Integration Associates News Archive
ia consulting
We are very pleased to be able to announce the recent acquisition of the domain name 'iacg.co.uk' from the present owners, Inverclyde Asthmatic Caring Group. The management of Integration Associates will port its web presence to the new domain name going forward to reflect the ever increasing demand for our expanding...more
7th Oct 2009
'F-PK' sale
It was announced last week that Macquarie Group, the Australian banking group has agreed to buy Fox-Pitt Kelton Cochran Caronia (F-PKCC) for a figure in excess of $100 million. F-PKCC is one of the most highly regarded advisory and research 'boutiques' specialising in the global financial services sector. Given its...more
5th Oct 2009
KPMG predicts merger wave
A recent study by KPMG suggests there could be a new wave of mergers in the UK Building Society sector over the next few years, primarily as a result of the severe downturn in the UK's economic fortunes. KPMG in its study points to the need for Building Societies to either, be forced into a merger due to poor performance, or to...more
7th Sep 2009
The FS sector takes centre stage
Anacap Financial Partners recent announcement that it has raised over €500m to acquire more financial services businesses in Europe is another positive sign that the Financial Services sector, once overlooked by many in the Private Equity industry, is about to take centre stage. It is testament to Anacap’s proposition that is has...more
23rd Aug 2009
A panacea for building societies?
West Bromwich Building Society, the eight largest mutual in the UK, has been particularly hard hit by the current financial crisis, with a March full year loss of £39.3m, mostly incurred from property loans gone bad. Building Societies face the problem of not being able to access external sources of tier one capital that would...more
23rd Aug 2009
The only way is up for the 'baggies'
It must feel like hard times have arrived in West Bromwich. Firstly your football team drops out of the premiership and them it looked like the building society is going to go bust. However a rescue is on the horizon with the news that the the society has converted its outstanding debt of £182.5m into a new financial instrument,...more
23rd Aug 2009
Cattles sells business to cut debt
Cattles, a sub-prime lender that has £850m of bad debts, has sold its invoice financing arm to a company affiliated to Anacap Financial Partners. The sale will allow Cattles to repay bank debts of about £65.5m. It also provides Cattles with the opportunity to simplify their operating model, focus on its core businesses and...more
23rd Aug 2009
Irish clover has three leaves!
It has been reported that the Irish government’s bad bank, the National Asset Management Agency (NAMA), is set to buy up, at a discount, ‘bad’ loans worth up to £74bn, off Irish lenders. The move has been viewed as a potential stimulus to a series of mergers, closures and an overall reduction in banking...more
23rd Aug 2009
Robinson's way forward
London Scottish has agreed to sell its debt collection subsidiary, Robinson Way, after recently being put into administration. The niche lender failed to meet the Financial Services Authority’s (FSA) capital requirements. Robinson Way’s business model centres around the purchase of portfolios of debt, with the aim to...more
23rd Aug 2009
Private Equity goes back to school!
The recent downturn has not been a barrel of laughs for many! Private Equity firms have been particularly hard hit. Contracting credit and declining asset values led to new deal activity grinding to a halt. So is there a silver lining in all this for Private Equity or are they destined for a prolonged period of doom and gloom? ...more
23rd Aug 2009
The rush to invest in Financial Services
Morgan Stanley’s Private Equity fund of funds has invested £45m in Aldermore alongside Anacap Financial Partners, which bought the company in May 2009, making Morgan Stanley a ‘meaningful’ minority holder in Aldermore. The investment brings the total amount of capital injected into Aldermore to around...more
23rd Aug 2009
Tesco’s – the people’s bank?
Tesco recently bought out Royal Bank of Scotland’s 50% share in their joint venture company for £950 million with a view to aggressively growing its financial services arm: acquiring a number of prestigious non-executive directors and financial services sector ‘names’ along the way. Could this spell the emergence...more
23rd Aug 2009
Searching for the 'Exit'.
With the UK stock market improving it will come as no surprise to learn that the UK Government is starting to look for ways to reduce the public debt it incurred from its recent intervention in the UK banking industry. The UK Government acquired substantial shareholdings in both the Royal Bank of Scotland and Lloyds Banking...more
23rd Aug 2009
Reforming financial markets
In the wake of the failure of a number of UK banks and the continuing crisis in the financial markets, Britain’s financial regulatory system is without doubt in strong need of repair. Regulatory oversight is provided by the Financial Services Authority (FSA), the Bank of England and the Treasury, however it could be said that none of...more
15th Jul 2009
Breathing life into a moribund sector!
Clive Cowdery’s 'new' Resolution vehicle is expected to solicit acquisitions with a price tag of around £5bn-£7bn, which brings most of the UK listed life and pensions industry, other than Prudential and Aviva, into Resolutions sights. Mr Cowdery has commented that “there will be fewer insurers...more
1st Apr 2009
Credit Crisis
The recent disclosure that a number of Private Equity bidders may have been excluded from the bidding for the Insurance assets of Royal Bank of Scotland (RBS) amply illustrates the extent of the current challenge for the sector. Faced with a shortage of debt providers willing to underwrite major acquisitions, the prized asset in...more
14th May 2008
'Servo' open for business
On April 1st 2008 the 'new' Servo opened its doors for business for the first time. With a turnover approaching £100m the 'new' Servo starts life with over 3,100 active customers and has a scale and potential market influence never previously enjoyed by either of its predecessors. Servo is positioned to exploit...more
28th Apr 2008
Have your cake and eat it!
Given the overwhelming evidence that returns to acquiring-firm shareholders are generally negative, have you ever wondered why large institutional holders of acquisitive company stock vote through deals, that on the surface reduce the value of their holding? Recent research* provides a clue to this apparent anomaly. * ...more
8th Oct 2007
Is the deal well drying up?
' US' sub-prime mortgage collapse, global money market liquidity crisis and a UK bank run! Not a great environment to be looking to syndicate debt for the current deal pipeline even worse for raising new debt to finance future deals. With a new dawn comes a new opportunity, or a chance for the Private Equity to illustrate its true...more
18th Sep 2007
End of the road for Barclays?
Is is the end of the road for Barclays? More bad news for Barclays in its proposed friendly merger with ABN Amro? Not only has RBS intervened with its alliance partners to spoil the proposed merger but it now seems Atticus Capital, a hedge fund with a holding of Barclays shares, has suggested it should abort its all share €65bn...more
12th Jun 2007
Advent International acquisition
Advent International acquires Lloyds TSB Registrars..... Global private equity firm Advent International has agreed with Lloyds TSB to acquire its subsidiary Lloyds TSB Registrars for a sum of GBP550m. The transaction is expected to close in the second half of this year. Advent International's acquisition proves that if you...more
24th May 2007
Everyday shortlisted for award
EFS shortlisted for Training award...... Everyday Financial Solutions (EFS) have reached the finals of the 20th National Training Awards. A testament to the commitment, skill and capabilities that are needed to support the implementation of mergers in the Financial Service sector. EFS was created by merging the Financial...more
20th Jul 2006
Not an 'everyday' occurance
Not an 'everyday' occurance!..... 4th July 2005 saw the unveiling of Everyday Financial Solutions (EFS) new state of the art Customer Contact Centre in Aintree, Liverpool. A significant milestone in the creation of Littlewoods Shop Direct Groups Financial Services business and heralded in the North West as a significant step in...more
4th Jul 2005