Wragge & Co advises client Business Growth Fund on new broadband investment
Wragge & Co's corporate experts have advised client Business Growth Fund (BGF) on its £10 million investment in Broadbandchoices.co.uk, a leading UK provider of home communications and price comparison services. The deal is the firm's second instruction for the fund and marks the 18th investment to date by BGF, and its fourth in London.
Partner Ian Piggin led the deal, supported by a cross-firm team including solicitor Sophie O'Connor, director Graham Spalding (due diligence), partners Kevin Lowe and Neil Pearson (both tax), and director Mark Henley (specialist IT advice). The deal drew on the team's IT expertise and private equity experience.
They worked closely with BGF's Investment Director, Chris Hodges, and Senior Investment Manager, Mark Nunny, as well as with Catherine Clarke, BGF's general counsel.
Ian Piggin said: "A substantial investment for BGF, it needed full-service legal advisers that combine technical excellence with a highly commercial approach. That's exactly what we have delivered, working closely with the client's in-house team to consider all the wider issues and provide a robust and comprehensive response in a short timescale of less than one month."
The investment will allow Broadbandchoices.co.uk to consolidate its position in the UK as a leading service provider as well as promote its international expansion.
Chris Hodges added: "Wragge & Co executed the transaction efficiently, effectively and to cost and timetable. It also delivered the breadth of experience the firm required for the investment, especially in relation to digital and tax issues."
BGF is an independent company, backed by Barclays, HSBC, Lloyds, the Royal Bank of Scotland and Standard Chartered. Established in 2011 to help the UK's fast growing smaller and medium-sized businesses, it has a total fund of up to £2.5 billion. BGF invests equity capital of between £2 million and £10 million in fast growing businesses.
Wragge & Co advised BGF on its fourth investment - its first in the Midlands - in February.
Broadbandchoices.co.uk was launched in 2005 and is the UK's leading Ofcom accredited broadband comparison calculator. The company is owned by Decision Technologies Ltd (DTL).
Squire Sanders (UK) LLP advised Broadbandchoices.co.uk
Wragge & Co's corporate practice specialises in mergers and acquisitions, private equity, IPOs, joint ventures, public takeovers, share schemes, complex corporate structuring, funds and tax. Its clients range from owner-managed private companies to FTSE-listed major corporates such as QinetiQ. Highlights from the past year include advising on Astex Therapeutics' £91 million acquisition by NASDAQ-listed SuperGen Inc and Premier Foods' £182 million sale of its canned foods division to Princes Limited.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Biddle on +44 (0)121 685 2708 or Amy Richards on +44 (0)121 260 9973
This press release may contain information of general interest about current legal issues, but does not give legal advice.