M&A Deal Summary

Toscafund Asset Management, Penta Capital, Souter Investments Limited and Murray Capital Acquire TalkTalk

On March 16, 2021, hedge fund Toscafund Asset Management, private equity firm Penta Capital, family office Souter Investments Limited and family office Murray Capital acquired communications company TalkTalk for 1.1B GBP

Acquisition Highlights
  • This is Toscafund Asset Management’s 1st, Penta Capital’s 3rd, Souter Investments Limited’s 2nd and Murray Capital’s 1st transaction in the Communications sector.
  • This is Toscafund Asset Management’s 0th, Penta Capital’s 0th, Souter Investments Limited’s 0th and Murray Capital’s 0th largest (disclosed) transaction.
  • This is Toscafund Asset Management’s 2nd, Penta Capital’s 25th, Souter Investments Limited’s 19th and Murray Capital’s 8th transaction in the United Kingdom.

M&A Deal Summary

Date 2021-03-16
Target TalkTalk
Sector Communications
Buyer(s) Toscafund Asset Management
Penta Capital
Souter Investments Limited
Murray Capital
Deal Type Going Private
Deal Value 1.1B GBP

Target

TalkTalk

Salford, United Kingdom
website
TalkTalk is a provider of landline, broadband, TV, and mobile services. TalkTalk serves over four million customers and operates Britain’s largest unbundled broadband network. TalkTalk was founded in 2002 and is based in Salford, England.

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Buyer(S) 4

Buyer
DESCRIPTION


DEAL STATS #
Overall 3 of 4
Sector (Communications) 1 of 1
Type (Going Private) 1 of 1
Country (United Kingdom) 2 of 3
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-18 Lemonway

Paris, France

Lemon Way is a regulated payment institution focusing on marketplaces, crowdfunding platforms, and e-commerce websites that require payment processing, wallet management, and third-party services in a KYC/AML-regulated framework. The company currently manages over seven million payment accounts. It offers an all-in-one solution of modular and proprietary API-based services ranging from onboarding to cash pay-out flows. Lemon Way was formed in 2007 and is based in Paris.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-22 VoxSmart

London, United Kingdom

VoxSmart is a communications surveillance provider that designs, develops, and deploys cloud-based mobile recording and communications surveillance technology for global financial institutions to manage their business risks and regulatory requirements. VoxSmart was founded in 2006 and is based in London, United Kingdom.

Buy -
Buyer

Penta Capital

London, United Kingdom

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 300M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Penta Capital is a mid-market private equity firm that concentrates on later-stage investment opportunities throughout the UK and Ireland. Penta looks to invest between £5 and £200 million. Sectors of interest include leisure, consumer products/services, and business services. The Firm generally looks to support growth capital needs, as well as management buyouts/buy-ins. Penta Capital was formed in 1999 and maintains offices in London and Glasgow.


DEAL STATS #
Overall 27 of 27
Sector (Communications) 3 of 3
Type (Going Private) 3 of 3
Country (United Kingdom) 25 of 25
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 GRP Group

London, United Kingdom

GRP Group is an independent insurance intermediary. GRP operates retail broking, specialist MGA, network, and Lloyd’s businesses, enabling the Group to serve the growing insurance and risk management needs of its clients. GRP Group was founded in 2013 and is based in London, United Kingdom.

Sell -
DESCRIPTION

Souter Investments is a family office focused on private equity investing throughout the UK. The Firm looks to commit £2 to £30 million to support a variety of transaction situations including buyouts, growth capital financings, corporate divestitures, and balance sheet restructurings. Broad areas of interest include transportation, luxury goods, financial services, healthcare, and business services. Souter Investments was established in 2008 and is based in Edinburgh, Scotland.


DEAL STATS #
Overall 22 of 28
Sector (Communications) 2 of 2
Type (Going Private) 1 of 1
Country (United Kingdom) 19 of 24
Year (2021) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-25 NTG Precision Engineers

Gateshead, United Kingdom

NTG Precision Engineers is a precision engineering business that manufactures low-volume, high-value parts for use in Severe Duty Engineering Applications: where its products operate in high temperature, high pressure, or high-stress environments. NTG Precision Engineers was formed in 1979 and is based in Gateshead, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Amerplast

Tampere, Finland

Amerplast is a provider of flexible plastic packaging solutions for both food and non-food applications to the biggest brands in key market segments in Europe. Amerplast was founded in 1952 and is based in Tampere, Finland.

Sell -
Buyer

Murray Capital

Edinburgh, United Kingdom

website


Category Family Office
Founded 2000
Size Small
Type Sector Agnostic
DESCRIPTION

Murray Capital is a family-owned investment firm focused on investing in a wide range of 'growth and value-added opportunities'. The Firm will consider businesses in a wide range of sectors, including manufacturing, technology, support services, and leisure. Murray was formed in 2000 and is based in Edinburgh, Scotland.


DEAL STATS #
Overall 9 of 11
Sector (Communications) 1 of 1
Type (Going Private) 1 of 1
Country (United Kingdom) 8 of 10
Year (2021) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-15 Nu-Heat UK

Devon, United Kingdom

Nu-Heat UK Ltd. is a provider of warm water underfloor heating and integrated renewable solutions, Nu-Heat is committed to delivering fully designed, energy-efficient systems to installers, housebuilders, contractors, architects, and self-builders nationwide. Nu-Heat UK was founded in 1992 and is based in Devon, United Kingdom.

Sell £27M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-01 Wavegarden

North Berwick, United Kingdom

Wavegarden is a provider of world-class inland surfing lagoon facilities which will enable surfers of all levels to surf in a controlled environment using Wavegarden’s wave generation technology. Wavegarden is based in North Berwick, United Kingdom.

Buy -