Background
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Close Brothers has been NSB’s retained financial adviser since 1997, having been appointed to advise NSB on its AIM flotation (NSB moved to the full list in 1999). Over this period, Close Brothers has advised NSB on a series of acquisitions made between 1998 and 2000 and the disposal of its UK operations to BT in 2003.
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NSB is a predominantly North American developer and supplier of end-to-end software solutions for the fashion, apparel and specialty retail markets. Its customers include JC Penney, Nike, Footlocker and Ross Stores. NSB is headquartered in Quebec, Canada, with offices in Columbus, Ohio, USA.
Process & outcome
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After reviewing a range of options with the NSB Board, Close Brothers used the extensive international contacts of its technology group to screen potential purchasers for NSB, a process which identified Epicor as the optimal strategic buyer for NSB, in terms of strategic direction, technology and geographical fit, and financial capacity.
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Epicor is a global leader in the development and delivery of integrated ERP, customer relationship management, supply chain management, retail point-of-sale and professional services automation software solutions to the mid-market and Global 1000 companies. It has over 20,000 customers across 140 countries. Epicor is headquartered in Irvine, California and is listed on NASDAQ with a market capitalisation of approximately US$800 million.
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As well as introducing Epicor to NSB, Close Brothers led negotiations on NSB’s behalf advising on tactics, co-coordinating interactions with the regulatory authorities and ensuring that all other advisers were performing in accordance with the demanding timetable.
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The offer represented a great deal for NSB shareholders, being a 62 per cent. premium to the pre-offer period NSB share price.
Testimonial
Simon Willis, Managing Director of Close Brothers’ Technology Team commented:
“We are delighted to have been instrumental in bringing together these two leading companies in the retail software space, which drew on Close Brothers’ international reach and sector knowledge. The enlarged group now has the international scale and reach to become a leading supplier of software solutions to the retail industry”.
For more information regarding the transaction, please contact Simon Willis, James Craven or Dominic Emery on +44 (0)20 7655 3100.