Mooreland Partners advises Barloworld on £81 million sale of Scientific division to Nova Capital Management
London, UK – 8 November 2007– Mooreland Partners is pleased to announce that it acted as exclusive financial advisor to
Barloworld Limited (South Africa) on the sale of its Barloworld Scientific Laboratory Group of businesses to Nova Capital
Management, the London-based specialist acquirer of private equity and corporate portfolios, for £81 million total consideration. The acquisition is expected to be completed at the end of November.
“Barloworld Scientific comprises a broad range of businesses with different profitability and growth characteristics, and our client preferred the simplicity of a single transaction with a single buyer while maximizing shareholder value,” said Stephen Schweich, Managing Director, Mooreland Partners. “We were able to run a disciplined divestiture process which attracted a geographically diverse group of both financial and strategic buyers for the business. Our client was able to use multiple selection criteria in evaluating the bidders, and assure itself of the highest probability of closing with the most qualified buyer.”
About Barloworld Scientific Laboratory Group
The Barloworld Scientific Laboratory Group of Companies designs, manufactures and distributes equipment and consumables for scientific, clinical and industrial laboratory applications. Their products are sold in over 100 countries and are principally designed and manufactured in the UK. The Group has five distinct business streams with some of the strongest brands in the market. These include Scientific Equipment brands Jenway, Techne and Stuart; Glassware brands Quickfit, Pyrex® and MBL; and Plasticware brands Sterlin and Azlon. The Group also includes Afora SA, the leading Spanish distributor of laboratory equipment and consumables. The parent company, Barloworld Limited, is a South African listed international industrial company.
About Nova Capital Management
In a single transaction, Nova enables the investors and managers of private equity funds, and corporate owners, to unlock their holdings in multiple assets. Nova is one of the leading firms in this ‘Secondary Direct’ market. Established in 2002, and with a 30 strong team, Nova has acquired or taken over the management of 14 portfolios representing a total transactional value of over €880m. Nova currently manages investments in businesses primarily operating in Western Europe and the US, across a broad range of sectors.
Mooreland provides investment banking advisory services to the global information and communications technology industries. From its offices in London, Silicon Valley and Greenwich, Mooreland’s international client service teams bring significant transaction expertise together with operational management and investing experience. The firm was created in 2003 to provide high quality strategic and tactical advice to public, private or venture-backed technology companies in relation to mergers and acquisitions, divestitures, financings, recapitalizations and restructurings.
In the United States, Mooreland Partners is regulated by FINRA and is a member of SIPC. In Europe, Mooreland Partners is
authorized and regulated by the Financial Services Authority.