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M&A activity in the Retail, Consumer & Leisure market

There's M&A activity in the Retail, Consumer & Leisure market: PwC UK's creative dealmakers advise on seven diverse deals in six months.

Setting the scene

In the first six months of 2023 the PwC UK Corporate Finance team has completed seven Retail, Consumer & Leisure (RCL) deals across a range of situations and deal types: three domestic and four cross-border; five trade and two private equity buyers; four sell-side and three buy-side roles.

Each of these successful deals has involved us working hand-in-glove with our clients, teams and fellow advisers:

  • The investment in Mowgli Street Food Group by TriSpan (UK)
  • The acquisition of Scott Dunn by Flight Centre (Australia and UK)
  • The sale of Cardowan Creameries to KTC (Edibles) (UK)
  • The cash acquisition of Devro plc by SARIA (UK and Netherlands)
  • The investment in Passenger from Growth Partner and Steve Hewitt (UK)
  • The sale of Boojum to Azzurri (Ireland and UK)
  • Advising Toridoll on the take private of Fulham Shore (Japan and UK)
Rick Jones

“The craft of M&A is never in greater demand than when businesses look to complete deals in a difficult market. Each of these deals were so different; each requiring its own set of skills, a bespoke approach and a global PwC community willing to think innovatively.”

Rick Jones, UK Hospitality, Travel and Leisure Leader, PwC United Kingdom

How we helped

A cornerstone for PwC’s deal making success lies in the teams deep sector experience backed by years of hands-on experience navigating complex markets whilst anticipating emerging trends. Equally, the strength of our global network allows us to pull on the strengths of industry, deals and other advisory professionals; tap into diverse skill sets, access valuable resources and collaborate to make an impact. The combination of the above gives rise to an environment that fosters diverse thinking and ideas resulting in a deep and intimate understanding of our clients’ business, the deals universe and specific and strong relationships with buyers. It is the unique blend of these capabilities, that allows us the opportunity to unlock untapped potential, seize new opportunities, help our clients thrive in rapidly evolving business landscapes, and get deals done.

Our clients know we care about their businesses. In today’s business environment, they are looking for deals that create greater opportunity with sustainable success. But it's not just about the business, it's about people…our clients and their customers. This is what our clients have to say:

“The PwC CF team was truly passionate about Mowgli - and just had a warm way about them. They understood the outcome we were looking for and provided invaluable insights and support to get us there. My experience of working with their team was above and beyond what I expected. It was above and beyond because it was human, it was real."

Nisha Katona, Founder of Mowgli

PwC CF provided invaluable support to us throughout this transaction. Their M&A expertise, hands on style and sheer can-do attitude were immense. Thank you PwC for supporting us with this excellent outcome.

David Smith,Company Secretary and General Manager of Mergers and Acquisitions Flight Centre

*Testimonials may not be representative of the experience of other customers. Testimonials are no guarantee of future performance or success.

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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Reach out to start a conversation

Rick Jones

Partner, UK Hospitality, Sports & Leisure Leader, London, PwC United Kingdom

+44 (0)7710 627834

Email

David Brown

Partner, Global Corporate Finance Leader, PwC China

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