Electric Business

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

Electric Marketing provides this service as free to access here, or it can be emailed to you monthly. Just Sign Up

McClarrons acquires Chapmans Insurance Consultants

Insurance broker McClarrons has acquired Chapmans Insurance Consultants, adding a third premises in Whitby to its existing bases in Malton and Richmond. In the last year McClarrons has hired 12 new people and launched a specialist agricultural motor trade product called AgriTrade.

Leave a Reply

Bradford & Bingley sale returns £5.3bn to the taxpayer

UK Asset Resolution has agreed to sell two of Bradford & Bingley’s mortgage divisions for £5.3bn to an investor group led by Barclays Bank. The purchaser will acquire around 45,000 Bradford & Bingley and Mortgage Express mortgages. Having been bought by the taxpayer during the financial crisis, the deal enables full repayment of the remaining £4.7bn of the Financial Services Compensation Scheme loan B&B received in 2008. The full loan was £15.65bn, borrowed by the FSCS from the Treasury.

Leave a Reply

Elcograf acquires Harry Potter printer Clays

Italian book producer Elcograf, a part of Pozzoni Group, has acquired Clays, a Suffolk-based printing company known for producing the Harry Potter series. Established over 200 years ago, Clays has gross assets of £34.9m and prints around 150m books a year. Elcograf has paid £23.8m for the business, leaving a total consideration of £20m after costs.

Leave a Reply

Patron-backed Vine buys Laine pub chain

Vine Acquisitions has acquired Laine Pub Company for an undisclosed sum. Vine Acquisitions is an investment vehicle for May Capital and Patron Capital, which backed Punch Taverns in a £402.7m deal in 2017. Laine currently manages 21 independent pubs in London, 33 in Brighton and four Mash Inns in partnership with Ei Group. The business will continue to be run by its existing management team.

Leave a Reply

EG Group enters US with £1.53bn acquisition

Independent forecourt operator EG Group has acquired 762 convenience stores in the US from Kroger Co. The £1.53bn deal includes 66 franchise operations across 18 states, with some 11,000 employees. EG Group will establish North American headquarters in Cincinatti, Ohio, using this acquisition as a platform to implement and adapt its retail brand partner commercial approach and expand across the continent.

Leave a Reply

Purina Petcare buys dog food subscription startup Tails.com

Nestlé Purina Petcare has acquired Tails.com, a direct-to-consumer bespoke dog food subscription service based in the UK. Launched in 2014, Tails.com’s mix of tailored pet nutrition, strong customer engagement and home-delivery subscription model has seen the business grow quickly to reach sales of over £20m and a customer base of over 100,000 dogs. The company currently prepares and delivers around four million bespoke meals a month. It will remain a standalone entity led by current CEO James Davidson following the deal.

Leave a Reply

LDC backs Mandata in £20m deal

Lloyds Banking Group’s LDC has backed a secondary buyout of Mandata in a £20m deal. Mandata is a transport management software provider that supports the UK haulage sector, managing over 10,000 vehicles and employing 60 people at offices in Cramlington and Leeds. The deal sees a 8x return for exiting investor Synova Capital.

Leave a Reply

Goldman-backed consortium buys Cityfibre for £538m

A Goldman Sachs-backed consortium of funds called Connect Infrastructure Bidco is buying Cityfibre. The £537.8m deal aims to create a fibre infrastructure provider with the resources to compete with BT Openreach, which has dominated the sector. Cityfibre’s goal is to provide FttP connections for 20% of the UK market, having met only a fifth of this target so far.

Leave a Reply

AB InBev acquires spirits specialist Atom Group

Spirits, e-commerce and imports business Atom Group has been acquired by AB InBev’s ‘global growth and innovation’ arm ZX Ventures. The Atom Group describes itself as a disruptive global drinks business encompassing the full life-cycle of spirits – from inception, prototyping, production and branding with Atom Brands to import and distribution via Maverick Drinks and retail with Master of Malt. Terms of the deal were not disclosed.

Leave a Reply

Alibaba-backed startup buys UK genetic testing firm DNAFit

Alibaba-backed startup Prenetics has acquired DNAFit, a consumer genetic testing business based in London. DNAFit produces personalised diet, fitness and nutrition advice for consumers and the corporate wellness arena, with blue-chip clients that include LinkedIn, TalkTalk and Channel 4. According to a report by Arthur D. Little, the expected annual market size for genetic testing will explode to reach $50bn by 2026 due to a new wave of personalised medical treatments.

Leave a Reply