ThinCats is Europe’s largest SME secured lending platform, a peer-to-peer online provider, having lent more than £150 million to UK businesses since its foundation in 2010.
About the transaction:
Akur Capital originated the transaction, which has been widely credited as the UK’s first major peer-to-peer M&A deal. This follows Akur’s brokering of a £50 million underwriting facility onto the ThinCats’ lending platform, announced in February 2015.
Concurrently with completing the ThinCats acquisition, ESF Capital has announced plans to make ThinCats the first of a series of deals in the European business lending sector, providing acceleration capital to peer to peer businesses in the form of strategic and operating resource, investment capital and speciality lending capital. ESF Capital represents a European specialist investment firm.
Kevin Caley, Co-Founder and Chairman of ThinCats commented: “We are grateful to the Akur team for their crucial role in both the underwriting and M&A transactions with ESF and for their support and advice over an extended period of time. From the early stages of identifying and introducing potential partners through to structuring and finalising both deals, we have been impressed with Akur’s commitment, professionalism and sector expertise throughout the process.”
£86m equity fundraise on the London Stock Exchange
About the client:
Empiric Student Property plc is an internally managed real estate investment trust (“REIT”) investing in modern, direct-let, premium student accommodation, both standing and development assets, with a focus on quality and with assets in prime central locations in top university cities and towns in the UK.
About the transaction:
This, the final equity fundraise for Empiric under its Share Issuance programme, and the fifth undertaken by Akur, was heavily oversubscribed. The roadshow took place over three weeks it took the Company’s market capitalisation above £400m.
FSB supplies its live sports-betting platform, real-time algorithmic pricing models and leading CRM, CMS and UX tools to leading online gaming operators in the UK and internationally. FSB’s client base includes Dafabet and Genting.
About the transaction:
Akur advised FSB Technology on its strategic investment from US-based sports data specialist SMT (SportsMEDIA Technology).
Dave McDowell, CEO of FSB commented:
“We are grateful to the Akur team for their invaluable advice during the investment process. The team showed great commitment to the project and we were impressed by their knowledge and contacts within the market.”
Hayward Tyler Group plc is a leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments. Core markets for the group include: oil & gas exploration; power generation – both conventional and nuclear; and the chemical/industrials sector. With facilities in the UK, US, China and India, the Group has a proven reputation for providing innovative, reliable technological solutions built on a proud heritage stretching back over 200 years.
Hayward Tyler has been advised by Akur since its London IPO (by reverse takeover) in January 2010. This is the fourth major deal Akur has advised on, overseeing the company’s growth both organically and by acquisition throughout the period.
About the transaction:
Akur acted as exclusive financial adviser to Hayward Tyler on its acquisition of the trade and assets of the Peter Brotherhood business from Dresser-Rand Company Ltd, a Siemens AG owned business for $15m, payable wholly in cash from a new facility provided by RBS.
Peter Brotherhood is a UK engineering business specialising in steam turbines and a variety of power and efficiency technology for the power generation, oil and gas and marine markets.
The acquisition is immediately earnings enhancing, and sees Hayward Tyler’s scale, number of customers, orders, and thus diversity growing substantially.
In the few days following announcement the Hayward Tyler share price rose by over 15%.
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