Sub10 Systems

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 great desire to succeed at what they do – we were delighted to help put this deal together.”



Foot Anstey's dedicated private equity team advised its client Business Growth Fund (BGF) on its £7 million investment into APSU TWP Limited (‘APSU’), a provider of IT managed services and an IBM Premier Business Partner.

Headquartered in Cirencester, Gloucestershire, APSU is a specialist in IBM’s Power i range of servers. It also provides solutions through Cisco, Microsoft, HP and VMware and operates its own data centres. APSU has been recognised as a fast growing IT company by its presence in the 2013 Sunday Times Tech Track 100 and was ranked number 20 overall in the UK.

BGF’s investment enabled APSU to recruit technical personnel in the UK to support overseas customers and build a bigger sales and operational capability to address the US and other overseas markets. Overseas expansion is being driven by existing customer demand. APSU is now considering selective acquisitions to enhance its service offering, both in the UK and internationally.

BGF was established in 2011 to help Britain’s growing smaller and medium sized businesses. Backed by five of the UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered – BGF is an independent company with up to £2.5 billion with which to make long-term equity investments.

Ned Dorbin, BGF Investment Director, commented: "We are delighted to be investing in APSU. It is a company led by an experienced management team, at the head of which is Steve Morris, who has a very successful track record of growing businesses in this sector. There is also the potential for considerable overseas growth driven by its strong relationships with IBM and other blue chip vendors, its expertise in Power i and its managed services offering."

Matt Stoate, head of Foot Anstey's private equity group, led the team which advised on the transaction with assistance from senior associate, Henry Humphreys.

Matt commented, "We are pleased to have advised the BGF team on this strategic investment into such a high growth business. APSU has received numerous accreditations in its field and this investment will enable it to achieve continued growth and capitalise on an increasing trend to outsource IT services".


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