The Welsh firms that are doing deals to fuel their ambitious plans for growth
Whether it’s to support organic growth or acquisitions, many businesses in Wales need to raise new finance to realise their growth plans, whether it be in the form of debt or equity.
Here we look at a number of businesses across Wales, in a variety of different sectors, which have done just that. Hutton’s
Cardiff law firm Hutton’s has been acquired as it celebrates its 30th year in business.
Tristan Agland, a senior solicitor at the firm, has acquired the business in a management buyout from its founder Stuart Hutton and partner Clare Strowbridge, who will remain as consultants in the business.
Mr Agland is now managing director of the newly created Hutton’s Law Limited.
The practice will continue to trade as Hutton’s Solicitors from its existing offices in St Andrew’s Crescent, Cardiff, and has ambitious growth plans including the opening of a new office at Llandow in Cowbridge, plus an expansion of the firm’s business services section.
The deal was funded by Lloyds Bank and Finance Wales through its Wales Management Succession Fund.
Mr Agland said: “We have built a strong reputation and brand in the south Wales marketplace. Having spent the last 10 years of my legal career at Hutton’s, I am now looking forward to leading the firm as it faces the challenges of a ‘post-Brexit’ commercial environment in Wales.
“Hutton’s has a team of clientfocused lawyers who are passionate about what they do and I have nothing but confidence in the firm’s ability to grow and expand its current market presence.”
Mr Hutton said: “Clare and I are delighted that the succession of the business is in a trusted pair of hands. We have every confidence that Tristan will continue the longstanding reputation of the firm for outstanding and cost-effective client service, and we wish him every success.”
Mr Hutton and Ms Strowbridge were advised on the sale by Huw Palin of BPU Chartered Accountants and Paul Lowe of Acuity Legal. BPU have acted for Hutton’s since it was established in 1986.
Huw Palin, managing director of BPU, said: “I am extremely pleased to have assisted Stuart and Clare in the sale of their practice and am confident that the Hutton’s brand and the quality legal advice that it stands for will continue to flourish under Tristan’s management.
“BPU have advised on a number of similar deals this year, which reflects the current flourishing corporate finance market in south Wales.”
Paul Lowe, partner (corporate and commercial) at Acuity Legal, said: “It has been a pleasure to work on this deal, particularly because the practice has been purchased by an existing staff member, meaning that the firm, its culture and values can remain the same and continue to grow from strength to strength.”
Founded in 1986 by Stuart Hutton, the firm now employs more than 23 staff. Perpetual V2G
Perpetual V2G has closed a six-figure funding round alongside the appointment of key staff to drive significant growth at the zero-carbon power solutions firm.
In the deal, existing shareholder Finance Wales has converted its £500,000 loan to equity. In a combined capital raise from existing shareholders, almost £300,000 of further funding was raised.
At the same time, business growth specialist Mervyn Ham has joined the Lampeter-based company as chief operating officer, as well as joining the investor group in backing the business.
Perpetual V2G provides mobile clean-energy power solutions to a range of applications and major corporations including well-known names such as Sainsbury’s and British Telecom.
The Lithium Power Supply (LPS) is paired with bespoke power-delivery solutions to provide customers with the ability to significantly reduce vehicle idle times, with massive savings in fuel and harmful CO2 emissions.
Across the utilities and other sectors, the LPS solution replaces noisy polluting generators with silent green energy.
Andy Ling, founder and chief executive of Perpetual V2G, said: “The opportunities for the Perpetual solution are larger than ever. I am delighted to have closed this funding round and equally delighted that Mervyn Ham has agreed to join the senior team. His years of experience in high-growth businesses will be a major asset.”
Ashley Cooper, chairman of Perpetual and co-founder of Catalyst Growth Partners, added: “It is testament to the business growth so far and the massive potential ahead of us that existing shareholders have backed the growth plan by both converting debt and injecting new capital.
“We have a game-changing 12 months ahead of us and we look forward to delivering major value for our client base.”
Commenting on the round, Phil Barnes, investment executive at Finance Wales, said: “We have worked with Perpetual over the last two years and seen the massive market potential begin to crystallize for the business.
“The company has some very exciting intellectual property, which has the potential to be really transformative in the clean energy sector.”
The transaction was managed by Geldards acting for Finance Wales and Capital Law acting for Perpetual and other Ssareholders. Litelok
Swansea-based Litelok, the bicycle security firm founded by a former aeronautical engineer, has secured a seven-figure co-investment from Finance Wales and business angels.
Founder and CEO Professor Neil Barron said: ‘We’re delighted to secure this funding, which is a tremendous endorsement of our vision to develop a range of innovative products and technologies in bike security.”
The funds will be used to invest in sales, marketing and product development and will keep the hi-tech manufacturing company in south Wales.
Dr Richard Thompson, senior investment executive from Finance Wales, said: “As a cyclist and a materials scientist, I’m impressed at how Neil has created a step-change in bike security.
“With this substantial investment, we look forward to working with Neil and the team to introduce a range of innovative Litelok security products manufactured in south Wales.”
Already selling in 57 countries worldwide, Litelok has recently secured a deal with major UK retailer Evans Cycles. Greenaway Scott
Greenaway Scott has facilitated the acquisition of an international medical device company, helping to create a significant new presence in the global maternity industry.
The Cardiff-based business advisory firm has supported American medical device company Clinical Innovations in its acquisition of German developer Brenner Medical GmbH.
The deal, completed via Clinical Innovations Europe, will see the labour and delivery-focused equip-