Our M&A Team provides pragmatic, commercially relevant and bespoke advice at all stages of M&A transactions. Whether it’s structuring a data room for a vendor-led bidding process, negotiating on your behalf during an all parties meeting or advising on a sale or acquisition, our team will provide their commercially relevant knowledge throughout the transaction. We advise clients in all stages of their business lifecycle, ranging from rapid-growth start-ups to listed corporates allowing us to provide tailored corporate advice relevant to the unique circumstances of each of our clients.
Mergers and Acquisitions
Herrington Carmichael is a full service law firm offering legal advice to UK and international businesses as well as individuals and families.
Meet our experts
Dedicated professionals ready to assist you.
M&A Services
The M&A Team covers a wide range of transaction types, ranging from smaller transactions to multi-million pound, complex deals. One part of the team specialises in complex M&A, which involves intricate consideration mechanisms, multiple phased transactions, reorganisation of group structures pre-acquisition and often in collaboration with our overseas colleagues where the transactions have international elements.
Yavan Brar leads the Complex M&A Team, using his particular understanding of the law and his skillset in translating the clients' desired commercial outcomes into the drafting.
Recent M&A Corporate deal highlights include:
- DataOps.Live – advice on their £10.3 million series seed funding round led by the west-coast US venture capital investor, Anthos Capital alongside co-investor, Snowflake Ventures
- $60 million – New York Stock Exchange listed SatixFy Communications Ltd advised on sale of SatixFy Space Systems UK Limited
- £21.2 million sale of national financial advisory business to market consolidator
- £10.5 million sale of self-storage asset to US private equity fund
- £8.2 million sale of market-leading travel agency
- £5.3 million trade sale of multi-generational steel business to key supplier
- £2.7 million acquisition of independent financial advisor business by expanding financial advisory network
- £400k sale of UK manufacturing branch of US-based private equity backed label business
- £250k pre-pack sale of the business and assets of a national EV station installer in administration
- £100k sale of the business and assets of an insolvent regional audio-visual installer during liquidation
Financial Services M&A
Herrington Carmichael is recognised for its market-leading expertise in high-value transactions and advisory work across the financial services sector. We offer thorough and practical expertise tailored to the specific needs of PRA and FCA regulated clients and work with a range of acquirers and vendors in the Financial Services sector. These range from the requirements of the Financial Services & Markets Act and the FCA Regulations, to the ways that businesses generate revenue and provide advice to their clients.
Our clients rely on us to advise on their most strategically important transactions, where commercial priorities, regulatory requirements and people considerations intersect. With a strong understanding of the regulatory landscape and the day-to-day realities of operating in a regulated environment, we are able to navigate complex issues and deliver efficient solutions that work in practice as well as in principle.
Our specialist team have extensive experience of navigating these points during a transaction and are able to deliver pragmatic legal solutions to achieve clients' objectives and the team has been recognised by industry peers, winning the "Best Legal Support to Advisers" award in the 2024 FT Adviser Awards.
Recent highlights of the team include:
- £60m sale of retained equity from 12 subsidiaries to national financial advisory consolidator
- £27.5m sale of discretionary fund manager
- £2.7m acquisition of entire issued share capital of independent financial advisory business
- £9m sale of financial advisory division of regional chartered accountancy practice
- £5.5m sale of financial advisory limited liability partnership
Tech M&A
HC's Technology M&A Team has overseen changes within the dynamic global tech ecosystem marked by rapid innovation, with emerging technologies like AI, blockchain, and 5G shaping industries, fostering a digital transformation across the globe and continues to grow at an immense rate. The Herrington Carmichael M&A Team have specialist expertise in working with technology companies whether in selling or buying companies or assets.
Our tech M&A team, use their particular knowledge on the nature of tech assets and the market to achieve a desired outcome for our clients.
Healthcare M&A
Herrington Carmichael's Healthcare M&A Team has been navigating a transformative healthcare landscape, embracing digital innovation, personalised medicine with an increasing emphasis on preventative care.
HC acts for a plethora of clients ranging from care homes, medical labs, medical equipment suppliers and dental practices and guides his clients through the intricacies of healthcare related transactions. In particular, we have extensive experience in dealing with Care Quality Commission regulations and General Medical Council regulations. The team are familiar with the processes required to ensure the relevant approvals are sought leading to an overall smoother process for our clients.
Leisure, Hospitality & Retail
The team has many years of experience building in depth and specialist knowledge to handle the technical aspects of advising businesses operating in the leisure, hospitality and retail sectors and are able to advise on all sale, acquisition, commercial contract and compliance matters for any size of business.
The team can provide strategic advice to guide you through a sale or acquisition and to assist with the day to day running of a business. We understand the time pressures involved in a sale or purchase of a business and will project manage the transaction from instruction through to completion.
The team understands the employment, real estate and regulatory law considerations that apply to businesses operating in the leisure, hospitality and retail sectors and can provide a full, holistic legal service to support your business.
The team has a track record of assisting business owners to successfully sell and also to grow, via acquisitions, their independent leisure, hospitality and retail companies ranging from one off smaller shops through to garden centres and marine businesses.
Professional Services M&A
We have many years of experience advising professional service firms on corporate matters with a specific focus on assisting with the sale and purchase of accountancy and bookkeeping businesses. Each professional service business and transaction requires a tailored approach having regard to the specific industry's regulations and professional bodies interaction with the anticipated transaction.
We have acted for a broad range of professional services firms ranging from accountants to insurance brokers assisting owners who are looking to expand their businesses by acquiring additional client books or who are looking to sell their entire business. The team understands the regulatory requirements that apply to professional services firms and are adept at project managing transactions from instruction through to completion.
Distressed Business Sales or Purchase
Our Corporate Insolvency Team has vast experience advising on business acquisitions and sales that are driven by insolvency.
Frequently working alongside industry-leading insolvency practitioners, Herrington Carmichael is able to provide swift and effective advice to complete transactions within tight timeframes, with a tailored service for the requirements of each individual transaction.
Our Corporate Insolvency Team's pragmatic services also extend to assisting with the regulatory considerations that parties to distressed M&A need to make, thereby providing a full service to its valued client base.
M&A Transactions up to £10 million
Herrington Carmichael is recognised for its market-leading expertise in acquisitions ranging from £1–10 million in enterprise value. Undertaken for owner managed businesses; whether that is a business owner seeking inorganic growth via acquisition as part of a pre-exit growth strategy, or a business owner seeking to exit and realise full value for the business, Herrington Carmichael's specialist business ownership M&A Team can assist.
Herrington Carmichael delivers clear, responsive and proportionate legal advice and which is consistent with the same level of care and legal expertise as larger transactions – but often focused on different objectives and typically within tighter budgets and timelines.
We are trusted by entrepreneurs, SMEs, and family-run businesses both buy-side and sell-side to support them through every stage of the transaction, providing practical guidance, managing risk and helping you close your deal with confidence.
Key contact
Client wins
Insights
Get valuable insights from our articles.
Frequently Asked Questions
Find answers to your most pressing questions about our services and processes.
How do I value my business?
There are many ways to value a business and different industries prefer different methods. Accountants should be able to carry out a strict financial valuation for you however please note, it is worth engaging corporate finance advisors who have experience in the relevant industry to determine a valuation on the market.
Can I sell only part of my business?
Yes you can. There are many variations on the structure of a sale which can be adapted to suit each client and their needs. With an asset sale, you can select the parts of the business which you intend to sell while maintaining ownership of the remainder of the company. Another option is to go through a de-merger process by splitting the company into two and splitting the assets up in readiness for the sale of one of the companies. Please get in touch if you wish to find out more.
When do I need to get legal advice for an M&A transaction?
It’s crucial to get some legal advice early on in an M&A transaction, ideally before you even begin exploring potential targets or draft any agreements. Our team are primed to give advice on a range of matters including:
- The legal aspects of any term sheet agreed with the other party
- Any pre due diligence agreements i.e. non-disclosure agreements or exclusivity agreements
- Raising or answering any due diligence questionnaires
- Drafting and negotiating the legal documentation
- Navigating you through the disclosure process
- Completing the deal
Do I have to pay cash if I'm purchasing a business?
No, not necessarily. There are many different types of consideration which can be used to pay for a business. The most straight forward is cash but it is unusual to have enough cash funds available to cover the value. Often there is a part payment in cash. Consideration can also be satisfied by a loan from the Seller to the Buyer which will be repaid in accordance with some terms. This could attract interest and be secured against the business. The Buyer may offer the Seller shares in its company or a connected company to satisfy the consideration. If the Seller needs to sell the business in tranches, it is possible to grant an option over the business to the Buyer for them to buy in several stages to allow the cash to be released periodically. Please get in touch if you wish to find out more.