Friday 16 November 2018, The ICAEW Corporate Finance Faculty’s Annual Reception, held last night at Goldsmiths’ Hall in London, presented Coats Group plc with the Corporate Development Award for its outstanding achievements in increasing growth and shareholder value. The event was hosted by Mo Merali, Chairman of the Corporate Finance Faculty and Head of Private Equity at Grant Thornton, and David Petrie, Head of Corporate Finance, ICAEW.
The Corporate Development Award was given to Simon Boddie, Chief Financial Officer, and Judith Wettach, Head of M&A & Strategy, at Coats Group plc. The award recognises London-listed companies whose innovative strategy have made the most effective use of M&A to grow their business, and increase shareholder value. ICAEW’s Corporate Finance Faculty in collaboration with the M&A Research Centre at Cass Business School devised a unique ‘best-in-class’ methodology to analyse the contribution of substantial acquisitions to the acquiring companies’ total returns and their overall corporate performance. Coats Group plc is a FTSE-250 company, the world’s largest manufacturer of sewing thread and the second-largest manufacturer of zips and fasteners.
“It’s essential that businesses continue to strive for growth and investment, despite uncertain times. This year’s winner of the Corporate Development Award has done exactly that – Coats Group has engaged in significant international M&A deals in the past two years alone. Its innovative M&A strategy has underpinned impressive numbers and an increase in shareholder value.”
“A key part of our strategy for development and growth is to make acquisitions of companies with unique capabilities that can leverage off the existing Coats network. The businesses we have acquired are all performing well under our ownership and to have our success recognised externally with the ICAEW’s Corporate Development Award is very rewarding. We have a small in-house team which, together with support from our professional advisors, has been able to develop a previously underused corporate muscle and this award demonstrates we are stretching it well.”
The Corporate Finance Faculty is ICAEW’s centre of professional excellence in corporate finance contributing to policy development and consultations by international organisations, governments, regulators and other professional bodies.
This year’s reception guest speaker was Lord Smith of Kelvin KT CH, Chairman of the British Business Bank. Lord Smith has previously chaired the Green Investment Bank, as well as SSE plc, and Weir Group plc. Among others, he has been a non-executive director of Standard Chartered Bank, a governor of the BBC and on the board of the British Council.
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