Case​: Disposal of third generation family owned Danish agri business Skiold A/S

• ​Trade buyers were excluded from the outset due to sensitivity of information exchange and added complexity of process. Process targeted at selected Danish and international private equity
• Focused process with only a limited number parties involved ensured strong commitment from pre-selected PE from the outset of the process
• Building of compelling value creation plan and “buy and build” investment case was essential for securing strong interest and supporting underlying valuation parameters
• The value creation plan was prepared without outside strategy consultants creating a high level of authenticity and credibility around management’s ability to deliver. Created as a side effect a high degree of team spirit and a very unified management team
• Management only exposed to PE in two limited windows prior to selection of preferred buyer: 1) presentation of value creation plan, and 2) phase I due diligence enabling management to maintain focus on daily business
• An unusual high degree of back-end of turnover in FY 2017 derived from sale of projects in Skiold A/S for reasons outside the control of the company created difficulties in securing an appropriate level of bank finance
• W&I insurance provided the vendor with a clean solution and close to 100% release of proceeds from sale at closing