KKR takes lead in Spectris bidding war

Take-private deals for public UK companies and assets have been accelerating in the first half of this year, as American private equity groups – and KKR especially – snap up companies they believe are undervalued.

Last September, KKR acquired geospatial software developer IQGeo Group, and in April this year it took over a major portfolio of buy-to-rent properties in Manchester from Legal & General for £100m. Last month, it narrowly lost out to UK-based PHP in a bid for lucrative NHS landlord Assura.

Spectris is an obvious target, with an international sales profile, high R&D spend and a rocky ride on the London stock market since 2023. But where a mid-sized listed company might balk at Spectris’s debt profile and complexity, private equity will relish the challenge.

However, there is at least one company that has decided London is the best place to call home: Glencore has said it will shelve plans for a primary listing in New York. “London is where we are happy,” said chief executive Gary Nagle on Wednesday. “We don’t believe there is a value-accretive proposition to move exchanges right now.” Surprising, perhaps, given that the miner has lost a quarter of its value in the past 12 months.

Photograph by Getty