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GC Investment Partners’ acquisition of Dukeshill Ham Company

We are delighted to have provided financial due diligence and buy side advisory services for GC Investment Partners’ acquisition of Dukeshill Ham Company.

Last updated: 19 November 2020

“It was a pleasure working with the Buzzacott team and in particular, Alex Judd and George Thresh. Buzzacott were able to provide a bespoke service to fit our needs, working as an extension of our team to ensure we had the bandwidth required to complete the Dukeshill acquisition. Further, the quality work and attention to detail by the FDD team was excellent and led to us working with other Buzzacott teams as a result, demonstrating the consistent high quality across the firm.” – Mark Gallagher, GC Investment Partners

About the business

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Dukeshill produces and supplies premium quality fine foods, both directly to consumers ordering via its website/mail order service, and to high‐end retailers and hotels. The company holds the Royal Warrant as manufacturer and supplier of ham to Her Majesty The Queen. Based in Shropshire since it was founded in 1985, and occupying production and warehousing facilities, the Dukeshill brand is synonymous with luxury food items.

How we helped

Our corporate finance team’s financial due diligence and buy side advisory services provided GC Investment Partners with assurance over the financial position of Dukeshill and helped to ensure a deal was completed efficiently and effectively. Our key insights related to work performed on Dukeshill’s growth in revenue and the impact of COVID-19.

We performed detailed analysis of the seasonality of the company, with a historic reliance on Christmas sales. The review included analysis of current and historic margins by product type, as well as the cost base of the business. We also provided a detailed tax assessment, including a review of R&D tax credits, employment taxes and VAT.

Challenges overcome

The largest challenge was the timing of the transaction and the implications on the locked box mechanism. Our financial due diligence work, particularly around working capital, fed directly into the locked box workings and ultimately the Sales and Purchase Agreement (SPA). Our corporate finance experts worked closely with GC Investment Partners to add clarity to the completion process and provide the tools to enable a smooth and timely transaction.

These challenges were overcome by our understanding of the company and the sector. Our expertise provides the tools for any perspective purchaser to gain assurance over the business they are buying as well understand the purchasing processes and the various nuances involved. 

Next steps for Dukeshill

Dukeshill Ham Company is in as strong a position as ever, with mail and online food ordering becoming more and more popular. The Dukeshill brand has an exceptional reputation and we understand the Mark, Andy and Desmond will continue to build on the success built by Neale and Sarah over the last 15 years.

Click here to see the deal announcement, first published in Insider.

"We are delighted to announce another completed transaction during these difficult times, and it was a pleasure to work with Mark, Andy and Desmond from GC Investment Partners. They will be a great asset to a successful business and we wish them well for the next phase of the company’s development."

About the author

Alex Judd

+44 (0)20 7556 1457
judda@buzzacott.co.uk
LinkedIn

"We are delighted to announce another completed transaction during these difficult times, and it was a pleasure to work with Mark, Andy and Desmond from GC Investment Partners. They will be a great asset to a successful business and we wish them well for the next phase of the company’s development."

Get in touch
Get in touch

If you’re looking for due diligence services to provide you with the required assurance to acquire a business in the current climate, please get in touch. Click here to see more of our recent transactions.

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