Sale Sharks owner sells £1bn empire to Asda backer TDR Capital
Simon Orange, the self-made millionaire who co-owns Premiership rugby club Sale Sharks, has sold his business empire to Asda backer TDR Capital in a deal worth more than £1bn.
CorpAcq, which is based in Cheshire, counts more than 40 businesses as part of its portfolio including the likes of Cotton Traders. CorpAcq does not included Sale Sharks.
Private equity giant TDR Capital has agreed to acquire a majority stake in the business which was founded in 2006 by the entrepreneur, the brother of former Take That singer, Jason Orange.
CorpAcq has made its name by focusing on a buy and build strategy and has particularly targeted small to medium-sized businesses.
Simon Orange, founder and chairman of CorpAcq, said: “We have found an investment partner in TDR that aligns with CorpAcq’s value creation strategy, shares our long-term view, and is fully supportive of the business as we embark on our next phase of growth.”
Tom Mitchell, managing partner at TDR Capital, added: “In CorpAcq, we identified a highly successful compounder of UK SMEs that has significant further growth potential.
“With our investment, CorpAcq can continue to provide its owner-friendly business combination strategy, and we look forward to working with Simon and the rest of the CorpAcq team to realise this.”
The deal is expected to close in the coming months, subject to regulatory approvals.
Barclays and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised TDR. CorpAcq shareholders were advised by UBS and Reed Smith LLP.
The deal comes almost 18 months after CorpAcq announced a £1.6bn plan to merge with a special purpose acquisition company (SPAC) founded by Michael Klein.
However the move, which would have taken CorpAqc public in New York, was officially called off in August last year after a series of delays.
At the time, Klein’s vehicle Churchill Capital VII cited difficult IPO market conditions for the decision.
If the deal had gone through, CorpAcq was expected to receive $592m in additional funding.
Among CorpAcq’s backers have been Goldman Sachs Asset Management and Nova Capital which invested in the business in 2022.
As well as holding a majority stake in supermarket giant Asda, TDR Capital also counts the likes of bus giant Stonegate and David Lloyd Leisure among its portfolio.
Accounts filed with Companies House at the end of last year revealed that partners at TDR Capital split £44m between them in the year to 31 March, 2024.
TDR Capital first got involved in Asda when it partnered with the Issa brothers in 2021 to buy the chain for £6.8bn.
The firm has been active in the UK since being founded in London in 2002 by Manjit Dale, Stephen Robertson and Tudor Capital.