PRIVATE EQUITY AND VENTURE CAPITAL

BUSINESS GROWTH FUND

The private equity team at premier regional law firm Foot Anstey has recently advised BGF, the provider of growth capital, on its £2.5 million investment in Sub10 Systems (Sub10), a specialist telecoms development and manufacturing company specialising in developing high speed wireless devices for data transfer across mobile networks.

BGF was established in 2011 to help Britain’s growing smaller and medium sized businesses with a fund of up to £2.5 billion with which to make long-term equity investments. BGF’s mission is to unlock the potential of growing UK businesses that need long-term capital to drive their future success.

Based in Devon, Sub10 has grown rapidly since its formation in 2010 and is forecast to deliver FY14 revenues of c.£10m. The company’s head office is in Newton Abbot and it currently employs 37 people.

The investment of growth capital from BGF will support Sub10 as it invests in R&D, recruits additional staff, increases sales and marketing spend, and will provide additional working capital so that Sub10 can meet larger future orders.

Ned Dorbin, Senior Investment Manager at BGF said “Foot Anstey made this deal possible by identifying the suitability of Sub10 for an investment by BGF, facilitating an introduction and working tirelessly with us, Sub10 and Sub10’s advisors to successfully execute the transaction. We look forward to identifying more suitable deals with them across the South West.”

Private Equity Partner Matt Stoate commented, “We have worked hard to get to know BGF and what they are looking for in an investment. Both BGF and Sub10 have very exciting propositions with a great desire to succeed at what they do – we were delighted to help put this deal together.”