Hello Rainmakers,
There are a few deals this week that seem to be following an established playbook, not least serial entrepreneur Bob Holt, who built Mears into a £1bn revenue business, is deploying that playbook again with energy services consolidator Earnz, snapping up building maintenance contractor Gem New Co in a deal worth up to £23.5m.
But Foresight are also on the buy-and-build path in the nursery sector.
We also have great pleasure in offering tickets for our Rainmakers lunches.
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The North West winners lunch is on the 22nd of October at Manchester Hall.
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Foresight has invested in Mulberry Bush Nursery Group, a Manchester childcare operator, to fund expansion across the North of England through acquisitions and organic growth.
The investment provides a succession solution for the Robinson family, which founded the business in 1990, but appears to signal an ambitious buy and build strategy for Mulberry Bush which currently operates five nursery settings across North Manchester.
Foresight has committed follow-on funding to support the acquisitive growth strategy and Sophie Clough, the senior investment manager at Foresight Group, hinted as much when she lauded the “strong foundations and a clear opportunity to build scale through both organic growth and acquisitions”.
The value of the deal was not disclosed.
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Bob Holt has completed the biggest acquisition since Earnz launched just over two years ago. Gem brings clients including Westminster City Council and Islington, plus proprietary heat network software. Pro-forma revenues post-acquisition should exceed £50m, with Earnz aiming for £130m turnover.
Holt built Mears into a £1bn revenue business, and this deal seems evidence of him deploying that playbook again with energy services consolidator Earnz, snapping up building maintenance contractor Gem New Co in a deal worth up to £23.5m.
Holt has also just moved into full-time executive role after floating the business on AIM. Earnz reckons the UK building maintenance and energy services market, worth an estimated £10bn+, remains highly fragmented.
The Gem deal follows on from the £9.5m purchase of Zero Carbon Group earlier this year. For Earnz at least, the fragments they are assembling are getting bigger.
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European space tech group Omnidea has acquired the manufacturing assets and intellectual property of Orbex out of administration.
It will establish UK operations at Orbex’s former manufacturing facility in Forres, with an initial team of ex-Orbex employees joining the Portugese business - and further recruitment planned as the operation develops.
Sérgio da Cunha Oliveira, vice president of Omnidea, will lead its operations in the UK.
Meanwhile, Canadian engineering and professional services firm WSP has acquired Glasgow-headquartered building consultancy Hulley & Kirkwood.
Founded in 1953, Hulley & Kirkwood employs 122 people across seven offices in the UK, who will now join around 12,000 employees across the UK and Ireland at the global group.
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Private equity firm WestBridge has promoted Manchester-based Peter Barkley to managing partner taking on the responsibilities of chief investment officer, co-leading the firm and working alongside founder Guy Davies (pictured, left) to build on the firm’s strong track record of performance, investment and industry recognition.
Barkley (centre) will take a pivotal role in managing the firm’s investments and fund deployment across the whole of the UK, while Davies will manage the firm, actively guide strategy, lead investor engagement and support the ongoing development of the firms multi award winning value creation model.
The changes reflect the planned development and evolution of the WestBridge team as the firm enters its next phase of growth.
Barkley joined WestBridge in 2019 and has played a significant role in establishing and developing its presence in the North of England. He has subsequently become a key member of the firm’s investment and leadership team, working closely with management teams to support growth and value creation.
Tim Whittard, who joined WestBridge in 2017, has also been promoted to Senior Partner to reflect his many years of experience and his commitment to the next decade of WestBridge’s growth.
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A 140-year-old safety equipment specialist employing more than 1,200 people can now reap the benefits of a global investment firm’s financial firepower. HIG Capital has snapped up Hull-based Arco in a deal touted as a significant investment in Arco’s future. Arco says the deal will provide the capital and strategic support to accelerate growth, expand its capabilities and further beef up its position across the personal protective equipment (PPE), workplace safety and training markets.
Arco says the takeover means it will also have greater scope to pursue strategic acquisitions of its own. HIG Capital has $75bn of capital under management, with a focus on the mid cap segment of the market. Arco’s newly constituted Board will be chaired by Meine Oldersma. He brings extensive experience with HIG, knowledge of Arco from his previous role as a non-executive director, and a track record of working with multi-million pound distribution businesses.
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The Nottingham Belfry has checked out of receivership and checked into new ownership, with Hunton Hotels buying the 120-bedroom hotel and promising a significant refurbishment before reopening. After attracting multiple bidders, the deal suggests there is still plenty of appetite for regional hotels, even if the Belfry itself is currently rather more “Do Not Disturb” than four-star hospitality.
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We have great pleasure in opening up ticket sales for a series of Rainmakers lunches with the Yorkshire winners lunch on the 21st of October 2026 at Crowded House in Leeds.
Joining us at the Manchester event is our 2026 Rainmaker of the Year – Ed Gale, Tech M&A Partner at Clearwater, plus the Changemaker of the Year Helen Spence, International M&A Director at EY and from the private equity and venture capital team of the year, Josh Bean, Investor at BGF.
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