Compass Group to find bearings in the Nordics

Compass Group has agreed to buy Fazer Food Services from Fazer Group for €475m (£422m). Fazer Food Services is a premier food service provider in the Nordics with revenues of c. €600m in 2018. It has 1,000 restaurants, half of which are in Finland, and employs around 7,000 people. With a presence in 45 countries, Compass Group employs 600,000 people and has revenues of around €26bn.

Argon Medical Devices acquires UK distributor

Global US firm Argon Medical Devices has completed the acquisition of Mana-Tech, its exclusive distributor in the UK and Ireland. Argon’s products are primarily tailored to percutaneous, image-guided procedures.

Funimation acquires Manga Entertainment

Streaming service Funimation has bought leading UKI anime distributor Manga Entertainment. The deal builds on the companies’ existing partnership, expanding Funimation’s catalogue as it bids to compete with the likes of Netflix and Crunchyroll.

Ideagen agrees £15.8m deal for Redland Business Solutions

Ideagen has announced that it is buying Redland Business Solutions for £15.8m. Redland is a regtech SaaS company which supplies software to the financial services sector. The firm currently generates c. £4.2m in revenue, with c. £3m of that recurring. Its clients include seven FTSE 100 and two Fortune 500 firms. The deal builds on Ideagen’s acquisition of audit management software provider Morgan Kai Group for £20.5m late last year.

Brickability buys counterpart in Bolton

Bolton-based LBT Brick and Facades has been acquired by Brickability, a Bridgend-based building materials supplier that also trades as Lancashire Brick.

CVC Capital Partners buys majority stake in Teneo

CVC Capital Partners has acquired a majority stake in public relations and advisory company Teneo for $350m. Teneo advises the chief executives of some of the world’s largest corporations and has strong political connections in the UK and US, with Bill Clinton and Tony Blair both having served on its advisory board. Teneo has more than tripled its headcount and made nine acquisitions in recent years, including Blue Rubicon in the UK in 2015. The acquisition values it at more than $700m.

PK Ventures acquires Primrose’s Kitchen

‘Superfood’ brand Primrose’s Kitchen has been acquired by PK Ventures, headed by three former Cadbury Schweppes executives. With investors including the UK Government’s food waste champion Ben Eliot, PK Ventures aims to double sales to £1.75m next year and push past £5m turnover within five.

Loch Lomond Group sold for £400m

Whisky producer Loch Lomond Group has been sold to Hillhouse Capital Group for around £400m. Loch Lomond was bought by Exponent Private Equity for a reported £210m five years ago, during which time the business has boosted exports from 10% of turnover to 70%. It reported revenue up 7% to £52.9m in the year to 30 September 2018.

Arcadia Group to close 48 stores

All seven CVAs have been accepted by Arcadia Group’s creditors in a last minute deal to avoid administration. The reorganisation will see 48 of Arcadia’s 570 UK stores close and rents reduced on up to another 200, with the loss of over 1,000 jobs. Sir Philip Green’s high street empire employs 18,000 people and includes the Topshop, Dorothy Perkins and Miss Selfridge brands.

Aviva announces 1,800 job cuts by 2022

UK insurer Aviva has announced that it will cut 1,800 jobs worldwide over the next three years as it plans to split its life and general insurance businesses. The group says the reorganisation ‘will enable stronger accountability and greater management focus’, and sees Angela Darlington step up as interim CEO of UK Life and Colm Holmes become CEO of General Insurance. Altogether the company intends to reduce expenses by £300m per annum by 2022. The group says the 1,800 role reductions, out of a total workforce of 30,000, will be achieved through natural turnover where possible.