An Altrincham-based business founded by the brother of Take That star Jason Orange is to be sold in a deal that values it at around $1.6billion.
CorpAcq (short for Corporate Acquisitions and Investments), based in Goose Green, is an investment business behind 41 companies including Cotton Traders, Aintree Plastics and Metcalfe Plant Hire.
It is to be acquired by an American investment vehicle called Churchill Capital Corp VII, and will list on the New York Stock Exchange.
CorpAcq was founded in 2006 by Sale Sharks owner Simon Orange, the brother of Take That singer Jason Orange and Toast owner Justin Orange.
The deal will boost CorpAcq's balance sheet by up to $592 million and Orange will stay on as chairman.
Simon Orange said: “Today is an exciting milestone in CorpAcq’s history and validation of our team, our tremendous growth and our approach of partnering closely with and empowering portfolio companies to drive long-term performance.
"We are thrilled to partner with Churchill VII. With their team’s deep M&A and capital markets expertise, track record of value-added investing in companies as well as an extensive relationship network, we are confident that Churchill VII is the right partner to propel CorpAcq’s next phase of growth.
"As a public company, we believe CorpAcq will be better positioned to accelerate organic growth, expand our acquisition pipeline deeper in the UK and deliver compounding returns to shareholders, all while staying true to our ethos of fostering autonomy at our portfolio companies and investing over a long time horizon.”
CorpAcq's compound annual growth rate was 16% between 2018 and 2022, and it generated adjusted earnings of $133 million last year.
Michael Klein, Chairman and CEO of Churchill VII, added: “We believe CorpAcq fits all our criteria and more with its proven acquisition and operating strategy, established positioning in the UK SME space, track record of topline growth and profitability and talented management team.
"We look forward to working with Simon and the rest of CorpAcq’s management team as we position this business for future success.”
