Cream of Scotland's dealmaking community celebrated at inaugural awards in Edinburgh

Compere for the night John Culshaw | Sandy Young/scottishphotographer.com

At the inaugural Scotland Dealmakers Awards, Insider UK joined forces with The Scotsman to honour the achievements of those who construct the deals that drive the Scottish business community forward.

PIB Insurance Brokers was the headline sponsor, while the awards were also sponsored by Cazenove Capital, Hutcheon Mearns, KPMG UK, Norman Broadbent, Scottish Enterprise, ThinCats and Wbg.

Part of the UK Dealmakers series, the Scottish award winners will go forward to compete against their peers from England, Wales and Northern Ireland at the UK Dealmaker Awards in February 2025.

The Dealmaker of the Year was Kerry Sharp at Scottish Enterprise whose team invested £52 million into more than 100 companies over the year, leveraging in additional funding of £152m from private sector investors. 

Scotland Dealmakers Awards | Sandy Young/scottishphotographer.com

Douglas Friedli, editor at Insider Media, said: "It's been such a privilege to work on the first Insider Scotland Dealmakers Awards. 

"It was clear from the quality of the entries we received that there is amazing work being done by corporate finance advisers, lawyers and funders across Scotland.

"The deals which won all have the potential to boost Scotland's economy. And the individuals and firms celebrated at the awards have contributed to company growth, job creation, and enabling business founders to fulfil their dreams."

Transaction Services Team of the Year

Winner: PwC

PwC’s transactions team worked on more than 20 deals worth more than £6bn in total over the year. The firm advised on Fintel’s acquisition of Threesixty, on funding for North Star, and on refinancing for AGS. Judges praised the team for the diversity of the deals they worked on.

Shortlisted:

Johnston Carmichael

Innovative Partners

AAB

Corporate Law Firm of the Year

Sponsored by KPMG

Winner: Burness Paull

Burness Paul’s corporate M&A team secured a 16 per cent rise in revenue over the year before, helping the firm to win this closely fought category. The team advised Di Maggio’s Group on its acquisition of Enoteca Scotland; and acted for Hibernian FC on Black Knight Football Club’s investment in the Easter Road club.

Shortlisted:

Shoosmiths

Morton Fraser MacRoberts

MBM Commercial

Brodies

Addleshaw Goddard

Private Equity/Venture Capital Deal the Year

Sponsored by Hutcheon Mearns

Winner: Sale of a majority of Edinburgh Airport to VINCI Airports

(Global Infrastructure Partners, Shepherd & Wedderburn, Weil, Gotshal & Manges, PwC, ICF, Willis Towers Watson, Ramboll, Charlotte Street Partners, JP Morgan, HSBC, Paul Hastings (Europe) LLP, Brodies)

This acquisition is expected to lead to further investment in Edinburgh Airport, increasing its capacity to 20 million passengers a year, benefiting the city and the wider Scottish economy. This was the first big UK airport transaction since the Covid crisis.

Shortlisted:

Investment in Aveni

(Puma Private Equity, Par Equity, Lloyds Banking Group, Nationwide, Scottish Enterprise, TriCapital Syndicate, Anderson Strathern, Shoosmiths, CRS, TLT, MBM, Confidas People, AAB, Brodies)

Sale of a majority of Integrated Environmental Solutions to Apax Partners

(KPMG, Scottish Enterprise, LEK, EY, Alantra, Travers Smith, CIL, Simon Kutcher, Crosslake)

Acquisition of ASCO Group by Endless

(Piper Sandler, Ashurst, Deloitte, Walker Morris, KPMG, PwC, Lodestone, Jacksonbreen, Burness Paull)

Investment in Kick ICT Group

(LDC, PwC, Pinsent Masons, BDO, Armstrong, BGF, AAB, MBM Commercial, CMS)

Corporate Finance Team of the Year

Sponsored by ThinCats

Winner: KPMG Corporate Finance

KPMG’s corporate finance team delivered fee growth of 159 per cent over the year. They advised on the Sale of Integrated Environmental Solutions to Apax, and the sale of Hamilton Waste & Recycling to Biffa. Judges praised the firm for its team approach.

Highly commended: PwC Corporate Finance

Shortlisted:

AAB

Johnston Carmichael

HNH Partners

Bank/Funder of the Year

Sponsored by PIB Insurance Brokers

Winner: RBS

This was a very close category with several potential winners. RBS emerged on top in a year when it provided £1.4 billion of debt to Scottish businesses across 31 transactions, including a funding package for Carbon Capture Scotland. One judge highlighted the bank’s commitment to funding at all levels.

Highly commended: Scottish National Investment Bank

Shortlisted:

BZ

Barclays Corporate

Emerging Dealmaker of the Year

Winner: Alastair Moore, Par Equity

This award is for individuals aged up to 35 working in corporate finance in Scotland. Alastair Moore worked to arrange funding for Aveni, Helix Power and Skylark Lasers. And he collaborated to build up the business funding environment in Perthshire and Kinross.

Shortlisted:

Neil Allan, PwC

Lynsey McCulloch, Scottish National Investment Bank

Naill Benzahia, Hutcheon Mearns

Claire Cramm, Par Equity

John Devine, BGF

Deal of the Year (sub £10m)

Sponsored by Scottish Enterprise

Winner: Investment in Cumulus Oncology

(Scottish National Investment Bank, Eos Advisory, British Business Bank, Brodies, Thorntons, Burges Salmon, Alacrita, Innovare)

Cumulus Oncology takes anti-cancer drugs to early-stage clinical trials via specially created spin-out companies. The company raised £9m to expand its portfolio, achieve scientific milestones and grow its team. One judge said: “This is something Scotland can be proud of.”

Shortlisted:

Investment in iGii

(Scottish National Investment Bank, Par Equity, Archangels, Shepherd and Wedderburn, d-fine, Lawrie IP, FWB, MBM Commercial, Morton Fraser MacRoberts)

Sale of Cambric Systems to Abingdon Software Group

(Hutcheon Mearns, Stronachs, MBM Commercial, M&S Accountancy & Taxation, Wilson Partners)

Investment in Cyacomb

(Scottish National Investment Bank, Scottish Enterprise, Addleshaw Goddard, Par Equity, Mercia, DWF, Henderson Loggie, Calash, HGF, Intechnia, Burness Paull, Brodies)

Investment in MI:RNA

(Equity Gap, Gabriel, Scottish Enterprise, NovaQuest, Kyoritsu Holdings, VANE, Animal Health Angels, Companion Fund I, Burness Paull, Anderson Strathern, McKee Campbell Morrison, Brodies)

Deal of the Year (£10m-£50m)

Sponsored by Wbg

Winner: Sale of Hamilton Waste & Recycling to Biffa

(KPMG, MBM Commercial, Chiene and Tait, Rydens, RSM, Burness Paull, Osborne Clarke)

Hamilton Waste & Recycling is expected to grow in Scotland and beyond after it was acquired by Biffa. Advisers working on the deal resolved a number of complexities, securing a landmark transaction for recycling and waste management in Scotland.

Shortlisted:

Investment in Antibody Analytics

(NorthEdge, Scottish Enterprise, Hill Dickinson, RSM, Claritas, PMSI, Catalysis, Baird, Addleshaw Goddard)

Sale of STATS to Mitsui

(BGF, PwC, Blackwoods, AAB, KPMG, Ashurst)

Investment in Aurora Energy Services

(Scottish National Investment Bank, Pinsent Masons, Grant Thornton)

Investment in MiAlgae

(Equity Gap, SWEN Blue Ocean Ventures, Clay Capital Ventures (New), Scottish Enterprise, SIS, OCC, DCS, Brodies, WJM, Womble Bond Dickinson)

Investment in EnteroBiotix

(Scottish National Investment Bank, Thairm Bio, Kineticos Life Sciences, Scottish Enterprise, MBM Commercial, Henderson Loggie, Alacrita, Potter Clarkson)

Deal of the Year (£50m+)

Sponsored by Norman Broadbent

Winner: Sale of Red John Pumped Storage Hydro Scheme to Statkraft

(PwC, Intelligent Land Investments Group, TLT, Pinsent Masons, Aecom)

This complex transaction is set to enable a £1 billion power scheme to be created on the shores of Loch Ness. It is expected to strengthen UK energy security and lead to the creation of hundreds of jobs in the Highlands. “It has the potential to be huge,” said one judge.

Highly commended: Sale of a majority of of Integrated Environmental Solutions

(Apax Partners, Scottish Enterprise, KPMG, LEK, EY, Alantra, Travers Smith, CIL, Simon Kutcher, Crosslake)

Shortlisted:

Investment in Kick ICT Group

(LDC, PwC, Pinsent Masons, BDO, Armstrong, BGF, AAB, MBM Commercial, CMS)

Acquisition of ASCO Group by Endless

(Piper Sandler, Ashurst, Deloitte, Walker Morris, KPMG, PwC, Lodestone, Jacksonbreen, Burness Paull)

Debt facility for Ardersier port

(Scottish National Investment Bank, UK Infrastructure Bank, Pinsent Masons, Brodies)

Dealmaker of the Year

Sponsored by Cazenove Capital

Winner: Kerry Sharp, Scottish Enterprise

Kerry Sharp’s team invested £52 million into more than 100 companies over the year, leveraging in additional funding of £152 million from private sector investors. Sharp, known as a team player, was praised for helping to build an early-stage investment ecosystem which enables ambitious businesses in Scotland to fulfil their potential.

Highly commended: Richard Pugh, BGF

Shortlisted:

Jonathan Shelley, PwC

Lee Donaldson, LDC

Graeme Williams, KPMG

Mark Munro, Scottish National Investment Bank