ConvaTec has signed an agreement to purchase the assets of Southlake Medical Supplies. Based in Texas, Southlake is an independent provider of catheter-related equipment and supplies, generating c. £4m in revenues in 2018. The deal strengthens ConvaTec’s Home Distribution Group in the US.
Investment firm Ancala Partners has acquired a 45% interest in Liverpool John Lennon Airport (LJLA) from Peel Group (35%) and Liverpool City Council (10%). LJLA is the UK’s 12th busiest airport, serving more than five million passengers in 2018. In July, it was awarded the UK’s only five-star rating for flight punctuality.
Acquisitive Bromsgrove group AFH has announced a £3.2m acquisition of Broadleaf Financial Services, less than a week from sealing £7.2m of deals for Mulberry Independent Financial Advisers and Hemel Hempstead-based AE Garment Independent Financial Services. Broadleaf is an IFA business based in Wirral. The deal includes four advisers and their support staff, and £140m of funds under management.
Doncaster manufacturer MS International has announced a deal for Dutch firm Armada Janse from Armada Group. Established in 1935, Armada Janse is a provider of illuminated advertising, media facades, signage, public illumination and creative lighting solutions.
Huddersfield facilities management company Core Facility Services has merged with FM Energy. Core will take over FM Energy’s portfolio of commercial and charity clients, and extend its range of energy purchasing, efficiency and bill validation services. The deal supports its sustainability management unit in particular. Core now employs 70 people in Yorkshire and expects to make a number of strategic hires over the next 12 months to strengthen all four of its business areas – energy, estates, waste and IT – as it begins to expand its footprint beyond Yorkshire.
Judicial services and debt recovery group Bristow & Sutor has acquired Credit Style. Established in 1977 and now a portfolio company of Sovereign Capital Partners, Bristow & Sutor employs over 450 staff to support commercial and local authority debt collection. The expanded group will manage c. 1.9 million cases per annum.
Stockholm-listed iGaming affiliate Better Collective has completed a deal for UK-facing odds comparison site mybettingsites.co.uk. The £2.2m deal will support Better Collective’s newly established UK office, adding local SEO knowledge to the team.
The world’s oldest travel company, Thomas Cook, has ceased trading after failing to obtain £200m of extra funding. The news puts 9,000 jobs at risk in the UK, and leaves 150,000 Thomas Cook customers potentially stranded overseas. The Prime Minister Boris Johnson confirmed the Government refused to step in to rescue the company, saying such a move would create a “moral hazard”. Shadow chancellor John McDonnell said the government should have made a “financial intervention” to give the situation “some breathing space”.
UK food producer Greencore has bought food-to-go company Freshtime, expanding its presence in a growing but competitive category. The £56m deal has been lauded as an ‘excellent strategic fit’ by Greencore CEO Patrick Coveney, increasing its capacity in a familiar business and customer set. Freshtime operates a single facility in Boston, Lincolnshire, and had gross assets of £22m at the end of 2018.
UK homeware supplier Scott Brothers has added more than 400 new products to its catalogue with a deal for H&L Russel. Established in 1888, H&L Russel is a leading manufacturer and supplier of garment hangers (with a Royal Warrant as suppliers to the Queen), as well as garment rails, clothes care products, kitchen utensils and laundry items.