The transaction record lists the deals, by sector and size. The case studies show what we did on them: the modelling, the planning and the hands-on work that a deal announcement never mentions.
All 7 case studies
Sector
Case studies
What the work involved
Selected pieces of work, and what we did on each. In every one we did the work ourselves.
Acquisition search
Legal services · Acquisition search for a family office
Building a platform in the UK legal market
A family office pursuing its own operating acquisition strategy, a legal services roll-up, needed to identify and engage suitable UK regional law firms. We drew on our relationships across the legal sector and specialist search firms to build a longlist, assess potential targets and narrow the field to a focused shortlist. We then arranged meetings with senior leadership and led initial negotiations, helping the client move from a broad acquisition strategy to direct discussions with prospective firms. Our support remains ongoing as the family office develops its acquisition plans.
Construction & facilities management · Exit strategy for a PE investor
Building scale before pursuing an exit
Following approaches from larger private equity buyers, a lower-market PE investor was considering an exit from its specialist construction and facilities maintenance business. We helped the investor assess its options, weighing a sale against the opportunity to build further scale through acquisitions. That process led to a decision to pursue a buy-and-build strategy before taking the business to market. We continue to support the client on that strategy, with the aim of strengthening the business and positioning it for a future exit.
Strategic options reviewSell-side advisoryExit planningBuy-and-build strategyAcquisition support and M&A execution
c. £30m EV
Current indicative enterprise value of the business
Private investor
Publishing · Transaction structuring for a private investor
Protecting investor value through complex deal structuring
A private investor involved in a complex publishing transaction needed specialist support to address a significant risk of value leakage. We were brought in to assess the structuring challenge, identify leading sector experts and coordinate their advice into a practical approach. Working with the investor and specialist advisers, we helped navigate the interlocking issues and develop a structure designed to protect the investor’s return. The resulting approach prevented more than £5m of value leakage, demonstrating the difference that focused structuring advice and coordinated execution can make to an investor’s outcome.
LOST is the no-phones entertainment brand from the founder behind Secret Cinema. The concept was proven and the audience was real, but there was no model a funder could test. We built the five-year plan and model, consolidated the group accounts into it, reworked its structure for shareholders, ran the cap table and the shareholder communications, then took the raise out for the Lost City flagship at the old London College of Fashion site.
Kuppa's software assesses a home's solar, heat pump and battery potential in seconds, from satellite and smart meter data, with no surveyor visit. We ran the sale to Octopus Energy, both the transaction documents and the completion accounts, so the sellers engaged one adviser rather than two, and the deal signed ahead of the agreed timetable.
Rendesco is the UK's leading ground-source heat network developer. Under one continuing mandate we have run the asset bolt-on acquisitions, debt financings and the equity events: the run of share matters as the shareholder base moved, the first debt facility into the business, supplementary funding through Innovate UK, and roughly fifteen agreement templates modernised underneath the whole thing.
Aegaea Group is a UK water, civils and environmental consultancy. We hold the group financial model and reconcile the actuals to it every month, advise on corporate finance alongside it, act as general counsel throughout, and advise on structuring, reorganisation and the group's digital and tech strategy. All four run at the same time, with the same team.
Group financial modelStructuring and reorganisationDigital and tech strategyCorporate financeNegotiationGeneral counselClient contractsSubconsultant terms
Four at once
Model, corporate finance, general counsel and strategy
Recent transactions and mandates range from £1m to c.£50m, with a particular focus on the £2.5m to £25m segment.
Mandates listed are those of the ON Consulting team, including work led at previous firms.
£1m to c.£50m
Recent mandate range
Sell-side and buy-side
Both sides of the process
Legal and corporate finance
Both workstreams on almost every mandate
Nine sectors
Energy, technology, drinks, hospitality, infrastructure and more
Founder-led exits
Sales where we acted for the seller. On some we did legal and corporate finance from start to finish; on others we came in for the legal work; on others we advised the founders over years, and managed their separate legal, corporate finance, accountancy and tax teams.
Acquired
Energy technology
Sale of Kuppa to Octopus Energy
Advised across corporate finance and legal, so the sellers engaged one adviser rather than two.
Sell-sideLegal
Cross-border
AI marketing technology
Sale of QuMind to Largo.ai
Cross-border sale of a marketing technology business, run by ON from start to finish.
Sell-sideLegal
Trade exit
Drinks
Sale of Shandy Shack to SHS Drinks
Brought in for the closing stages: review and negotiation of the share purchase agreement and the supporting documents.
LegalNegotiation
c.£50m
Private equity
Exit to a major PE-backed acquirer
The largest recent mandate in the range, run from positioning onwards.
Sell-sideNegotiation
Ongoing and multi-workstream work
Work with a management team over years, not a single deal.
Infrastructure
UK's leading ground-source heat network developer
Asset bolt-on acquisitions, debt financings and equity events under one continuing mandate.
Buy-sideDebtEquityLegal
Environmental consultancy
Specialist water environmental consultancy
Business model refocusing, group restructuring and bolt-on acquisitions, alongside the group's ongoing corporate finance and legal work.
StrategyBuy-sideRestructuring
Private investor
Deal-by-deal mandate for a UK private investor
Opportunity assessment, diligence and execution across a rolling pipeline.
Buy-sideDiligence
Fundraising, investment and partnerships
Fundraise
Hospitality
Experiential London hospitality group
Fundraising advisory, investor introductions and execution.
EquityInvestor process
Fundraise
Sport and leisure
High-end padel platform
Fundraising advisory and investor process for a growth-stage platform.
EquityGrowth
Minority stake
Consumer and fashion
Strategic investment by a listed fashion house
Acting for the investor: structuring, negotiation and documentation of a strategic minority stake.
LegalStructuring
Mandates listed are those of the ON Consulting team, including work led at previous firms. Nothing on this page is advice or a recommendation, and past mandates are not an indication of future outcomes.
Tell us where you are trying to get to.
A sale, a raise, a buy-out or the next stage. We will tell you what we did on the mandates closest to yours, what it cost, and what we would do differently. The earlier the call, the more we can add. The first conversation costs nothing.
