'Transactional inertia' bites as we limp towards the end of 2025
Seasonal cheer does not extend to economic data or deal activity
Hi Rainmakers,
Deal-making is much like snowfall this December - we’re hoping for a flurry but the conditions just aren’t right.
Today’s GDP figures confirmed that October was sluggish across the economy. Gateley this week complained of a £3m hit caused by “transactional inertia” in the run-up to the Budget on November 25, and there is no reason to think the final two months of the year will show much improvement when the ONS publish the economic data in the coming weeks.
But as 2025 peters out, there is still some activity. The accountancy sector continues to see consolidation, and our Rainmakers piece yesterday delved into Sumer’s latest acquisition, of Yorkshire firm BHP. It is a trend that is expected to continue into the new year.
And, as our weekly round-up of some of the bigger deals outside London, there are still deals being done. Let’s see what the fast-approaching Christmas deadline brings in in the days ahead.
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The Warrington-based infrastructure and maintenance support contractor splashed the cash in a £57.5m all-cash deal.
This transaction marks United Infrastructure’s third major power sector acquisition this year, following the successful integrations of Jones Lighting and Glenelly Infrastructure Services.
It represents a significant step forward in expanding the company’s expertise across the entire power infrastructure value chain, with a move into transmission, a vital component of the UK’s national energy network.
The group is gearing up for a busy year, having clinched several multimillion-pound contracts during the autumn, including an £8.2m contract with Phoenix Community Housing in South London, a £30m contract with Affinity Water on its investment programme covering the South East, and two deals worth £14m with Bromsgrove District Housing Trust to further broaden United Infrastructure’s footprint in the Midlands.
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The deal expands Netcall’s reach from serving one in three UK councils to around one in two, adding Jadu’s accessibility-first tools for content management, payments, forms and AI search.
For councils long stuck stitching together mismatched systems, Netcall says the combined platform aims to cut the digital “admin juggling act”. The deal accelerates its product roadmap, opens new cross-sell opportunities and gives it an established route into the US public sector.
Chief executive James Ormondroyd said the deal brings together “automation and customer engagement with an accessibility-first digital experience layer”, positioning the group to grow recurring revenues and avoid any future “tech turbulence”.
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The acquired firm, which is headquartered in Wakefield and employs 40 staff, was founded in 2004 and is known for creating impactful experiences for some of the world’s most recognised healthcare and pharmaceutical brands.
For ITA Group, the takeover gives it an expanded local presence along with event capabilities throughout Europe. C2events gains access to the latest event technology, attendee engagement tools and a global platform for growth.
And like C2, ITA Group is also employee-owned. The group has clients in at least 120 countries, with its services including employee and customer engagement progammes, incentive travel, event marketing, market research and learning and development initiatives.
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After completion, the renamed NEO NEXT+ will be jointly owned alongside HitecVision (28.8%) and Repsol UK (23.6%).
Its portfolio will encompass NEO Energy and Repsol UK’s interests in the Elgin/Franklin complex and the Penguins, Mariner, Shearwater and Culzean fields, alongside TotalEnergies’ UK upstream assets, including interests in the Elgin/Franklin complex and the Alwyn North, Dunbar and Culzean fields.
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Backed by a multimillion-pound funding package from Shawbrook, the deal aims to scale the business globally.
Known for over 750 high-performance coatings, including Rockhard and Smoothcote, Indestructible serves aerospace, defence and industrial sectors across 65 countries.
The existing management team stays on to keep operations firing on all cylinders.
Francis Marx, director at Seaforth, said: “Shawbrook demonstrated a deep understanding of Indestructible’s technical capabilities and the scale of our growth ambitions. Their flexible funding solution enabled us to complete the acquisition at pace and has positioned the business strongly for the future.”
With Shawbrook’s backing, Seaforth is now armed and coated for a future as tough as its products - ready to stick around wherever durability counts.
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