Another one coming off the stock market as Renold sold to US private equity
AMT Auto in Leeds acquired, Baaj Capital emerges again and accountants DJH are busy building
Hello Rainmakers,
This is your weekly freebie for browsers of Rainmakers.
We’re going straight in with some news from this morning.
Manchester-based engineering group Renold has agreed to be acquired for £186.7million by Morgenthaler Private Equity.
The supplier of industrial chains and related power-transmission products had also been mulling a joint offer from Buckthorn Partners and One Equity Partners, but the bid from MPE will see Renold sit alongside Webster Industries, a portfolio company within the US-based leader in the design, manufacture, and distribution of engineered conveying, feeding, separation, screening, and steel levelling solutions sectors.
MPE said in a statement today (13 June 2025) that it believes Renold, under private ownership and when combined with Webster, will benefit from a broader long-term strategic focus and an optimised capital structure.
MPE is committed to supporting Renold's management team in accelerating the company's growth trajectory, investing in innovation, and unlocking its full potential.
Renold has grown revenue from £165.3 million in 2021, to £241.4 million in 2024, and adjusted operating profit from £11.4 million to £29.7 million.
However, in an increasingly familiar story, Renold directors believe that the long-term potential has not been adequately reflected in the share price, which has “fluctuated significantly” in the past twelve months.
“Investor sentiment in the public markets, particularly towards UK smaller companies, remains subdued and, when set against the current elevated level of geopolitical and macroeconomic volatility, the Renold Directors consider that potential for a sustained, material improvement in the valuation of Renold's Ordinary Shares in the near term is likely to be limited. In addition to affecting the price of the Renold Ordinary Shares, this would also adversely impact its ability to access capital and drive further growth whilst remaining as a quoted company.”
In March of this year Renold's share price slumped to 37.6p, only climbing to today's offer price of 82p once the market realised the company was attracting unsolicited offers.
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This week’s Rainmakers articles for our subscribers:
I’m with a trio of seasoned rainmakers - Andy Westbrook, Mark Ward, and Richard Darlington - the firm powered by their Japanese parent Daiwa, which is positioning itself as a strategic powerhouse that bridges regional expertise with global reach.
The team's narrative is one of deliberate transformation. "We're going to become the best corporate finance team in the region," explains Mark Ward, who joined from Clearwater in 2021.
The appointment of Andy Westbrook was a big summer signing. He only recently joined from Deloitte, where he was not only office managing partner in Manchester, but was one of the undisputed big beasts of regional corporate finance over the last two decades.
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There was some detail in the Chancellor’s statement that may have got lost amidst the noise and haste.
The British Business Bank’s total financial capacity will be increased to £25.6 billion, a direct response to a direct lobbying plea.
Will an army of underfunded would-be unicorns emerge from the forests now that scale up money is available?
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Leeds-based AMT Auto, which operates in car rentals, leasing, sales, subscription and insurance, and has evolved into a £60m enterprise since it was established in 1995, is showing no signs of taking its foot off the accelerator with its latest acquisition
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The business, which first hit the road as a leasing finance brokerage and now employs more than 220 people across the UK, has snapped up Knaresborough-based Redline Specialist Cars, one of the nation’s largest independent dealers of prestige, performance and supercars. Redline Specialist Cars had modest beginnings in 1997 with 25 cars on a forecourt in Leeds but has grown to now sell around 2,000 luxury cars yearly nationwide.
The message from the buyer is "We are more powerful together", though both firms will continue to operate under their own names from their respective locations. AMT Auto's boss and founder, Neil McGawley, said the alliance would take AMT Group to a whole new level and enhance, "what we already believe to be the widest range of vehicle solutions currently available."
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Private equity-backed food ingredients firm Plant-Ex Ingredients has stirred up its European recipe with the acquisition of Polish food-tech company Aromacolors.
The Avonmouth-based company, backed by BGF and known for adding colour and flavour to everything from vegan cheese to icing, says the deal will bring new jobs to the South West in R&D, logistics, production, and technical support.
“This is a major step forward, not just for Plant-Ex but for the wider Bristol and South West economy,” said founder and CEO Giles Drewett.
The acquisition boosts Plant-Ex’s production capacity, helps navigate post-Brexit trade hurdles, and expands its footprint across Western, Central, and South Eastern Europe.
Edward Budzulak, CEO of Aromacolors, called it “an exciting new chapter” that will strengthen innovation and customer service across the continent.
With this deal, Plant-Ex cements its position as a truly pan-European player, scaling up in the UK while mixing deeper into the European market.
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A familiar name popped up this week as all 110 jobs at a Manchester steel fabricator, best known as the original manufacturer of the Bailey bridge system, was saved following a pre-pack sale.
Baaj Capital emerged as the business behind the rescue of Thomas Storey Fabrications of Openshaw, which fell into administration last week.
The acquiring business TAL Engineering of Castleford, was formed as Heywood Distribution in February 2025, but changed its name to TAL Engineering in May 2025. Its controlling party is listed as Jaswiner Singh, the financier behind Baaj Capital, which has backed several distressed businesses recently, including In The Style Fashion.
In the last set of published accounts for Thomas Storey, which employs 110 people, turnover for the calendar year 2024 dropped from £17.5m to £12m due to “a general recession within the construction industry together with key customers making decisions to relocate facilities and to move a large percentage of work offshore.”
Chris Ratten and Gareth Harris, of RSM UK Restructuring Advisory secured the sale of the business and its assets in a pre-pack administration sale. As per usual, the sum was “undisclosed”.
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Halesowen’s own Nicklin accountancy firm has been signed, sealed, and delivered into the DJH fold, a professional services group backed by private equity investor Tenzing.
This clever addition strengthens DJH’s presence in the West Midlands, where they already have offices in Stoke-on-Trent and Walsall.
Nicklin’s 38 staff are sticking around, ready to balance the books with the extra muscle and expertise DJH brings, from corporate finance to wills and probates.
Scott Heath, CEO of DJH, said: “We’re committed to the West Midlands, so when the opportunity came to partner with one of the Black Country’s most respected firms, we jumped in without hesitation. Continuity is key, and we’re glad senior leadership will stay on to keep the numbers ticking.”
Looks like the West Midlands’ financial landscape just got a little sharper and the future’s looking well-calculated.
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Rothera Bray is joining forces with Loughborough’s Woolley, Beardsleys & Bosworth, a firm with roots so deep, they’ve been laying down legal briefs since 1732.
This merger gives Rothera Bray its eighth office, with all staff sticking around to keep the legal wheels turning.
Christina Yardley, CEO of Rothera Bray, said: “We are delighted to welcome Woolley, Beardsleys & Bosworth to Rothera Bray. Their rich history, deep community connections, and commitment to client service align perfectly with our values.”
The merger is effective immediately, with no objections.
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TheBusinessDesk.com’s Rainmaker Awards return this summer and will showcase a wider cross-section of the region’s deals community, the Yorkshire dinner last week was a great occasion (above).
The hotly-contested regional corporate finance awards continue to recognise teams, individuals and deals, and the shortlist and winners will be decided on by the community, as always.
This year we have asked all firms to submit a short entry, along with the key deals they have advised on, to ensure our judges have the full information when making their selections.
Shortlists have now been drawn up at well-attended judging days. These shortlists were then voted on by a wider group of people from across the community, on a strict one vote per firm basis, to decide our 2025 winners.
For tickets for the event, please click here to secure your seat in the North West, or the West Midlands.
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