Hello Rainmakers,
Here’s a round-up of some eye-catching deals in the last week, including the return of the prolific acquirer RSK, a Scottish financial acquisition, and a first bolt-on deal since Foresight invested in RS Industrial Services.
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Engineering group Goodwin has struck a £1.1bn deal to sell a major chunk of its Mechanical Engineering division to US investment giant Cerberus Capital Management.
The Stoke-on-Trent-based business is selling Goodwin Steel Castings, Goodwin International, Noreva, Easat Group and its Pumps Division in one of Staffordshire’s biggest deals in recent years.
The transaction is expected to complete in early 2027, subject to regulatory approval and a bit of corporate housekeeping to move the businesses into a new legal entity.
Goodwin plans to return a significant slice of the proceeds to shareholders, while its Refractory Engineering and Technological divisions will remain in the group.
The sale comes hot on the heels of a record year, with Goodwin reporting a £77.5m trading profit for the year to April - up 118%.
Timothy Goodwin, chairman of Goodwin PLC, said: “Today’s announcement represents a significant milestone in the history of Goodwin as we reposition our business and deliver significant value for our shareholders. The Board would like to express its gratitude to all employees across GSC, GI, Noreva, Easat and Pumps for their dedication, professionalism and contribution over many years.”
Cerberus global head of private equity Michael Sanford said: “Cerberus has a clearly defined and established strategy to invest behind leading defence and industrial businesses that benefit the needs and goals of Western-allied nations. This investment epitomises these priorities, and Cerberus is committed, as it has been for the past 20 years, to investing in the UK.”
So, after months of talks, Goodwin has finally sealed the deal, and this one is certainly no small casting.
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RSK Group is adding some extra mileage to its highways operation after acquiring Northamptonshire contractor Mason Street Furniture (MSF).
The deal brings 175 staff into RSK and adds expertise in street lighting, traffic signals, highway technology, fibre networks, EV infrastructure and electrical connections.
MSF, which has offices in Northamptonshire and County Durham, will continue to be led by founder and managing director Shaun Stacey.
The acquisition also builds on MSF’s existing relationship with Octavius Infrastructure, which joined RSK last year, creating a stronger combined offering for major highways and transport projects.
MSF works directly for National Highways and has delivered schemes for contractors including Balfour Beatty, Costain, GRAHAM and Winvic. Its recent work includes the A1 Birtley to Coal House upgrade, Newcastle’s Tyne Bridge refurbishment and the M25 Junction 28 improvement scheme.
Alan Ryder, chief executive officer at RSK Group, said: “MSF is a highly respected business with an outstanding reputation across the UK’s highways and infrastructure sectors. Its specialist expertise complements existing capabilities across RSK and supports greater collaboration throughout the group.
“The company is well positioned to support future investment in National Highways programmes, highway technology upgrades, decarbonisation initiatives and growing demand for electric vehicle charging infrastructure.”
Stacey said: “Joining RSK creates exciting opportunities for growth while allowing us to retain the values, leadership and delivery model that have contributed to our success.
“Our clients will continue working with the same trusted teams, while gaining access to a broader range of expertise and complementary services from across the wider group.”
Interpath advised on the deal, with financial terms remaining under wraps.
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Shackleton Advisers is set to acquire Scottish law firm Aberdein Considine’s wealth management business AC Wealth.
The deal significantly expands the London-headquartered group’s presence in Scotland, while adding £800m in assets under management and advice; making for a new firm-wide Scotland total of over £1.3bn. It also brings 40 employees, including 14 regulated financial advisers, to the group.
Following completion, Shackleton will operate in Scotland from offices in Aberdeen, Glasgow and Edinburgh, while maintaining local representation in Perth and Stirling.
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Sheffield-based ACDC Cranes has gained elevation by being acquired by Foresight Group-backed crane management and lifting specialist, RS Industrial Services. The deal marks the first phase of significant geographic expansion plans for the buyer. ACDC Cranes offers breakdown support, overhead crane repairs and lifting equipment inspections. The acquisition will bring its skilled engineering workforce into the wider RSIS group.
While ACDC’s clients will benefit from RSIS’s crane parts supply chain and group resources, the acquisition provides RSIS with a physical launchpad to introduce its expertise into a new region. And it is the buyer’s first bolt-on acquisition since it secured private equity investment from Foresight.
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Intec Group has completed the sale of its commercial businesses in Cambridge, Manchester and Newcastle to Tela Technology for an undisclosed sum, as the group focuses attention on its education and telecoms operations.
The transaction forms part of Intec’s strategy to simplify the group following a period of acquisition-led expansion. It will enable Intec to build on its established managed services base in education, including new partnerships supporting the Department for Education’s Schools Rebuilding Programme, while continuing to develop its telecoms business.
Based in Birmingham, Tela has more than 35 years’ experience providing business communications and managed IT services to customers across the UK from its 10 regional offices. The acquisition will further strengthen its UK-wide capabilities, with the majority of staff transferring to Tela as part of the transaction.
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Castle Square Corporate Finance has opened a Manchester office after 16 years advising on deals from South and West Yorkshire.
The firm says it has raised an enterprise value of completed transactions in excess of £1bn since its formation in 2009.
Brad Green, partner at Castle Square Corporate Finance, said: “The North West has always been an important market for Castle Square, so establishing a permanent presence here feels like a natural next step for the business.
“There is an outstanding corporate finance community across Manchester and the wider region, and we want to become a meaningful part of that ecosystem, building long-term relationships with business owners, investors, funders, and other professional advisors.”
Castle Square won team of the year at the 2025 Rainmaker Awards in Yorkshire.
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.
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