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Home » Half-Year Success For Simon Orange’s CorpAcq Ahead Of $1.6bn Merger

Half-Year Success For Simon Orange’s CorpAcq Ahead Of $1.6bn Merger

Revenue and profits rose at the investment business founded by Sale Sharks co-owner Simon Orange ahead of its $1.6bn merger.

Altrincham headquartered CorpAcq achieved a revenue of £439m for the first six months of 2023, up from the £393m it reported for the same period in 2022. Its EBITDA also increased from £62m to £73m.

The figures have been revealed in new filings with the United States Securities and Exchange Commission ahead of the group’s merger with Churchill VII, a special purpose investment vehicle set up as a trust account by New York corporate financier Michael Klein. The deal was first announced in August and will see the combined group list on the New York Stock Exchange and trade as CorpAcq Group Plc.

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The merger is expected to be completed in early 2024 and is subject to approval by Churchill VII’s shareholders, the registration statement being declared effective by the SEC, Churchill VII having available cash at closing of at least $350m, net of transaction fees, and other customary closing conditions. The group will have a portfolio of 42 businesses.

CorpAcq, whose subsidiaries include Cotton Traders, Aintree Plastics and Metcalfe Plant Hire, is set to receive $592m in additional funding through the move. The group’s full-year results for 2022 are due to be filed with Companies House in the UK by the end of December.

For 2021, the group posted a turnover of £561m for 2021, up from the £478.3m from the year before. The company’s EBITDA also surged from £64.4m in 2020 to £91.1m.

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