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The latest acquisition and equity news in Welsh business

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Firms featured include ALS Managed Services, Cardo, Redkite Solicitors and a new pilot fund from the Development Bank of Wales

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.

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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.

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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.

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“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.

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“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.”

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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

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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.

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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.

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“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.”

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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

Hannah King of BGF.

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.

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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.

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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.

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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.

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“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

Cardo

Cardiff-based building maintenance venture Cardo Group has completed its sixteenth acquisition.

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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.

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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.”

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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.”

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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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Cops Searched Flock’s 19,000-Camera Surveillance Network for Reasons Like ‘LMAO’ and ‘IDK,’ EFF Finds

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Albany County Sheriff's Investigator Charged With Misusing Flock Cameras To

Police officers across the United States have repeatedly entered jokes, gibberish and other flippant answers into the mandatory “reason for search” field of Flock Safety’s automated license plate reader network, according to an analysis by the Electronic Frontier Foundation, raising fresh questions about oversight of one of the country’s fastest-growing surveillance systems.

Among the cases identified by the EFF, an officer with the Lake County, Indiana, Sheriff’s Department used Flock’s system in July 2025 to search for a license plate across more than 19,000 cameras covering 1,558 cities and towns nationwide. The reason entered for that search, according to Flock’s own records, was “LMAO.”

The Lake County search was far from an isolated incident. In a separate example the EFF highlighted, a Goshen Police Department officer searched 6,474 ALPR networks, representing data from 82,413 cameras, on May 7, 2025. The stated reason for that search was “idk.” The organization’s broader review of Flock’s search logs turned up a wide range of similarly dismissive entries, including “LOL,” “Hehe,” “Haha,” “blah” and “TBD,” the last of which appeared in more than 6,300 searches across more than 30 different agencies. In one case, an officer wrote: “robbery I don’t remember the case number leave me alone.” Other entries reviewed by the EFF included profanity and dismissive remarks such as “idiot,” “shithead” and “WEIRD KID,” alongside an entire category of searches where officers appeared to simply mash their keyboards, entering strings like “asdfg” and “gyghkkghghjkghjk” in place of any substantive explanation.

The searches identified in the EFF’s analysis span police departments across the country between 2023 and late 2025, when Flock changed how its reason field functions. Under the system in place during that period, officers were required to type a free-text explanation before running a search across Flock’s network, which uses automated license plate readers to collect vehicle data and allows law enforcement agencies to search information gathered by cameras across different jurisdictions.

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Flock has since replaced that free-text field with a list of pre-populated categories tied to standardized offense types, a change the company has described as an improvement to its oversight process. The EFF pushed back sharply on that characterization in its published findings. “Flock Safety claims it has improved its system by requiring officers to select from a dropdown list of crimes before running a search, but that only makes it easier for officers to hide improper searches behind the veneer of uniformity,” the organization wrote. “The system does not require proof that the dropdown reason actually matches the true purpose of the search. With no warrant requirements, limited guardrails, and deficient audit processes, ALPR databases have fostered a culture of unrestricted access to everyone’s location information.”

The EFF said it contacted police departments whose officers appeared in its analysis. Some agencies confirmed that the officers involved had been counseled over their conduct, while others said they intended to investigate or review the flagged searches further. The findings add to a broader body of research the organization has published on Flock’s network over the past year, including earlier investigations documenting the surveillance of protesters, what the EFF described as discriminatory targeting of Romani individuals, and the tracking of women seeking reproductive health care, drawn from a dataset of more than 12 million searches logged by roughly 3,900 agencies between December 2024 and October 2025.

The scrutiny of Flock’s oversight practices has already prompted some law enforcement agencies to reconsider their use of the technology. Several police departments in Arizona have ended their contracts with Flock in recent months, citing privacy concerns and instances of misuse identified in internal audits, with some of those departments’ contracts subsequently picked up by competing surveillance vendors such as Axon. A review of Flock network audit data in Arizona found that property crime accounted for roughly a quarter of logged searches, with drug and narcotics investigations, traffic infractions and wanted-person checks making up smaller but still substantial shares of overall search activity.

The controversy comes as Flock has received high-profile political backing. President Donald Trump publicly endorsed the company during remarks to reporters on Sunday, marking what reporting citing The Washington Post described as his first public endorsement of the technology. “I sort of like them because of that, because of law enforcement, but some people don’t,” Trump said, addressing criticism of the cameras. “They think it’s an infringement,” he added. “I like them.” Flock’s camera network has grown to more than 120,000 devices nationwide, according to the same reporting.

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Flock markets its technology to police agencies and private communities as a tool for solving serious crimes, including carjackings, kidnappings and homicides, with automated license plate readers scanning passing vehicles and comparing captured plates against lists of vehicles police are actively seeking. Advocacy groups and independent researchers have separately built tools allowing members of the public to check whether their own license plates have been captured or searched within Flock’s network, reflecting growing public interest in understanding the scope of a surveillance system that now spans thousands of communities across the country.

The flippant search reasons documented by the EFF do not, by themselves, establish that any individual search was improper or unlawful, since the reason field’s content does not necessarily reflect an officer’s actual investigative purpose. But the findings have sharpened a broader debate over how much oversight should accompany a surveillance network capable of searching vehicle location data across thousands of jurisdictions simultaneously, particularly as Flock and competing ALPR providers continue expanding their camera networks nationwide with limited judicial oversight or standardized audit requirements governing how officers document their searches.

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Building a Career on Service and Integrity

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Building a Career on Service and Integrity

From emergency scenes to hospital hallways, classrooms, and military service, Schmidt has spent decades preparing for situations where every decision matters.

Based in Tyler, Texas, Schmidt has built a career across emergency medicine, nursing, fire service, law enforcement, and emergency management. Along the way, he has earned a long list of professional licenses and certifications. Yet he believes his greatest achievement is much simpler.

“The legacy you leave your kids and family is what matters most,” Schmidt says. “Everything else comes after that.”

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That mindset has guided his work from the beginning.

How Edward Schmidt Built a Career in Emergency Medicine

Schmidt’s career has never followed a straight line. Instead, each role added another layer of knowledge.

He became a licensed paramedic, later earned his Registered Nurse credentials, and expanded into EMS instruction. He also served as a Texas firefighter and Texas peace officer before continuing his work in healthcare and emergency response.

His education never stopped. Schmidt completed advanced certifications in trauma care, pediatric life support, tactical medicine, hazardous materials, critical incident stress management, emergency management, and numerous FEMA training programs. He also completed military training with the Texas State Guard, graduating with honors in multiple leadership courses.

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For Schmidt, learning has always been part of the job.

“Keep learning new things,” he says. “If you stop learning, you stop growing.”

That attitude has helped him stay current in fields where standards, technology, and best practices constantly evolve.

Why Continuous Learning Matters in Healthcare Leadership

Healthcare and emergency response leave little room for complacency. Procedures change. Equipment improves. New challenges appear.

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Schmidt believes professionals have a responsibility to keep improving, not only for themselves but for the people who depend on them.

His credentials reflect that commitment. He has served as an instructor for Advanced Cardiac Life Support (ACLS), Basic Life Support (BLS), Pediatric Advanced Life Support (PALS), and Trauma Nursing Core Course (TNCC). Teaching has become just as important as practicing.

“When you can teach others along the way and they succeed, that’s one of the best parts of the job,” Schmidt says.

Watching students become confident professionals gives him a different kind of satisfaction than earning another certification.

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What Leadership Means to Edward Schmidt

Many people define leadership by titles. Schmidt defines it by consistency.

Throughout his career, he has worked in high-pressure environments where preparation, communication, and accountability directly affect outcomes.

His approach begins with integrity.

“Integrity is doing the right thing even when nobody is watching,” he says.

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That philosophy extends beyond emergency response. Whether working with patients, training future providers, or serving alongside fellow professionals, Schmidt believes trust is earned through actions repeated over time.

He also values organization and discipline.

“Time management is one of the biggest skills anyone can develop,” he says. “If you manage your time well, you can accomplish much more than you think.”

Overcoming Challenges Through Persistence

Like many successful professionals, Schmidt’s career has included obstacles.

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One challenge he openly discusses is dyslexia. Rather than allowing it to define him, he learned how to adapt and keep moving forward.

He also believes that failure can become one of the best teachers.

“If you fail at a task, stick with it until you accomplish it,” Schmidt says.

That perspective reflects years spent working in demanding professions where persistence often makes the difference between success and failure.

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He credits much of his character to his grandfather, William Earl Hudson, who raised him and taught him values that continue to guide his decisions today.

Those lessons shaped his belief that character is built over time through consistent effort.

Military Service Reinforced a Lifetime of Discipline

Schmidt’s commitment to service continued through the Texas State Guard.

His military record includes honors in Basic Operation Training, Officer Candidate School, Officer Basic Course, Direct Commission Officer Course, and Military Emergency Management. He also received multiple Texas Medal of Merit awards, the Texas Meritorious Service Medal, and the Texas State Guard Service Medal.

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Rather than viewing those recognitions as personal accomplishments, Schmidt sees them as reminders of responsibility.

Leadership, he believes, is about remaining dependable when others are counting on you.

Edward Schmidt’s Lasting Impact on Healthcare and Emergency Response

Today, Schmidt continues to represent a career built on preparation, education, and service.

His work spans emergency medicine, nursing, instruction, emergency management, and military service, giving him a broad perspective on how different parts of public safety work together.

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Outside of work, he enjoys golfing and spending time with his children and friends. Those moments provide balance after years spent in demanding professions.

Looking back, Schmidt measures success differently than many people might expect.

Awards and certifications are meaningful, but they are not the destination.

Instead, he returns to the same principle that has guided him throughout his career.

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“Leave a legacy your family can be proud of,” he says.

For Edward Schmidt, leadership has never been about recognition. It has been about serving others, continuing to learn, and helping the next generation succeed. Those values continue to define both his career and the example he hopes to leave behind.

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Cochin Shipyard shares tumble 12% over 2 sessions. Should you buy after multibagger corrects 26% in a year?

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Cochin Shipyard shares tumble 12% over 2 sessions. Should you buy after multibagger corrects 26% in a year?
Shares of Cochin Shipyard dropped another 3% on Tuesday, extending sharp losses for the second consecutive session after management commentary during a recent analyst call spooked investors.

Cochin Shipyard shares fell to Rs 1,336 apiece on Tuesday morning. The stock crashed over 9% on Friday, recording its worst single-day plunge in more than two years. Overall, the stock has fallen more than 12% in just two straight sessions.

The sharp drop in the defence major’s share price was triggered after the company’s management, during an analyst conference call on Thursday, indicated that it is aiming for an EBITDA margin of 14% over the next two financial years, Business Standard reported. This is sharply lower than the 24% EBITDA margin reported for FY26.

Also read |Dividends and stock splits: Hindustan Copper, Cochin Shipyard among 200+ stocks with record dates this week. Check full list

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ICICI Direct highlighted that Cochin Shipyard’s management expects FY27 revenue growth to stand at around 12-15%, supported by improving execution across shipbuilding and ship repair, with the company targeting 10 vessel deliveries during the year. The current order book stands at around Rs 22,000 crore, providing strong medium-term revenue visibility, and the order pipeline remains strong across both defence and commercial shipbuilding, the brokerage said.


It noted that the management expects FY27 operating cash flow to turn positive, supported by higher vessel deliveries and milestone-based collections as execution accelerates, and remains confident of sustaining growth over the medium term, supported by a combination of strong order visibility, improving execution, new shipbuilding capacity and the scaling up of the ship-repair business.
The domestic brokerage has a ‘Hold’ call on the shares of Cochin Shipyard with a target price of Rs 1,590 apiece, implying more than 15% upside potential from the stock’s previous closing price of Rs 1,381 apiece.

Cochin Shipyard and Drydocks World form joint venture

Drydocks World, a DP World company, and Cochin Shipyard last week announced the signing of a joint venture agreement to operate and expand the International Ship Repair Facility (ISRF) Cochin. The deal builds on the Memorandum of Understanding (MoU) signed by Drydocks World (DDW) and the Indian defence major during India Maritime Week 2025, under which the two organisations agreed to explore opportunities for collaboration in ship repair and allied maritime services

Under the arrangement, the joint venture will operate, consolidate and expand the International Ship Repair Facility (ISRF) in Cochin, creating additional capacity to service a wider range of vessels and meet the growing requirements of Indian, regional and international customers.

The partnership is expected to strengthen Cochin’s position as a maritime services hub, while creating opportunities across ship repair, engineering, fabrication and associated maritime services in Kerala.

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Also read |Cochin Shipyard Ltd and Drydocks World form joint venture to strengthen India’s ship repair industry

Cochin Shipyard share price

Cochin Shipyard shares have fallen around 12% in a week and 10% in a month, overall being down 17% in 2026 so far. The stock has overall fallen more than 25% in one year.

In the longer term, Cochin Shipyard shares have delivered multibagger returns of around 144% in three years and 628% in five years. The company has a market capitalisation of around Rs 35,453 crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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Tempus AI, Inc. (TEM) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript