Electric Business

A brief summary of business news to keep you informed on company start-ups, corporate downsizing and mergers and acquisitions.

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Acrisure acquires Beach & Associates

Michigan-based retail consulting and insurance broker Acrisure has completed its acquisition of Beach & Associates. Based in London, Beach is an independent advisory and transactional broking business. It retains its identity and management team post-transaction.

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Menzies Aviation takes over Airline Services

Heathrow-headquartered Menzies Aviation has bought Airline Services, a de-icing specialist with a presence in 12 UK airports. The acquisition broadens Menzies’ portfolio of services and gives it a presence in four new airport locations. The deal sees 900 employees join the group.

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Firwood Paints joins Trimite Group

Coatings specialist Trimite Group has bought Firwood Paints for an undisclosed sum. The acquisition broadens its range of paints for industrial and commercial applications.

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Moneysupermarket buys comparison platform Decision Tech

Price comparison platform company Decision Tech has been acquired by Moneysupermarket. Decision Tech’s services lay behind the home communications, broadband and mobile phone price comparison tools offered by the likes of MoneySavingExpert. The company is headquartered in Holborn and employs over 40 staff. It will be run by the same management team following the deal.

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FedEx acquires e-commerce specialist P2P Mailing

The Delivery Group, a portfolio company owned by private equity firm Next Wave Partners, has sold P2P Mailing to FedEx for £92m. Based in Laindon, Essex, P2P Mailing is an E2E international e-commerce delivery business. Its solutions include TRAKPAK software, a global tracked delivery system designed to support cross-border e-commerce.

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Audiobook publisher Oakhill joins Ulverscroft

The Ulverscroft Group, a publisher of unabridged audio and large print books, has acquired audiobook company Oakhill. Ulverscroft releases 26 audio titles each month under the Isis Audio, Soundings and Story Sound imprints.

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NG Bailey makes bid for Freedom

NG Bailey has acquired power engineering services provider Freedom Group. The deal provides NG Bailey with a presence in the electricity distribution network (DNO) market, as well as adding 600 employees and £120m in revenues to the company’s books. Freedom Group’s existing management team will continue to run the business under the existing brand.

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C&C Group to bail Conviviality out of administration

Magners cider owner C&C Group has acquired Matthew Clark and Bibendum owner Conviviality for a nominal sum after investors refused its request for £125m of new money to stave off bankruptcy. Shareholders in the group are likely to receive ‘little-to-nil’ value for their shares, which have been suspended on the junior AIM stock market since mid-March following a string of profit warnings. Conviviality is a major player in the UK drinks industry, supplying over 700 off-licenses and more than 23,000 pubs and restaurants, including JD Wetherspoons, via its brands Bibendum and Matthew Clark. As the largest customer to Matthew Clark, Budweiser brewer AB InBev’s sales have suffered as the distribution company ceased trading, and has thus lent money to C&C Group to fund the deal. The acquisition secures the futures of more than 1,800 jobs. The future of Conviviality’s off-license chains, Bargain Booze and Wine Rack, remains uncertain.

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Edina Power Solutions acquired by Anglo-Indian venture EPAL

Manchester’s Edina Power Solutions has been bought by EPAL, a joint venture between India’s Energy Efficiency Services Ltd (EESL) and the UK’s EnergyPro Asset Management. Edina supplies, installs and maintains CHP, gas and diesel power generation systems, employing over 200 people. EESL is the world’s largest public energy services company, while EnergyPro is a UK business that aims to accelerate investment into energy and resource efficiency. The joint venture EPAL already owns ESCO operations in the UK as well as a share in a grid-scale battery project in Canada. The acquisition of Edina provides it with a platform for further growth in both the UK and overseas.

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Mitrefinch makes inroads in US with Advance Systems takeover

Workforce management software provider Mitrefinch has acquired Advance Systems America for an undisclosed sum. A partner of Mitrefinch for eight years, Advanced Systems America provides software for attendance and absence management. Mitrefinch employs 160 people in the UK and 90 people worldwide, serving over 4,000 clients that include L’Oréal, Nestlé and Yearsley Group. Gary Corcoran will become the company’s CEO, having previously held the position at Advance Systems.

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