Here we feature the latest business acquisition deals in Wales.
One the Ƶ’s leading independent commercial vehicle dealers, David Spear Commercials, has become employee majority-owned.
The Tredegar-based business, which generated revenues of £26m in its last financial year, has been 60% acquired via an employee ownership trust. The business has 26 staff.
Founded by David Spear in 1987, the business has grown to become a leading player in the commercial vehicle sector, supplying a wide range of vehicles to businesses across the Ƶ.
Mr Spear said: “This company has been my life’s work, built with the support of my wife Sarah, our children, and now with our son Elliot actively involved in the business.
“We’ve created something very special over the years, and I wanted to secure its future in the right way, by placing it in the hands of the people who have helped make it what it is today. This move to employee ownership protects our independence, preserves our culture, and creates long-term opportunities for our team.”
Mr Spear said the new ownership structure ensures the business will remain locally rooted.
He added: “The trust and loyalty of our customers have played a huge part in our journey and we’re excited to move forward with a team that’s more invested than ever.”
The value of the deal between the family-owned business and the employee ownership trust has not been disclosed. Acquisition deals involving employee owned trusts are capital gains tax exempted.
Photon Project Management.
Port Talbot-based solar energy and energy efficiency solutions venture Photon Project Management has been acquired by Sureserve Energy Services.
Photon provides solar energy and energy efficient and retrofit solutions across South Wales and beyond. Operating for over a decade it has transformed thousands of homes and numerous commercial properties through tailored solar PV installations, advanced battery storage systems, insulation, heat pumps and energy-efficient upgrades.
Photon has quadrupled its revenue to £7m over the last three years. Its continued expansion in south Wales under Sureserve will be driven under the leadership of managing director Daniel Crossland.
Sureserve, one of the Ƶ’s leading energy and compliance services providers. It provides heating, renewables, energy efficiency and compliance solutions to social housing and the public sector across the Ƶ.
Graham Levinsohn, chief executive of Sureserve said: “Sureserve is delighted to announce the acquisition of Photon Project Management. South Wales is a strategically important market for us and the company’s expertise will be invaluable as we strengthen our presence across the region.
“Photon has built a strong and trusted reputation and its mission to empower communities in the Ƶ’s transition to a low-carbon economy echoes our own. As such, this acquisition marks another important step in our journey to become the trusted partner of choice for social housing providers and the wider public sector in delivering affordable heating, energy efficiency, and compliance solutions, We warmly welcome Photon to the Sureserve team.”
Mr Crossland said: “We’re proud of what the Photon team has achieved and excited to join Sureserve as we continue to deliver solar and retrofit solutions across South Wales and beyond. With plans already underway for a new office and expanded warehouse space, we’re focused on driving further growth and supporting more communities in the transition to a low-carbon future.”
The value of the acquisition has not been disclosed.
Sureserve employs over 3,700 people. Its customers include L&Q Group, Southern Housing Group, Aberdeenshire Council, Haringey Council, Kensington and Chelsea and Thurrock Council.
HawkinsThomas
Cardiff-based chartered financial planning firm HawkinsThomas Wealth has acquired advisory practice Ingram Wealth Management
HawkinsThomas’ client base include high-net-worth individuals, entrepreneurs, business owners and chief executives.
The deal strengthens its specialist capabilities in succession planning, tax mitigation, and corporate wealth structuring for both existing and new clients..
Cardiff-based Ingram Wealth Management will now gain the backing of a larger advisory team, expanded investment capabilities and the regulatory infrastructure of HawkinsThomas Wealth.
Aaron Hawkins, director and chartered financial planner at HawkinsThomas Wealth said:“We’re absolutely thrilled to welcome Andy, Sandra, and the Ingram Wealth Management team to the HawkinsThomas Wealth family. This is about much more than scale — it’s about values alignment, professional synergy, and serving our clients with even greater impact.”
Fellow director Gareth Thomas added: “This acquisition heralds an exciting time for us at HawkinsThomas Wealth. As we prepare to enter our next phase of growth and expansion, we are now better positioned to meet the complex and evolving needs of business owners, entrepreneurs and multi-generational families alike.”
Andrew Ingram, founder and senior partner of Ingram Wealth Management said: “From our very first conversation, it was clear that HawkinsThomas Wealth shared our client-focused approach and commitment to doing things the right way. We’re excited to join forces and look forward to continuing to serve our clients with the same care and diligence — now with the resources of a forward-thinking and highly regarded firm behind us.”
Unity Accountancy
Swansea-based Unity Accountancy has expanded with the first of a series of planned acquisitions.
It has acquired Llanelli-based firm Quotanet in a deal supported with a £280,000 loan from the Development Bank of Wales.
The deal, the value of which has not been disclosed, provides an exit for owner of Quotanet Roger Bowen who will pursue other business interests. It also bringing seven members of staff and a local client base of more than 700 businesses under Unity.Unity was launched by digital accounting expert Cerith Williams and co-director Ben Ruddle in 2023. It uses AI technology and cloud-based accounting software to provide business customers long-term financial and tax advice based on real-time data.
Unity confirmed it will be looking to further expand through acquisition with the next expected before the end of the year.
Mr Williams said: “Taking on TA Llanelli as our first acquisition was an obvious growth step for us. We’ve always planned on growing through acquisition, but their strong local networks and experienced team made them the ideal choice. We’re really grateful for the support we’ve had from the Development Bank of Wales to complete the buyout.”
Sally Phillips, investment executive at the Development Bank of Wales, said “Bringing together Unity’s expertise with TA Llanelli’s extensive client base will mean SME customers in this part of south-west Wales will have access to high-end, data-driven intelligence, which will support business growth in the area in turn.
“We’re glad to have brought these two leading financial services together, and look forward to Unity’s further growth as they take on future acquisitions.”
Tekever
A European tech company specialising in AI drones has acquired West Wales Airport in for an undisclosed sum.
Lisbon-headquartered Tekever said the Aberporth site would be expanded into a hub for testing and developing unmanned aerial systems (UAS) for Ƶ and international customers.
The company has operated at the Ceredigion airport since 2023 and also has Ƶ offices in Bath and Southampton.
The airport’s facilities supported test flights for customers including the Ƶ Home Office and Royal Navy. The site will be made accessible to Ƶ Government stakeholders, allied partners and industry collaborators following the takeover, Tekever said.
Ricardo Mendes, chief executive of Tekever, said: “West Wales has long been central to our Ƶ operations and global growth – allowing us to become part of thriving community, and have access to a fantastic infrastructure and amazing people.”
The acquisition marks a milestone in Tekever’s £400m development programme for the Ƶ, known as Overmatch, aimed at delivering competitive advantage through autonomous, AI-driven technology to Ƶ and NATO armed forces.
“As defence spending rises and geopolitical threats grow, the demand for AI-driven autonomous systems is only increasing,” added Mr Mendes. “Acquiring West Wales Airport strengthens our ability to meet that demand while advancing our Overmatch programme. This is just the beginning – we’re accelerating our investments and pushing forward at pace.”
According to Tekever, West Wales Airport will become a “cornerstone” of the Ƶ’s defence innovation ecosystem. The expansion is expected to deliver long-term regional benefits, including the creation of skilled jobs and opportunities for local businesses.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, said: “Tekever is one of Europe’s leading and fastest-growing companies in the unmanned aerial systems sector. Its acquisition of West Wales Airport in Ceredigion supports its ambitious expansion plans in the Ƶ and will deliver significant benefits for the national defence ecosystem and regional economy of mid and west Wales alike.”
Tekever was founded in 2001 and employs more than 350 people. The company entered the drone market a decade ago.
Advanced Furniture
Ebbw Vale-based Advanced Furniture has acquired out of administration a Wiltshire furniture manufacturer that has been operating for nearly 50.
Summit 1977, a hand-crafted furniture business operating from a 45,000 sq ft factory in Trowbridge, appointed Neil Vinnicombe and Huw Powell of Begbies Traynor as joint administrators
Following a marketing process the company’s business and its assets were sold via a pre-packaged administration to Advanced Furniture group, in a deal saving 53 jobs.
The new company will trade as Summit Workspace.
Advanced Furniture, which supplies contract furniture to businesses and local government, has been running since 1979 and has grown to a fill a 100,000 square foot factory in the Ebbw Vale enterprise zone.
Tim Price, managing director of Advanced Furniture and Summit Workspace, said: “We are delighted to have rescued Summit from administration. We are very pleased to have preserved the jobs of people at the company and ensured that a significant manufacturer of high-quality British furniture stays in the area.
“Over the years we have grown at Advanced Furniture through sensible and strategic investment. We hope to take the same approach in order to revive the fortunes of Summit. There is so much promise and skill in in this company and we know that there is great demand for this furniture from Ƶ consumers.”
Ken MacLennan and team at Clarke Wilmott acted for the administrators, whilst Jacob Sims, Owen James and team at Berry Smith acted for the purchaser. David Ross and team at Eddisons acted on the valuation and marketing of the business and assets for sale.
Mr Vinnicombe said: “When we were engaged to assist the company we had to act quickly in order to get the best outcome for it and its creditors.
“Summit 1977 not only had a good history, strong asset base and a fantastic product, but also a lot of long-serving loyal and very talented employees.
“This made it attractive to the right buyer, and we truly believe that the new owners will be able to take the business forward and build on the back of the strong foundations that it had relied on since its inception almost 50 years ago.
“It has been a pleasure dealing with the new owners, who took a sensible and pragmatic approach to the sale in a very short time frame. This allowed a deal which we consider is the best outcome for all parties concerned.”
