Deals

Deals

Refinancing of Novus Leisure

July 2007

Cornerstone advised Novus on raising £20m debt and equity funding from its current financial backers in order to undertake a roll-out of its premium bar concept and pursue its acquisition of Soho Clubs and Bars.

£80m acquisition of Lil-lets by Electra Partners

December 2006

Cornerstone advised the incumbent management team on the £80m management buy-out of Lil-lets, a market leading feminine hygiene consumer products business operating in both the UK and South Africa.

Electra Partners led the buy-out, with debt funding provided by Barclays and Bank of Scotland. Management acquired a significant stake in the business.

• Transaction update

£107.5m acquisition of Paramount Restaurants by PPM Capital

September 2006

Cornerstone advised the incumbent management team on the £107.5m acquisition of Paramount Restaurants, one of the UK's leading restaurant groups operating 77 restaurants throughout the UK under the following well-known brands: Chez Gérard, Bertorelli, Caffé Uno, Livebait, Café Fish and the recently launched Brasserie Chez Gérard.

PPM Capital acquired the business with debt funding provided by the Royal Bank of Scotland, Barclays and HSBC. Management acquired a significant stake in the business.

• Transaction update

£76m Secondary Management Buy-Out of Sporting Index Group Ltd

November 2005

Cornerstone advised the management team on the £76m secondary buy-out of Sporting Index Group Ltd, the leading sports spread betting company, from Duke Street Capital.

Hg Capital acquired the business with debt funding provided by the Royal Bank of Scotland. Management retained a significant stake in the business.

• Transaction update

£155m Public to Private of Urbium Plc

October 2005

Cornerstone advised the management team on the £155m public to private of Urbium Plc (now renamed Novus Leisure), a premium bar operator.

Electra Partners Europe acquired the business with debt funding provided by the Royal Bank of Scotland. Through the transaction, management acquired an influential equity stake in the business.

• Transaction update

Public-To-Private of Boosey & Hawkes plc

November 2003

Cornerstone originated and advised the management team on the take private of Boosey & Hawkes plc, the world's largest specialist classical music publishing business. The transaction was completed on 21st November 2003. Its total value was £84m, which was funded by way of £46m of senior debt and £4m of working capital, provided by Barclays and £38m of equity, provided by Hg Capital and the management team.

• Transaction update

Development Capital Raised For TKC Group Ltd

May 2003

Cornerstone advised TKC Group Limited on the raising of £2m development finance (comprising £1.5m revolving credit and £0.5m overdraft facilities) from Lloyds TSB, to underpin its UK growth strategy. The deal completed in May 2003.

TKC is a private company, owned by its management, which was established in 1989 and is now a leading retailer of branded and own label extreme sports equipment, urban street wear clothing, shoes and related accessories, targeting a core of 12 to 24 year old consumers. The Company has wholesale, high street retail (consisting of 19 branded “Route One “ stores) and mail order catalogue/internet distribution arms.

• Transaction update

Management Buy-Out of Sporting Index Holdings plc

January 2003

Cornerstone originated and advised the management team on the buy-out of Sporting Index Holdings plc, the leading sports spread betting company, which was completed on 20 January 2003. The total value of the deal was £56m, which was funded by way of £34.6m of senior debt, provided by Royal Bank of Scotland and £21.4m of equity, provided by Duke Street Capital and the management team.

• Transaction update