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Case Study - Project Pipeline

Date: June 2011
Sector: Engineering
James Cowper Kreston Team: Nick Rogers 

James Cowper Kreston Corporate Finance was appointed by Trescal SA  a French based global calibration business backed by Global Private Equity provider 3i to provide financial due diligence services in regard to its acquisition of  Antech a privately owned calibration business based in Great Yarmouth.  Whilst initially the report was for the use of the Trescal board eventually the report was also addressed to the banks supporting Trescal.

The focus of JCKCF’s role was to provide assurance on the historic trading, balance sheet  and KPI’s of Antech.  Unusally the scope of the work did not include any review of forecast or projections.  JCKCF did provide accounting and commercial input into the legal documents drafted by Trescal’s lawyers.

The main challenge faced by JCKCF was to provide Trescal with a great insight into Antech despite a vendor who was reluctant to provide all the information required.  The JCKCF team worked hard to build trust with the vendor and then it rolled up its sleeves to create information from a lot of raw data within a number of non integrated software systems.

The JCKCF report was very well received by Trescal as being commercial and very helpful in allowing it to shape its investment decision.