Tenon Corporate Finance makes three key acquisitions

Tenon Corporate Finance, the corporate finance arm of Tenon Group plc, has announced the acquisition of Livingstone Guarantee, DHD Corporate Finance and the Nottingham and Leicester based non-audit business of BDO Stoy Hayward. The combined deals have a consideration of over £60.3m, paid in a mixture of cash and Tenon stock. Since it was incorporated in Febraury 2000 and floated on AIM a month later, Tenon has expanded rapidly through a series of acquisitions, obtaining 13 firms and three small businesses. Its aim when launched was to create a professional services group with an annualised turnover of £100m inside three years. The recent purchases complement Tenon’s stated objective of becoming the leading financial advisory player in UK mid-market M&A and buyout transactions (within the £2-100m bracket:). It now has national coverage over five regions comprising London and the South East, the South West, the Midlands, the North and Scotland, with a collective staff of 100 corporate finance specialists and an acquired turnover of some £80m.Tenon is also paying £30m for the non-audit business of BDO Stoy Hayward in the East Midlands (the audit business has been sold to Blueprint Limited), £25m for London-based Livingstone Guarantee (including its new Synergy division) and £5.3m for Southampton and Reading based DHD Corporate Finance. BDO Stoy Hayward were advised on the sale by Pinsent Curtis Biddle corporate finance partner Gareth Edwards, assisted by Rebecca Wilson, Hywell Evans and Hanh Jelf.

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