Lincolnshire agricultural business sold for £12million to South African investors

The UK's largest distributor of agricultural products has been bought for almost £12million by a South African investment group.

Spaldings, which specialises in farm equipment and ground care, was sold by previous owners Inspirit Capital in a £11.9million deal to Johannesburg-based Invicta Holdings.

The 69-year-old Spaldings began as the brainchild of Ernest and Godfrey Spalding, originally manufacturing wood turning equipment from their workshop in Lincoln, before branching out in supplying tools and replacement parts.

It has continued to grow over the decades and has quadrupled its earnings since the investment from Inspirit arrived in 2022, turning a net profit of more than £500,000 in 2024 – a figure they expect to treble by the end of 2025.

“Spaldings continues to operate from its Lincolnshire headquarters with no changes to its structure,” said a statement from the firm.

“We remain fully committed to delivering exceptional service and value to our customers.

“With the backing of Invicta’s global resources and reach, we’re excited to build on our legacy and explore new opportunities for growth and innovation.”

The company’s managing director Paul Bray added: "Our partnership with Inspirit has been transformational and establishes an excellent platform for future growth.

“As we welcome our new shareholders at Invicta, we remain focused on delivering a market-leading service for our customers."

David Fox, Spaldings’ non-executive chair, said: “In Invicta Holdings, we have found a like-minded business that has significant expertise in our core markets – individuals who have shown great desire to support Spaldings in the next phase of our growth journey, while backing the existing management team to achieve those ambitions.”

Meanwhile, Albert Farrant, a partner at outgoing owners Inspirit Capital, said: “It has been a pleasure to partner with the outstanding team at Spaldings over the last few years. We are proud of what has been accomplished and look forward.”