Steven Bernstein, Senior Director in the Corporate and Commercial department and co-founder of Lawrence Stephens, argues that some companies fare best when owned privately, in Law360.

Steven’s comments were published in Law360, 20 January 2023.

Discussing Seraphine Group PLC’s £15.3M Takeover by Mayfair Equity Partners LLP, Steven commented: “From my perspective, it’s an interesting example that maybe not every business is well suited to be on the public market…

“And then there are some businesses that are just better owned privately, because there’s just a greater degree of flexibility, and you can make quicker decisions without the scrutiny that comes from being in a public space.”

Lawrence Stephens’ Corporate team acted for The Agility Group in connection with the sale of Agility Risk and Compliance Limited to Opus Safety Limited, in a deal which was completed on the 17 January 2023.

Agility Risk and Compliance Limited, subsidiary of The Agility Group, provide tailored solutions to mitigate risk and improve compliance in Health and Safety, HR, Training and Occupational Health. Opus Safety Limited will expand its capabilities via the acquisition. Meanwhile, The Agility Group will concentrate on scaling up its core business in vehicle funding and fleet management solutions.

The deal was led by Senior Director, Jeff Rubenstein with assistance from Associate, Aashay Knights and Solicitor, Isobel Moran. The team worked collaboratively with the management team at The Agility Group in the sale of its non-core business, to allow them to focus on developing and expanding its main business, Agility Fleet.

Jeff Rubenstein, Senior Director, Corporate and Commercial comments on the completion: “It has been an absolute pleasure to act for The Agility Group on the sale of this non-core business. Keith Townsend and his team’s willingness and responsiveness made it possible for our team to act swiftly and complete the sale without delay. We’re delighted to see The Agility Group streamline resources and focus on the continued growth of its core business, and we look forward to working with them again”.

Keith Townsend, Chairman and CEO of Agility Group comments on the deal: “Having met Jeff on a number of occasions, I didn’t hesitate when he came recommended to act on this deal. The Lawrence Stephens team were always on call and any concerns were put to bed by Jeff who demonstrated a great deal of commerciality as he put my mind at rest on a number of occasions. Jeff and his team, including Aash and Izzy ensured a fair and balanced deal was struck, and I couldn’t have asked for more.

With the sale out of the way, the team at Agility Group are keen to re-focus our efforts on Agility Fleet, to maintain our position in the market as one of  the leading independent providers of vehicle funding and fleet management solutions in the UK”.

Lawrence Stephens’ Corporate and Commercial team has completed another significant acquisition for one of the portfolio companies that make up the Ansor Group, with the acquisition of Cunnington Clark by Efficient Building Solutions.

The amalgamated team will become QODA’s (a subsidiary of Efficient Building Solutions) new Peterborough office, providing mechanical, electrical, and public health design services. The integration of the Cunnington Clark team will allow for collaboration across Cambridge, London, and Norwich; and ultimately strengthen the QODA offering in the Eastern region.

The Lawrence Stephens team, led by Senior Associate Katherine Zangana, with assistance from trainee solicitor Isobel Moran, acted for the Ansor portfolio company, Efficient Building Solutions in this transaction.

Katherine Zangana, Senior Associate in the Corporate and Commercial team comments on the deal: “We have a strategic process in place when it comes to getting acquisitions across the line for Ansor Group. The acquisition of Cunnington Clark was no exception, as we turned the deal around quickly and seamlessly. We are very pleased to act on behalf of Ansor’s continued expansion”. 

Lawrence Stephens’ Corporate team has completed two further acquisitions for Ansor Group’s portfolio company, Amalgamated Laboratory Solutions (ALS), with the acquisition of its first London laboratory, Ken Poland Dental Studio, and that of Kent-based, Veus Dental Laboratory.

Ken Poland Dental Studio is situated in the heart of London’s West End in the Harley Street area and the acquisition is a milestone for ALS as it focuses on the Capital’s talent and innovation. Likewise, the acquisition of Veus Dental Laboratory lends itself to Ansor’s quest for talent and innovation as the laboratory, led by Dr Manmit Matharu, was created to bridge the gap between Dentist and Technician.

The team led by Senior Director, Steven Bernstein with assistance from Senior Associate, Katherine Zangana acted on behalf of ALS on both deals, making swift progress in every stage towards completion. The result is a significant contribution to Ansor’s overall expansion plan in the dental solutions space.

Steven Bernstein, Senior Director in the Corporate and Commercial team comments on the deals: “These completions came during a wave of multiple Ansor acquisitions that we acted on in Q2, but they hold particular significance for the growing business, with ALS acquiring its first laboratory in London, as well as the first laboratory that is run and owned by a dentist. We were delighted to have completed these transactions and look forward to Ansor continuing to expand its portfolio”.

Lawrence Stephens’ Corporate & Commercial department has completed another two major acquisitions for two of the portfolio companies that make up the Ansor Group with the acquisition of Tennals Fire & Security by Compliance Group, and Procure4 by 4C Procurement.

Each are significant acquisitions and will broaden the range of services provided by the Ansor Group through its portfolio companies. Tennals Fire and Security is one of the largest fire safety services companies in the UK and the acquisition has broadly expanded Compliance Group’s range of protection services. The rapid growth of 4C Procurement is enhanced by its recent acquisition of the international supply chain management consultancy, Procure4.

The Lawrence Stephens team, led by Senior Director, Steven Bernstein and assisted by Senior Associate Katherine Zangana, acted for the Ansor portfolio companies in these acquisitions.

Steven Bernstein, Senior Director at Lawrence Stephens comments on the deals: “We have completed a significant number of acquisitions for Ansor Group in the last two years, and we still prioritise every single one. We are just as thrilled to act for the portfolio companies that make up the Ansor Group on the 50^th purchase as we were when the first acquisition came in, and we share the Group’s excitement when it comes to its growth plans”.

Lawrence Stephens’ Corporate & Commercial department has completed another two acquisitions for Ansor Group, including the acquisition of dental laboratories, Romak Denture Centre and Precedental, which have joined ALS Dental Group in its rapid expansion.

Both Romak and Precedental will contribute to the prominence of ALS Dental Group in terms of capacity and technological solution. Romak Denture Centre has built up an impressive client list of over 200 dentists, and has recently invested in 3-D printing technology as an innovation in their manufacturing capabilities. Precedental recently acquired industry leading equipment including digital production solutions.

The Lawrence Stephens team, led by Senior Director Steven Bernstein, and assisted by Senior Associate Katherine Zangana, completed the transactions seamlessly and efficiently. The two significant acquisitions have contributed to ALS Dental Group’s commitment to growth and strengthen Ansor Group’s expansion in this sector.

Katherine Zangana, Senior Associate at Lawrence Stephens comments on the deals: “We have adopted an efficient system for Ansor that works well, so it’s a pretty well-oiled machine now. Working with such a responsive and efficient client certainly helps get transactions across the line and is demonstrative of Ansor’s desire to close the deals on its acquisition pipeline”.