Canaccord Genuity has agreed to acquire Hargreave Hale for £80m. The deal creates one of the top ten largest wealth managers in the UK with £22bn under management.
Software and services company Advanced has acquired Hudman, a developer of cloud-based enterprise planning resource software. Hudman’s CentralERP software is used in a range of industries and covers everything from accounts and payroll to operations, stock, customers and supply chain. The acquisition will allow Advanced to improve its cloud-based SaaS solutions offering to SMEs in particular.
Private equity house Endless has acquired the corporate travel specialist CTI from LDC. CTI is a top 25 travel management company that employs around 125 people. The business is headquartered in Manchester with additional offices in Bristol, Hull, Leeds and Liverpool. Endless will seek to build on the company’s £77m revenue by looking into bolt-on acquisitions, as well as achieving organic growth.
Professional services multinational Aon has acquired Portus Consulting, a UK-based employee benefits firm specialising in SMEs with 50-750 employees and the legal sector. Portus will join Aon Employee Benefits, which provides consultancy, broking services and technology to 2,500 corporate clients, covering over a million people in the UK.
Allen Ford has continued its expansion with the purchase of Slough Motor Company (SMC) for an undisclosed sum. The deal is the second completed by Allen Ford in the last couple of months, following its takeover of Essex Auto Group in March. The expanded group will now represent the Ford brand in 24 locations, followed by the Kia brand in four, Suzuki in two and Mazda and Fiat in one each.
The share price for oil services company Cape has shot up following its agreement of terms for a £332.2m takeover deal with French construction equipment giant Altrad. Altrad’s offer amounts to 265p per share, a 46% premium on the company’s closing price on 6 July. Cape’s share price shot up to meet this valuation in the day following. Cape provides maintenance services to industrial clients including oil refineries, offshore rigs, LNG plants and power stations across the UK, Middle East, Australia and Asia.
Sports Direct has bought a 25.75% stake in Game Digital, the troubled videogame retailer. Shares in Game dropped more than 30% in a single day in June when it was forced to issue a profit warning, due in part to a supply shortage in the new Nintendo Switch consoles. Game has stated that it ‘looks forward to working collaboratively with Sports Direct to explore the clear opportunities that a constructive partnership and collaboration can deliver’.
Bowdraper, a provider of cleaning services to offices, schools and colleges, has expanded with the takeover of Orion Cleaning Company. Bowdraper is one of the leading contract cleaning companies in the Midlands, further improving this coverage with the purchase of the Sutton Coldfield-based firm.
1pm has taken over Positive Cashflow Finance, a fellow provider of invoice finance facilities based in Manchester. Positive Cashflow generated revenues of £4.1m with a pre-tax profit of £1.1m in 2016. The £9m deal will see the transfer of some 24 employees and 190 customers to 1pm’s roster.
West Bromwich based metal pressings and sub-assemblies manufacturer Berck has acquired Fourjay, a presswork firm based in Aldridge. The acquisition will support Berck as it enters a new market in the defence sector, supplying fuses for the Eurofighter and F-16 fighter jets. Berck will utilise Fourjay’s deep drawing expertise and experience as a supplier to the Ministry of Defence.