Inflexion Private Equity has backed a simultaneous buyout and merger of Bollington and Wilson Insurance Brokers, creating a group with annual gross premiums topping £120m. The combined company will be known as Bollington Wilson Group and be among the UK’s top insurance brokers, although the Bollington and Wilson brands will continue to trade independently. Backed by Inflexion, the group will focus on expansion in the UK through a buy and build strategy.
Saint-Gobain UK & Ireland has completed the acquisition of Scotframe Limited, accelerating its involvement in the offsite manufacturing and closed panel construction market. Scotframe is a manufacturer and supplier of full timber frame housing kits for small-medium builders, developers and self-builders in the UK. The company owns two manufacturing sites and four sales and showroom locations in Scotland, and employs over 160 staff.
Aldermore Bank has received a 313p per share offer from South African financial services firm FirstRand, valuing the business at £1.1bn. The price represents a 38% premium to the three month volume-weighted average price to October 12, the last day before Aldermore and FirstRand disclosed the negotiations and the bank’s share price subsequently rocketed. Aldermore’s board has recommended the offer.
WorleyParsons has entered the North Sea market with the £182m acquisition of certain assets of Amec Foster Wheeler. The move has come about following a ruling by the UK Competition and Markets Authority that Wood Group must divest from AFW’s oil and gas business following its £2.2bn takeover. WorleyParsons has acquired AFW Oil and Gas UK, a leading player in the Maintenance, Modifications and Operations market on the UK continental shelf. With over 45 years’ experience operating in the North Sea, AFW UK employs over 3,000 people and owns seven offices in the UK and Middle East.
British high-street fashion brand Hobbs has been bought by The Foschini Group. TFG London is the owner of Phase Eight, Whistles and Damsel in a Dress, which it acquired earlier this year. Hobbs was founded in 1981, and has restructured under private equity firm 3i in the last couple of years while heavily investing in a makeover of its product range. Its clothes are sold in 49 countries via its e-commerce platform, and in shops and concessions across Germany, the UK and the US.
Imperial Brands has announced that it has acquired Nerudia, a UK producer of nicotine liquids for e-cigarettes. The £106.5m acquisition strengthens Imperial Tobacco’s intellectual property assets and research and development capabilities in ‘Next Generation Products’, a growing category that includes vapour and tobacco heating products. Imperial Brands so far lags behind rivals Philip Morris International and British American Tobacco in this market.
Norcros has acquired shower enclosure designer Merlyn Industries for £60m. Norcros is a leading provider of branded showers, taps, bathroom accessories, tiles and adhesives. The deal for Merlyn, with its focus on design, new product development and customer service, significantly enhances the group’s bathroom product portfolio. Norcros aims to grow its revenue to £420m by 2018. Merlyn reported revenues of £30.7m and an operating profit of £6.4m in the last financial year.
Pure Gym has been sold by CCMP to private equity firm Leonard Green & Partners. Launched in 2009, Pure Gym is the UK’s leading gym operator, providing fitness facilities for more than 950,000 members across 189 sites. It has been reported that the deal values the business at £600m.
The US real estate software and data analytics company RealPage has acquired PEX Software, a London-based provider of property management, online leasing and resident software solutions. PEX’s platform serves clients in the UK, Europe and Australia that manage private rental sector (PRS) and student rental housing properties. PRS is expected to be the fastest growing sector of the rental housing economy in the UK over the next ten years as social and government housing stock continues to decline. RealPage hopes that PEX will provide a launching pad in the UK from which to expand into the European Union.
Technology group Halma has completed an £85m acquisition of Mini-Cam in a move that sees the exit of mid-market investor LDC. Based in Warrington, Mini-Cam designs and builds modular pipeline inspection systems for use in the construction, engineering, nuclear, oil and gas, petrochemical, security and water sectors. LDC backed an MBO of the company in 2015, which has since grown to a workforce of 50 and from owning one site to three. Mini-Cam has also increased its international focus with exports now making up 42% of its sales, up from 31% two years ago. This addition tips Halma’s revenue over the £1bn mark for the year.