Firms featured include ALS Managed Services, Cardo, Redkite Solicitors and a new pilot fund from the Development Bank of Wales
15:16, 15 Sep 2026Updated 15:23, 15 Sep 2026
ALS Managed Services (ALS People) has completed a second management buyout.
The deal has been part‑funded by a £3.75m equity and debt package from long-term funding partner the Development Bank of Wales.
Led by Phil Tromans, the deal marks the latest chapter for Caerphilly-based ALS as it further expands its UK-wide managed workforce solutions across the recycling, warehousing, distribution and manufacturing sectors.
The company has grown from £13.3m to more than £60m in turnover and doubled headcount since the previous management buy‑out, that was also supported by the Development Bank in September 2018.
A £1m finance package, including funding from the Development Bank of Wales enabled Steve Lanigan and Gavin Payne to buy-out the founding shareholders at that time.
ALS management buyout deal; Steve Lanigan; Joanna Thomas, Development Bank of Wales; Gavin Payne; Phil Tromans, chief Executive, ALS Managed Services..
The development bank took an equity stake that was then bought back by ALS in March 2021.
Recruitment industry veteran, Phil McDonald will take on the role of chair, bringing significant sector experience and strengthening ALS’s governance and strategic capability as the business enters its next phase of growth.
Phil Tromans, chief executive of ALS Managed Services, said: “The investment strengthens our ability to deliver scalable, compliant and cost-efficient labour models for clients operating in high-volume, operationally complex environments.
“It gives us the platform to scale what we already do well — delivering reliable, compliant workforce solutions in some of the most operationally demanding sectors in the UK.
“We’ve built a strong track record since the previous buy-out in 2018, and this investment allows us to deepen our partnerships with existing clients while expanding our managed service offering to new customers who are looking for a more structured, accountable approach to labour provision.
“The Development Bank of Wales has played an important role in supporting the business through each stage of development.
“The buy‑out gives us stability, continuity and a strong platform to take ALS forward.”
Deputy fund manager Jo Thomas and senior portfolio executive Sam Macalister-Smith from the Development Bank of Wales led on the deal.
Ms Thomas said: “ALS Managed Services is a strong example of how experienced management teams can drive long‑term growth.
“Having successfully supported the business through the previous buy‑out, we’re pleased to back Phil and the team as they take ownership and lead the next phase.
“This is a great example of how we support Welsh businesses through the full cycle of ownership, from succession and MBO’s to long-term growth and reinvestment.”
Steve Lanigan, who led the 2018 buy‑out alongside Gavin Payne, said: “ALS has achieved impressive growth since 2018, reflecting the strength of the management team.
“Using the Development Bank again to part‑fund this transaction made sense given their understanding of the business and their long‑term support for the management team.
“We wish all involved every success as they take the business forward into its next chapter.”
Advisory firm FRP supported the ALS transaction with Capital Law advising the Development Bank of Wales.
Thomas Edwards, partner at FRP Corporate Finance, said : “ALS Managed Services has built a strong reputation in the recruitment sector, with its experienced leadership team and a clear platform for growth, which makes it an attractive proposition for the right funding partners. This transaction secures continuity for the business while providing the management team with the backing to build on that progress.
“We’re pleased to have supported Steven, Gavin, Phil and the rest of the team through this important milestone, and we look forward to seeing the business continue to thrive in its next phase of growth.”
Redkite Solicitors
Redkite Solicitors partner Helen Downes and chief executive Neil Walker.
Redkite Solicitors, one of the largest legal firms in Wales and the south-west of England, has further expanded via acquisition.
The Cardiff headquartered firm has acquired specialist firm of private client lawyers CLA Trust & Legacy Planning.
The acquisition of the Cardiff firm, the value of which has not been disclosed, marks Redkite’s second acquisition within a year, following the addition of Penarth-based Alan Simons & Co.
In its last financial year Redkite reported improved revenues of £20.4m. The firm has doubled in size over the past five years and quadrupled over the past ten and now operates 19 offices with around 300 staff.
In May 2026, the firm appointed two new equity partners.
The acquisition of CLA Trust & Legacy Planning gives Redkite specialist in-house expertise in trusts, estates and succession planning, further deepening the firm’s expertise in wealth management and succession planning services.
As part of the deal, CLA Trust & Legacy Planning director Helen Downes joins Redkite as partner and head of private wealth and succession planning.
Neil Walker, chief executive of Redkite, said:“This has been a strong year for Redkite, and this acquisition is a natural next step in that growth.
“Trust and legacy planning is an area where we’ve increasingly seen demand from our private clients, and until now we’ve not had the capacity to manage all that work within the firm. Bringing Helen and her team means we can offer that expertise directly, and we are delighted to welcome them both to the Redkite family.”
Ms Downes said: Our clients are central to everything we do, and their needs and aspirations guide our work. Redkite is the next natural step in furthering our mission.
“I’ve long admired how Redkite has grown while staying rooted in the communities it serves.
“Being part of that, with the resources and reach it brings, is genuinely exciting.”
Redkite has 13 offices in Wales, including those in Brecon, Swansea , Carmarthen and Haverfordwest.
Its English offices, which total six, include those in Stroud, Cheltenham and Ledbury.
£10m equity co-investment pilot
A new £10m pilot scheme has been launched by the Development Bank of Wales, to help high-growth firms secure larger equity investment rounds and scale from a Welsh base.
The Wales Equity Co-investment Scheme will invest alongside qualifying institutional investors, providing matched equity investment of between £500,000 and £2m in funding rounds of up to £10m.
The scheme has been designed to unlock more third-party capital for Welsh SMEs with strong commercial growth potential, with a particular focus commercialising technology in businesses looking to scale.
The £10m pilot has been ring fenced from the Wales Flexible Investment Fund.
The development bank will invest with the same financial and legal terms as the lead investor, helping to simplify the process for Welsh companies that are looking to access growth capital.
The scheme will be available to commercially viable, high growth Welsh SMEs. Investment must be matched by an FCA registered lead investor whose funds are predominantly backed by private sector institutional capital.
Cabinet Member for Enterprise, Connectivity and Energy, Adam Price, said: “Helping more Welsh businesses to scale is a key focus of our vision to unleash the full potential of our economy.
“Active capital of the sort provided through this important pilot scheme does more than just provide funding. It brings expertise, networks and long-term backing that can help businesses grow faster and improve productivity, supporting sustainable economic growth across Wales.
“This initiative also builds on the development bank’s unique work supporting Welsh businesses and will strengthen the wider investment ecosystem in Wales.
Hannah King, an investor with the British Growth Fund (BGF), said: “Wales has a strong base of entrepreneurs that can benefit from initiatives that improve the funding environment. BGF has a long-standing commitment to backing ambitious Welsh businesses, and we’ve seen first-hand the value that investors can bring by working together.
“Our previous collaborations with the Development Bank of Wales, including investments in IQ Endoscopes and Ceryx Medical, demonstrate how co-investment can support companies as they scale.
“The Wales Equity Co-investment Scheme’s ambition to bring more institutional capital into the Welsh market is an important step towards helping its growth businesses access the funding they need to scale, create quality jobs and compete internationally.”
Chris Griffiths, technical investment director at the Development Bank of Wales, added: “The Wales Equity Co-investment Scheme is about helping ambitious Welsh businesses access larger equity rounds by bringing more institutional investment into Wales.
“By investing alongside experienced lead investors, we can help unlock third party capital, support high growth companies to scale and strengthen Wales’s wider investment ecosystem. This pilot gives us a practical way to move faster while continuing to invest with commercial discipline.”
The Development Bank of Wales over its last two financial years, 2024-25 and 2025-26, said it made equity investments into growth focused Welsh firms of £36m, which leveraged a further £44m of co-investment.
Cardo
Cardiff-based building maintenance venture Cardo Group has completed its sixteenth acquisition.
It has acquired Correct Contract Services (CCS), strengthening its compliance and energy services capabilities.
The acquisition, the value of which has not been disclosed, is Cardo’s fourth this year following deals for R Lewis & Co, EFS Systems and Trident Maintenance Services earlier this year.
Based in Andover and founded in 2007, CCS supports more than 50,000 properties with electrical, heating and retrofit services.
The business now boasts a team of more than 280 dedicated staff who work with local authorities and social housing landlords across the UK to help ensure homes are safe and energy efficient, delivering a wide range of services from electrical maintenance to large-scale retrofit upgrades.
CCS was founded by former gas engineers Danny Gladwyn and the late Trevor Dempsey.
Liam Bevan, chief executive of Cardo Group, said: “CCS has built an excellent reputation for technical expertise, strong customer relationships and commitment to quality. We’re delighted to welcome the entire CCS team into the Cardo Group.”
“It’s an important milestone as we expand our footprint across the south of England and continue to deliver safer and more energy-efficient homes for communities.”
Ms Borrington, partner at Knights, added: “Correct Contract Services and their strategic objectives are closely aligned with Cardo’s wider growth strategy, and their talented team adds further specialist capability to the Group’s customer proposition. We wish everyone at Cardo Group and CCS every success as they take this next step together.”
Iris Care Group
Iris Care Group has acquired Elysium Cymru in a deal expanding its supported living provision.
The acquisition includes two supported living services, The Grove and Kensington Place, both based in Newport.
Established in 2008, Elysium Cymru provides specialist supported living and residential care for adults with complex needs.Dr Andy Jones, chief executive of Iris Care Group, said: “This acquisition of Elysium Cymru represents another step in the continued growth of Iris Care Group. It further demonstrates our strategic drive to build and deliver exceptional services, with strong reputations, for adults with complex needs.”
Amanda Omeara and Jayne Edwards, founders of Elysium Cymru, said: “We are delighted to have been acquired by Iris Care Group. We believe the organisation shares our ethos, values and are well placed to take the services forward with continued development of staff and tenants across both services.”
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