Asda-owner TDR snaps up former SPAC merger target CorpAcq
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The private equity owner of Asda has struck a deal to buy a controlling stake in a group which specialises in backing British SMEs. Sky News has learnt that TDR Capital has agreed to acquire a majority interest in CorpAcq, less than six months after the so-called 'corporate compounder' aborted a deal to list in the US.
City sources said this weekend that CorpAcq, which makes roughly £125m in annual profit, was being valued at well over £1bn on an enterprise value basis in the deal with TDR. Founded in 2006, CorpAcq - which sponsors Sale FC Rugby's stadium, near its Altrincham base - has amassed a portfolio of more than 40 companies.
It specialises in buy-and-build strategies, with a focus on companies operating in the industrial products and services sectors. The company's acquisition blueprint enables SME founders to retain management control while gaining a long-term investment partner offering operational support to those businesses.
CorpAcq's founder is Simon Orange, brother of the former Take That member Jason and joint-owner of the Sale Sharks. TikTok shuts down in US as law comes into force - a day before Trump's inauguration. Time's up for US TikTokers: What does this mean for users and content creators?.
Poundland owner drafts in advisers amid discounter crisis. Keep up with all the latest news from the UK and around the world by following Sky News. In 2023, a special purpose acquisition company (SPAC) founded by Michael Klein, one of Wall Street's leading financiers, announced a $1.5bn plan to take CorpAcq public.
