Companies based all across the North West have agreed a series of high-profile mergers and acquisitions over the last week or so.
Businesses including the likes of United Utilities, JD Sports and Total Fitness have all been involved as well as Mike Ashley’s Frasers Group, Bolton Wanderers and global law firm DWF.
Below, BusinessLive has rounded up 17 of the biggest deals from across the region we feel you should not miss.
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United Utilities
United Utilities has agreed a deal worth £1.8bn to sell part of its pension liabilities to Legal & General.
The North West water provider has said the move it part of the “de-risking strategy” of the pension scheme trustees to “ensure even greater long term security”.
The deal will mean Legal & General will make future payments to members of the pension scheme.
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DWF
Private equity group Inflexion is in talks to buy global law firm DWF.
DWF, which is headquartered in Manchester, confirmed the news in a statement issued to the London Stock Exchange in response to reports in the media.
Under the terms of the proposed deal, DWF’s shareholders would be entitled to receive a total consideration of 100p per share.
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JD Sports
JD Sports is to acquire the remaining shares it currently doesn’t hold in a Spanish company for over €500m.
The Greater Manchester-headquartered group is to snap up the 49.98% shares in Iberian Sports Retail Group (ISRG) which are held by Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A.
ISRG currently operates more than 460 stores across Europe including JD Sports in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Sport in the Netherlands.
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Total Fitness
OakNorth Bank has provided a £6.5m loan to Total Fitness, to refinance an existing loan facility as well as support the refurbishment of several of its clubs.
The transaction also includes a debt accordion to support future growth opportunities beyond the core health club business.
Founded in 1993 and headquartered in Wilmslow, Cheshire, Total Fitness has over 93,000 members and operates 15 health and fitness clubs across the North of England and Wales.
Sophie Lawler, CEO of Total Fitness, said: “As a team with an exciting story and a unique strategy for the future, we have been thoughtful about the right partner to support us through this next chapter.”
Stewart Haworth, director of debt finance at OakNorth, added: “It is testament to Sophie’s vast experience in the fitness industry and the impressive leadership skills of her and her team that the business has successfully navigated challenging times of both the pandemic and the current cost-of-living crisis.”
Bolton Wanderers
Fans of Bolton Wanderers have helped the club raise over £4.5m.
The League One club launched the Wanderers Bond in May with an initial target of £3.5m.
At the time, Bolton said the additional funds would be put towards player recruitment, to improve training facilities and towards advanced sports science as well as club infrastructure connectivity at the stadium, which is “long overdue”.
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N Brown
Mike Ashley’s Frasers Group has further increased its stake in fashion firm N Brown.
The retail empire has upped its stake to over 18%, according to a newly-filed document with the London Stock Exchange.
The move further strengthens its position as N Brown’s second-largest shareholder.
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Flight Story
A company co-founded by Dragons’ Den star Steven Bartlett has signed a major funding deal.
Marketing and communication company Flight Story, which the entrepreneur set up with Oliver Yonchev, has entered into a partnership with alternative finance provider, ThinCats.
The firm helps SMEs grow through loans of between £1m and £15m.
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Boohoo
Boohoo has handed shares worth almost £6m to a number of its employees.
The fashion giant has awarded over 17.1 million shares to 46 of its staff, according to an update issued to the London Stock Exchange.
The Manchester-headquartered group said the move was part of its Discretionary Share Award Plan.
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KSL Clinic
A hair transplant clinic used by celebrities has secured a £7m investment.
The KSL Clinic, which was founded by Lloyd Hume in 2016, has been backed by private equity firm Foresight Group.
The company has two clinics located in Salford and Maidstone, Kent, and will use the extra funding to create jobs and open new sites.
Some of the firm’s celebrity clients have included rugby star Stuart Hogg, actor Joe Swash and singer Gareth Gates as well as a host of other sports and contestants on Love Island and Dancing on Ice.
Read the full story here
Green Bean Studios
Manchester-based children’s IP entertainment brand Green Bean Studios has landed a total of £80,000.
The business has been awarded £30,000 from the DCMS Create Growth Fund: Competition 1 from Innovate UK to support further development of their animated children’s TV series.
The funding comes after the studios winning £50,000 from Innovate UK’s Inclusive Innovation Award 2023 last month.
Bailey Instruments
Manchester-based surgical instrument manufacturer Bailey Instruments has been bought by Marsden Group.
Established in 1984 by Tim and Sally Bailey, Bailey Instruments supplies precision medical instruments and devices to the NHS and global healthcare markets.
Their daughter Gemma Bailey is remaining actively involved as a director in Bailey Instruments.
Grant Thornton UK LLP’s corporate finance team advised on the sale.
Music For Pets
Manchester-based Music For Pets has been sold to Create Music Group.
The company was founded in 2017 by Amman Ahmed and his business partner, Ricardo Henriquez.
Create Music Group, which launched in 2015, is a music and entertainment company based in Hollywood.
Browne Jacobson’s corporate lawyers advised the founders of Music For Pets on the sale.
Barons
Lytham-based specialist contract furniture manufacturing business Barons has undergone a seven-figure management buyout, led by managing director Garry Smith, with investment from River Capital and Arbuthnot.
Alongside Garry Smith, the board has been bolstered by the introduction of two non-executive directors, Gary Lasham and David Meltham.
Mr Smith said: “Having helped drive the success of Barons over the past nine years, I am excited by the future prospects for the business and the backing now in place to help deliver that potential.”
Charles Andrews
A building services firm has undergone a seven-figure management buy-out backed by an SME loan from Mercia.
Charles Andrews employs 30 staff at its headquarters in Trafford Park, Manchester, and provides mechanical and engineering services for construction and infrastructure projects nationwide.
The company’s origins date back to 1945, when it was founded by Charles Andrews and played an active role in the city’s post-war reconstruction.
The buy-out gives control of the business to Neil Walker, who has spent 14 years in total with the company, most recently as acting managing director. It also allows for the retirement of Anthony and Jennifer Cryne, who took over the business in 2003.
Albus & Flora
Pendle-based cosmeceutical skincare brand Albus & Flora has secured a £30,000 investment from Lancashire business loans provider, Rosebud Finance.
The investment is set to facilitate stock purchases, product development and help the business fulfil its five-year growth ambitions to grow its product lines, team and revenues.
Rosebud is owned by Lancashire County Developments Ltd (LCDL), a wholly owned subsidiary of Lancashire County Council. It aims to support the growth of Lancashire businesses and the local economy, offering loans between £10,000 and £300,000 as well as high-quality business support.
Dynamis Associates
Warrington-based domestic retrofit and renewable energy specialist Dynamis Associates has acquired Arctica Partners.
Arctica Partners will provide Dynamis Associates with the only approved project methodology (globally) for domestic carbon credit creation and has a significant forward pipeline of enrolled retrofit activity out to 2026.
The management team at Arctica Partners, including managing director Simon Turek, will remain in place, with the company integrating into the existing Dynamis Associates structure.
OCU Group
Stockport-based OCU Group, the utility and energy engineering services contractor, has acquired Hornbill Group, a specialist electrical engineering business, and its subsidiaries.
Neath-based Hornbill is accredited by the National Electricity Registration Scheme and acts as an Independent Connection Provider (ICP), operating across key sectors including power, water, gas, renewables, metals, and chemicals. It specialises in designing and building electrical infrastructure for high-voltage (HV) and low-voltage (LV) renewable energy projects.
Hornbill will form part of OCU’s Energy Services division, which focuses on quality engineered power system network solutions to deliver renewable energy and decarbonisation infrastructure in support of the UK Government’s ambition of achieving Net Zero by 2050
As part of the acquisition arrangements, Hornbill will become known as OCU Hornbill.
