Pies, tiles and Little Toggs goes Down Under
Rainmakers Awards makes storming Nottingham debut
Hello Rainmakers,
Last night we held our very first Rainmaker Awards in the East Midlands.
We tried to replicate the success of the Yorkshire, North West and West Midlands versions of the awards - and our editor there Sam Metcalf thinks we cracked it.
He said: “There was a real buzz in the room at the Crowne Plaza in Nottingham last night. What we're aiming to do is provide a more relaxed, informal, snappier event for corporate finance professionals - and to truly celebrate their work, and their work alone.
“From the feedback we got at the packed aftershow party at The Alchemist in Nottingham it seems the night went down a storm. Thanks to everyone who helped make the inaugural Rainmaker Awards in the East Midlands such a success.”
It was quite a night for private equity firm LDC. Not only did David Bains, head of the East and East Midlands at LDC, walk away with the Rainmaker of the Year crown, the firm also triumphed in the VC/Private Equity Team of the Year award, while its acquisition of DSP was named as the Private Equity Exit of the Year and its investment into Integrated Doorset Solutions won in the Medium Deal of the Year category.
Next week we’ll have more details on our second Rainmakers Conference to be held on the 26th of March at the Emirates Old Trafford in Manchester.
This platform, and the first class events we put on, are a real mark of how seriously we take the partnership with the corporate finance profession.
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Flooring manufacturer Victoria has waved goodbye to its Turkish ceramic tile business, Graniser, in a £30.9m (€36.8m) deal to Hasan Akgün.
The deal sees Akgün, CEO of Duratiles, pay £8.4m upfront, plus £22.5m in debt.
On top of that the Kidderminister-headquartered manufacturer has also locked in a long-term deal for tiles at cost price - sounds like a win-win!
Graniser has struggled with market instability, but here's hoping the new owner, the Akgün family (who’ve been in business since 1925), can turn those tiles around.
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We’ve seen the knock-on effects of a deal falling over this week. Lara Oddie, Director at east Lancashire family owned bakery Oddie’s revealed that an eleventh-hour withdrawal by a potential buyer has left the family high and dry and considering the closure of the family firm. “We have always seen ourselves as part of the local community fabric, making this a heartbreaking situation for us, our devoted staff, and the loyal customers in Burnley and Pendle who have cherished our unique products.”
Azets are looking for a buyer and expect to have an update for us next week.
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Splash About cut the crap with Australian tie-up
It's a long way from Grimsby to New South Wales, Australia, but that hasn't stopped North-East Lincolnshire-based Splash About venturing Down Under.
The company has acquired its distribution partner Little Toggs in New South Wales, rebranding it as Splash About Australia, and has also hired a team in the USA for the first time.
It aims to strengthen ties with infant swim schools, retailers, and distributors as global demand for its products grows.
With 20 years of experience, Splash About’s flagship Happy Nappy is worn by over 200,000 UK babies weekly, and the Happy Nappy DUO is the only swim nappy scientifically proven to neutralise harmful bacteria before it enters pool water.
Something for nervous parents the world over to be thankful for.
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The popularity of the employee owned business model shows no sign of waning and in this case in Yorkshire it's particularly satisfying to see it benefiting such a long-established manufacturing company.
Baildon-based Laxtons Specialist Yarns has been going since 1907 - an impressive 117 years - and is now in the hands of a fourth generation family owner.
Full control of the firm has been passed to its workforce through creation of an Employee Ownership Trust. Let's hope this model keeps the business trading for another 100 plus years.
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