finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of purpose-driven professional services firm Gemserv, to Talan, an international technology-led consulting group. The acquisition marks a significant moment in Gemserv’s journey to become the go-to advisory firm in the movement towards energy and digital transition. The deal will double the size of Talan’s UK operations and provide Gemserv with the increased scale and capabilities required to accelerate growth.

Founded in 2002 by the UK’s leading energy suppliers and electricity network companies, Gemserv was set up to manage and facilitate the opening of the electricity market to competition. More recently, management has diversified both the service offering and industry verticals to tackle today’s social and environmental challenges.

The Business provides a range of technology-led consultancy and outsourcing capabilities including programme management, market design and governance, cyber security and digital transformation. Gemserv holds social change and sustainability at the heart of its operations; it is a B Corp, is IIP Gold accredited and a Financial Times Leading Management Consultancy for 2021 and 2022. Its purpose is making things that matter work better for everyone.

Advisers to Gemserv were finnCap Cavendish (Corporate Finance) and Osborne Clarke (Legal).

Alex Goody, Gemserv’s Chief Executive Officer, commented:

“I’m delighted that Gemserv is joining the Talan group of companies.  Talan’s model is highly entrepreneurial and offers synergies and growth potential, including opening exciting international opportunities in the areas we seek to make a difference. Talan are 100% behind our strategy and we will continue to support our existing clients – like those in energy code governance – as well as further growing out across new sectors and services. Having an aligned shareholder with a consultancy growth track record allows Gemserv to bolster its capability and increase focus on combining energy and digital expertise. Importantly, being part of a bigger group of companies with similar values means we can offer greater career development and progression opportunities for our people.”

“The Cavendish team did a great job of running a competitive process to establish the best transaction options available for our stakeholders. They were instrumental in delivering the Talan deal and were a pleasure to work with.”

Andrew Jeffs, Partner at finnCap Cavendish, said:

“We thoroughly enjoyed working with the Gemserv team who were at an exciting inflexion point. Joining forces with Talan gives them even more scope to positively impact society. The deal is another example of finnCap Cavendish’s expertise within consultancy and professional services space and is the most recent of a string of deals that have ESG and social purpose at their core”.

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of Therapy Equipment Limited to ESAB Corporation. Founded in 1983, Therapy Equipment Ltd. is a regional leader in the United Kingdom in the medical gas control market for suction and oxygen equipment. The business holds strong market leadership across the United Kingdom and the portfolio includes trusted suction equipment, flowmeters, and medical regulators used in healthcare facilities across the region and internationally.

Therapy Equipment is headquartered in England and employs approximately 30 associates. Together with GCE, GasArc, Ohio Medical, and Victor, the acquisition of Therapy Equipment Ltd. further positions ESAB Corporation as a leading global gas control company with supplier-of-choice brands across the world for the industrial, medical, and specialty gas industries.

Therapy Equipment was majority owned by Owner Venture Managers, who bought the business from the founding Munn family in 2019, and subsequently expanded its domestic and international footprint for the trusted product range.

Advisers to OVM and Therapy Equipment were finnCap Cavendish (corporate finance) and Flint Bishop (legal).

Piyush Sheth, Vice President and General Manager, Gas Control, commented:

“Our acquisition of Therapy Equipment showcases our continued investment in our leading global gas control portfolio. We are excited to combine our global expertise and capitalise on innovation for our global customers across the medical, industrial and specialty gas control industries from our portfolio.”

James Wooster, Director of Owner Venture Managers, commented:

“We are delighted that Therapy Equipment will now go forward under the ESAB Corporation umbrella, who will provide further reach and innovation. The finnCap Cavendish team, led by Michael Jewell, did a fantastic job, running a truly competitive international process and managing the transaction through the diligence process with great skill. They were instrumental in delivering this deal and the strong outcome.”

Michael Jewell, Partner at finnCap Cavendish, commented:  

“We are very proud to have advised on this deal, further cementing finnCap Cavendish’s expertise in the fast-growing healthcare market. This transaction is particularly important given the genuine impact Therapy Equipment Limited’s products have on the provision of healthcare in the United Kingdom and beyond.”

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised the three Founders of MBI Healthcare Technologies (“MBI”), John Bull, Emilios Evangeli and Barry Mulholland, on the acquisition of the firm by global quality assurance and risk management provider DNV.

MBI Healthcare Technologies supplies healthcare providers with artificial intelligence-backed technology and data quality expertise to reduce patient safety risks, deliver care more efficiently and bring down waiting times for elective treatment. The company tackles the growing challenge of patient data being imprecisely recorded in electronic health record systems.

MBI Healthcare Technologies has worked with more than 80 healthcare providers in the UK to improve elective care performance over the past decade. Its LUNA software platform has been used to manage more than 40 million patient pathways, and the company has assessed more than 10 million clinical documents.

The acquisition forms part of DNV’s strategic expansion into the digital health market, where it aims to significantly grow its presence through innovation, acquisitions, and partnerships. DNV and MBI will work to rapidly scale the MBI’s solutions in the UK, target growth in international markets, and bring new data assurance technologies to the healthcare sector. MBI Healthcare Technologies’ management will continue to lead the company’s growth, supported by an international team of commercial and domain experts from DNV.

The deal was led by Karri Vuori, Partner, and executed by Harry Radburn, Associate, at finnCap Cavendish.

Remi Eriksen, Group President and CEO of DNV at DNV, commented:

“DNV’s investment in MBI Healthcare Technologies aims to accelerate data quality improvements in the healthcare sector. MBI Healthcare Technologies has developed sector-leading services and with their artificial intelligence-powered solution we will make a significant impact on the digital transformation of the healthcare system. With this investment we will further enhance DNV’s strength in providing trust and assurance to the healthcare sector.”

Karri Vuori, Partner at finnCap Cavendish, commented:

“This transaction is particularly close to my heart given the genuine impact MBI and its founders have on the quality of healthcare and ultimately human lives. It also marks the second time I’ve advised one of the founders on a notable healthcare technology exit. DNV is a fantastic partner for MBI allowing them to rapidly scale their groundbreaking technology and with a shared culture of impact.”

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of Agar Scientific (“Agar”) to Molecular Dimensions Limited, a subsidiary of Calibre Scientific (“Calibre”), a US-based life sciences company, owned by international private investment firm StoneCalibre.

Agar is a global leader in the distribution and manufacture of electron microscopy consumables. The business was created as the result of an MBO carve out backed by Foresight Group in 2016. Since then, the business has more than doubled in size under the stewardship of Darren Likely and the Agar management team.

Agar operates in one of the fastest growing segments of the microscopy market, electron microscopy and sample penetration, which is growing by 10% per year. Its products are now used in industrial and research labs across the globe, in applications from research science to microchip manufacture and forensic investigation.

Agar has a strong strategic fit with Calibre, providing many synergy benefits. It will enable Calibre to expand their customer base and open up new markets in high growth areas.

The Agar management team will move across to Calibre as part of the deal.

The deal was led by Michael Jewell, Partner at finnCap Cavendish, supported by Sam Kavanagh, Associate Director and MJ Murphy, Associate.

Darren Likely, CEO, Agar Scientific, commented:

“We’re excited to be joining the Calibre Scientific family, who will enable us to further accelerate our long-term strategic growth objectives. The finnCap Cavendish team has achieved a fantastic result for our Shareholders. Their wealth of sector expertise, professionalism and unwavering dedication throughout the process were instrumental in achieving a successful completion.”

Chris Wardle, Director at Foresight Group, commented: 

“It has been a pleasure to work with Darren and the team, who have confidently built and executed the strategy over the last six years and we wish them all the best on the next stage of their journey. I would also like to thank finnCap Cavendish, who built a great rapport with the Agar team, got to grips with the business quickly and ran an excellent process.”

Michael Jewell, Partner at finnCap Cavendish, commented:

“We are delighted to have advised Agar’s management team and Foresight on this deal. It was a pleasure working with them and we are pleased to have secured the right cultural and strategic buyer for the business for the long-term. This transaction also highlights our sector-leading credentials in the life sciences and healthcare industries and demonstrates our strong capabilities to transact cross-border M&A deals.”

finnCap Capital Markets is delighted to have advised on a fundraise of up to £7m for Destiny Pharma plc, a clinical stage biotechnology company focused on the development of novel medicines to prevent life threatening infection.

The funding will allow Destiny to continue progress towards Phase 3 trials in its two lead, clinical assets, NTCD-M3 and XF-73 Nasal and finalise regulatory plans, as well as strengthening its balance sheet as it progresses partnering discussions for NTCD-M3.

finnCap Capital Markets has advised Omega Diagnostics on a placing of £5m with up to £2m possible via an Open Offer to enable it to focus on the growth opportunities within its two core businesses, Health & Nutrition and Global Health (VISITECT CD4). It has also sold its Alva site for £1m, with a transitionary agreement in place to December 2022 to ensure the continued production of lateral flow tests for Omega. A strategic review will be undertaken before committing to relocating CD4 activities to its new facility in Ely.

finnCap Capital Markets is delighted to have advised genedrive, a commercial-stage molecular diagnostics business, on its fundraise of up to £10.5m via a placing and open offer. finnCap acted as Joint Broker. 

Proceeds are expected to help funding the rapid development of the GDR COV POC, a closed platform single patient point-of-care test that will run on the Genedrive® instrument, for detection of the presence of COVID-19 virus in a nasal swab. The product has been designed to provide an ease of use appropriate for people inexperienced in molecular testing. The system is expected to receive a CE mark in October 2021. 

As well as supporting additional product development and commercialisation efforts, proceeds are also expected to support the commercial roll out of genedrive’s Antibiotic-Induced Hearing Loss (AIHL) test. The AIHL test is for the detection of genetic mutations in newborns that could result in hearing loss as a result of antibiotics. genedrive has developed what is believes to be the world’s first rapid point-of-care genetic test for neonatal intensive care.

finnCap Capital Markets is delighted to have advised on the IPO and admission to AIM of Poolbeg Pharma Plc, at a market cap of £50m, raising £25m as part of the IPO. This clinical stage infectious disease pharma company was spun out of Open Orphan Plc.

Poolbeg operates on a capital light clinical model which aims to develop multiple products faster and more cost effectively than the conventional biotech model. This IPO represents the next big step on its mission to become a ‘one stop shop’ for infectious disease treatments for big pharma, in turn helping to prevent future pandemics by restocking depleted big pharma pipelines in infectious disease.

James Thompson, Corporate Finance Director, finnCap Capital Markets, comments: “We are delighted to have advised Poolbeg Pharma on its £50m AIM IPO, raising £25m in aggregate. Particularly pleasing is the upscaling of the fundraise from £20m to an oversubscribed £25m due to investor demand which reflects the strong value opportunity and growth story Poolbeg Pharma represents.”

finnCap Capital Markets is delighted to have advised ANGLE plc on its £20m Placing, accelerating further clinical applications for Parsortix® and exploit the first-mover advantage that the FDA clearance for Parsortix® will create.

The funds will be used to develop a pre-biopsy test for prostate cancer, expanding its assay development capabilities for its pharma services business and strengthening management in the US to capitalise on the enormous opportunity that the adoption of liquid biopsies in this market offers. It also funds the ongoing operations for breast cancer and ovarian cancer, and strengthens the balance sheet for pharma services, which received its first substantial contract announced in April.

Carl Holmes, finnCap Capital Markets, comments: “We are delighted to have helped raise a further £20m for ANGLE plc, a leading liquid biopsy company, to fund an exciting new clinical programme in prostate cancer and strengthen the balance sheet to support the expansion of its pharma services business ahead of the potential FDA clearance for its Parsortix® PC1 system later this year.”

finnCap Cavendish, part of finnCap Group plc, has today announced that it has closed a deal for the sale of ExtraMed, a leading UK patient flow software company, to healthtech provider Alcidion Group.

This acquisition will make Alcidion a leading provider of patient flow and command centre communications in the UK healthtech market. Alcidion already works with more than 40 hospitals in the UK via its suite of Miya products. ExtraMed currently has nine clients in the NHS and is a partner in a 10-year Digital Control Centre project at Salford Royal NHS Foundation Trust, part of the Northern Care Alliance.

While both companies will initially continue business as usual following the deal, the interchange of knowledge across the organisations is forecast to yield rapidly enhanced offerings for new and existing NHS customers. Existing ExtraMed clients are expected to benefit from Alcidion’s experience of developing and delivering technological solutions to the challenges of patient care, while current Alcidion customers can now benefit from ExtraMed’s expertise in patient flow.

Alcidion will purchase 100% of the shares in ExtraMed, a wholly owned subsidiary of bedside communication and entertainment unit provider Hospedia. All staff, customers, and assets are included in the acquisition agreement.

Anthony Platt, Partner at finnCap Cavendish, said: “We are delighted to have managed this deal, which should yield substantial benefits for NHS hospitals and their patients at a critical time for the UK healthcare sector. It is a great acquisition for Alcidion and by facilitating the sharing of ideas and experience between ExtraMed and Alcidion, will hopefully lead to improved patient management software tools and the development of technology to manage patient care more effectively.”

Susan Say, Managing Director of ExtraMed, added: “Our customers will continue to receive the same high standard of service as our team joins the wider Alcidion family. We look forward to expanding what we can do for our existing customers, strengthening our bond with the Northern Care Alliance, as well as other hospitals in the NHS.”

finnCap have advised Shield Therapeutics plc (STX) on raising up to £29m by way of a placing, subscription and open offer.

The primary use of the funds is to launch Accrufer® in the US. Accrufer® is an FDA approved treatment for Iron Deficiency (ID) and is marketed in Europe by Norgine (for which it receives 25-40% royalties), under the brand name Feraccru, and has been licensed to ASK Pharma for China and other markets. The fundraise should be sufficient to reach EBITDA breakeven, which is anticipated in 15- 18 months. With the prospect of reaching $100m of US revenues and c $45-50m of EBITDA in 3-4 years, we believe the return on investment is potentially substantial.

finnCap has advised Evgen Pharma on a heavily oversubscribed Placing & Open Offer to raise up to £11m. Proceeds are intended to:

- Fund further preclinical work for metastatic breast cancer (mBC) glioma & further cancer indication
- Subject to further pre-clinical progress fund a clinical trial in glioma patients
- Complete formulation & scale up manufacture of SFX-01
- Complete all preparatory work required to file IND application for SFX-01
- Fund operations through to mid-2023 incl. key senior hires

Huw Jones, CEO, Evgen Pharma: "The board are delighted to have raised this transformational sum and we are thankful to all our advisers who helped us through the process. finnCap provided us with sensible, commercial advice and were key in accessing the significant capital we have secured through this funding. We are pleased to welcome a number of new high quality shareholders to our register and were most grateful for the support shown in this placing by existing shareholders. This heavily oversubscribed fundraising allows us to accelerate both our future clinical and current pre-clinical work dramatically, together with expanding our senior management team to support our growth. We look forward to accelerating our progress in a range of cancers and acute respiratory distress."