Tributes paid to Mark Fuller
Our weekly free round up of key deals and major moves in the Rainmakers world
Hello Rainmakers,
Sad news this week as we learned that Mark Fuller, one of the driving forces behind the Merseyside Special Investment Fund has died at The Clatterbridge Cancer Centre after a long illness.
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First, the sad news about Mark Fuller. His wife Geraldine has been maintaining a regular stream of updates on his condition recently.
Her last message announcing the sad news said: “We are lucky and grateful for the outstanding world class care we have received. We are blessed to be surrounded by friends and family and connections who have shown us so much love.
“Mark demonstrated the most outstanding bravery, resilience and total selflessness.
“He is an example of true leadership. I learnt so much from him and am so proud to have been his wife.”
Mark Fuller was relatively late to a career in corporate finance, and his working life started as an Engineer with Schlumberger testing oil and gas wells in the Far & Middle East following a degree in Chemical Engineering at Imperial College in 1982.
In 1987 he began his training as a Chartered Accountant, and qualified with Grant Thornton in Manchester. In 1992 he joined North of England Ventures, a highly successful Private Equity firm based in the North West.
He was also a Northern Director for Granville Baird Capital Partners before becoming Managing Director of Alliance Fund Managers, the fund manager for the £107m Merseyside Special Investment Fund.
In 2010 he set up his own consultancy business whilst continuing with The Academy for Chief Executives as a Deputy Chair. Vistage acquired the Academy of Chief Executives in March 2018.
The outpouring of tributes to him and his family include from former colleague David Houghton: “Mark was loved and admired by so many and through these dark times may that be some light for you and Seb in the darkness. I know you all built wonderful memories as a family and Seb and Mark’s other boys will always know how cool, clever and loving their old man was, he will be greatly missed but also incredibly fondly remembered.”
One of his successors, Mark Borzomato, CEO of River Capital, said: “Mark was an exceptional leader whose vision and stewardship were instrumental in shaping MSIF and River Capital into the organisations they are today. His legacy is far-reaching — not only in the impact he had on his colleagues and the businesses supported during his time as CEO, but also in the hundreds of businesses MSIF has been able to support and invest in since, thanks to the strong foundations he helped build. His impact on the Liverpool City Region was, and continues to be, immense.
“Mark was also highly respected across the business community. On a personal note, I had the privilege of his mentorship for more than 20 years, and I was far from alone in benefitting from his support. He was razor-sharp in his thinking, constructively challenging, and always offering thought-provoking insight. Many of us remain deeply grateful for the wisdom, clarity and encouragement he gave so generously.
“Our heartfelt thoughts are with his family at this incredibly difficult time.”
Former Grant Thornton partner John Shinnick said: “He was a remarkable man. I met him on pretty well my first day at Grant Thornton, just 38 years ago. He wandered in as part of that year’s trainee intake and I was blagging it as a newly-recruited manager.
“Amongst a group or very intelligent, straight out of uni ‘bright young things’, there was Mark, a bit older with time in the real world, bringing a focus that whispered ‘come on then. I’ll keep my side of the bargain but educate me and give me interesting work’. I think that group of young colleagues gained from his example and leadership.”
Veteran venture capitalist Richard Bamford said: “He was a force for good and played a full part in helping to put Merseyside ‘back on the map’.”
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Blackstone is gearing up to put Birmingham’s NEC in the spotlight, aiming for a curtain call at around £1bn.
Early whispers with investment banks have already started, though official advisers have yet to take their cue.
The NEC’s ownership saga has already had a few acts. In 2015, LDC picked up the venue from Birmingham City Council for £307m, during a financial tightrope to settle a £1.2bn equal pay bill.
Three years later, LDC cashed out to Blackstone for a reported £800m, proving the NEC can certainly draw a crowd when it comes to returns.
Earlier this week, thebusinessdesk.com reported on the group’s latest results and a leadership shuffle.
Chief executive Melanie Smith is set to bow out next month after just over two years in the spotlight, leaving the NEC in a transformed form.
Revenue has climbed to £190m, underlying earnings are up 33%, and the venue has shifted from vertical integration to a leaner landlord model.
Over the past year, The Ticket Factory was handed to AEG, Levy took over catering, and the short-lived Boatlife show was quietly axed.
Blackstone backed the transformation with £100m in post-pandemic refinancing, £70m used to reduce debt. Despite stronger trading, interest costs left a £13.9m loss for the year to March 2025, down from £19.1m.
Operationally, the NEC continues to impress: 158 exhibitions, over 7 million visitors, and 1.5 million attending shows at its two arenas.
With the business now streamlined and performing strongly, all eyes will be on the sale, marking the next chapter for one of Birmingham’s most iconic venues.
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With the UK government already falling behind on its pledge to build 1,500,000 new homes by August 2029, the significance of all companies involved in the construction process will increasingly fall under the media spotlight. And this includes building control, testing and compliance businesses, one of which - Leeds-based Enevo - has now completed a significant strategic acquisition. It has acquired Kent-based JM Partnership (Surveyors) Ltd.
Enevo, which currently employs nearly 100 people, says the deal should strengthen its national footprint and technical expertise while building a platform for long-term growth. It says the addition of JMP further boosts its ability to deliver consistent, high quality building control services across England and Wales. Enevo’s MD is not shy about his firm’s ambitions, saying it aims to become of the UK’s largest privately owned built environment testing, inspection certification and compliance companies by as soon as 2027.
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Bolton-based Darts Corner, a leading specialist darts retailer and brand owner, has been acquired by the private equity firm, Ethos Partners, with Key Capital Partners completing its successful exit from the business.
Founded in 2005, Darts Corner has grown from a niche online retailer into a global e-commerce platform, with both proprietary and third-party brands.
The company now serves customers in more than 100 countries and is recognised for its fast growing challenger brands and e-commerce expertise as well as its support of professional and aspiring players active in major competitions.
Since partnering with Leeds-based Key in 2020 as part of a £7m investment, Darts Corner has focused on strengthening its brand portfolio, expanding internationally, and improving operational capabilities through investment in both systems and the team.
During this period revenues grew from £11m to more than £21m in 2025, with growth across direct-to-consumer, marketplace, and trade channels.
The secondary buyout, for an undisclosed sum, by Ethos, which has a track record of success investing in direct to consumer-focused companies, supports Darts Corner’s continued international expansion and own brand development.
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Greencore is stirring the pot by selling its Bristol chilled soups and sauces business to Nottingham’s The Compleat Food Group, as part of the regulatory recipe for its planned takeover of Bakkavor.
The deal, still awaiting final approval from the Competition and Markets Authority, is expected to simmer into completion in early 2026.
The Bristol site, which cooked up around £47m in revenue last year, will add flavour to The Compleat Food Group’s already packed portfolio, which includes Wall’s Pastry, Pork Farms, Wrights, Squeaky Bean, Palace Culture, and Harvey & Brockless.
The group’s 17 sites serve major UK retailers and foodservice operators with everything from pastry and bakery to dips, sauces, continental meats, and plant-based options.
The sale clears the path for Greencore to blend its operations with Bakkavor, with Greencore taking a 56% slice of the combined £4bn UK convenience food group.
With ready meals and desserts at the core, the two companies are cooking up the next chapter in the food-to-go market.
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Momentum Corporate Finance collected a hat-trick of trophies last night at the inaugural South West Rainmakers Awards.
Staged by TheBusinessDesk, the unique event brought together nearly 250 of the region’s corporate finance community to showcase not only the best deals of the past 12 months but also to champion the teams behind them and recognise the individuals who are setting the pace in the sector.
The 16 categories provided a unique opportunity to celebrate dealmaking in the region – with Bristol-based Momentum named as Regional Corporate Finance Advisory Team, director Richard Double winning the Rising Star of the Year accolade and the title of Rainmaker of the Year going to partner Alastair Boorman.
Other winners at the glittering awards ceremony at Bristol’s Harbour Hotel included Foot Anstey (Regional Legal Team), PwC (Transaction Services Team), FRP Advisory (Turnaround Team) and BGF (VC/PE Team).
The Changemaker of the Year Award went to Carmen Peacock, head of South West & South Wales, corporate & institutional banking, at Lloyds.
The three deals awards went to the advisory teams behind Plant-Ex Ingredients’ £9m investment from BGF (Small Deal of the Year – up to £10m), LendingMetrics’ investment from LDC (Medium Deal of the year – £10m-£50m) and Loungers being taken private by Fortress Investment Group (Large Deal of the Year – over £50m).
Rob Buckland, South West editor of TheBusinessDesk, said: “What makes these awards stand out is the fact that the winners are selected by the community themselves in a one-firm, one-vote system.
“Tonight was a chance to demonstrate that the South West remains a dynamic and innovative region, boasting a strong and diverse range of sectors and a highly collaborative network of corporate finance professionals.”
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