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iDeals update July 2018

2018 has been a very busy year for MBM with a significant number of deals being completed for clients.   In addition to the many investment and company sale deals that we regularly work on it is worth noting that in recent months we have been involved in a range of high profile university ‘spin-out’ deals, the formation of a new hospitality focussed VC fund, several acquisition deals and an increasing number of larger VCT investment and international deals.

We can’t list all of the deals we have been involved with since our last iDeals update in December 2017 but some of the key ones are set out below. 

Spin-out deals:

  • Platinum Informatics from University of Dundee;
  • Novosound from the University of West of Scotland;
  • PlanSea from Robert Gordon University;
  • Invizius from University of Edinburgh.

Novosound was the first ever spin-out from UWS and its simultaneous £1.5m seed round, which was led by Par Equity, was oversubscribed.  Invizius simultaneously raised £0.5m from Mercia and is the first spin-out since Mercia entered into a strategic partnership with the University of Edinburgh.

Investment Funds:

  • Advising the Imbiba management team on the closing of a new £50m hospitality focussed VC fund.

At a time when retail and hospitality is going through such a difficult time, this is a bold and exciting move by Imbiba which raised £30m of its fund from the British Business Bank from its Enterprise Capital Funds programme.  MBM have helped complete more ‘ECF’ funds than any other law firm in the UK.

VCT investment deals:

  • Advising SHE Software on its VCT investment from Northern Venture Managers;
  • Advising Codeplay Software on its EIS/VCT investment from Foresight Williams;
  • Advising Hutchinson Networks on its VCT investment from Yorkshire Fund Managers;
  • Advising technology company on its syndicated VC investment from a VCT investor and other investors;
  • Advising Maven Capital Partners on its VCT investment in BioAscent Discovery.

Other investment deals:

  • Advising Snap40 on its $8m investment from Accelerated Digital Ventures (ADV), MMC, SIB and Par Equity;
  • Advising Seraphim Space on its $4.5m co-investment with ADV in Altitude Angel;
  • Advising Archangel on its £3.1m co-investment with US fund, Julz and SIB in Calcivis;
  • Advising Pyreos on its £1.7m investment, led by family office of John Moulton;
  • Advising Archangel on its £2m co-investment with SIB in Bio-Images Drug Delivery;
  • Advising Mallzee on its £1.9m investment from Par Equity, Equity Gap, London Scottish and SIB;
  • Advising Sofant Technology on its £0.9m investment from Kelvin Capital, OCC, SIB, Newable and Investing in Women;
  • Advising Celtic Renewables Plc on its £5.25m debt funding from Abundance investors.

M&A deals:

  • Advising sellers on sale of entire issued share capital of life sciences testing business to international acquirer;
  • Advising sellers on sale of entire issued share capital of BCF Group to French acquirer, IMV Technologies SA;
  • Advising sellers on sale of entire issued share capital of Phoenix Broadband to US acquirer, Yardi Systems;
  • Advising seller on £100m sale transaction involving multiple targets to US acquirer;
  • Advising private equity sellers on the sale of an investee business to a Chinese acquirer;
  • Advising sellers on sale of entire issued share capital of Ashwood UK to Eurofins;
  • Advising Oregon Timber Frame on its buy-back of shares from investors;
  • Advising Kangaroo Self Storage on its acquisition of Smart Storage;
  • Advising Affinity Rail Group on its acquisition of Amaro Signalling and Andromeda Engineering.

Special note should be given to Archangels, the world’s oldest business angel syndicate, which has been recognised as the UK’s 2018 Lead Angel Investment Syndicate of the Year by the UK Business Angels Association.   

If you would like help on a deal or would like to discuss how you might structure one for you, then please feel free to get in touch with any of our corporate partners (Kenny Mumford, Michael Arnott, Tracey Ginn and Stuart Hendry) or your usual contact within the firm.

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