Happy Friday Rainmakers,
Two deals from Palatine in very different sectors show how the market seems to be dominated by telecoms and professional services deals right now.
Before we get to that. Don’t forget there’s still time to book for our Rainmakers lunches in Leeds and Manchester next week.
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Ipsum has added Redditch-based Draintech Services to its portfolio in an undisclosed deal, plugging a gap in its drainage and wastewater offering and giving its expansion plans another push.
The Chorley-headquartered utilities group will rebrand Draintech as Ipsum Asset Management Services, bringing decades of experience in sewer rehabilitation, pipe lining, high-pressure jetting and CCTV drain surveys into the fold. It’s another move that should help Ipsum keep the deals flowing.
Draintech works with public and private sector customers, including housing associations and local councils.
Joining Ipsum gives its team access to a wider national engineering network, while allowing the group to tap into its specialist expertise. In other words, the deal looks set to strengthen the group’s foundations without leaving anything to chance.
Ipsum CEO Andrew Cowan said: “Draintech is a strong addition to our portfolio, bringing drainage expertise and an experienced team that complements our existing capabilities.
“As investment in maintaining and improving critical water and drainage assets continues to grow, there is increasing demand for responsive, preventative and less disruptive solutions.”
Draintech operations manager Hannah Williams said: “Becoming part of Ipsum gives us the opportunity to build on the strong foundations we have developed, while accessing a broader range of capabilities and expertise for our customers.”
The acquisition follows a busy July for Ipsum, which bought Energypeople less than a week after snapping up Somerset-based NPB Utilities. With Draintech now in the pipeline, the group’s acquisition strategy shows little sign of springing a leak.
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Manchester sports law firm Centrefield has secured investment from private equity house Palatine to fund domestic and international expansion.
The Manchester-based firm, which acts for most Premier League clubs and a roster of international sporting organisations, is targeting growth in the US and key European markets through organic expansion and acquisitions.
Palatine is investing from its £254m Buyout Fund V in what marks the firm’s first move into the legal services sector.
Tom Wildig, buyout fund partner at Palatine, said: “Centrefield is an outstanding law firm with a stellar reputation in its sector and amid ever-increasing global interest in sport and a complex and evolving regulatory climate, the potential for further growth is very strong. At Palatine we love to work with entrepreneurial and ambitious management teams committed to doing business the right way. Centrefield has all these attributes and we look forward to helping the team continue to provide best-in-class advice to more federations, clubs and players around the world.”
Wildig and Palatine managing partner Gary Tipper will join Centrefield’s board, with a new chair to be appointed in the coming months.
Centrefield was founded in 2015 by three former Brabners partners — Edward Canty, David Bentham and Matthew Bennett — who had worked under sports lawyer and former Manchester United director Maurice Watkins.
The firm now employs 33 staff including seven partners, has tripled in size since launch and has grown fee income 20% year-on-year.
Clients include Major League Soccer in the US and many of its clubs, and the firm advises on player contracts and transfers, dispute resolution, corporate and commercial matters, regulatory and governance issues, and sports investments.
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Manchester-based tech firm FourNet has bought Glasgow’s SVL Business Solutions for an undisclosed sum.
The deal creates a combined business with more than 230 people, in excess of 450 customers and revenues of around £65m.
SVL has 41 staff and specialises in contact centre and customer experience transformation, boosting FourNet’s ability to deliver customer experience transformation projects, particularly in financial services and other regulated markets.
James Painter, partner at Palatine - FourNet’s private equity backer since 2021 - commented: “This is FourNet’s fifth acquisition since 2020, and we are delighted to continue to support Richard Pennington and the management team as they build a unique platform in the sector through a combination of organic growth and carefully selected acquisitions.”
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The Recruitment Group is giving its growth plans a hiring boost after acquiring Midlands rival Ethero.
The deal expands its regional reach and recruitment offering, less than a year after a management buyout in December 2025.
Ethero, founded in 2009, recruits across sectors including manufacturing, logistics, engineering and construction. Managing director Gareth Hughes will stay on board to help the enlarged group get straight to work.
The Recruitment Group managing director Paul Hipkiss said: “I am delighted to have got this deal over the line. Gareth is someone I am delighted to be working with and Ethero is an outstanding business that I have admired from afar for many years.”
With another deal in the bag, The Recruitment Group seems determined to keep its expansion plans fully staffed.
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We have great pleasure in opening up ticket sales for a series of Rainmakers lunches with the Yorkshire winners lunch on the 21st of October 2026 at Crowded House in Leeds.
Joining us at the Manchester event is our 2026 Rainmaker of the Year – Ed Gale, Tech M&A Partner at Clearwater, plus the Changemaker of the Year Helen Spence, International M&A Director at EY and from the private equity and venture capital team of the year, Josh Bean, Investor at BGF.
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