Grainger acquires £696m homes portfolio from APG

Grainger, the UK’s largest residential landlord, has agreed a £396m deal for the outstanding share capital of GRIP REIT. A joint venture split 25/75 between Grainger and APG respectively, GRIP comprises 35 private rented sector assets (c. 1,700 units) across London and the South East, with a gross asset value of £696m. The deal increases Grainger’s PRS investment pipeline to £1.37bn and provides £32.5m of gross rents per annum.

Pure Technology Group (PTG) has announced a deal for Keytech Managed Solutions. The self-financed acquisition adds over £2m to the group’s revenues, pushing it over the £30m mark for the first time. It builds on PTG’s takeover of Servatech earlier in the year, and adds a site in Wigan to existing offices in Leeds and Wakefield.

NSM, the owner of Vantage Insurance Holdings, has bought Xpekt, a UK motor managing general agent. The deal provides NSM with a service-led underwriting business and will see Mark Bacon, who joins from ERS, take the helm as managing director. Building on this acquisition, NSM has also announced it will launch a second underwriting brand called First Specialty to the market. First Specialty will offer a broad range of niche motor insurance products while Xpekt will continue to focus on local community business.

EG Group, the owner of Euro Garages, has expanded again, this time in Australia with the acquisition of Woolworths Petrol. The £960m deal includes a network of 540 sites, as well as a workforce of c. 4,000 people. In the year to 30 June 2018, Woolworths generated A$4.8bn in revenues and sold 3.6 billion litres of fuel. As part of the transaction, EG Group has entered into a 15-year commercial alliance with Woolworths Group covering loyalty, discount redemptions and a new wholesale food supply agreement. In 2018 EG Group has already spent nearly £2bn on acquisitions in the US. This latest deal means it operates approximately 5,250 sites worldwide.

German software group SAP SE has sealed an $8bn deal to acquire Qualtrics, a global pioneer of experience management (XM) software. Producing intelligence for customer, employee, product and brand experience, its software captures and analyses real-time data from social media and email. The firm expects its 2018 revenues to exceed $400m and its growth rate 40% after that. SAP has secured financing in the region of $7.9bn to fund this deal. It predicts that its 413,000 customers and 15,000-strong salesforce will allow Qualtrics to scale at pace.

Dubai-based conglomerate AW Rostamani has announced its first UK acquisition, buying a majority stake in Brayleys Motor Group. Founded in 2003, Brayleys has grown to 12 dealerships, hitting revenues of just under £120m last year. Its franchises include Honda, Kia, Mazda and Renault/Dacia.

Gordon Dadds and Ince & Co have agreed to merge, creating the UK’s largest listed law firm. Gordon Dadds will pay £43m for Ince & Co, which has an international reach and expertise in energy and infrastructure, insurance, trade and transport. The deal extends the group’s international presence to nine countries.

Ultra Electronics has sold its Airport Systems business to ADB SAFEGATE for £22m. Ultra Airport Systems is a provider of IT solutions that aim to enhance the operational performance of airports and airlines. Its software is installed in approximately 150 airports and active in 100 airlines worldwide. The takeover is expected to complete by 31 January 2019.

PepsiCo has entered into a conditional agreement to acquire Pipers Crisps. The kettle chips brand will join PepsiCo’s extensive savoury snacks portfolio, which already includes Doritos and Walkers, and continue to be marketed as a gourmet product to the OOH (Out of Home) sector. Based in Lincolnshire, the fast-growing snack maker employs 75 people and turned over £11.4m for the year to the end of January 2018.

Windsor Materials Handling has bought Southampton equipment supplier Geolift after securing £3.3m in funding from Santander Corporate & Commercial. Geolift specialises in the hire and sale of new and reconditioned forklift trucks and sideloaders. The deal sees Windsor open its 13th branch in the UK.

Grainger acquires £696m homes portfolio from APG

Grainger, the UK’s largest residential landlord, has agreed a £396m deal for the outstanding share capital of GRIP REIT. A joint venture split 25/75 between Grainger and APG respectively, GRIP comprises 35 private rented sector assets (c. 1,700 units) across London and the South East, with a gross asset value of £696m. The deal increases Grainger’s PRS investment pipeline to £1.37bn and provides £32.5m of gross rents per annum.

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PTG unlocks turnover milestone with Keytech deal

Pure Technology Group (PTG) has announced a deal for Keytech Managed Solutions. The self-financed acquisition adds over £2m to the group’s revenues, pushing it over the £30m mark for the first time. It builds on PTG’s takeover of Servatech earlier in the year, and adds a site in Wigan to existing offices in Leeds and Wakefield.

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NSM buys Xpekt and launches new brand

NSM, the owner of Vantage Insurance Holdings, has bought Xpekt, a UK motor managing general agent. The deal provides NSM with a service-led underwriting business and will see Mark Bacon, who joins from ERS, take the helm as managing director. Building on this acquisition, NSM has also announced it will launch a second underwriting brand called First Specialty to the market. First Specialty will offer a broad range of niche motor insurance products while Xpekt will continue to focus on local community business.

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EG Group arrives in Australia with £960m deal

EG Group, the owner of Euro Garages, has expanded again, this time in Australia with the acquisition of Woolworths Petrol. The £960m deal includes a network of 540 sites, as well as a workforce of c. 4,000 people. In the year to 30 June 2018, Woolworths generated A$4.8bn in revenues and sold 3.6 billion litres of fuel. As part of the transaction, EG Group has entered into a 15-year commercial alliance with Woolworths Group covering loyalty, discount redemptions and a new wholesale food supply agreement. In 2018 EG Group has already spent nearly £2bn on acquisitions in the US. This latest deal means it operates approximately 5,250 sites worldwide.

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SAP SE announces $8bn deal for Qualtrics

German software group SAP SE has sealed an $8bn deal to acquire Qualtrics, a global pioneer of experience management (XM) software. Producing intelligence for customer, employee, product and brand experience, its software captures and analyses real-time data from social media and email. The firm expects its 2018 revenues to exceed $400m and its growth rate 40% after that. SAP has secured financing in the region of $7.9bn to fund this deal. It predicts that its 413,000 customers and 15,000-strong salesforce will allow Qualtrics to scale at pace.

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Brayleys Motor Group bought by Dubai conglomerate

Dubai-based conglomerate AW Rostamani has announced its first UK acquisition, buying a majority stake in Brayleys Motor Group. Founded in 2003, Brayleys has grown to 12 dealerships, hitting revenues of just under £120m last year. Its franchises include Honda, Kia, Mazda and Renault/Dacia.

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Gordon Dadds and Ince & Co to merge

Gordon Dadds and Ince & Co have agreed to merge, creating the UK’s largest listed law firm. Gordon Dadds will pay £43m for Ince & Co, which has an international reach and expertise in energy and infrastructure, insurance, trade and transport. The deal extends the group’s international presence to nine countries.

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Ultra Electronics sells Airport Systems for £22m

Ultra Electronics has sold its Airport Systems business to ADB SAFEGATE for £22m. Ultra Airport Systems is a provider of IT solutions that aim to enhance the operational performance of airports and airlines. Its software is installed in approximately 150 airports and active in 100 airlines worldwide. The takeover is expected to complete by 31 January 2019.

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PepsiCo to buy Pipers Crisps

PepsiCo has entered into a conditional agreement to acquire Pipers Crisps. The kettle chips brand will join PepsiCo’s extensive savoury snacks portfolio, which already includes Doritos and Walkers, and continue to be marketed as a gourmet product to the OOH (Out of Home) sector. Based in Lincolnshire, the fast-growing snack maker employs 75 people and turned over £11.4m for the year to the end of January 2018.

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Windsor Materials Handling acquires Geolift

Windsor Materials Handling has bought Southampton equipment supplier Geolift after securing £3.3m in funding from Santander Corporate & Commercial. Geolift specialises in the hire and sale of new and reconditioned forklift trucks and sideloaders. The deal sees Windsor open its 13th branch in the UK.

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