Buyout at party planner to the stars
Plus, a round up of activity, including literally the most confusing deal ever
Hello Rainmakers,
Yesterday, lucky subscribers were treated to a data scrape. It was a decent piece, pulled together some issues and looked at what has been driving private equity AND public markets deals.
We tried to get some sense out of HSS, Speedy Hire and Endless about the movement of equipment hire assets in their multi-layered series of deals this week, but haven’t got anywhere so far. If anyone from our learned readership could guide us through, please get in touch.
For now, here are some highlights from around the UK.
Who said M&A was ever dull?
This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.
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If you wanted to throw a party to celebrate a deal, there was no-one better to go to than Liz Taylor, founder and CEO of Manchester event management firm, Taylor Lynn Corporation (TLC).
This week though she’s signalled her intention to step down following the acquisition of the company by Anna-Liisa Evans and Paul Gilmore, directors of floral design and event décor company, Springbank, for an undisclosed sum.
Liz Taylor said: “The synergy between Anna-Liisa and me has always been creatively electric.
“With Paul at the helm, TLC is in excellent hands for its next chapter. I’ll now focus on my consultancy business while remaining available to support when required.”
Last year she also took the plunge to advise iconic venue Victoria Baths in Manchester to help the venue develop its corporate and private events business.
Founded in 1995, TLC has become synonymous with exceptional event experiences, with Taylor renowned as ‘TV’s Millionaire Party Planner’.
Her clients over the years have included everyone from top corporate and celebrity names to royalty, staging spectacular business, weddings and private events across Europe and beyond. Her clients include the likes of Take That stars Gary Barlow and Howard Donald; Coronation Street actors; former Manchester United football player turned businessman Gary Neville; football stars James Vaughan and Yaya Toure; actress Sally Lindsay, actress and TV personalities Michelle Keegan and Mark Wright, and television presenter Ruth Langsford.
Equally impressive, her event portfolio includes leading blue-chip organisations such as Mary Portas, UEFA, Mercedes Benz, Minster Law, Liverpool FC, Manchester United FC, Capital FM, Selfridges, Rothschild,, Manchester International Festival, Carole Nash Associates, BGL, Minster Law and ITV Granada.
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After hitting choppy waters and calling in the administrators, Derby-based SOS Wholesale has been thrown a lifeline and is back in business.
Once one of the UK’s biggest discount wholesalers, SOS sent out its own distress signal earlier this year after rising costs and changing shopper habits sank its cash flow.
But now, the shelves are being restocked under the wing of family-run Dairyfresh, which has swooped in to bring the brand back to life, proof that this SOS really did get answered.
Seven former staff have been rehired, the Barnsley office is buzzing again, and former commercial director Lesley Dale is reconnecting the business with suppliers and customers.
Looks like SOS Wholesale is back on the delivery route, with its comeback order well and truly confirmed.
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Hardly a week goes by without national and international news headlines featuring a story about another audacious, complex financial crime. With fraudsters becoming ever more sophisticated, (no longer just supposedly deposed princes in exotic locations e-mailing us implausibly lucrative opportunities) digital identity verification has become critically important. And this has been recognised by Ilkley-headquartered anti money laundering software company, SmartSearch, which has agreed to acquire Credas Technologies, a provider of identity verification solutions for the legal and property sectors.
This follows significant private equity investment in the Yorkshire firm from Triple Private Equity in 2024, which is fuelling its expansion plans.
Seperately, and just down the road in Sheffield, Sitehop, a start-up building UK sovereign encryption to future-proof networks against quantum-powered cyber attacks, has raised an additional £7.5m led by investor Northern Gritstone, bringing the total raised to £13.5m.
Existing investors Amadeus Capital Partners, Manta Ray, Mercia Ventures and NPIF – Mercia Equity Finance, which is managed by Mercia as part of the first Northern Powerhouse Investment Fund (NPIF), also joined the round.
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Herefordshire-based HSL Compliance has been on a roll, completing six acquisitions in just nine months as it pipes up its plan to keep Britain’s homes and workplaces safe and compliant.
The latest wave of additions includes Houseman Environmental, APC Compliance, Advanced Water Treatment, Crosmill, ICE Plumbing, and Carb’n-Off, adding over 175 new staff and boosting HSL’s headcount to more than 700.
From legionella control to carbon reduction, the additions strengthen HSL’s flow of expertise across the UK.
Chief executive Gavin Hartley said each business brings “unique strengths and shared values,” helping HSL edge closer to becoming the UK’s go-to name in health and safety compliance.
Looks like HSL’s growth strategy is running smoothly, with no leaks in sight.
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Finally, we couldn’t avoid it any longer.
So, HSS delayed its results by a week, because a deal was in the offing. We guessed that much.
On Monday it then said it is to sell its hire business to private equity investor Endless. That business will be renamed.
Instead, HSS will concentrate on building its ProService marketplace platform, which has sealed a major supply listing agreement and investment with its biggest competitor Speedy.
Describing the hire business which trades under the brand HSS The Hire Service Company, as its “legacy, asset-intensive operations” it has been sold for just £1, but has been guaranteed a contribution of approximately £26 million as a “Seller Contribution” to facilitate a viable separation.
This one-time cost will be funded through the proceeds of the Speedy Hire Investment and will include £16m on completion of the deal with a further £10m payable by HSS during the period from 7 to 12 months following Completion.
The seller contribution includes an amount of £3m (representing the minimum cash that HSS is required to ensure is available to THSC at Completion pursuant to the terms of the THSC SPA).
HSS Hire Group plc will be re-named ProService Building Services Marketplace plc, and Speedy will take a 9.9% stake in the business for £35 million, an amount that also covers the commercial hire and service supply agreement, the transfer of assets – including equipment and depot leases.
Speedy says it anticipates “a full payback” in two to three years, excluding any potential cash return from its interest in ProService plc.
Confused? Nope, not us.
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We’re bringing the Rainmaker Awards back to the East Midlands after a hugely successful first year in 2024.
The Rainmaker Awards will bring together the East Midlands deals community to celebrate the best deals and teams from the past 12 months, as voted for by the corporate finance community themselves in a one firm, one vote system.
The casual dress code will swap the traditional tuxedos and long speeches for an evening that focuses on recognising and celebrating the best work from the year.
The night will provide an opportunity to network with the leading individuals and firms in the region.
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