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

Lowell catapulted into Nordic market with £640m acquisition

Leeds-based credit management services company Lowell has agreed to acquire a Nordic carve-out business from Intrum, with backing from Permira funds and Ontario Teachers’ Pension Plan. The deal is worth £640m and is comprised of Lindorff’s entire business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s entire business in Norway. This was specified by the European Commission as a condition of the combination of the two companies earlier this year, and the sale is still subject to further EC approval. The transaction would create one of the largest credit management service providers in Europe and make Lowell a market leader across the Nordic region.

Leave a Reply

Inflexion backs Bollington and Wilson merger

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.

Leave a Reply

Scotframe finds new home with Saint-Gobain

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.

Leave a Reply

Aldermore Bank board recommends FirstRand offer

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.

Leave a Reply

WorleyParsons enters North Sea with AFW UK takeover

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.

Leave a Reply

TFG buys womenswear brand Hobbs

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.

Leave a Reply

Imperial Brands acquires nicotine liquids developer Nerudia

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.

Leave a Reply

Norcros acquires Merlyn Industries

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.

Leave a Reply

CCMP makes gains with Pure Gym sale

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.

Leave a Reply

RealPage eyes expansion in Europe with PEX acquisition

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.

Leave a Reply