The tail that wags the dog, and other ways to create value from acquisitions
Our weekly free round up of key deals and major moves in the Rainmakers world
Hello Rainmakers,
If you wanted a good example this week of the accrued benefits of acquisitions, look no further than this morning’s results from Rathbones and from the Coventry Building Society.
If the other deals in this week’s pick achieve such synergies, then happy days.
More details of a special discount code for Rainmakers readers below.
Keep reading for our round up of noteworthy deals this week.
This is free to all who have signed up, however Rainmakers subscribers get 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, and River Capital, Foresight, Mercia, Puma and LDC.
Healthy pet food manufacturer Different Dog has bagged a treat with a £1.5m loan to support the fit-out its new production facility in Telford.
The funding, provided through the Midlands Engine Investment Fund II and managed by Frontier Development Capital, will support Different Dog as it scales up following a healthy growth in revenue. It will be used to develop a larger, purpose-built kitchen for the company’s subscription-based freshly prepared dog food.
The business’s expansion is worth howling about as it tripled revenues over the past three years, now employing around 120 people and making more than 20,000 very good tails wag daily.
Different Dog co-founder Alex Thurstan said: “We set out to change dogs’ lives with real food and our customers tell us every day about the impact our food is having on their dogs’ health and well-being. The new kitchen is a big step forward for us, and will help us change the lives of even more dogs.”
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An acquisitive PE-backed Hull-based business on a mission to modernise workplace healthcare and improve employee health outcomes across the UK has cleaned up with its latest acquisition of an occupational hygiene provider. Latus Group, which is supported by private equity firm NorthEdge, has bought South Yorkshire-based Euro Environmental. This is Latus Group’s fourth strategic acquisition since NorthEdge’s initial investment in July 2024.
Euro Environmental provides workplace exposure monitoring, indoor air quality testing, noise assessments and related compliance services for organisations across Britain. Latus Group says this deal means it can continue the expansion of its own Hygiene division, which has delivered 50 per cent year-on-year growth.
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Good news and bad news for fans of the Rainmakers favourite TV show, Industry.
HBO has green lit a fifth season, which is great news just as season four is heading to its dramatic and shuddering conclusion.
But season five will be FINAL SEASON!
In the UK all seasons are available to view on the iPlayer, we’ll have a download about the season finale on here next week.
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If you wanted a good example this week of the accrued benefits of acquisitions, look no further than this morning’s results from Rathbones and the Coventry Building Society.
Liverpool headquartered wealth manager says the merger with Investec Wealth has contributed to a profit before tax increase of 53.5% to £152.9 million (31 December 2024: £99.6 million), which it says was driven by “synergy delivery” and higher average funds under management, and benefitting from a reduction in the level of integration costs, which reduced to £39.9 million for the year (2024: £75.5 million) as the integration of its merger with Investec Wealth progressed.
Coventry Building Society’s purchase of the Co-operative Bank in 2025 saw pre-tax profit of £801m for 2025, up from £323m the previous year, which contributed a day one gain of £584m, which the Society said reflected the agreed purchase consideration being over 40% below the fair value of the net assets acquired.
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A Manchester-based company that makes high-performance anti-skid coatings for clients worldwide has been acquired by members of its management team.
Beegrip produces specialist coatings used in the marine and civil sectors around the world, including by shipbuilders, port operators and contractors, helping to ensure safe movement for both people and cargo.
The Ancoats company has been acquired by commercial director Nina Lightfoot and technical sales manager Josh Workman.
The deal facilitates an exit from the business for former shareholders, Steve Greathead and Amy Wright.
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The British Business Bank has decided that backing Britain’s bright ideas deserves something a little bigger than loose change, committing another £25m to angel syndicates via Lincolnshire venture firm Haatch. That tops up last year’s £7m, creating a tidy £32m pot aimed squarely at early stage startups with serious ambition.
The idea is simple. The Bank invests alongside well organised angel syndicates, and those syndicates back promising businesses across the UK. Collaboration, not competition, is the name of the game.
Five syndicates are already on board, including HERmesa, CircleRock Capital, The Games Angels, Sie Ventures and 2050 Capital. Since May 2025, 13 companies from Cornwall to Cambridge have received backing, spanning healthcare, deep tech and gaming.
Haatch, founded by Scott Weavers-Wright and Fred Soneya, has already invested in more than 150 companies worth over £1bn combined. Not bad for a firm proving that when angels and institutions work together, start-ups really can get their wings.
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New York-headquartered investment firm Fortress has acquired the Ocean Terminal shopping centre in Leith for around £15m, from London-based private equity firm ICG.
This is below the reported market price of £18m - and a steep drop from the £120m build cost when it opened back in 2001.
Located beside the docks in Leith, the mall is currently undergoing a £250m redevelopment, adding 530 homes and new public realm beside the Royal Yacht Britannia. About a third of the building has so far been demolished, including the former Debenhams department store and multi-storey car park.
The building is owned by ICG Real Estate and Glasgow-headquartered Ambassador Investment Management, which took control in 2020.
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The Rainmakers Summit on the 25th of March will feature a debate on the future of professional services as partners consider their next strategic options.
Featuring leaders of businesses who have chosen very different paths, and an investor in one of the consolidators driving the change across the sector, the debate will throw an intense focus on the stark choices that professional services firms face.
Making the case for independence will be Helen Clayton, managing partner at accountancy firm PM&M.
Telling the story about their respective lives on the public markets will be Rakesh Shaunak, CEO of MHA, and James Sheridan, head of M&A at Knights PLC.
Explaining the investment decision behind aggregation will be Matt Nicholson, investment lead at Tenzing, the private equity backer of accountancy consolidator DJH.
As a thank you for being part of our Rainmakers community, we are pleased to offer an exclusive 20% discount for the upcoming Rainmakers Summit on March 25th.
This is a unique opportunity to engage with industry leaders, gain insights, and connect with like-minded professionals.
As you can see the agenda features keynote speakers and exclusive sessions hearing from The Beauty Tech Group, Northern Gritstone, Rem3dy Health & GM Pension Fund. With some more details below…
Event details & registration:
https://www.rainmakerssummit.co.uk/
Discount code: RAINMAKER20
Please note that this offer is available for a limited time. We encourage you to secure your place at your earliest convenience.
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