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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Adhesive products specialist Markel joins Scapa Group

Scapa Group has completed the acquisition of Markel Industries, Controlled Environment Equipment Corp and CMark Films for approximately £7.7m ($10m). Markel is a leading manufacturer of adhesive floor mats and tacky rollers for use in medical clean rooms, assembly areas, construction sites and sports venues. Likewise, Scapa Group is a global specialist in adhesive products in the healthcare and industrial sectors. The deal thus complements and strengthens the company’s presence in the US as well as expanding its product offering in Europe.

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THG making pretty penny with beauty etailer acquisition

The Hut Group has acquired Glossybox, a home delivery subscription service for beauty products. Glossybox has offices in the UK, US, France, Sweden and Berlin in Germany, where THG plans to build a tech hub for the group. THG has recently completed a fundraising push which has reportedly seen it reach a valuation of £2.5bn, up from just under £1bn two years ago.

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Solid Solutions buys New Technology CADCAM

Engineering business Solid Solutions has strengthened its CAD capabilities with the purchase of New Technology CADCAM. The acquisition builds upon Solid Solutions’ takeover of Cadtek Systems in 2016, and adds a further eight UK training centres to the company’s existing eleven sites.

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Avendus Capital acquires Ocean Dial Asset Management

Financial services firm Avendus Capital has acquired Ocean Dial Asset Management, a UK-based wealth manager that manages £450m in long-only India equities. Avendus has purchased the 100% shareholding from Chairman and MD Raju Shukla in the hope of reaping continued returns from the Indian growth story.

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McCormick buys Reckitt Benckiser’s food division for £3.2bn

McCormick & Company has acquired the food division of British consumer goods group Reckitt Benckiser for $4.2bn (£3.2bn). The addition of market leading brands such as Frank’s RedHot Hot Sauce and French’s Mustard to McCormick’s product portfolio improves the company’s standing in the lucrative US condiments category, and brings its projected net sales up to around $5bn for 2017.

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Aviva offloads Friends Provident for £340m

Aviva is to sell Friends Provident International Limited (FPIL) to RL360 Holding Company, a subsidiary of International Financial Group Limited (IFGL), for a total consideration of £340m. The sale of FPIL comes only three years after Aviva bought it for £5.6bn, although the bulk of Friends Life has since been integrated into Aviva. The sale is one in a line of recent disposals of non-core businesses for the British insurer. FPIL employs around 500 staff worldwide and has particular expertise in markets in Asia and the Middle East. Its head office is in the Isle of Man, where IFGL is also headquartered.

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Terms set for Forterra precast concrete deal

Forterra has agreed to buy the structural precast and hollowcore concrete business Bison from Laing O’Rourke. In addition to the proposed transfer of ownership, staff and assets, the acquisition includes an agreement for Laing O’Rourke to continue using Bison products on its projects. The companies have also agreed to a continued sharing of innovation and product development.

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Prudential to combine life assurance business with asset management arm M&G

Prudential plc has announced that it is to combine Prudential UK & Europe with its asset management arm M&G. The deal consolidates what is already a close working relationship between the two businesses, with M&G managing most of Prudential UK’s life assets. Prudential is a big player in the life assurance, retirement income and pensions savings markets, while M&G manages everything from bonds and equities to multi-asset, real estate and private debt. The combined business will be called M&G Prudential, and retain both the Prudential and M&G brands.

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Taptica buys demand-side platform from Tremor Video

Tremor Video has realigned its business with the sale of its buyer platform to UK-listed adtech specialist Taptica for $50m. Tremor Video will refocus as a supply-side platform (SSP) – the technology that allows publishers to host and fill video ad-space. The demand-side platform (DSP) that Taptica has bought is the other side of this business, and enables marketers and advertisers to target and manage bids for that space. With this acquisition Taptica is to establish a new independent company named Taptica Video DSP in the hope of expanding its presence in the US. The company has hinted that it is looking at making additional acquisitions in the same vein in the near future.

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Carr’s Group acquires NuVision Engineering

Carr’s Group has acquired NuVision Engineering via the purchase of ESI Holding Company. NuVision is a US-based technology and applications engineering company that specialises in the nuclear and waste facilities sectors. The deal will open the door to Carr’s in the US nuclear markets – providing an opportunity to market Wälischmiller products in particular. In addition, NuVision will act as a key supplier to a major nuclear contract Carr’s UK manufacturing business signed in July.

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