development company.Divergence's current focus is its work with parasitic

nematodes, including developing biotechnology traits fornematode control and nematicides with novel modes of actionand superior safety profiles. Robb Fraley, Chief Technology Officer, Monsanto, said:

Divergence has promising tools in its pipeline, including anematicide which we believe could be used as a valuable seedtreatment formulation to maximize the performance potential ofthe seeds and traits farmers plant."Derek Rapp, CEO, Divergence, said: "We are thrilled to see our

research and product platforms, including our nematode resistantplant and nematicide work, move to Monsanto, a company thathas the experience and resources to deliver outstanding productsto farmers”. Stone Carlie provided tax and financial analysis of various

transaction structures on this deal. It said: “We provided tax andfinancial analysis of various transaction structures, verified theCompany’s final cap table, built a model to analyze the waterfallof distribution proceeds to each shareholder, guided the Companythrough the labyrinth of final income tax, withholding and othertax reporting requirements, analysed and computed the potentialgolden parachute payments, provided tax advice for the Companyto communicate with its shareholders and reviewed and advisedthe Company regarding its final balance sheet and workingcapital computations.” DM

Monsanto buysDivergence

Integrated logistics services and customised supply chain solutionsprovider syncreon acquired 100% of Compuspar, a Spain-basedsupply chain services company providing repair, warranty and

reverse logistics solutions to the hi-tech industry. The terms of thetransaction were undisclosed.The transaction is expected to provide syncreon 18 facilities and

additional presence in Europe, Asia-Pacific, North and SouthAmerica besides over 900 employees. The transaction is also expected to strengthen syncreon’s service

offering in key target markets like US, Poland and Brazil whileexpanding mature markets served to include Spain, France andItaly. It also extends the company’s technology service offering intonew markets in China, Australia and Mexico. Brian Enright, President and CEO, syncreon, said: “We are

extremely pleased with this transaction as it allows us to increasethe breadth of syncreon’s service offering to individual customersand it creates new opportunities as we move forward, both byincreasing our capability in reverse logistics and our global reachin the technology segment. “This acquisition builds upon syncreon’s core differentiator -

flexible and customised solutions for our customers andCompuspar’s strong reverse logistics capability complementssyncreon’s core forward logistics capability.” Jordi Serra, founding shareholder and CEO, Compuspar said:

“The combination of Compuspar's technical capabilities willallow syncreon to offer greater technical know -how also in itsforward logistics solutions and offer joined up reverse solutionsto its customers.” DM

syncreon acquiresCompuspar

EQT Private Equity Groupacquisition of

Classic Fine Foods Group

Legal Advisor to Seller:

PK Wong & Associates LLC


Legal Advisor to Buyers:

Classic Fine Foods LH:Layout 1 1/3/11 12:15 Page 1

AltacorReceives £1.9m Investment

Legal Advisor to Altacor:


Legal Advisors to NVM:

Altacor DS:Layout 1 1/3/11 10:43 Page 1

EQT Greater China II (“EQT Greater China”) acquired ClassicFine Foods Group (“CFF” or the “Company”) from UK-basedVestey Group. EQT Greater China now owns 96% of CFF with

the management holding the remaining 4%. A multinational importer and distributor of fine foods, CFF was

founded in 1999 and serves five-star hotels and high-endrestaurants in Asia. It is involved in sourcing and procurement,import and export, storage and handling, marketing anddistribution of high-end fine foods products such as dairy, meat,pastry, gastronomies, seafood, high quality perishables,condiments, pasta and dry products. CFF has operations in 11 markets, including Hong Kong, Japan,

Singapore, Malaysia, UAE, UK, the Philippines, and Vietnam. Asianmarkets together represent more than 80% of CFF’s total sales. Massimo Rossi, new Chairman of the Board of Directors of CFF

and Industrial Advisor of the EQT Industrial Network, said: “EQTGreater China was attracted by CFF’s strong market position, itstrack record and entrepreneurial spirit among management andcountry managers. “CFF is a well run business with numerous opportunities to

develop and grow. We believe that EQT’s experience from thesector and history of developing similarly international, premiumbusinesses will make EQT Greater China a good owner. We willfocus on expanding the product offering but also look into thepossibilities of entering new markets, for instance China.”Jennifer Chih of PK Wong & Associates LLC advised Vestey

Holdings on the sell side while Baker & McKenzie.Wong & Leowadvised EQT on the buy side and on EQT’s arrangements with themanagement.DM

EQT Greater Chinaacquires CFF

Specialty pharmaceutical company Altacor announced theclosure of its second tranche £1.9 million of a £3.4 millionequity fund raising led by Clive Austin of NVM Private Equity

and including Enterprise Ventures (through its RisingStars GrowthFund) and Beringea, an existing investor. The first tranche, which closed in the autumn 2010, was led

by Esperante and included The Aspire Fund (managed byCapital for Enterprise) and eight existing Altacor investors andfour angel investors.Speaking on the investment, Dr Fran Crawford, CEO, Altacor

said the move reflected confidence in Altacor’s strategy to build aEuropean ophthalmic speciality pharmaceutical company. Altacor is building a portfolio of differentiated ophthalmic

products to be launched over the short to medium term in additionto the already marketed Clinitas range of treatments for Dry Eye.It is also pursuing a number of its own proprietary developmentprojects, principally in glaucoma and ocular infection.Since inception in 2007, Altacor has built a sales presence in the

UK and Ireland. The company has secured worldwide rights to a platform

technology for eye infections as well as gained orphan designationin US and the EU for a reprofiled drug for use with glaucomasurgery. It has also established, with a US partner, pre-clinical datausing a nanotechnology approach for more effective delivery oftherapeutics in glaucoma management. The new funding will allowacceleration in both sales and product development activities.Fiona Crawley, Counsel at Bryan Cave, advised Altacor Limited

on this transaction. She said: “We are delighted to have assisted onthis fund-raising to bring Altacor closer to its goals of building aEuropean ophthalmic specialty pharmaceutical company.” DM

Altacor receives £1.9Min investment


Deal Reports


Deal Reports

Abénex CapitalacquiresHild MBI

Legal Advisor to the Equity Provider & Tax Advisor:



Financial Due Diligence Provider & Financial Advisor:

Financial Advisor to the Equity Provider:

Legal Advisor to the Debt Provider:



B u s i n e s s P a r t n e r s

Hild DS:Layout 1 1/3/11 12:06 Page 1

Techsilacquires Fospat

Financial Advisor to theManagement Team:


Legal Advisor to theManagement Team:


Else Solicitors


Financial Due Diligence Provider:

Tax Advisor:


Fospat DS:Layout 1 1/3/11 11:16 Page 1

Abénex Capitalacquires Groupe Hild

Adhesive and sealant supplier Techsil acquired FospatIndustrial on the 28 January, 2011. Fospat supplies glueguns and adhesives for use across markets such as hot

melt glue sticks, slugs and bulk adhesives, pressure sensitive,coloured and glitter hot melts, foundry thermoplasticadhesive, uv adhesives. These range from high outputspecialised industrial products to light duty hobby and craftglue guns suitable for use in places such as home, schools,colleges, art and craft.

Paul Hughes, Managing Director, Techsil, said: “Techsil has takenover the distribution agreement with Power Adhesives and willwork hard to ensure a seamless transition as we absorb the hotmelt, adhesives and glue gun business into our existingorganisation.

Hughes added: “The combination of Techsil and Fospat Industrial.will create a sizeable adhesives distribution business in whichcustomers will continue to experience high quality standards of servicewhile benefiting from a broader product offering.”

Mick Beeson, Techsil’s Business Development Director, said: “Techsilhas a wealth of product knowledge and first hand applicationexperience gained by supplying materials that work in real productionenvironments.

“We specialise in supplying RTV silicones, Polyurethanes,Epoxies, UV Curing Adhesives, Coatings, MS Polymers,Cyanoacrylates, Acrylic Adhesives, Primers, Mould Makingmaterials, Casting Resins and Dispensing Equipment. DM

Techsil buys adhesivessupplier Fospat

MML Capital Partnersacquires a minority stake in

Exploration Logistics

ODF Ltd


Legal Advisors to the Vendor:

Management Team Due Diligence Provider:

Haymarket

Financial Advisor to the Equity Provider, Financial & CommercialDue Diligence Provider & Tax Advice:

Risk & Insurance Due Diligence Provider:

Legal Advisor to the Management Team & Vendor:

Jeffrey Soal & AssociatesLegal Advisor to the Equity Provider:

Financial Advisor to the Management Team & Vendor:

Harbottles

Exploration Logistics LH:Layout 1 2/3/11 15:47 Page 1

Casanea Partnersacquires

Donald J Pliner






Legal Advisor to the Equity Provider:

Systems Due Diligence Provider:

Donald J Pliner:Layout 1 1/3/11 10:57 Page 1

Investment firm MML Capital Partners has taken a minority stakein Exploration Logistics Group, a provider of remote site medical,health, safety and mine clearance services. Exploration Logistics Group partnered in medical and safety

services to commercial organisations, governments, institutionsand humanitarian initiatives worldwide. The company provides specialist remote site medical support

and a range of safety support services through its divisions FrontierMedical, Exlogs Safety, MineTech International, Exlogs CanineServices and Medekit. Exploration Logistics CEO Tim Mitchell said: “This move provides

a significant injection of new equity to facilitate future acquisitionand investment by Exploration Logistics Group as well as securingthe support of a key international business partner in an importantperiod of opportunity.“MML has significant experience on both sides of the Atlantic

and we are looking forward to the support of an effective andinfluential strategic partner as we work to take our businessforward and to strengthen our range of specialist medical, healthand safety services in a global market.” Ian Wallis, Managing Partner, MML, said: “Exploration Logistics

has an excellent track record of enabling its clients to operate in abroad range of remote environments. We are excited about theopportunity to partner with a high quality management team tocontinue to grow their business through service offering andgeographic expansion.”This year Exploration Logistics Group won recognition as one of

the UK’s leading exporters of goods and services in the SundayTimes International Track 100. DM

MML buys stake inExploration Logistics

Private equity firm Castanea Partners purchased a majorityinterest in Donald J Pliner, a designer and marketer of luxuryfootwear. Donald Pliner, the company’s founder, will

continue with the business following the transaction. He willbecome the company’s Creative Director as well as maintain asignificant equity interest in the business. Terms of thetransaction were not disclosed.

As part of the transaction, Castanea is teaming with Noel Hordto lead the company as its CEO. Hord has previously served asPresident of US Shoe, Nine West and New York Transit in additionto other senior executive positions in the footwear industry.Headquartered in New York, NY, Donald J Pliner’s products are

aimed towards a broad urban and non-urban customer base. Theproduct line includes women’s and men’s dress and casualfootwear. The company operates five retail stores located inMiami, Coral Gables, Houston, Las Vegas and San Jose and itsproducts are reportedly sold nationwide in over 400 specialty storesand upscale department stores. Castanea Partners invests from $15 million-$75 million in small and

middle market companies in publishing, education, training, consumerbrands, specialty retail, and marketing services. It also participates inleveraged buyouts, growth and acquisition equity investments, andoperationally challenging situations. Located in Newton, MA, the firmis currently investing from its third fund, a $575 million fund that targetscompanies with enterprise values up to $250 million. Jonathan H. Green and Rachel L. Tolley of Jonathan H. Green &

Associates represented Donald J. Pliner individually as well ascounselled Donald Pliner on financial matters and trust issues relatingto the transaction with Castanea.DM

Casanea Partnersacquires Donald J Pliner

Abénex Capital acquired French roofing materials businessGroupe Hild, as part of a management buy-in for anundisclosed amount.

Specialising in the production and marketing of roofing systemsand chimneys, the family group Hild is headquartered in Jebsheimand is considered an important acquisition for the investment fundAbénex Capital.

Abénex said the buyout was only possible after extensivenegotiations with the Hild group.

Created in 1869, this small company of family structure andtraditional tinsmith Upper Rhine, has more than 200 people vyingfor expertise and dynamism. Over the years, Hild has grownprimarily as a result of large investments in manpower andequipment. Abénex Capital SA is a private equity firm specialisngin leveraged buyout, management buy-in, management buyout,buy-in management buyout, growth capital, public to private,build-up, and middle market transactions. The firm seeks to investin all sectors apart from banking, insurance, real estate, anddefence. It prefers to invest in companies based in France.

Founded in 1990 and based in Paris, France, Abénex typicallyinvests between €10 million ($13.25 million) and €100 million($132.54 million) in companies with enterprise value between€30 million ($40.5 million) and €500 million ($675.02 million)and revenues between €25 million ($33.13 million) and €1000million ($1325.45 million). The firm seeks to take a majority orminority stake and prefers to take a board seat in its portfoliocompanies. It prefers to invest in equity in the form of capital orconvertible bonds. DM


Deal Reports


Deal Reports

Stehlin Hostag Inkcompletes

£3.5m refinancing

Asset Based Lenders:


Stehlin JW:Layout 1 1/3/11 14:25 Page 1

Sterliteacquires

Anglo's SA zinc assets for $348m

Legal Advisors to the Management Team:


Corpus Legal Practitioners


SA Zinc JW:Layout 1 1/3/11 14:23 Page 1

Nottingham-based ink and varnish distributor Stehlin HostagInk completed a £3.5 million refinancing deal with Leumi ABL.

The refinancing deal will support Stehlin Hostag’s futuregrowth plans.Leumi ABL was introduced to the refinancing deal through The

Co-operative Group in Nottingham.Ian Richardson, Financial Director at Stehlin Hostag, said: “Leumi

ABL took a very service-driven approach to structuring the dealand took the time to understand the true potential of our business.Less constrained and constricted by tight formulas than the mainhigh street clearing banks, they focused on providing solutionsthat we need and the team has been extremely helpful.”Jason Holland, Leumi ABL Midlands Regional Sales Director, said:

“Like many other businesses, margins have been squeezed duringthe recent industry downturn but Stehlin Hostag has strongsupport from their German parent and enjoys much customerloyalty. The new funding from Leumi ABL will provide theflexibility they need to support further growth plans.”Operating from five sites across the UK, Stehlin Hostag has a

reported annual turnover of £30 million. Established in 1983, it ispart of the Huber Group, a producer of printing inks and providerof materials to the packaging industry. The company's reportedglobal turnover in 2008 was in excess of €800 million. Leumi ABL provides invoice finance, stock finance, and plant

and machinery finance. In conjunction with its parent company,Bank Leumi (UK), it also offers trade finance, property finance andcommercial banking.DM

Indian metals and mining compan, Sterlite Industries completedthe acquisition of 74% interest in South African zinc producerBlack Mountain Mining from Anglo Operations, a member of

the AngloAmerican Group for a share value of $260 million.

Sterlite will also replace the shareholder loan of $88 million,taking the total consideration for Black Mountain to $348 million. The acquisition included the Black Mountain zinc mine

and the Gamsberg zinc project, both in South Africa’sNorthern Cape province.Vedanta announced the proposed acquisition of Anglo’s zinc

assets (Anglo Zinc) for a total cash consideration of $1,338-millionin May 2010 on an attributable, debt- and cash- free basis.Anglo Zinc comprised 100%-owned Skorpion mine in Namibia,

the 100%-owned Lisheen mine in Ireland and the 74% ownedBlack Mountain Mines, which includes the Black Mountain mineand the Gamsberg project in South Africa.The acquisition of the Skorpion zinc mine was completed in

December 2010 for a cash consideration of about $707-million,while the process of completing the Lisheen mine transaction wasprogressing well and was expected to close on schedule.Vedanta Chairman Anil Agarwal said: “We are pleased to have

completed the second leg of the acquisition of the Anglo Zincassets. Black Mountain Mine and Gamsberg project are high-quality zinc assets and will remain an important economic driverin the region,” he noted.Vedanta Resources is London-listed FTSE 100 diversified metals

and mining major. Sterlite Industries is considered India’s largestdiversified metals and mining company. DM

Sterlite buys Anglo's SAzinc assets

Danieliacquires

Lynxs Shredders




Financial Advisor to the Vendor:

Tax Advisor:

Lynx Shredder LH:Layout 1 1/3/11 13:19 Page 1

Privet Capitalacquires

HWA Group



Debt Provider:

Reward Capital




HWA Group DS:Layout 1 1/3/11 11:27 Page 1

Danieli & C. Officine Meccaniche SpA boughtUK-based LYNXSShredder (Project Design) and LYNXS Shredder Technologythrough its major UK subsidiary Danieli Davy Distington. The

new brand name will be Danieli Lynxs.

A privately-controlled integrated engineering andmanufacturing group, Danieli's annual revenue reportedly exceeds€2.5 billion. Emanuele Brusini Vice President of steel making andCraig Rose, Executive Product Manager said in a statement: "TheLYNXS product line and business units will be merged into theDanieli Centro Recycling division.

“In the past year Danieli has secured significant turnkey projectsfor scrap shredding facilities in our traditional steel makingmarkets. This acquisition will accelerate our involvement in therecycling sector and bring Danieli greater access to the worldwidescrap processing industry where LYNXS has achieved notablesuccess." Tim Christian, former owner of LYNXS, will take on a longterm role in the new group with all LYNXS operations and existingstaff moving to the Danieli site in Sheffield, UK during early 2011.

Christian said: "This move will enable the design expertise andexperience of LYNXS' to be incorporated in to a much wider rangeof engineered applications”.

Chesterfield-based firm Shorts Chartered Accountants providedtax and corporate finance advice on the transaction. PartnerHoward Freeman said: “This is a good deal for both parties. DanieliLynxs is now well placed to grow substantially within its chosenmarkets.”DM

Lynxs Shreddersbought by Danieli

UK turnaround specialist Privet Capital acquired HWA Group,a building contractor struggling in the wake of the UKhousing market downturn.

HWA focuses on refurbishments and restoration of high-endproperties in central London and the home counties. It recentlyrenovated the medieval and renaissance galleries in London’sVictoria & Albert museum, and built a new gallery in the SouthKensington institution.HWA was affected by a sharp downturn in the UK housing and

construction markets over the last three years. Privet’s investmentis expected to support HWA’s restructuring as well as provide forthe working capital. The firm has also introduced HWA to RewardCapital, which has agreed to provide the business with additionalworking capital facilities. Privet has appointed corporate development and business

recovery expert Andy Leeser to the board of HWA. MarkHailey has been appointed as director, responsible formarketing, tendering and pre-construction activities. Haileywas previously director of various HWA divisions and has beenwith the business for 17 years. Bob Cole will remain in hisposition as managing director and Andy Wilkins will remain inhis role as commercial director.Privet founder Steve Keating said: “Our acquisition of HWA

offers a great opportunity to turn around a quality business andensure it is in good shape to win a significant number of contractsas the housing market recovers.”The Ince & Co team led by Stephen Jarvis supported by solicitors

Lindsay Jordan and Andt Cadywould advised HWA managementteam on this transaction. DM

Privet Capital acquiresHWA Group

Stehlin Hostag Ink in£3.5M refinancing deal


Deal Reports


Deal Reports

Octopus Investmentsinvests £1.6M into

Vega-Chi

Tax Advisor to Octopus:


Legal Advisor to Octopus:

Financial Due Diligence Provider:

Vega Chi LH:Layout 1 14/3/11 17:44 Page 1

Telkomsecures $127M loan

Joint Co-ordinating Mandated Lead Arrangers:


Legal Advisors:

Telkom DS:Layout 1 14/3/11 17:45 Page 1

Fund management firm Octopus Investments invested £1.6million (€1.9 million) into Vega-Chi, the first electronictrading platform dedicated to European convertible and

high-yield bonds.Vega-Chi allows institutional investors to trade convertible and

high-yield bonds directly with each other without having to gothrough intermediaries, thus cutting costs. With 65 participant firms, Vega-Chi is reported to have received

orders in excess of $20 billion since its launch in February 2010. Company founder and CEO, Constantinos Antoniades, said: "We

are very excited about the investment by Octopus and workingwith the Octopus team. The investment brings to Vega-Chi astrong and value-added partner and will allow us to accelerate ourgrowth in new regions and products." Jo Oliver of Octopus said: “Vega-Chi’s platform applies a

disruptive technology to a very large, inefficient market. It is runby an exceptional entrepreneur and has the potential todramatically change the way these securities are tradedinternationally.” Octopus’ investment is expected to provide Vega-Chi with the ability to expand its products and regional footprintin electronic trading for fixed income products.The electronic trading platform provides an alternative pool of

liquidity where participants can achieve best price execution,transaction cost savings, improved liquidity and anonymity.In addition, the Vega-Chi trading system will offer full pre-trade

and post-trade transparency and access to full historical data,allowing investment managers to make better informed decisions.The Smith & Williamson team led by Adrian Walton acted as

tax advisor to Octopus on the transaction. DM

Octopus Investmentsplaces £1.6M in Vega-Chi

Telecoms group Telkom secured a $127million syndicated loanfrom several international banks backed by the China Exportand Credit Insurance Corporation (Sinosure) in order to

finance capital expenditure on its mobile division, 8ta.The loan, with a tenor of up to seven years, is the first one issued

under an Export Credit Agency (ECA) umbrella facility. It isexpected to cover Telkom's ECA financing requirements over afive-year period, during which the telecoms giant plans to expandits mobile operations.The syndicated loan, to be used for buying equipment from

Chinese telecoms equipment manufacturer Huawei, was heavilyover-subscribed. It benefits from 95% cover for both political andcommercial risks by Sinosure.Banks involved in the deal included Barclays Capital, Absa

Capital, China Development Bank, Bank of China, ChinaConstruction Bank, Citibank, HSBC and the Sumitomo MitsuiBanking Corporation.According to Barclays Capital, the solution allowed Telkom to

secure funds at a cheaper rate than was otherwise available ineither the international bank or bond markets.Gabriel Buck, head of ECA financing at Barclays Capital, the

financial advisors on the deal, said: "We are pleased to deliverto Telkom a long-term, competitive Sinosure facility. Thisrepresents the first financing for Telkom under their ECAumbrella framework, and will provide a benchmark for anyfuture Sinosure financings." Anthony Wilter, co-head of AbsaCapital's investment banking division, said: "Given the existingliquidity constraints within the bank and bond markets, thisfacility provides Telkom with an attractive and flexible source ofadditional cost-effective liquidity.” DM

Telkom secures $127Mloan

Swift Transportation Company (NYSE: SWFT), a multi-facetedtransportation services company and the largest truckloadcarrier inNorthAmerica, is pleased to announce the closingof

its initial public offering of 73,300,000 shares of Class A commonstock and the completion of four concurrent capital marketstransactions on December 21, 2010. Swift's initial public offeringrepresents the second largest U.S. IPO of 2010. As a result of theIPO and concurrent transactions, Swift reduced its outstandingindebtedness by more than $600million and significantly reducedits anticipatedannual cash interest expense, thereby freeingup cashflow for reinvestment in thebusiness or additional debt repayment.

The IPO raised net proceeds of $766 million after underwritingdiscountsandbeforeexpenses.Swiftalsoprivatelyplaced$500millionaggregate principal amount of 10.0% senior second priority securednotes due 2018. In addition, Swift entered into a new senior securedcredit facility consisting of a $1,070 million term loan and a $400million revolvingcredit facility. Swiftused thenetproceedsof the IPOand notes issuance and borrowings under its new credit facility torepayall outstanding indebtednessunder its existing credit facility, tocompleteatenderofferandconsent solicitationtorepurchase$682.6million aggregateprincipal amountof its outstanding senior securednotes and to settle interest rate swap agreements.

About Swift

Swift is a multifaceted transportation services company and thelargest truckload carrier in North America based in Phoenix,Arizona. At September 30, 2010, Swift operated a tractor fleet ofapproximately 16,200 units comprised of 12,300 tractors driven bycompany drivers and 3,900 owner-operator tractors, a fleet of48,600 trailers, and 4,500 intermodal containers from 35 majorterminals positioned nearmajor freight centers and traffic lanes inthe United States and Mexico. Swift offers customers "one-stopshopping" for a broad spectrum of their truckload transportationneeds. Swift's asset-based transportation services include dry van,dedicated, temperature controlled, cross border, and port drayageoperations. Swift's complementary and more rapidly growing"asset-light" services include rail intermodal, freight brokerageand third-party logistics operations. Swift uses sophisticatedtechnologies and systems that contribute to asset productivity,operating efficiency, customer satisfaction and safety.DM

Swift TransportationIPO

“Swift used the net proceeds of theIPO and notes issuance andborrowings under its new creditfacility to repay all outstandingindebtedness under its existingcredit facility, to complete a tenderoffer and consent solicitation torepurchase $682.6 millionaggregate principal amount of itsoutstanding senior secured notesand to settle interest rate swapagreements.”

Swift TransportationIPO


Joint Bookrunning Managers:

Joint Lead Managers:

Co-Managers:

Legal Advisors to the Company:

Auditor:

WR Securities

Swift Transportation JW:Dealmaker 15/2/11 08:19 Page 1

Multi-faceted transportation services company and thelargest truckload carrier in North America, SwiftTransportation Company, closed its initial public

offering of 73,300,000 shares of Class A common stock andcompleted four concurrent capital markets transactions onDecember 21, 2010.

The Swift IPO is the second largest US IPO in 2010. As a resultof the IPO and concurrent transactions, Swift managed toreduce its outstanding indebtedness by more than $600 millionas well as significantly reduce its anticipated annual cash interestexpense, freeing up cash flow for reinvestment in the businessor additional debt repayment.

The IPO raised net proceeds of $766 million afterunderwriting discounts and before expenses. Swift also privatelyplaced $500 million aggregate principal amount of 10.0% seniorsecond priority secured notes due 2018.

In addition, Swift entered into a new senior secured creditfacility consisting of a $1,070 million term loan and a $400million revolving credit facility. Swift used the net proceeds ofthe IPO and notes issuance and borrowings under its new creditfacility to repay all outstanding indebtedness under its existingcredit facility, to complete a tender offer and consent solicitationto repurchase $682.6 million aggregate principal amount of itsoutstanding senior secured notes and to settle interest rate swapagreements.

At September 30, 2010, Swift operated a tractor fleet ofapproximately 16,200 units comprised of 12,300 tractors drivenby company drivers and 3,900 owner-operator tractors, a fleet of48,600 trailers, and 4,500 intermodal containers from 35 majorterminals positioned near major freight centres and traffic lanesin the US and Mexico.

Swift’s ‘one-stop shopping’ offers customers a broad spectrumof their truckload transportation needs. The company’s asset-based transportation services include dry van, dedicated,temperature controlled, cross border, and port drayageoperations. Its complementary and more rapidly growing "asset-light" services include rail intermodal, freight brokerage andthird-party logistics operations. Swift employs sophisticatedtechnologies and systems to contribute to its asset productivity,operating efficiency, customer satisfaction and safety. DM

Swift TransportationIPO raises $766M

“Swift is said to have used the netproceeds of the IPO and notesissuance and borrowings under itsnew credit facility to repay alloutstanding indebtedness under itsexisting credit facility, to complete atender offer and consent solicitationto repurchase $682.6 millionaggregate principal amount of itsoutstanding senior secured notes andto settle interest rate swapagreements.”


Deal Reports

Antenna SoftwareacquiresVolantis



Legal Advisors to the Management Team:

Intellectual Property Legal Advice to Management:

Sutton Magidoff

Tax Advisors:


Financial & Commerical Due Diligence Provider:

Knight Management Consulting

Volantis LH:Layout 1 4/3/11 10:00 Page 1

Huron Capital Partnersacquires

Victoria Packing Corp

Investment Banker:


Victoria Packing DS:Layout 1 1/3/11 11:36 Page 1

Mobile enterprise software and solutions company, AntennaSoftware, acquired mobile Internet software companyVolantis Systems.

The acquisition provides Antenna an added boost in its questtowards becoming the market leader in mobility solutions thataddress user needs across all Internet-connected mobile devices,including smartphones, tablets, and browser-enabled feature phones.Operating under the Antenna brand, the combined company

will continue to provide full support of Volantis' products to itscurrent customers, prospects and partners through its existingteams in the Volantis offices in Guildford, Seattle, Krakow, Puneand Hong Kong.Jim Hemmer, President and CEO, Antenna, said: "This is truly a

watershed moment for Antenna that takes us closer to our visionof being the mobile platform for the Global 1000."With Volantis as part of the Antenna family, our customers can

go to a single provider for all their mobility needs. “Our mobile solutions not only manage the complex

requirements of the workforce but also the mobile demands ofmillions of consumers who want to interact with a brand on the goacross myriad devices. In a highly fragmented channel, Antennacreates order out of chaos and delivers a consistent and compellingmobile experience to all."Mark Watson, former CEO and Co-Founder, Volantis, said:

"Volantis has spent the past decade developing a best-of-breedsolution for the mobile internet. "Joining with Antenna will allow us to continue to invest in the

development of our technology while co-innovating as part of theAntenna team to help drive success for the combined companygoing forward."DM

Antenna Softwareacquires Volantis

Detroit-based Huron Capital Partners acquired VictoriaPacking Corp., a Brooklyn, NY-based manufacturer ofbranded and private label premium Italian food products.

Terms were not disclosed.

Founded in 1929 and headquartered in Brooklyn, New York,Victoria Packing Corp has been owned by the Aquilina family forover 80 years. The company produces over 150 SKUs of premium-branded and private label Italian food products, including pastasauces, peppers, Italian condiments, olives and other specialty itemssuch as dips and salsas.

Private equity firm Huron Capital invests in lower middle-market companies. It seeks to acquire or recapitalise nichemanufacturers, value-added distributors and specialty servicecompanies. The companies generally have annual revenues of upto $200 million, hold strong niche market positions and haveidentifiable growth opportunities.

McGladrey Capital Markets initiated the transaction, sourcedthe buyer, led the negotiations and acted as exclusive financialadvisor to Victoria Packing Corp. Sell-side due diligence wassupplied by a team from RSM McGladrey. Transaction termswere not disclosed.

Brian Boyle, Senior Managing Director, McGladrey CapitalMarkets´ Food & Beverage Group, said: "Huron is an ideal partnerto guide Victoria Packing Corp. through its next stage of growth.Victoria Packing Corp. is an excellent platform in the Italian foodsector with potential to expand its brand nationally and enhanceits private label capabilities as well. Huron has the vision, expertiseand resources to help realise that goal." DM

Victoria Packing Corpsold to Huron Capital

E A T • S L E E P • P L A Y

ESP>>TRAVEL

Sydney

>>HOTELSFour Seasons Hotel Sydney

>>CARSLamborghini Aventador LP 700-4

>>GADGETSHexathrill

>>ARTJohn Makepeace

T R A V E L > H O T E L S > A U T O M O B I L E S > A R T & C U L T U R E > G A D G E T S & G I Z M O S

SYDNEYAustralia’s most-happening city

www.dealmakers-monthly.com March 2011 353344 March 2011 www.dealmakers-monthly.com

SydneyAustralia’s most-happening city

Sunny, laid-back Sydney – Australia’s first city, no matter what Canberra has to sayabout it. If it is the legendary skyline and sun-kissed beaches that attracts the

visitors, it is the world-class innovative cuisine, happening nightlife, and the greatoutdoor lifestyle that makes them long to stay.

Eat, Sleep, PlaySydney Eat, Sleep, Play Sydney

SSuunn ‘‘nn’’ SSuurrff

Buff and beautiful Bondi bodies aresomething of an Australian icon,though these days they are alsowatching their sunscreen application.Other famous beaches includeBalmoral Beach in the harbour, Palmand Whale in the far north, Manly’smany beaches about a half-hour ferryride from the CBD, and Coogee in thesouth. If you have time – and a largecapacity for humiliation – learn to surfvia one of the many surf schools.

DDaayy TTrriippss

The pretty northern beaches of WhaleBeach and Palm Beach offer a sun andsand holiday just an hour’s drive fromtown, or quickie flight by seaplane(stay at Barrenjoey House or Jonah’s).Or travel inland to the BlueMountains, where heritage railways,luxury B&Bs and geologicalformations make for a memorablelow-key retreat. Wine lovers headdown to the Hunter Valley wineregion for a tour of the vineyards.

DON’T MISS

DDiinnnneerr wwiitthh aa VViieeww

Sydney is bursting with deliciousdining, but if you only have time orcash for one fancy meal, make sureyou get a table with fabulous view.Aria, Quay and Aqua Dining are

amongst those famed for their high-glam harbour locations, while Catalinaand Bather’s Pavillion offer chilled outbeach-side dining further afield. BondiBeach offers a plethora of greatdining, notably Icebergs, Bondi NorthItalian and Sean’s Panorama.

TThhee RRoocckkss

Bona fide history right near theSydney’s CBD. Once a slum threatenedwith demolition, the governmentgave in to massive community protestand began a programme ofrestoration and gentrification. Todaythe area is home to a mélange of craftshops, boutiques, quaint old pubs andsmall museums.

BBaacckkssttaaggee TToouurr aatt tthhee OOppeerraa HHoouussee

You may not have the time orinclination for the show, but it’s notthe only way of experiencing JørnUtzon’s distinctive building. Thebackstage tour takes you into therealms normally exclusive to the artistsand crew – pretend you are an operastar on the concert hall stage, or aworld renowned conductor in theorchestra pit. The AU$150 fee alsoincludes breakfast in the Green Room(except on matinee days when analternative venue will be arranged).

GETTING AROUND

AArroouunndd TToowwnn......

Transportation around Sydney isrelatively simple. To see the city'sattractions, you can take either a CityCircle train or it is entirely possible towalk. The ferries are excellent and anenjoyable way to get from one side ofthe harbour to the other. Buses arealso a very popular method of gettingaround town.

A vibrant, dynamic and accessiblecity waiting to be explored, Sydneyis the largest and most-populouscity in Australia and the statecapital of New South Wales.Located on Australia's south-eastcoast of the Tasman Sea,inhabitants of Sydney are calledSydneysiders, and comprise acosmopolitan and internationalpopulation of people from aroundthe world.

The site of the first British colony inAustralia, Sydney was established in1788 at Sydney Cove by ArthurPhillip, commodore of the First Fleetas a penal colony. The city is built onhills surrounding Port Jacksoncommonly known as Sydney Harbourwhere the iconic Sydney OperaHouse and the Harbour Bridge arefeatured prominently.

The hinterland of the city’smetropolitan area is surrounded bynational parks and the coastal regions

feature many bays, rivers, inlets andbeaches including the famous BondiBeach. Within the city are manynotable parks, including Hyde Parkand the Royal Botanical Gardens.

GO THERE FOR

TThhee FFoooodd

Twentyyears ago, Australian cuisine didnot look far beyond meat and threevegstodge, with ‘barbies’, meat pies andvegemite being the most famous fare.But with an influx of immigrants fromthe Mediterranean and Asia, a foodrevolution has taken place, helped alongby ready availability of fresh ingredientsand Aussie flair for adventure.

Modern Australian ranks amongstthe most exciting in the world,reinventing old world traditions andthe flavours of the East. Purists will alsofind much to love in eateries preservingauthentic culinary traditions – Sydney-

siders thrive on ‘yum cha’, sushi, Thaicurries, pho, Lebanese couscous, Greekmeze and more.

HHiissttoorriiccaall IInntteerreesstt

Founded as a penal colony in 1788,Sydney’s development in to a modernmetropolis has left behind sometraces of its past from the heritagelisted buildings in The Rocks district,the Town Hall, the Sydney Mint andFort Denison. But actually Sydney’shistory goes back far deeper in time –Aboriginal peoples have been in thearea for at least 30,000 years. Whilenot much trace remains of the tribesthat inhabited the region, Aboriginalartifacts can be seen at the AustralianMuseum in Hyde Park.

TThhee SSkkyylliinnee

Don’t just admire it from a distance. Getup close and personal with a HarbourBridge Climb and get tickets for theshow at the world famous Opera House.

WWHHEERREE TTOO SSTTAAYYFour Seasons Hotel199 George Street, Circular Quay Located just a few steps from thewaterfront at Circular Quay, withsome rooms offering views across tothe Opera House. The pool isperfect for lounging on warmSydney days.

IntercontinentalCorner of Bridge and Phillip Streets Built around the heritage-listed1851 Treasury Building, theInterContinental Sydney is anexcellent business hotel locatedright near Circular Quay. Roomsoverlook either the Royal BotanicalGardens, Watsons Bay or the SydneyOpera House – with the WatsonsBay category offering great valuefor money with the views andnatural light.

The Observatory Hotel89 Kent Street, The Rocks Located about a 10-15 minute walkaway from the Rocks, theObservatory sets the standard.

Sir Stamford93 Macquarie Street Great location, housing one ofAustralia’s largest private collectionsof fine art and antiques –wonderfully snooty.

A guide by Quintessentially Travel.To find out more visitwww.quintessentiallytravel.com

Cathedral Square - Patrick Bingham-Hall

Aboriginaldigeridoo player

Glebe Markets Sydney - Paul Green

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www.dealmakers-monthly.com March 2011 373366 March 2011 www.dealmakers-monthly.com

Four Seasons Hotel Sydney The glorious views of the Opera House sails and of the harbour with its crisscrossingferries and yachts; the Parisian handmade "bubble" chandeliers in the lobby and thespacious feel of the three-tiered atrium, which houses the bar and Kable's restaurant;the pampering in the award-winning spa. Welcome to Four Seasons Hotel Sydney.

Stunningly situated overlookingSydney Harbour in the historic Rocksdistrict, a short walk from the city'sshopping and business centres, FourSeasons Hotel Sydney is vibrant andelegant, with dramatic harbourfrontviews and a luxurious day spafeaturing exclusive skincare andaromatherapy treatments.

In downtown Sydney, aboomerang's throw from the Rocksdistrict and Circular Quay, andoverlooking the Opera House andSydney Harbour Bridge, the FourSeasons Hotel Sydney opened in 1982as The Regent. It is almost on the spotwhere Captain Arthur Phillip landedin 1788 and established Australia'sfirst convict colony.

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The hotel offers 531 guest rooms –including 121 suites – quietly secludedin the tower on the 6th through 34thfloors. The accommodations are well-proportioned and decorated in

contemporary grand-luxe style, withrich silks, sophisticated marbles andexotic Honduran mahogany.

Each guest room features a 107-centimetre (42-inch) LCD televisionwith DVD player and iPod/MP3connectivity. There is also high-speedinternet access and fax connections,plus multi-line telephones withprivate voice mail. Bathrooms aredecorated with Italian spider goldmarble and Italian limestone,including a deep soaking tub andseparate glass-walled shower.

The Four Seasons Hotel Sydney's city-view accommodations overlookthe Sydney skyline, George Street orWalsh Bay, while opera-viewaccommodations showcase theOpera House and Circular Quay.Harbour-view accommodationsoverlook the Sydney Harbour Bridge,Darling Harbour, the Opera Houseand Circular Quay.

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Kable's , the hotel 's premierrestaurant, can be accessed from the lobby's grand staircase. Therestaurant offers modern cuisine incontemporary setting of dark-stainedparquet and rich carpeting. Seating120, it offers private dining rooms for10-40 guests, and a chef's table in thekitchen with seats for up to 20 guests.

Eat, Sleep, PlayFour Seasons Hotel SydneyEat, Sleep, Play Four Seasons Hotel Sydney

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The chef's table, located in the gardemanger, is a stainless steel worksurface transformed into a diningtable seating 10-20 guests.

The hotel’s chef creates apersonalised five-course menu, eachcourse paired with wines from theextensive wine list. After dinner,guests get a guided tour of thekitchen, including chocolate-tastingin the Chocolate Room.

The chef's table is offered Tuesdaysto Saturdays from 7 pm.

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Located on the pool deck and openfor snacks and lunch, The Cabanafeatures fruit drinks and cocktails forthe sun-seeker. Poolside snacks includegourmet sandwiches, salads, and sushi.

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The Café serves French bistro-stylecuisine featuring a variety of soups,pastas as well as fish and chips andFour Seasons gourmet club sandwich.

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The Bar offers an extensivebeverage list featuring fineAustralian wines, a cocktail menu, aswell as premium spirits and liqueurs.A light snack menu is also availablethroughout the day.

Spa Facilities

The Spa at Four Seasons treatmentmenu includes indigenous ingredientssuch as essential oils, fruits and floralextracts, salt and clay. Among theSpa's six treatment rooms is a suiteespecially for couples featuring aprivate steam shower room, doublewhirlpool and twin treatment beds.Candlelight, aromas and calmingmusic set the tone. Men's andwomen's change rooms each featurea steam room and sauna.

To experience a tailor-made holidayto Four Seasons Hotel Sydneycontact QuintessentiallyTravel or visitwww.quintessentiallytravel.com.

Four Season Hotel Sydney199 George Street Sydney, NSW 2000 Australia

T: +61 (2) 9250-3100 F: +61 (2) 9251-2851


Eat, Sleep, PlaySuper Cars


Eat, Sleep, Play Super Cars

With the Aventador LP 700-4,Automobili Lamborghini isredefining the very pinnacle of theworld super sports car market –brutal power, outstandinglightweight engineering andphenomenal handling precisionare combined with peerless designand the very finest equipment todeliver an unparalleled drivingexperience.

With the Aventador, Lamborghinitakes a big step into the future andbuilds on the glorious history of thebrand with the next automotive legend.

The technology package of theLamborghini Aventador LP 700-4 isbased on an innovative monocoquemade from carbon-fibre thatcombines exceptional lightweightengineering with the highest levelsof stiffness and safety.

Its new 12-cylinder with 6.5 litres’displacement and 515 kW/700 hpbrings together the ultimate in high-revving pleasure with astonishinglow-end torque. Thanks to a dryweight of only 1,575 kilograms (3,472lb), which is extremely low for thisclass of vehicle, the weight-to-powerratio stands at only 2.25 kilogramsper hp (4.96 lb/hp).

Indeed, even the fantastic 0-100km/h (0-62 mph) acceleration figureof just 2.9 seconds and the topspeed of 350 km/h (217 mph) do notfully describe the Aventador’sextreme performance. And yet, fuelconsumption and CO2 emissions aredown by around 20 percentcompared with its predecessor,despite the considerable increase inpower (+8%).

“With the Aventador LP 700-4, thefuture of the super sports car is now

part of the present. Its exceptionalpackage of innovative technologies isunique, its performance simplyoverwhelming,” says StephanWinkelmann, President and CEO,Automobili Lamborghini.

“The Aventador is a jump of twogenerations in terms of design andtechnology. It is the result of an entirelynew project, but at the same time it isa direct and consistent continuation ofLamborghini’s brand values.

“It is extreme in its design and itsperformance, uncompromising in itsstandards and technology, andunmistakably Italian in its style andperfection. Overall, the dynamics andtechnical excellence of the AventadorLP 700-4 makes it unrivalled in theworldwide super sports car arena.”

According to its tradition,Lamborghini’s new flagship bears the

LamborghiniAventador LP 700-4 Redefining the super sports cars

PRICES

UK: £247,805 (on the road price)

Europe: €255,000 (suggestedretail price taxes excluded)

US: $379.700 (suggested retailprice – GGT included)

China: RMB 6.270.000,00(suggested retail price taxesincluded)

Japan: YEN 39.690.000,00(suggested retail price taxesincluded)

TOP FEATURES

Upward opening doors

Exclusive and high-tech interior

Carbon-fibre monocoque

Maximum revs, amazing sound

Innovative transmission formaximum performance

Pushrod suspension

Extensive assistance and safetysystems

Wide-ranging individualisationprogramme

name of a bull – naturally, a particularlycourageous specimen from the world ofthe Spanish Corrida. Aventador was thename of a bull that entered into battle inOctober 1993 at the Saragossa Arena,earning the “Trofeo de la Peña LaMadroñera” for its outstanding courage.

The Aventador’s ISR transmission isunique among road-going vehicles,guaranteeing the fastest shifting time (only 50 milliseconds) and a highlyemotional shift feel, while thelightweight chassis with pushrodsuspension delivers absolute handlingprecision and competition-levelperformance. The expressively-designedinterior offers hi-tech features rangingfrom the TFT cockpit display with DriveSelect Mode system.

The Aventador will be built in anall-new production facility atSant’Agata Bolognese with firstcustomers taking delivery in latesummer 2011. DM


Eat, Sleep, PlayCool Gadgets


Eat, Sleep, Play Cool Gadgets

Thrills of a lifetime

From the creators of the world’smost sophisticated, interactivemotion-based racing simulatorscomes a new simulator designedspecifically for the needs of theglobal attractions market.

Using the exact same advancedtechnology as the professionalsimulators Cruden supplies to theworld’s leading motorsport teams andautomotive researchers, Hexathrill is alighter, more affordable and flexibleversion that uses less floor space anddelivers a faster return on investment.

Frank Kalff, Commercial Director,Cruden, says: “Cruden is trusted inmotorsports and is a growing player inthe entertainment business havingsold simulators to theme parks, kartingvenues, simulation centres, malls andprivate individuals around the world.

“Hexathrill is a response to feedbackfrom non-motorsport specialistattractions such as FamilyEntertainment Centres

(FECs) where floor space is at apremium and where there isopportunity for the most sophisticatedsimulators at a more affordable price.We also anticipate significant interestfrom companies involved in travellingattractions and corporate hospitalitywhere the simulator needs to be easilytransferred from venue to venue on amore regular basis.”

Hexathrill is an evolution of theHexatech simulator (Hexa refers to thesix degrees of freedom which provide

full motion) specifically for theattractions sector.

The simulator’s footprint requirement,weight and height have been reduced by30% or more, making Hexathrill mucheasier to locate and install. It is expectedto comfortably fit standard room heightsof around 2.5m and is less restricted interms of floor loading, meaning it can besituated on higher storeys.

Cruden says the machine’s efficientdesign allows it to launch the newHexathrill beneath €100,000. Accordingto Kalff, Hexathrill is as durable andreliable as the Hexatech.

Continues Kalff: “Hexathrilldemonstrates Cruden’s commitment tothe entertainment market and is anatural step for us as we expand ouractivities further in this sector. Indeveloping a much more accessiblepackage, it was essential that ouraccurate force feedback and motion-cueing technologies were notcompromised, and this has beenachieved with a remarkable product.

The Hexathrill will be on display onstand 1451, alongside a Hexatech 3CTR(three-seater) simulator, alsodeveloped for the entertainmentmarket but larger due to its ability toseat three guests at once. Customerscan place orders for all Crudensimulators on the stand for delivery inearly 2011.

Cruden develops high-tech, realisticand accurate professional equipmentsfor the top levels of internationalmotorsport, including Formula One, aswell as vehicle manufacturers andtheir suppliers. The same package isthen made available to the globalattractions market and to privateindividuals to create a motorsportexperience which simply does notcompare with ‘games’ machines onthe market.

Cruden’s heritage is in thedevelopment of professionalsimulators for the aerospace, marineand automotive industries. Originatingfrom Fokker Aircraft Company, thecompany was FCS Racing Simulationbefore becoming Cruden in 2006. DM

New ‘Hexathrill’ racing simulator heads full throttle into the entertainment market


THE first ever solo exhibition byrenowned British furniture makerJohn Makepeace opens at SomersetHouse in London on 16 March 2011.The show celebrates Makepeace’s 50years at the forefront of Britishdesign and is funded by Arts CouncilEngland in recognition of hisinternational status in designingfurniture as a contemporary artform. The exhibition is part of a tourorganised by The Devon Guild ofCraftsmen.

‘John Makepeace – Enriching theLanguage of Furniture’ runs from 16March to 15 April 2011 and bringstogether 25 pieces from public andprivate collections in the UK andabroad, some not previously seen bythe public. Recent work includesdesigns made in limited editions from asingle tree.

The exhibits will include the famous‘Mitre’ chair made to celebrate HM theQueen and Prince Philip’s SilverWedding Anniversary and ‘Ripple’ – achest carved with wave formspenetrating the surface of the oak,from a tree planted in 1740 andharvested in 1980.

Makepeace’s visionary career positionshim as the father of British furnituredesign. His design and manufacturingrepresent a meeting of classic andmodern, embodying workmanship ofthe highest standard and championingsustainability. Each piece of furniture,

standing alone or as part of a collection,is original and quintessentially English.

Inspired by Danish designersin the 1950s, the youngcraftsman built his ownworkshop and soon earnednational acclaim for retailproducts for Heals, theCentenary Dining Room forLiberty’s and winning designcompetitions, including an Observerchallenge to design the perfect modernkitchen. In the 1970s he was a foundertrustee of the Crafts Council and gainedinternational renown for setting upParnham College, which integrated theteaching of fine craftsmanship in woodwith design and entrepreneurship.Former students include Sean Sutcliffe ofBenchmark, Konstantin Grcic and Wales& Wales.

Through the ’80s and ’90s, whiledirecting the College and running hisown studio, Makepeace addressed someof forestry’s most pressing economicconcerns and explored its environmentalpotential. He brought togetherforesters, chemists, material scientists,structural engineers and designers toresearch and develop sustainable newtechnologies and building systems. Theyused forest ‘thinnings’: low value treesof small diameter removed to enablethe better specimens to develop. Theaward-winning buildings thatresulted at the Hooke Park campusare proof of a most successful multi-disciplinary collaboration. Since 2000,

Makepeace has been leadinginitiatives with the V&A to encourage

more adventurous design.

Makepeace’s own work isrepresented in numerouscollections including theVictoria and Albert Museum,London, the FitzwilliamMuseum, Cambridge, theMuseum fur Kunstandwerk,

Frankfurt and the Arts Institute,Chicago. He now works to commission,undertaking several major projects inthe US, and has recently introduced arange of affordable limited editions.

Makepeace became an OBE (1988)for services to furniture design, wasgiven the Lifetime Achievement Awardby the Furniture Society (US) in 2002and is an Honorary Fellow of the DevonGuild of Craftsmen. He was recentlynominated for the Prince PhilipDesigners Prize 2010 and received aSpecial Commendation.

Makepeace says: “In a world where somuch attention is given to the short-term and superficial, our relationshipwith craftsmanship is more importantthan ever. Beautifully made anddesigned pieces that will endure andbecome heirlooms are a necessaryantidote to the virtual reality that nowpermeates the culture.”

John Makepeace – Enriching theLanguage of Furniture is being held inthe Terrace Rooms facing the Thames.Several of the pieces will be for sale. DM

Celebrated international furniture maker holds solo show in London

Hear More Music.

Meridian Sooloos’ powerful media server system makes any digital music collection a joy to explore. Not only do you have instant access to your entire library with an intuitive touch-screen interface: you’ll also rediscover forgotten albums as the system finds music for you based on what you want to hear. Meridian’s DSP Loudspeakers combine 30 years of high performance digital loudspeaker excellence in a simple, elegant design. Bring them together, and you have an astonishing listening experience.

The Meridian Sooloos Control 15 connects quickly and easily to a pair of Meridian DSP Loudspeakers to create a complete digital audio system – in a single room or, along with additional components, throughout your entire home.

It’s the ultimate music system for simplicity and elegance, power and performance, enjoyment and discovery.

Visit www.meridian-audio.com and choose ‘Find A Retailer’ to arrange a personal demonstration – and hear more of your music.

“A complete reinvention of how we relate to music” —ESQUIRE

“Arguably the most intuitive and rewarding piece of audio technology ever conceived” —WHAT HI FI

“The Sooloos system gave us a musical epiphany… it’s sheer genius” —STEREOPHILE

“Sooloos’ ability to instantly sort through your library and present to you exactly the music you might want to hear at any particular moment borders on the magical…”

—THE ABSOLUTE SOUND

www.meridian-audio.com

SooloosC15_A4-ad-0910-FinanceMonthly.indd 1 1/9/10 13:25

Eat, Sleep, Play Art

Art of the matter

Ongoing extravaganza since 1785

Enjoy Piper-Heidsieck responsibly

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