CorpAcq hails exceptional year

INVESTMENT group CorpAcq is hailing an ‘exceptional’ year which saw revenues reach a record £100.8m and underlying profits surge by more than 80%.

CorpAcq’s turnover in the 12 months to December 31 climbed 21% from £83.3m.

Underlying pre-tax earnings (EBITDA) rose 83% from £11.4m to £20.8m.

Founder and chairman Simon Orange said CorpAcq’s entire portfolio of businesses, whose activities span building services, manufacturing, precision engineering, packaging and plant, generator and forklift truck hire, had traded “exceptionally well” and had grown profits.

CorpAcq, which is based in Altrincham, Greater Manchester, invested a record sum of £15m in capital equipment across its portfolio and strengthened its management team with the promotions of Nick Cattell to finance director and Steve Scott to operations director.

So far this year, CorpAcq has announced the acquisitions of Northern Packaging, based in Skelmersdale, and United Forktrucks (1992), which has its HQ in Thetford, Norfolk, and operates eight depots across the south and Midlands.

Employee numbers across the companies owned by CorpAcq now stand at more than 1,000.

The group is in talks over several further acquisitions as it steps up its expansion programme, fuelled by a £25m funding boost earlier this year from corporate credit specialist Alcentra.

Chief executive David Martin said: “We are pleased to report that 2014 was an exceptional year for CorpAcq.

“We saw significant growth in performance and a strengthening of our position and reputation in the market.

“We continued to invest in all the businesses and spent around £15m on capital equipment. We recognise the need to continue a healthy level of reinvestment into all our businesses to ensure that they remain competitive and deliver sustainable growth.

“Our aim is to continue to grow both by acquisition and organically through sustainable performance improvement. Lee Teste, of Summerlin, our corporate finance partner, continues to look for opportunities and we are working to conclude several further acquisitions in the coming months across a variety of industry sectors.”

Mr Orange said: “Although the general business climate has been tough since 2008, CorpAcq has traded exceptionally well and has enjoyed significant year-on-year growth since inception.

“This is a testament to CorpAcq’s management, the management teams of the individual businesses and the acquisition strategy of the company.

“We intend to continue acquiring businesses as well as growing our existing companies over the coming years.”