Mergers and Acquisitions in November 2022

Business Intelligence, Bureau Van Dijk, recorded another busy trading month in M&A with 207 transactions in November. Overseas acquirers were also active during this time with a recording of 71 deals.

The largest transaction for the month was the £1.2 billion acquisition of Countryside Partnerships plc by Vistry Group plc. Vistry Group is a housebuilding business that operates across 13 business units, each with a regional office, which are developing around 200 sites across England for the open market. The Company has combined with Country Partnerships to strengthen its position in the high-growth partnerships sector. The Partnerships business hard-earned reputation for delivery, quality, and sector knowledge across all housing tenures. Vistry Group Chief Executive, Greg Fitzgerald, commented, “This is a historic day for our business. By combining Countryside with our already flourishing Partnerships division, we create a leading capability across all housing tenures at a time when the need for affordable housing has never been keener.”

Another significant deal recorded for the month was the £315 million acquisition of Allied Glass Group Ltd by Verallia SA. Allied Glass is a market leader in the UK premium glass packaging segment, with 2022 estimated sales over £150 million. Verallia is the leading European and the world’s third largest producer of glass containers for food and beverages. The acquiring company will expand is Northern European manufacturing footprint with UK presence and reinforce its position in premium glass bottles for the spirits’ market. Alan Henderson, CEO of Allied Glass, commented, “Integrating Allied into an international Group, one of the main world leaders in glass manufacturing for food and beverage, is a thrilling challenge for Allied. Based on our respective strengths, the two companies will benefit from strong synergies. Whilst our customers in the UK market will continue to benefit from the same level of quality of service locally, we believe we can further improve our market offering through the support and knowledge of the wider Verallia group.”

Other higher value deals for this month include the acquisition of Diurnal Group plc by Neurocrine Biosciences Inc. for £48 million; Billi Australia Pty Ltd by Strix Australia Pty Ltd for £38 million; Kerotine Group Ltd by Curtiss-Wright Corporation for £30 million; Penn Globe Ltd by Manali Petrochemicals Ltd for £21 million; and MySale Group by Frasers Group plc for £14 million.

Custom Vet Products Ltd was acquired by Swedencare BV for £11 million. Custom Vet Products Ltd is a UK manufacturer of pet supplements. The Company sells soft chew range mainly through vet practises in the UK and Europe. Swedencare chief executive Hakan Lagerberg said, “Through the acquisition of CVP, we can accelerate our plans to launch soft chews on the European markets. This will both help us to add new products to our existing brands fast and also enable us to facilitate a European launch for some out important US-based private label and contract manufacturing customers. David and his team have done a fantastic job and have a unique competence in developing soft chews. Together with our own competences from Vetio and Garmon we are creating an important player for the European soft chew market. CVP will be renamed VetioUK as the first entity in Europe for Vetio which now means that we have own manufacturing on both continents.”

Some of the overseas deals that took place during this reporting period include the acquisition of Dunstane Houses by Roseate Hotels and Resorts Private Ltd; Cabletime Ltd by Uniguest of Tennessee Inc.; Shipamax Ltd by WiseTech Global Ltd; Berry Gardens Ltd by Driscoll’s Inc; and RKingCompetitions Ltd by Golden Matrix Group Inc.

The IT, Technology and Web sectors proved to be particularly busy during November with several transactions taking place. Some of these acquisitions include Digital Ethos Ltd by Cadastra Marketing Digital Ltd; Astec IT Solutions Ltd by Novotek AB; NB Trader Solutions by Infront SA; and Audio Analytic Ltd by Meta Platforms.

To conclude, M&A activity in November spans across a number of sectors, with some significant deals contributing to this month’s overall figure. The UK maintains appeal from both the UK and global buyers, with active public trade buyers and private equity investors.

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