Rodgers Leask directors complete MBO

The directors of engineering consultancy Rodgers Leask have completed a management buyout with support from Sterling Capital Investments, Investec Capital Solutions and Flint Bishop Solicitors. Co-founder Andy Leask invited the deal to ensure succession by his longstanding team, made up of directors Lawrence Pacey, Paul Spencer, Kully Toor, Stewart Friel and Kriston Harvey.

Foodservice and retail buying businesses Today’s Group and Landmark Wholesale have proposed a merger, pending approval from members in September. Landmark and Today’s are made up of 182 wholesalers which cooperate to enhance their buying power. The merger would create a new entity called Unitas Wholesale, with buying power of approximately £9.2bn and 1,460 stores. The move responds to a trend for consolidation in the sector, with Tesco merging with its biggest competitor Booker last year.

Technology investment group Wright Industries has acquired Willenhall-based precision engineering business Accura. The deal sees former CEO Craig Wright buy back the company after leaving in 2001. Founded in 1979, Accura provides critical components and sub-assemblies for a wide range of markets including aerospace, automotive, chemicals processing, communications, healthcare, industrial and oil and gas exploration. It has a turnover of £9m and employs around 95 people.

Private equity firm BC Partners is close to agreeing a £700m deal for VetPartners, according to reports. VetPartners has 260 sites and employs roughly 3,000 people. The acquisition would mark the fast-growing sector’s biggest deal, and comes just months after Ares, another investment firm, put £500m into VetPartners through a combination of debt and equity instruments. The British vets market has become attractive to private equity firms with consumers prone to spend increasing sums on pet welfare. The fragmented nature of the market has made it ripe for ‘buy and build’ tactics that manufacture scale and synergies in areas such as marketing and procurement. A similar deal for Linnaeus Group was announced in June.

Following its acquisition of Spanish flooring group Keraben late last year, Victoria has announced further plans to expand overseas with an £86.2m (€96.7m) agreement for Cerámica Saloni. Saloni is a manufacturer of mid to high-end ceramic and porcelain tiles selling predominantly to direct markets (new construction and commercial offices) in France and Spain. It generated audited net revenues of £94.7m and EBITDA of £13.9m in 2017. Victoria will place shares to the value of approximately £60.5m to fund the deal.

Arsenal’s American director and majority shareholder Stan Kroenke has had an offer accepted to take complete control of the club, in a deal that values the Gunners at £1.8bn. Kroenke Sports and Entertainment (KSE) currently owns 67% of Arsenal and has offered to buy the 30% owned by Red and White Securities, Russian billionaire Alisher Usmanov’s firm. Kroenke has confirmed he will also forcibly purchase the remaining 3% of shares that are mostly held by fans. The news has not been received well by many Arsenal fans, who fear the deal will make the club even less accountable.

AIM-listed City of London Group has acquired Acorn to Oaks Financial Services in a deal worth up to £6.4m. A2O specialises in SME and landlord insurance products and will complement COLG’s existing Credit Asset Management business.

Construction software firm Elecosoft has announced the takeover of Shire Systems, a provider of computerised maintenance management software (CMMS). The £6.3m deal extends Elecosoft’s offering beyond early planning, design and construction to equipment and property maintenance and management, as well as giving it access to Shire System’s 800+ active customers. Shire Systems had turnover of £1.9m in 2017.

Laser Shapes has been bought out of administration for the second time in little over a year. Metallurgical Processing, part of the ARC Group, has bought the firm saving 25 jobs in the process. The precision engineering and laser cutting business saw 22 job losses when it was sold in 2017, but will retain its staff and 90,000 sq ft Witton Mill warehouse with this latest deal.

Recruitment software firm Bullhorn has acquired Invenias, a fellow cloud-based software provider for executive search firms. Invenias will retain its own sales and leadership team, with CEO David Grundy and CTO and chief product officer Richard Harrison at the helm. Bullhorn sees an opportunity in the market with growing skilled talent shortages and compliance issues thrown up by GDPR adding value to its services.

Today’s Group and Landmark Wholesale propose £9bn merger

Foodservice and retail buying businesses Today’s Group and Landmark Wholesale have proposed a merger, pending approval from members in September. Landmark and Today’s are made up of 182 wholesalers which cooperate to enhance their buying power. The merger would create a new entity called Unitas Wholesale, with buying power of approximately £9.2bn and 1,460 stores. The move responds to a trend for consolidation in the sector, with Tesco merging with its biggest competitor Booker last year.

Leave a Reply

Wright Industries acquires Accura

Technology investment group Wright Industries has acquired Willenhall-based precision engineering business Accura. The deal sees former CEO Craig Wright buy back the company after leaving in 2001. Founded in 1979, Accura provides critical components and sub-assemblies for a wide range of markets including aerospace, automotive, chemicals processing, communications, healthcare, industrial and oil and gas exploration. It has a turnover of £9m and employs around 95 people.

Leave a Reply

Fast-growing petcare sector close to landmark deal

Private equity firm BC Partners is close to agreeing a £700m deal for VetPartners, according to reports. VetPartners has 260 sites and employs roughly 3,000 people. The acquisition would mark the fast-growing sector’s biggest deal, and comes just months after Ares, another investment firm, put £500m into VetPartners through a combination of debt and equity instruments. The British vets market has become attractive to private equity firms with consumers prone to spend increasing sums on pet welfare. The fragmented nature of the market has made it ripe for ‘buy and build’ tactics that manufacture scale and synergies in areas such as marketing and procurement. A similar deal for Linnaeus Group was announced in June.

Leave a Reply

Victoria buys Spanish tiling group Saloni

Following its acquisition of Spanish flooring group Keraben late last year, Victoria has announced further plans to expand overseas with an £86.2m (€96.7m) agreement for Cerámica Saloni. Saloni is a manufacturer of mid to high-end ceramic and porcelain tiles selling predominantly to direct markets (new construction and commercial offices) in France and Spain. It generated audited net revenues of £94.7m and EBITDA of £13.9m in 2017. Victoria will place shares to the value of approximately £60.5m to fund the deal.

Leave a Reply

Stan Kroenke to buy 100% ownership of Arsenal

Arsenal’s American director and majority shareholder Stan Kroenke has had an offer accepted to take complete control of the club, in a deal that values the Gunners at £1.8bn. Kroenke Sports and Entertainment (KSE) currently owns 67% of Arsenal and has offered to buy the 30% owned by Red and White Securities, Russian billionaire Alisher Usmanov’s firm. Kroenke has confirmed he will also forcibly purchase the remaining 3% of shares that are mostly held by fans. The news has not been received well by many Arsenal fans, who fear the deal will make the club even less accountable.

Leave a Reply

City of London Group acquires Acorn to Oaks

AIM-listed City of London Group has acquired Acorn to Oaks Financial Services in a deal worth up to £6.4m. A2O specialises in SME and landlord insurance products and will complement COLG’s existing Credit Asset Management business.

Leave a Reply

Elecosoft acquires Shire Systems

Construction software firm Elecosoft has announced the takeover of Shire Systems, a provider of computerised maintenance management software (CMMS). The £6.3m deal extends Elecosoft’s offering beyond early planning, design and construction to equipment and property maintenance and management, as well as giving it access to Shire System’s 800+ active customers. Shire Systems had turnover of £1.9m in 2017.

Leave a Reply

Laser Shapes saved from administration

Laser Shapes has been bought out of administration for the second time in little over a year. Metallurgical Processing, part of the ARC Group, has bought the firm saving 25 jobs in the process. The precision engineering and laser cutting business saw 22 job losses when it was sold in 2017, but will retain its staff and 90,000 sq ft Witton Mill warehouse with this latest deal.

Leave a Reply

Bullhorn makes a noise about Invenias

Recruitment software firm Bullhorn has acquired Invenias, a fellow cloud-based software provider for executive search firms. Invenias will retain its own sales and leadership team, with CEO David Grundy and CTO and chief product officer Richard Harrison at the helm. Bullhorn sees an opportunity in the market with growing skilled talent shortages and compliance issues thrown up by GDPR adding value to its services.

Leave a Reply

Empresaria buys stake in Peruvian staffing firm

Specialist staffing group Empresaria has acquired a 60% stake in Grupo Solimano, a provider of outsourced and temporary staffing services in Peru. Grupo Solimano generated £14.9m revenue in 2017. Empresaria will pay a total £2.1m for its stake. 40% shareholder Rocco Solimano will continue to manage the business.

Leave a Reply