Feb 22, 2021
Lexington Corporate Finance (“Lexington”) is pleased to announce that it has acted as the Corporate Finance Advisor to the shareholders of iCOM Reward Works Limited, a leading UK provider of employee benefits and rewards, on its sale to USA based Terryberry.
iCOM, established in 1990 and based in Cardiff, provides integrated rewards and benefits platforms for large private sector companies such as Brains, Allianz and Greene King as well as a large number of public sector customers from Local Authorities, The NHS and Blue Light services. The Management Team of Dave Baker and Don Reed will stay with the business following completion.
Terryberry, based in Michigan and with 30 offices through the US and UK, is a leading employee recognition business and is backed by Tenex Capital following its investment in 2019. This represents the second UK acquisition for Terryberry following its acquisition of Cottrills Reward in 2017 and the first since the investment by Tenex.
Lexington acted as the lead adviser and presented the opportunity to a number of potential acquirers and Terryberry surfaced as the favoured acquiror. The Lexington team was led by Thomas Edwards and Charlotte Mancuso, who negotiated terms and managed the process through to successful completion.
Dave Baker, Managing Director of iCOM said “As founder of the company, you want to find the best fit for your business and the best partners to work with to make the deal happen. We are very happy that we found both in the shape of Terryberry as our new owners, and Lexington as our advisors and facilitators of the deal. The Lexington team worked very hard with great tenacity and creativity on our behalf to deliver a great outcome for all stakeholders”
Thomas Edwards, Director, said “We are delighted to have advised Dave & Don on this deal, which is the second transaction we have worked on with them following the sale of iCOM Print Works earlier in 2019. They have built an exceptional business that attracted significant attention – the cultural and strategic fit with Terryberry was visible from the initial conversations and we look forward to seeing the combined business grow in the future.”