CorpAcq acquires manufacturing group after abandoning $1.6bn merger plans
The Cheadle-based Klarius Group of Companies has been acquired by private investment firm CorpAcq.
The group of car parts manufacturers comprising Klarius, Emissco, KMT, Autologistiks and TIME will join CorpAcq’s portfolio of more than 40 companies, producing a combined turnover in excess of £650m.
No changes will be made to the current board of directors, to ensure stability and continuity for all employees, customers, and partners of the Klarius Group.
Founded by Sale Sharks Rugby Club owner Simon Orange, the brother of Take That singer Jason Orange in 2006, CorpAcq recently abandoned a £1.26bn ($1.6bn) merger with an American investment vehicle.
It had announced plans in August 2023 to merge with US firm Churchill Capital Corp VII – a special purpose investment vehicle is set up as a trust account by New York corporate financier Michael Klein.
A six month delay had postponed the combined groups listing on the New York Stock Exchange as Corpacq Group Plc, which ultimately led to a cancellation of the merger in August 2024 due to current IPO market conditions.
John Hood, finance director at the Klarius Group of Companies said: “We couldn’t have wished for a better outcome. This acquisition marks an excellent opportunity for the company, allowing us to continue business as usual while benefiting from the expertise and resources that CorpAcq brings.”
