Hindley Capital have advised their client North East Finance on the successful exit from 3 investments in the North East Technology Fund portfolio in as many weeks.
The team at Hindley Capital have been advising North East Finance since February 2020 on deriving legacy value out of the North East Technology Fund. The North East Technology Fund was one of the component funds in the Finance for Business North East / JEREMIE programme, which invested some £160m in the region between 2010-2017
The sale of North East Finance’s shareholdings in Datum 360 to Business Growth Fund, Refract Software to US technology business Allego and Papertrail to private investors, have been the result of some detailed negotiations in the latter half of 2020.
Whilst 2020 has been a difficult year for many businesses, due to the pandemic, there has been a high level of interest in technology businesses based in the North East, demonstrating the Region’s strength in depth in the sector.
Commenting on the successful transactions Peter Cromarty said “We are delighted to see these businesses move into the next phase of their development. It has been a pleasure to work with the management teams to help successfully complete these transactions and we wish them well in the future”
North East Finance’s CEO Andrew Mitchell commented “We asked Hindley to assist us with maximising the value of the portfolios which we had built up since 2010 and they’ve done an excellent job, using their corporate finance expertise and networks to find new investors and buyers for some of the businesses which we have funded over the years.”
Richard Butts and Katherine Richards of Ward Hadaway advised on the transactions
2021 promises to be another busy year for Hindley Capital as they look to derive further value from the North East Technology Fund, as well as the North East Angel Fund and the North East Growth Fund to create legacy funds for future investment in North East businesses.
Attached Photo (all Hindley Capital Directors): left to right: Andrew Lapping, Barry Gill, Simon Johnson, Peter Cromarty
About North East Finance and the Finance for Business North East (FFBNE) Fund
North East Finance (NEF) is the holding fund manager of the £159.5m Finance for Business North East (FFBNE) programme: a suite of seven venture capital and loan funds which NEF established in 2010. The funds, which provide investment for start-up and growing businesses in the North East of England, ceased making investments in 2016 successfully supporting 940 companies and creating 4,300 jobs.
The FFBNE programme was funded by the North East of England European Regional Development Fund programme, the European Investment Bank local and the UK government. It was established under the JEREMIE initiative: a joint initiative of the European Commission and the European Investment Bank which stands for Joint European Resources for Micro to Medium Enterprises.