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

Aston Villa announces investment from billionaire duo

Aston Villa FC has announced the arrival of billionaires Nassef Sawiris and Wes Edens at the club. Sawiris is one of Africa’s richest men while Edens is the co-owner of NBA team the Milwaukee Bucks. Aston Villa has promised the injection of ‘significant investment capital’ via the duo’s co-owned vehicle NSWE. The deal addresses the Championship club’s developing cash problems following its failure to beat Fulham in the play-off final in May. Current chairman Dr Tony Xia will become co-chairman and remain on the club’s board.

Leave a Reply

Ryboquin combines with Nanogenic Solutions

Scottish pharmaceutical firm Ryboquin has raised £4.45m to buy Nanogenic Solutions. The combined firm, which will rebrand as Nanogenics, aims to pioneer ‘safe, efficacious and regular dosing of all forms of gene therapy’, building on Nanogenic’s development of LipTide – an artificial virus which can be modified to target different cell types and deliver custom doses.

Leave a Reply

KP Snacks acquires fast-growing crisps brand

Building on its acquisition of Tyrrells in May, KP Snacks has announced a deal for fast-growing snack brand Popchips. Launched in 2012, Popchips recorded turnover of £10.5m in 2016 and employs around 15 people.

Leave a Reply

US tech group buys Manchester cybersecurity startup Avecto

Manchester-based security software company Avecto has been bought by US software firm Bomgar. Avecto, which was previously touted to become a ‘unicorn’, provides software which reduces hacking breaches by restricting employees’ access to applications they don’t need to use. With offices in Manchester and Massachusetts, Avecto employs 227 people and recorded revenue of £23.5m in 2017.

Leave a Reply

The Chapar takes over rival personal styling startup

Menswear styling service The Chapar has acquired Dragons’ Den-winning rival Enclothed. The deal has seen several redundancies with the merger of the companies’ London head offices and closure of Enclothed’s warehouse. The combined business has a database of more than 150,000 European customers, 30,000 of which are active, over 60 brands and a team of 50.

Leave a Reply

Quilter acquires Saint & Co

Old Mutual Wealth Private Client Advisers has acquired Carlisle-based accountancy firm Saint & Co. OMWPCA is a part of financial services group Quilter, formerly Old Mutual Wealth (which recently completed its separation from parent company Old Mutual, listing on 25 June 2018). The acquisition adds approximately £100m assets under advice to Quilter’s national financial planning business, which now oversees over £2bn in client assets. Altogether Quilter is responsible for more than £110bn in customer investments.

Leave a Reply

WML Consulting completes MBO

Mercia Fund Managers has supported a management buyout of WML Consulting with a six-figure loan. Formed in 1983, WML is a civil, structural and geotechnical engineering firm based in Cheadle Hulme, Manchester. The company has worked on high-profile developments including Manchester’s Spire Hotel and city centre Kampus Development. Directors Nigel Garside, Andrew Leng and Loughlin O’Gorman gain control of the company with the deal.

Leave a Reply

The Hut Group acquires Language Connect

Health and beauty etailer The Hut Group has bought translation business Language Connect. Founded in 2003, Language Connect has grown to provide services to over 900 organisations worldwide, including blue-chips such as Norton Rose Fulbright, Thomson Reuters and Twenty First Century Fox. It has offices in London, New York, Dubai, Melbourne, Munich and Singapore. The deal represents a significant addition to The Hut Group’s proprietary technology platform THG Ingenuity, building on its acquisitions of Hangar Seven and UK2 in 2017.

Leave a Reply

DS Smith to wrap up £1.45bn Europac deal

DS Smith has agreed to buy integrated packaging firm Europac for £1.45bn. Europac is a Spanish-listed, 42% family-owned business, delivering revenues of £756m with EBITDA of £138m in 2017. The acquisition gives DS Smith a more even coverage of Western Europe with a well diversified customer portfolio and FMCG orientation. DS Smith aims to raise roughly £1bn through a new rights issue and £650m with a new debt facility to fund the deal.

Leave a Reply

Matthew Riley and Oakley Capital sell Damovo Group

Private equity firm Oakley Capital and telecoms entrepreneur Matthew Riley, the founder of Daisy Group, have agreed to sell Damovo Group to Eli Global. Damovo Group is a leading European unified communications and collaboration (UC&C) company, providing managed IT services to public sector organisations and large enterprises including BT, Carlsberg Group, HPE and Lufthansa. The deal values the business at £124m. It was bought by Oakley Capital and Riley for £10.6m in 2015.

Leave a Reply