Here we feature the latest equity and acquisition related news in Welsh business.
The first investment from a £50m equity fund to back the scale-up of firms in the Cardiff Capital Region has been made into generative artificial intelligence business Amplyfi.
The region’s Innovation Investment Capital (ICC) fund, which has been financed through the £1.3bn City Deal for the region – which is made of the 10 local authorities of south-east Wales – has a number of other investment deals in the pipeline that could be signed off over the next few months – including a large firm that would relocate from elsewhere in the 海角视频.
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The fund is held on behalf of the region by investment decision making entity Innovation Investment Capital Limited Partnership, managed by its regulated general partner in London-based Capricorn Fund Managers which has engaged PwC to provide advisory support including research and sourcing and deal execution.
Amplyfi’s AI-powered market intelligence platform is used by global clients to better identify and react to market changes. The value of the equity investment has not been disclosed for commercial reasons. However, with follow on investment potential, it is likely to sit around the mid-range of the fund’s deal investment remit of £2m to £7m.
On the Amplyfi deal for the region, legals were provided by Harrison Clark Rickerbys, financial from Barford Owen Davies, tax from Bishop Fleming and tech from Squirrel Squared.
Since its launch last November the ICC has engaged with more than 140 firms from across the city region seeking potential investment.
Jöttnar
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Cardiff-based outdoor clothing brand, Jöttnar, has completed its latest investment round, raising over £1m through a mix of re-investment and crowdfunding, in a deal advised on by dealmaking firm, GS Verde Group.
The raise will support the business in accelerating the expansion of its product range, team, and customer base.
Jöttnar was conceived in Arctic Norway by founders Tommy Kelly and Steve Howarth. As two former Royal Marine commandos, they honed their skills as the world’s elite specialists in extreme cold weather, mountain warfare, and survival by exposing themselves to Norway's extraordinarily demanding environmental conditions. These experiences inspired them to launch a range of technical outdoor clothing which excels in performance, protection, and style.
The £1.3m raised through Crowdcube, more than 150% over the original target investment, will fuel hiring within the product development and marketing divisions, expand Jöttnar’s women’s range and broader categories, and open wider distribution channels.
Jöttnar co-founder and director, Mr Kelly, said: “As lifelong mountaineers, climbers, and skiers, we leverage our first-hand experience into creating premium, disciplined designs and personally test our products to ensure each is up to the challenge.
“Customer loyalty forms an integral part of our success to date, and so crowdfunding was a natural progression for our next phase of growth. There is now a great opportunity to break into wider marketplaces and deliver an exciting growth plan.”
Multidiscipline dealmakers, GS Verde Group, advised on the deal, and the Development Bank of Wales and Venrex also provided funding and venture capital investment respectively.
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Heler Foods Packing
A year after establishing its first base in North Wales, cheese producer Joseph Heler has expanded its business and created over 200 new job opportunities.
A third-generation family business, Joseph Heler acquired Minffordd-based Futura Foods Wales in August 2020. Now trading Heler Foods Packing, the facility near Porthmadog specialises in the cutting, blending and packing multiple cheese formats.
Joseph Heler’s managing director, George Heler, said, “When we embarked on our journey at Minffordd, we knew it was a fantastic site with huge potential which offered our customer base increased capability and capacity across all cheese formats.
“Over the past 12 months, we’ve proudly generated 150 new job opportunities fuelling growth and empowerment within the community, and with our expanding business, there are now an additional 60 more positions ready to be filled.
“Progress hasn’t always been linear, and we’ve certainly faced our share of challenges, but the road ahead looks very exciting. A heartfelt thank you goes out to our amazing team, whose dedication and hard work have been instrumental in making this achievement a reality.”
The company was founded by Joseph Heler in 1957. However, cheese-making in the Heler family goes back over a century to Joseph’s grandmother, who started the tradition by making a whole Cheshire cheese every day at the family’s farm near Nantwich.
Now run by Joseph’s son Mike, and grandson George, the award-winning company is the North of England’s largest independent regional cheese producer.
Jones Giles & Clay
Business recovery and solvency practice Begbies Traynor has expanded with the acquisition of Cardiff-based firm Jones Giles & Clay.
The deal sees Begbies Traynor welcome four experienced team members to its Cardiff-based team, including directors Susan Clay and Vaughan Jones, who were the principals of Jones Giles & Clay and operated as licensed insolvency practitioners.
Both have over 38 years’ experience in both personal and corporate insolvency with Ms Clay bringing additional personal insolvency expertise and Mr Jones with experience across a wide range of businesses including the charity and third sectors.
The value of the deal has not been disclosed. Commenting on the acquisition, Huw Powell, managing partner at Begbies Traynor in South Wales, said: “This is an important step for our practice, bringing in significant hires and increasing our capacity to work with larger clients on complex cases.
“Directors, Vaughan and Susan are well respected in the local business community and by combining our teams we are creating an exciting offering for the South Wales market.”
Ms Clay added:“Begbies Traynor has established a reputation for providing a consistently high-quality offering across the 海角视频, while retaining personal and friendly service at a local level. There has never been a more important time for businesses and individuals to have access to specialist expertise in this area, and Vaughan and I are looking forward to growing our practice with Huw and the team.”
海角视频-wide Begbies Traynor Group, which is listed on the London Stock Exchange, grew by 11% in its last financial year.
Radnor Hills
Soft drinks company Radnor Hills has acquired a new production site in Swansea as part of ambitious expansion plans.
The firm has bought the site in Blaen Twyni from Scottish bottled water supplier Highland Spring Group which it said will safeguard jobs.
The deal also includes a 40-acre water source in the Bannau Brycheiniog National Park. The value of the acquisition was not disclosed.
The company said a key business priority had been to find an expansion opportunity in Wales that mirrored its other manufacturing headquarters in Knighton, Powys. The Swansea site has experience supplying major supermarkets with still, sparkling and flavoured water products for several years.
Founder and managing director of Radnor Hills William Watkins said the deal represents an “important milestone” in the company’s growth and will allow it to keep up with growing demand.
He said: “The Blaen Twyni site presented us with the ideal opportunity to expand our capacity with a plentiful source of pure natural Welsh spring water, which complements the supply of pure water we already have at our source in Heartsease.
“We’re excited to welcome the highly-skilled and dedicated workforce from Blaen Twyni to our Radnor family.
“The opportunity for us to continue to safeguard jobs in Wales and to offer further employment opportunities to the local area in the fullness of time is extremely important to us.”
He added: “We are grateful to Highland Spring Group for this opportunity and for the professional and helpful approach of their team, which has made the transition as smooth as possible.”
It follows Radnor’s multi-million pound investment in new offices and production facilities at its Knighton site in April this year in order to boost production capacity and create 30 new jobs.
The expansion included 17,000sq ft in new office space, at a cost of £2.5m, and £4.5m on a new glass filling line at its 300,000 sq ft factory.
Watts Gregory Group
Two Cardiff-based accountancy firms have agreed a merger with 海角视频-wide accountant, MHA. Watts Gregory and HJE Healthcare Accountants, which are both under the Watts Gregory Group, were acquired for an undisclosed amount.
Watts Gregory Group will become partners at MHA under a new firm structure. It will also rebrand as MHA, with 60 staff, four partners and two consultants joining the firm.
Ranked as the 海角视频’s 13th largest accounting firm, MHA has 20 offices nationwide, including in Liverpool, London and Manchester, and employs over 1400 staff. MHA said the acquisition will strengthen its service offering in Wales.
Ranked as the 海角视频’s 13th largest accounting firm, MHA has 20 offices nationwide, including in Liverpool, London and Manchester, and employs over 1400 staff. MHA said the acquisition will strengthen its service offering in Wales.
It is the second deal the firm has conducted in Wales this year, following its merger with Swansea-based Gerald Thomas in January. It now employs over 100 staff between Cardiff and Swansea.
Rakesh Shaunak, managing partner and chairman of MHA said: ‘We are delighted to secure our presence in Wales. Watts Gregory Group is a significant merger for MHA, enabling us to continue expanding and investing within a thriving business community in a region which has great synergies with MHA’s core sectors, in particular construction, manufacturing, technology, consumer and life sciences.
These strategic mergers will enable these firms’ clients to access a new range of specialists, and an enhanced national and international offering, whilst continuing to enjoy a highly personal service. We will also bring new development opportunities for the staff, as well as providing attractive career opportunities for new talent.”
Hayley Worsfold, partner at Watts Gregory, said: “To provide an ever progressive and evolving level of service to our clients in terms of range, scope and reach, we felt it was time to partner with an ambitious, larger organisation. Our colleague, Lindsay Hogg was committed to finding a partner sharing the same core values as our firm and we thank him for driving towards this new chapter for our business.
“With the value of imports and exports in Wales, both nationally and internationally, having grown by billions of pounds since 2021 there are significant opportunities for our clients and prospects. By merging with MHA and through the Baker Tilly International network, we can expand our offering to make the most of those opportunities.”
Nick Morgan, director of HJE Healthcare accountants, said: “MHA are fellow members of the Association of Independent Specialist Medical Accountants. Having met a number of their team over the last 26 years I am delighted to partner with a firm with significant NHS sector expertise and who share our values and approach to client care and service”.
HAC Group
Llanelli firm Harries Automation & Controls (HAC Group), which is the 海角视频’s leading provider of low-voltage panels and control systems, has been acquired by global venture Vinci Energies.
Vinci has acquired the business through its industry brand Actemium, which globally employs 22,500 across 400 business units and has annual revenues of $3bn.
HAC Group, which employs 52, were advised on the deal by Cardiff-based corporate advisory Gambit. It provides an exit for the Harris family which set up the business, which also has operation in Honiton, in 1994. The value of the deal has not been disclosed.
Paul Harries, founder and chief executive of HAC Group, said: “This is a new and exciting chapter for HAC Group. As a well-known and well-respected company within our profession, we welcome this incredible opportunity to accelerate and further strengthen both our and Vinci Energies’ positions in the marketplace.
“This acquisition offers great opportunities for our staff who are very important to us. We have been a family-owned and run business for the past 29 years and it is of utmost importance to us to be able to offer job security and new prospects to our staff, something with which Vinci Energies’ values align too very strongly.
“We were very impressed by Vinci Energies’ vision, the wider group support that we can now call upon, as well as being able to offer our own unique selling points to the Vinci Energies brand.
“We would like to offer our sincere appreciation to all those involved in the history of the company and look forward to working with many of you as we move forward into exciting territory.”
Scott Van der Vord, chief executive of Vinci Energies 海角视频 and Ireland, said:“HAC Group represents a fantastic addition to Vinci Energies in the 海角视频, consolidating our position as a major provider of control systems and low voltage panel solutions across multiple customer segments.”
Founder partner of Gambit Frank Holmes said: “Gambit are delighted to have been able to assist the Harries family with their succession plans, sourcing the purchaser, Vinci Energies , negotiating and managing the transaction on their behalf. It is a real testimony of the quality of HAC which has been able to attract an acquirer of this stature and lends itself to a very exciting and growth fuelled future for its employees in Llanelli and Devon.”