Hello Rainmakers,
Here’s a round-up of some eye-catching deals in the last week, including merger, but apparently nobody needed an adviser, debt package or 14 weeks in a data room.
But first a reminder, this is free to all who have signed up, however Rainmakers subscribers get at least two unique pieces a week, and 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, Foresight, Mercia, and LDC.
NorthEdge has sold Distology, the Stockport-based specialist cybersecurity distributor, to Foresight, boasting a return of 4.3x over its three realisations from its SME Fund.
NorthEdge first invested in Distology in February 2021, backing founder and CEO Hayley Roberts and her management team in their first institutional investment to broaden the vendor portfolio, deepen technical capability and scale the business internationally.
She said: “The last five years with NorthEdge have been brilliant. They believed in us at a pivotal moment, backed our vision and helped us grow across the UK and Europe – all while championing the culture and people that make Distology what it is.”
Over the two years to financial year 2026 it delivered a 48% EBITDA compound annual growth rate; expanded and diversified its vendor portfolio; increased its services capability following the acquisition of Squareball in 2022; and strengthened its leadership team with the appointment of a chief technical officer and a chief commercial officer.
::
Corporate finance types, look away now. There’s been a merger, but apparently nobody needed an adviser, debt package or 14 weeks in a data room.
Leicester-based krow Group and Devon-headquartered Bray Leino, both already owned by The MISSION Group, are combining to create a 300-plus strong agency under the Bray Leino name.
So, technically, it’s less M&A and more moving the furniture around at home. But with “synergies”, an enlarged geographical footprint and a new chief growth officer, it certainly knows all the words.
Bray Leino CEO Kate Cox will lead the combined business, while krow CEO John Quarrey becomes chief growth officer at The MISSION Group.
There’s no word on earn-outs, leverage multiples or adjusted EBITDA.
Frankly, we’re not sure it counts.
::
The story that dominated corporate finance conversation in the West Midlands this week was Headlam Group’s collapse into administration. The Coleshill-based flooring distributor exhausted its liquidity, triggering covenant breaches, and has suspended its shares from the Main Market. It follows last week’s sale of Headlam’s Netherlands arm and months of boardroom tension after activist investor First Seagull sought to remove three directors. Interpath’s Will Wright, Chris Pole and Ryan Grant are proposed as joint administrators. Watch how creditors respond.
Elsewhere, rural broadband provider Airband was sold out of administration to rival Voneus for a reported sum under £10m, days after entering administration itself. Aberdeen, which had backed Airband since 2020, is expected to write off around £200m on the deal, with HSBC and Lloyds also facing losses. The restructuring community will be watching whether this is the first of several distressed altnet sales this year.
::
Gooch & Housego’s £346m takeover by Washington DC-based private equity firm Arlington Capital has cleared its first major regulatory hurdle, with the US antitrust review (HSR) now complete and UK approval expected by year-end.
The slow regulatory process matches the patient approach Arlington showed when they made a series of unsolicited approached to the board of the Somerset photonics specialist, which were rejected before getting agreement in July.
Arlington has raised $14bn to fund its growth efforts, and strategic assets in regulated sectors are key to its ambitions.
Pending the UK’s own national security clearance, the deal should close in Q4 2026. As Christmas decorations begin to appear in shops, it won’t feel like much longer to wait.
::
Harley Haddow has acquired Glasgow-based fire engineering consultancy Pillar Fire.
Kevin McKeown will head up the new division at a time when demand for specialist fire engineering expertise is growing following Building Safety Act updates and post-Grenfell regulatory reforms.
Fire engineers will now work alongside Harley Haddow’s structural, civil, mechanical, electrical, geotechnical, building performance and sustainability teams from the earliest project stages.
::
Manchester-based law firm, Orwins, has again hit the acquisition trail with its latest purchases being Yorkshire law firm, Milners, and also Roe Lawyers, a boutique criminal, white collar and regulatory law firm based in central London. These two newest arrivals follow the group’s investment into Clarkslegal in Reading and Clarke Mairs in Newcastle in May and July this year.
Milners is a full-service law firm with seven partners and 41 staff headquartered in Leeds and with offices in Harrogate, Malton, Darlington and Pontefract. It provides a range of services including commercial litigation, property, public law, corporate, employment and HR management services, private client and family.
Backed by Aliter Capital, Orwins has now swelled to over 250 staff and combined revenues of £34m. And it isn’t resting on its laurels, as it is currently targeting revenues of more than £50m.
::
Finally, the latest football club in receipt of North American investment and grand plans for the future is Northern Premier League side Lancaster City FC, which plays at the magnificently named ground Giant Axe.
Entrepreneur Alex Shteriev is backing the 115-year-old club in a phased 24-month transaction, in order to introduce capital into the club in step with delivery rather than all at once, giving shareholders and supporters visibility of progress at every stage, thus avoiding the abrupt change of control that has “destabilised so many clubs at this level of English football.”
In the investor’s first foray in professional sport, the insistence on some base principles is telling about the absolute bin fire that has marked other deals at this level.
“Lancaster City will remain a Lancaster club, at Giant Axe, under the same name, crest and colours,” it said.
So, as the fans are asking, “who are yer?”
Go North Ventures Inc. is a Toronto-based investment company founded by Alex Shteriev, a mergers and acquisitions advisor with over fifteen years of transaction experience and a co-founder of Beacon Advisors, a leading boutique M&A firm operating across North America.
Go North Ventures invests in businesses and institutions where operational involvement, long-term capital and commercial expertise can create durable value. But no deal with Netflix or Disney yet.
::
We have great pleasure in opening up ticket sales for a series of Rainmakers lunches starting with the Birmingham lunch on the 23rd of September 2026 at Regina’s in Birmingham.
::
Thank you for subscribing to Rainmakers.
We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.
The insights and commentary we share with you are rooted in the trust we have built in the business community.
We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.
If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.
Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.