Deals in Focus

Deals in Focus | UK Mid Cap 24th February 2020
25th February 2020 Atheneum Team
24th February 2020

Key Atheneum Experts

Former Director of Alliances – Eggplant
Former Director of Product Marketing – Eggplant
Business Development Manager – Tricentis (rival)

Key Information

B2B Services
HQ – UK
Operations – Global

The Carlyle Group have recently kicked off the sale for test automation software company, Eggplant Software, with Evercore advising on the process. First round bids are expected by Easter at the latest. Eggplant generates around £38m in revenue and produced a 2018 adjusted EBITDA of £4.8m. According to sources Eggplant is likely to fetch a high single digit multiple valuation.

Key Atheneum Experts

Former Sales Manager – Heal’s
Former Digital Marketing Manager – Heal’s
Former CEO – Dwell (rival)

Key Information

Consumer Goods
HQ – UK
Operations – UK

Heal’s have been put up for sale by Weston family following approaches by interested parties. The UK-based furniture retailer produced a FY to September 2019 sales of £30m and with £1.4m underlying earnings. Cavendish Corporate Finance have been brought on to advise on the sale. The Weston family have held the firm for 19 years, initially purchasing the firm for £33m in 2001.

Key Atheneum Experts

Former Head of Sales – Audioboom
Former SVP International Operations – Audioboom
Former Account Director – Audioboom

Key Information

B2B Services
HQ – UK
Operations – Global

Audioboom have recently appointed Raine Advisors to conduct a strategic review of the company exploring options that include an outright sale of the firm. Audioboom is an on-demand audio and podcasting distribution platform providing B2B services to the radio, media and podcast industries. The company has a market cap of around £32m.

Key Atheneum Experts

Former Advisor & Investor – Griffin
COO – Tide (Industry Specialist)
Fintech Consultants

Key Information

Financial Services
HQ – UK
Operations – Global

London-based fintech start-up Griffin are looking to raise £20m to fun the launch of a fully authorised bank in the UK. The firm plans to offer banking infrastructure for non-bank financial services firms such as online lenders and e-money businesses. Griffin secured £3m in a seed round from Seedcamp and Tribe Capitial along with angel investors and plans to use this equity to build their banking platform and go through the stages of authorisation to become a bank.