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Professor David Cadman
Chairman, Upstream
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When
considering appointing advisors to the proposed sale, what
were your main considerations? |
To find someone who would be enthusiastic about our proposition and would be experienced enough to guide us through it without passing the matter to “the third serving boy on the right”
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Also, what were your main concerns? |
To find the right buyer who would fit with Upstream and then to achieve a good and fair price without too many onerous conditions.
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| What were the determining points in deciding to appoint advisers? |
See above
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| Do you feel that Alaris was able to give you access to different types of purchaser? |
As it happens, I think we had a good idea of the most likely buyer – and indeed the actual buyer, with whom we had had a very tentative discussion. The market research identified some possible other buyers but our focus was on buyers that we had already identified.
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| In hindsight, how did your advisers’ actual role differ from your expectations, if at all? |
I had no expectation.
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| Was there any work that your advisers provided that you did not expect? |
No – except, perhaps, to identify the lawyer that we then used.
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| Was there any work that your advisers did not provide that you had expected? |
No.
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| Did the team that you had expected to do the work, carry out the work? |
Yes.
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| Do you feel that the level of resources and executive time provided was sufficient for the transaction advisory role? |
Yes.
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| Overall, what was the level of responsiveness from your advisers? |
Excellent – completely involved and supportive.
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| Are there areas of communication that we could do better? |
No.
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| Was the standard of work in terms of presentation and documentation relating to the business and the transaction at the level that you had expected? |
Yes.
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| Do you feel that negotiations were managed to your satisfaction? |
Very much so. The key contribution was to set and achieve a price that was higher than I had expected.
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| After the heads of agreement stage of the transaction was reached, do you feel that the advisers continued to contribute to the sale process? |
Yes, when needed, although much of the work was inevitably with the lawyer and our accountant. I had no idea of the amount of work required through the due diligence process, although Alaris had warned us that it would be considerable.
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| Overall, where would you say that you would have appreciated more involvement from Alaris in the transaction? |
No.
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| Overall, were there any key areas where you feel your advisers particularly contributed to the transaction? |
Setting the bid price and sticking with the deal. Being tough when necessary – for example on the additional cash payment.
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| In retrospect, would you use advisers again to assist in the sale of a business? |
Yes.
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| Would you consider recommending us to other business owners considering a sale of their business? |
Most definitely.
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| Are there any additional points that you would like to make regarding your experience of working with Alaris? |
Simply to express our thanks to Alaris for their dedication, constancy and expert guidance.
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