Pannone Corporate has advised APRIL Group, the leading wholesale insurance broker in France and Europe, on the cross-border acquisition of Lexham Insurance, a specialist two-wheeler insurance broker.

Lexham was established in 1999 and has since become a leading provider of moped, scooter and motorcycle insurance in the UK.

The acquisition reinforces APRIL’s ambition to expand its international footprint in specialist personal property and casualty (P&C) niche insurance, such as two-wheeler insurance, building on its presence in France and Spain. As part of the deal, Lexham CEO, James Miller, will continue to lead the business with his team.

Pannone’s corporate team included partner Tom Hall who co-led the deal with director Andrew Walsh, with further support from Belinda Cheung and Georgina Bligh-Smith.

Hall said: “This is a fantastic deal to kick the year off with – one that demonstrates the continued appetite of overseas investors and trade buyers, seeking to scale their operations internationally through strategic buy and build opportunities.

“APRIL has built up an excellent reputation in the European two-wheeler insurance sector and the acquisition of Lexham Insurance marks an important step in expanding its presence in the UK market.”

APRIL has a network of over 15,000 partner brokers internationally. With 2,400 employees, the company provides health and personal protection insurance, loan insurance, international health insurance (iPMI), property and casualty niche insurance and savings in investment products.

Marc-André Dupont, Head of APRIL Group property and casualty division, said: “We share Lexham’s passion for customer service and its recognised expertise in network management. With James Miller, who will continue to lead Lexham, we have begun to identify synergies that will enable us to create value across Europe.”

Lexham Insurance offers in excess of 20 different insurance products, including quad insurance, car insurance for motorcyclists, motorhome and camper, as well as motor trade and commercial insurance. It employs 200 employees across three UK offices.

Other advisors on the deal were:

• Charles Pétré and Olivier Cœnon of Caurus Partners (buy-side: corporate finance)
• Jenny Pape at Azets (buy-side: tax and structuring)
• Josh Bates at O’Connors (buy-side: regulatory)
• Osborne Clarke (sellers – legal )
• Grant Thornton (sellers – corporate finance).

Photo credit: Milos Muller

Pannone Corporate has advised on the sale of Eco-Readymix Ltd, a leading producer of mortar and concrete in the North West.

The company, which was established in 2004 and has sites in Wrexham and Ellesmere Port, was acquired for an undisclosed sum by Aggregate Industries, a member of the Holcim Group. The acquisition will reinforce Aggregate Industries’ position in the North West market and also help establish its place in the UK mortar market.

Pannone’s corporate team advised the shareholders of Eco-Readymix. The team included corporate partner, Tom Hall, Bez Borang and Sam Roberts. They were supported by James Harris, partner in the real estate team.

Hall said: “This is a fantastic deal. A regional business that is anchored in a traditional sector, but is forward-looking in its approach, particularly around sustainability and the environment.

“We’re delighted to see the business attracting the attention of a heavyweight, such as Aggregate Industries, and we will watch with great interest as the combined businesses make an even greater mark on the North West market.”

Eco-Readymix produces Ready to Use mortar and Dry Silo Mortar and serves national house builders, groundworkers and civil engineering firms alongside the domestic market.

It also produces ready mix concrete, liquid and traditional screed, concrete masonry blocks and aggregates. The company has strong sustainable credentials. Its Wrexham site is almost entirely powered via a biomass system alongside both wind and solar power. It employs 52 people across its sites.

Dragan Maksimovic, Chief Executive Officer of Aggregate Industries UK, said: “We are delighted to be able to announce the acquisition of Eco Readymix and welcome them to Aggregate Industries.

“As a business, it has clear sustainable values very much in line with our own and will strategically add to our strong footprint in the North West.

“This also marks our entry into the UK mortar market with a knowledgeable and ambitious management that has multiple synergies with our own. The acquisition supports our long-term strategy to continue to grow our business in order to become the UK’s leading supplier of sustainable construction materials and solutions.”

Picture credit: Iryna Melnyk

Pannone Corporate has advised on the cross-border sale of a controlling stake in North West company, Walker Sime.

The Manchester firm acted as legal adviser to the shareholders of Walker Sime, of which shares were acquired by Oregon-based Otak, part of the HanmiGlobal Group. The US company has taken a majority stake in Walker Sime, as part of the deal.

The Pannone team was led by Tim Hamilton (corporate Partner), Miranda Foy and Behzad Borang.

Walker Sime is a multi-disciplinary construction consultancy, which specialises in quantity surveying and project management. It has worked on a number of high-profile projects, including Network Space’s 200,000 sq ft industrial scheme in Altrincham and the £54 million Glass Futures in St Helens.

Tim Hamilton said: “We have worked with Walker Sime for a number of years and have followed the company’s impressive expansion, establishing itself as a leading player in the North West construction market.

“The sale to Otak is a perfect culmination of years of hard work and dedication by the team and a significant milestone in its ongoing growth journey. We were delighted to have acted for the company on this transaction and look forward to watching the next phase of its development, in particular in advanced manufacturing and the low carbon economy.”

The Walker Sime deal comes three years after Otak, a design and project management firm, acquired a majority stake in London-based consultancy K2. As part of the deal, Walker Sime and K2 will merge operations under the Walker Sime name, creating a team of around 130 with a national focus.

The financial advisors to the shareholders of Walker Sime were James Jennings and Chris Bentley of the Strategy Exchange.