Electric Business

A brief summary of business news to keep you informed on company start-ups, corporate downsizing and mergers and acquisitions.

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Hudson James Human Capital acquires Vitae Selection

Hudson James Human Capital has acquired Vitae Selection, a boutique recruitment firm specialising in senior appointments. The combination of the two businesses doubles Hudson James’ headcount and turnover and creates one of the largest consumer recruiters in the North.

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Sanctuary Group tops 100 care homes with Embrace acquisition

Housing and care provider Sanctuary Group has expanded its portfolio of care homes with the purchase of Embrace Group. The deal includes 35 properties predominately located in Scotland and the North East, complementing Sanctuary’s existing portfolio of 68 care homes across the Midlands and South. Along with this, the takeover will see the transfer of Embrace’s supported living scheme, and some 1,800 employees join Sanctuary’s 12,000-strong workforce.

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Vattenfall enters UK consumer energy market

Swedish power company Vattenfall has entered the UK consumer energy market with the purchase of iSupplyEnergy. The state-owned business will combine its increasingly renewable energy solutions with iSupplyEnergy’s digitised customer service expertise. iSupplyEnergy will continue to serve its 120,000+ customers as a wholly owned subsidiary of the utility. Vattenfall announced that it would begin selling renewable energy to British customers for the first time earlier in 2017. From 2018, the company will operate over 1GW of installed wind capacity.

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Shawbrook Bank set to go private with Marlin Bidco deal

Challenger bank Shawbrook is set to go private following the acceptance of an offer from Marlin Bidco. Following an initial takeover attempt in March, Marlin Bidco made a final, improved offer of 340p per share in June, valuing the company at £868m. The acceptance of the deal has increased Marlin Bidco’s share in the company from 38.8% to 75.6%. The passing of a 75% threshold means that Shawbrook’s new owner will look to delist the company, as was outlined as part of its offer to shareholders. Marlin Bidco is jointly owned by funds managed and advised by Pollen Street Capital and advised by BC Partners. Shawbrook has seen share prices fall following the announcement of the sale.

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Weir Oil & Gas to acquire KOP Surface Products

Weir Oil & Gas has entered into an agreement to acquire KOP Surface Products, a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. KOP is headquartered in Singapore and employs 450 people globally. It has a leading market position in South East Asia as well as an emerging business in the Middle East. The deal is worth £89m.

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Colas buys Allied Infrastructure Management

Transport infrastructure expert Colas has acquired Allied Infrastructure Management, a specialist services contractor operating in the airports, highways, defence and construction sectors. Allied will continue to operate as a separate entity to Colas and its senior management team and staff will remain in place. It will continue to serve its own clients as well as the wider Colas group.

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EDF Energy Services acquires Imtech

EDF Energy Services, a joint venture between EDF Energy and Dalkia, has agreed to take over Imtech from private equity house Endless. Imtech is a leading engineering services company and provider of technical services to the construction, industrial, commercial and public sectors in the UK and Ireland. EDF Energy Services aims to use the businesses’ combined expertise to apply the latest energy efficiency technologies and innovations to each stage of the industrial and commercial facilities lifecycle – from initial design and build, operation and maintenance through to control of energy. Imtech will be looking to recruit new talent into the business to accommodate this acceleration in its strategy. The company currently employs over 2,100 people and generates revenues of over £400m per annum.

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Blackstone acquires The Office Group for £500m

Blackstone Real Estate Partners has announced that it has bought a majority stake in The Office Group (TOG) for £500m. Lloyd Dorfman CBE, the chairman and owner of the business since 2010, will remain a shareholder post transaction. Founded in 2003, TOG was a pioneer of the flexible workspace concept in the UK. TOG’s 36 buildings, most of which are located in central London, allow members to work across multiple locations and enable companies to grow, downsize and exit workspaces quickly and cost effectively. The company has a client base of some 15,000 members that includes the likes of AOL, Dropbox and Pinterest, as well as corporates such as British Gas and Santander. Blackstone is a global leader in real estate investing with approximately £80bn in investor capital under management.

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The Book People buys gift business Qwerkity

£79m turnover discount retailer The Book People has acquired Qwerkity, a mail order and e-tail business that sells fun and unusual gifts. The deal has been backed by Endless, the private equity investor that has owned The Book People since 2014.

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MBO completed at Yorkshire digital agency

Harrogate-based digital agency Ingenuity Digital Holdings Limited (IDHL) has completed an MBO with backing from HSBC and Frontier Development Capital (FDC). The MBO values IDHL at £30m and follows a record financial performance for the business in 2016. IDHL is home to the Ingenuity Digital, WMG and NetConstruct brands.

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