The latest equity deals in Welsh business

Companies feature include Coaches’ Voice, Monex, Breaking Change and Maid to Help Cleaning Specialists

The £50m equity fund of the Cardiff Capital Region has backed the growth plans of football education and digital coaching platform Coaches’ Voice.

Working with coaches, clubs, leagues and governing bodies across the global game, Coaches’ Voice delivers expert‑led insight, digital learning tools and specialist education to help coaches develop, adapt and succeed at every level of football, from grassroots pitches to the international stage.

Co‑founded by David Sciama and Peter Kenyon, Cardiff-based Coaches’ Voice supports more than 4,000 football organisations worldwide, delivering over one million learning hours each year. The business is increasingly focused on widening access to coaching education and strengthening football at the community level, with Wales central to its future growth.

Chief executive Mr Sciama, said: “As the world enjoys a summer of football, this investment allows us to expand our presence in South East Wales and support the grassroots coaches who underpin the game. Visibility at the top level always inspires participation, and with great coaching available, that is what sustains the interest in communities across Wales.”

A key driver of Coaches’ Voice’s impact in Wales is its partnership with the Football Association of Wales (FAW) through Coach Cymru, which provides ongoing cotinued professional development support for FAW-qualified coaches.

Mr Sciama added: “With 4,500 coaches already active in Wales, we expect this figure to grow significantly over the next 18 months. It is through our close relationship with FAW that gives Coaches’ Voice a meaningful and growing role in the continued development of Welsh football.”

Rob Franklin, FAW’s head of coach education, said: “Supporting coaches is essential to sustaining growth at every level. Through our work with Coaches’ Voice via Coach Cymru, we’re expanding access to high-quality, digital coaching content that supports learning anytime, anywhere.

“This allows us to connect coaches across Wales with the latest insights, techniques and best practice from the global game. By using accessible, modern learning tools, we’re helping to raise standards, strengthen the coaching pathway and ultimately support the development of coaches and players across the country.

The Cardiff Capital Region’s Innovation Investment Capital (IIC) fund is manged by Capricorn Fund Managers.

Chief executive of the Cardiff Capital Region, Kellie Beirne, said:“There is now a real opportunity to capture national attention and support greater coach participation across every level of the game. Football has the unique power of connecting communities and Coaches’ Voice is helping ensure that coaches across South East Wales have access to the best learning and support they need to nurture that enthusiasm.

This investment is about creating lasting value, strengthening communities and helping this and future generations benefit from better coaching, stronger support and wider access to football education.”

Lynda Stoelker, Capricorn Fund Managers’ chief operating officer and chair of the IIC investment committee, added: “Coaches’ Voice is a strong fit with IIC’s investment philosophy of backing innovative, high-growth businesses that have the potential to create lasting impact in the Cardiff Capital Region.”

PwC provides investment research and sourcing to Capricorn.

Rob Asplin, PwC partner, said: “Coaches’ Voice stood out as an investment opportunity because of its blend of premium content, digital capability, commercial relevance and international market potential, alongside a clear commitment to growing its regional presence.”

Breaking Change

A Chepstow-based technology firm focused on the global games industry has secured more than £1m in funding to support its drive to commercialisation.

Breaking Change is developing software infrastructure that helps game studios model, simulate and maintain the complex systems that underpin modern games, such as vehicles, weapons, progression and economies, more quickly, safely and efficiently.

The platform combines simulation technology with AI-assisted authoring, helping studios build deeper gameplay systems without relying on months of bespoke engineering.

The funding package includes £735,000 in equity investment, led by the Development Bank of Wales and Haatch, alongside an Innovate UK Growth Catalyst grant.

The development bank’s technology venture investments (TVI) team has invested £350,000 from the Wales Flexible Investment Fund (WFIF), with Haatch contributing £285,000. The remaining equity investment includes participation from Saola Ventures and prominent games industry business angel Dr Tomas Rawlings.

The funding will enable the company to expand its team, progress its simulation and AI R&D, and begin piloting its technology with studios later this year as it prepares for wider commercial rollout.

Dr Jonathan Quinn, co-founder and chief executive of Breaking Change, said: “The games industry is at a real inflection point. Player expectations are rising, but the tools available to studios haven’t kept pace with the complexity of modern games.

“Our platform is designed to remove some of the biggest technical barriers, helping studios build richer, more dynamic experiences while reducing the risk and cost of development. This funding package allows us to advance the platform, move into real-world pilots, and work directly with studios to prove that value.

“I also gratefully acknowledge earlier grant and programme support from Media Cymru, Innovate UK and the UK Games Fund, alongside founder backing from the Royal Academy of Engineering. This support has also been instrumental in the company’s growth to date and in building the foundations for its next phase.”

Dr Quinn previously held senior roles at Aardman, Dovetail Games and Reach Robotics, where he helped deliver internationally recognised products and supported multi-million-pound fundraising. He is joined by co-founder and chief technology officer Ben Laws, alongside senior engineers James Munro and Ivo Hinov, who bring expertise in real-time systems, simulation and game development.

Tom Linney, investment executive at the Development Bank of Wales, said:“Breaking Change is an exciting example of a Welsh-based technology company with global potential. The team brings a strong track record and deep technical expertise in a sector that is evolving rapidly.

“We’re delighted to support the business as they look to redefine how complex game systems are built and maintained. The team has a compelling vision and the technical capability to execute it, and we look forward to seeing their technology adopted by studios in the months ahead.”

Maid to Help Cleaning Specialists

Facilities management company Maid to Help Cleaning Specialists has secured £150,000 in funding from BCRS Business Loans to support a key acquisition as part of its continued growth strategy across the UK.

The funding package consists of £75,000 from the Community Investment Enterprise Fund 2 (CIEF2) and £75,000 from the British Business Bank’s Investment Fund for Wales (IFW), has enabled the acquisition of Mid Wales-based Hafren Services.

The expansion strengthens Maid to Help Cleaning Specialists’ operational footprint across Wales

Founded in 2014 by Samantha Howells, the business began in Caerphilly with just one employee. Since then, it has grown into an award-winning professional facilities management company, which employs over 100 trained operatives that work to provide facilities management services in the commercial space, from NHS sites and gyms to schools and construction environments.

The expansion represents a key milestone in Maid to Help Cleaning Specialists’ growth strategy. By strengthening its regional footprint and securing an established client base in Mid Wales, the business is now well positioned to tender for larger, national contracts and build long-term partnerships.

Samantha Howells, founder of Maid to Help Cleaning Specialists, said: “We’re really excited to bring Hafren into the Maid to Help Cleaning Specialists group to further our growth, as we look to scale both organically, and through acquisition. The team has built a strong, reputable business, which will allow us to continue that success while strengthening our presence across Wales.

“With an expanded team, we have doubled our capacity which has strengthened our foothold across Wales, and allows us to target other areas of the UK.”

Business development manager at BCRS Business Loans, Niki Haggerty-James, said: “We’re proud to support Maid to Help Cleaning Specialists as it continues to grow and create opportunities across the UK. This funding will help the business strengthen its operations, and with an expanded team, Maid to Help Cleaning Specialists is well positioned to continue scaling its operations.”

Bethan Bannister, senior investment manager, nations and regions investment funds at the British Business Bank, said:“Maid to Help Cleaning Specialists’ growth journey demonstrates the impact that targeted funding can have in enabling businesses to compete for larger contracts across a wider geographic footprint.

“We’re pleased to support the company as it continues to build on its strong momentum, and this latest investment from the Investment Fund for Wales highlights our commitment to helping businesses across Wales as they scale and create new opportunities.”

Monex Group

Newport-baed Monex Group has strengthened its UK footprint with the acquisition of a 45% stake in A J Ostridge (Transport) , a long-established, family-run haulage business based in Maldon, Essex.

Founded more than 25 years ago, A J Ostridge Transport has built a strong reputation across the general haulage sector, providing container movements, road transport services and outdoor storage solutions to customers across the region.

The business has been led by Alan Ostridge alongside his wife, growing into a trusted local operator with a fleet of around 15 vehicles and a team of approximately 20 employees, all of whom remain in place as part of the transaction.

The partnership marks Monex Group’s first strategic move into the east of England, supporting its continued growth as a UK-wide transport and logistics provider. The Group, headquartered in South Wales, delivers road transport, warehousing, and specialist logistics services through a growing portfolio of businesses across the UK and internationally.

The initial investment forms the first stage of a wider acquisition, with Monex Group providing financial, commercial and operational support to help drive the next phase of growth for A J Ostridge Transport, while preserving its family-run ethos and local expertise.

Customers of both businesses are expected to benefit from enhanced national coverage, increased flexibility and expanded service capabilities, as the Maldon-based operator integrates into the wider Monex network.

Matthew Elms, commercial Ddrector, Monex, said: “We are delighted to welcome A J Ostridge Transport into the Monex Group. This is exactly the kind of business we look for and align with; a well-respected, family-run operator with deep local roots, a loyal customer base and a strong reputation for quality service.

“This investment represents an important step in our strategic expansion into the East of England. By combining A J Ostridge Transport’s local knowledge and expertise with the scale, infrastructure and support of the Monex Group, we can create new opportunities for growth while continuing to deliver the high standards customers expect.

“Crucially, this partnership is about building on what is already a successful business. Alan and his team have created something to be proud of over many years, and we are committed to supporting them to take it to the next stage of its journey.”

Alan Ostridge, director of A J Ostridge Transport, added: “This is an exciting step for our business. We’ve spent over two decades building a company we’re proud of, alongside our team, and joining forces with Monex allows us to grow while keeping the values that matter most to us.

“With the backing of the Monex Group, we can invest further in our fleet, our people and our services, giving even greater confidence to our customers as we look to the future.”

The deal, the value of which has not been disclosed, reflects Monex Group’s continued strategy of partnering with established haulage businesses across the UK, supporting their growth while strengthening its position as a leading family-owned logistics group.

M&A deal figures for Wales

The number of merger and acquisition deals in Wales and their value have fallen, shows new research from Experian.

Its latest MarketIQ M&A review for the first quarter of the year (Q1) shows there were 61 deals with a combined value of £245m in Wales. This compared to 66 in Q1 of 2025 with a value of £1.1bn. On value the biggest deal was the £80m acquisition by Admiral of London-based telemetry fleet insurer Flock.

Other sizeable deals included a £47m fund raise by Wrexham Football Club. The largest debt deal was £65m secured by Bangor-based housing association Adra from HSBC to support investment and expansion of its housing portfolio.

Firms using cash reserves and existing funds remained the primary sources of funding for deals in Wales – supporting 33 and 27 transactions, respectively. Debt funded activity increased modestly, with ten transactions completed during the quarter, compared with seven a year earlier.

The aggregate value of these deals rose to £78m, signalling increased confidence in the use of leverage to support investment and growth strategies. Private equity and venture capital activity recorded 22 transactions completed, up from 16 last year. This included 19 venture capital investments and three investor or secondary buy-outs.

For the UK as a whole the Development Bank of Wales, which is wholly-owned by the Welsh Government was the most active investors for M&A deals across the UK in the quarter, with equity and debt provision, with eight deals, followed by LDC (7), and six each for the British Business Bank, Maven Capital, Mercia, Techstart and the Business Growth Fund (BGF).

While the development bank has made returns from equity investments from exits it has also recently incurred significant losses – which is factored into any investment portfolio. Earlier this year it was impacted by the collapse of Swansea medtech venture Calon Cardio-Technology, which was established by Marc Clement, and Cardiff-based tech venture Amplyfi. It had made historical investments in both firms.

HCR Law was ranked first for legal advice on deals in Wales with eight. For corporate advisory Azets was top with four.

Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, who is carrying out a review into the development bank’s financial offer, that ranges from debt to equity, to assess if there any funding gaps to support the growth of indigenous firms, said: “An important part of our missions to half the productivity gap with UK is to make Wales the easiest place in the UK to start, grow and invest in a business. Access to investment is vital to achieving that.

“The Development Bank of Wales continues to play a vital role in strengthening investment across our economy. At a time when markets remain selective, it is encouraging to see the bank recognised as one of the most active investors in the UK by deal volume, and continuing to support a wide range of businesses.”

Rhian Elston, group investment director at the Development Bank of Wales, said:“ Being recognised as the most active investor in the UK by deal volume is a significant achievement, but what matters most is what that activity represents for Welsh businesses and the wider economy.

“The Experian report highlights a positive picture for Wales, with increasing levels of venture capital, private equity and debt finance being deployed across the country. That points to a funding ecosystem that is becoming stronger, more diverse and better equipped to support business growth.

“Our role is to provide flexible, patient capital while working alongside banks, private investors, advisers and other partners to increase the overall supply of finance available to Welsh businesses. By combining public purpose with commercial discipline, we can help businesses scale, innovate and retain value in Wales.

“Many of the businesses we support go on to attract further investment as they grow. Avantis Group is a strong example of that journey. We were proud to support the original management buy-out and it is encouraging to see the business continue to attract investment and expand into new markets.

“As a trusted delivery partner, our focus remains on helping businesses start, grow and scale while building a stronger, more productive Welsh economy. That means supporting innovation, creating jobs, encouraging Welsh ownership and ensuring businesses across all parts of Wales can access the finance they need to succeed.”