A multi-million pound deal by consumer products group PZ Cussons has helped to push the value of mergers and acquisitions in the North West in the first six month of 2015 to over £1 billion, say Deloitte.
The ‘outbound’ £21m deal for Glanbia’s 50% stake in their Nigeria-based joint venture Nutricima was one of the North West’s standout deals, the financial services firm said in a release today.
PZ Cussons, which manufactures Original Source shower gel, Imperial Leather soaps and Carex handwash brands at the Agecroft Business Park in Salford, took full control of Nutricima with the buyout.
The firm saw its pre-tax profits rise by 30.5% to £28.9m in 2014.
The value of overseas buyers investing in the region has also doubled from £577 million in 2014 to £1.14 billion in 2015, according to research by Experian Corpfin.
Major ‘inbound’ investment deals include a £256m buyout of research chemical supplier Alfa Aesar by US lab giant Thermo Fisher Scientific, and the sale of Chester’s Grosvenor Shopping Centre to US private equity firm HIG Capital.
John Breheny, corporate finance director at Deloitte (pictured), said: “Renewed confidence and a fear of being left behind has encouraged companies to return to deal making.
“The North West boasts a large number of high quality businesses with strong management teams, so it is no surprise that overseas buyers are investing in companies in the region.
“The latest figures are a positive sign for the North West economy and we expect activity levels to grow over the coming months.”
