Wiltshire accountancy and advisory firm Purple Lime have advised the shareholders of a market-disrupting Bristol company in its sale to an international sector leader – a significant sale not just for those involved, but for the wider South West business community.
Bristol-based Terrafirma IDC Limited (Terrafirma) has been acquired by Toronto Stock Exchange listed Dye & Durham Corporation for £12m.
Dye & Durham is a provider of cloud-based software and technology solutions for legal and business professionals. Terrafirma is a property tech business, focusing on location intelligence whose proprietary workflow technology software and data insight have been critical in transforming how decisions are made in UK property transactions.
The acquisition of Terrafirma will expand Dye & Durham’s capabilities in the UK real estate value chain, adding products which are already utilized by Dye & Durham’s customer base, whilst allowing Terrafirma to continue its impressive growth and secure a significant share of its market.
Purple Lime provided support to Terrafirma’s shareholders by negotiating price, deal structure and providing lead advisory services.
Terrafirma CEO and Founder Tom Backhouse said: “Peter was an integral part of my management team, working around the clock to deliver the sale and enable Terrafirma to level up and continue its growth journey in the UK’s property and legal markets. Purple Lime’s team have supported Terrafirma through the last two years of growth pre-sale and have been a vital finance function of the senior leadership team. It has been a joy to work with Peter and Oli and we are very grateful for their hard work to deliver the sale of the business to a fast growing and ambitious company in Dye & Durham Corporation.”
Peter Doe, Client Director at Purple Lime, said: “In a relatively short space of time, Terrafirma has established itself as a leading organisation in its industry challenging the status quo of the market. The acquisition by Dye & Durham will not only provide an exciting platform from which the business can exert a global influence but will also provide Tom and his exceptionally talented team with the opportunity to thrive within an ambitious and highly resourced organisation.”
Oli Thomas, Partner at Purple Lime, added: “Every deal has its challenges, and, in this case, a highly acquisitive listed buyer combined with the requirement to work across time zones, created a unique set of challenges on this transaction. Fortunately, we were partnering with a highly experienced set of advisers in Roxburgh Milkins and Hazlewoods and our close working relationships ensured that we delivered a first-class result for our client.”
Bruce Roxburgh and Laura Guest of Roxburgh Milkins provided legal advice to the shareholders, whilst Tom Woodcock of Hazlewoods provided transactional tax advice.
The sale reinforces Purple Lime’s place as a trusted accountancy and advisory firm for SMEs, with the knowledge and expertise to help such businesses realise their potential and their owners’ ambitions.