Mills & Reeve advises on strategic growth and M&A transactions

Mills & Reeve has advised Tokamak Energy on a strategic transaction designed to accelerate the growth and manufacturing capabilities of its TE Magnetics business.

The firm also acted on the sale of the holding company of the Spalding’s Group to Invicta Holdings, a JSE-listed conglomerate specialising in the wholesale and distribution of industrial consumables. Mills & Reeve advised the sellers, Inspirit Capital and the management shareholders of the Lincoln-based business.

Junaid Haroon (pictured), head of corporate at Mills & Reeve in the Midlands, said: “It was a year of two halves for the team in 2025. In the first six months, we saw a positive number of deals being completed across the UK and in a variety of sectors.

The second half of 2025 saw a slight dip in the volume of deals getting over the line, particularly in the lower mid-market. However, we were successful in securing a number of larger deals during that period, demonstrating that there is still an appetite for deal activity where the strategic ambitions of the investor and business align. 

 “As we look ahead to 2026, our focus remains on supporting the region’s most dynamic and ambitious businesses through what continues to be an evolving economic landscape. With deep regional roots and strong sector expertise, we’re well positioned to guide clients through the next phase of growth and investment.

We expect momentum to build as confidence returns to the market, and our experience across complex, cross‑border and high‑growth transactions means we’ll continue to be a trusted adviser to businesses and investors navigating the next wave of opportunities.”