CHALLENGE
Gladman Developments Limited (‘GDL’) is the UK’s leading land promotion business, with a 30+ year track record, best-in-class management team, and a nationwide pipeline of c.100,000 units.
Savills Capital Advisors (‘SCA’) was instructed by GDL’s shareholders to seek offers for a 100% interest in the business, including their c.90 employees, offices and all contracts underpinning their c.100,000 unit pipeline. GDL was a private, majority family owned business who approached SCA in order to enable the majority shareholders to exit, capitalise on strong land market conditions and find an appropriate buyer who shared the same values as GDL and would support the growth of the business going forward.
SOLUTION
SCA provided full sell-side lead advisory services, managing the process through pre-marketing preparation (including building a bespoke financial model, creating an Investment Memorandum and Asset Books, and VDR management), marketing through several bidding rounds, managing the Q&A process and management presentations, strategy and approach to selecting a preferred bidder, and drafting and negotiation of the HoTs, SPA and ancillary documentation.
RESULTS
Our initial screening exercise saw SCA engage with c.30 carefully-selected global strategic and financial investors. Of these parties, we delivered bids from a range of high quality parties, in line with our pre-marketing underwriting. We drove competitive tension throughout the process to deliver a very strong partner in Barratt Developments Plc, at competitive pricing and at speed (a closing timeline of a little over one month, over the Christmas period).
TESTIMONIAL
"It was a pleasure to work with SCA on this landmark transaction, and we would highly recommend the team for delivering the highest standards of advice and support, with a detail-orientated and tailored approach. The team guided us with professionalism and diligence throughout the process.
"Thanks to all involved, and we hope to work with you again."
Victoria Hesson, CEO, Gladman Developments Limited