Transaction Details

July 30, 2015
Manchester

Sector

Financial Technology and Services

Deal Type

M&A

Deal Value

£47.1m

Deal Team

Phil Adams, Paul Lines, Adam Sivner, Tom Battersby

GCA Altium advised Inspired Capital plc on its takeover by Bentley Park (UK)

GCA Altium has advised AIM-listed Inspired Capital plc (AIM:INSC) on its takeover by Bentley Park (UK) Limited, an investment vehicle controlled by the family interests of Joe Lewis. GCA Altium acted as Rule 3 adviser to Inspired Capital under the UK City Code on Takeovers & Mergers and represents another public-to-private deal in the UK following the Waterlogic and Prezzo transactions in January.

Formerly quoted on AIM as Renovo Group, Manchester-based Inspired Capital provides customer-focused financial solutions to SMEs including invoice discounting, factoring and asset finance with a loan book at the end of FY14 of £66.9m, having grown 60.8% year on year.

GCA Altium previously acted on the takeover of Ultimate Finance in 2013 (later rebranded to Inspired Capital) to extend its offering in the SME loan space.

Bentley Park had been an investor in Inspired Capital since December 2013 and, at the time of the takeover, held 17.1% of the shares. Following an initial offer of 20 pence per share, Bentley Park submitted a recommended increased cash offer of 21.5 pence per share on 9 July, valuing the Company’s equity at £47.1m and representing a premium of approximately 50.9% to the closing Inspired Capital price of 14.25 pence on the last business day prior to Bentley Park’s first approach.

Phil Adams, Chief Executive at GCA Altium, said: “Bentley Park has held a stake in Inspired Capital since December 2013, and as a result, has developed a good knowledge of the firm. We believe it represents an ideal strategic partner for the business as it looks to continue its development. Having advised the Board of Inspired Capital for a number of years, we are extremely pleased to have advised on a deal which delivers a significant premium to shareholders and wish the Inspired team all the best for the future.”

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