30 deals
James Cowper secures micro insurance funding and JV and lifts millions out of poverty
Thames Valley and south coast accountants James Cowper has advised the owners and management team of specialist insurance provider MicroEnsure on a significant new investment round and the structuring of a new joint venture. The deal will see MicroEnsure continue to lift millions of families out of the cycle of poverty by providing risk protection.
MicroEnsure is a UK-based specialist insurance provider offering micro- insurance products to four million low and middle income families in Africa and Asia. It provides a range of life, health, property and weather-related insurance products through local distribution partners that include microfinance companies, co-operatives and telecoms companies.
The transaction will see founding US investor Opportunity International decrease its stake, with new investment from:
• IFC, (International Finance Corporation), part of the World Bank;
• Omidyar Network, a US-based philanthropic investment firm established by eBay founder Pierre Omidyar and his wife Pam; and
• Select members of the MicroEnsure management team.
In conjunction with this investment MicroEnsure has established a joint venture with Telenor Group, a leading mobile telephone operator with more than 149 million subscribers across Asia and Europe. The JV company, called MicroEnsure Asia, will seek to become the leading mass-market insurer in Asia and Eastern Europe.
James Cowper’s Corporate Finance team, led by Stewart Lambert with support from Stuart Williams, advised MicroEnsure’s owners and management team on the investment and in structuring the new JV.
Lo-Q gets £4.75 million facility with Lloyds
Lo-Q plc, the Thames Valley-based provider of technology solutions to themes parks and the leisure industry, has agreed a new £4.75m banking facility with Lloyds Bank Commercial Banking.
The facility will enable the AIM-listed company to refinance the £4m convertible loan note issued as party of a recent acquisition in the US, and provide working capital to support its growth plans in emerging markets. As part of the agreement, Lo-Q will also move all of its UK banking relationships to Lloyds Bank.
Lo-Q designs, installs and operates systems that allow members of the public to reserve a place on a ride when they visit a theme park. The company’s hand held devices enable users to join a virtual queue and provide an alert when it’s their turn to go on the ride. More than eight million people have used this technology in the past decade.
The company’s clients include Legoland in the UK, Six Flag, the owners of 11 theme parks in the US, Dreamland in Australia and several European theme park operators. Lo-Q, has its headquarters and research and development facilities in Twyford. It also has subsidiary companies in the US and Canada.
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John Alder, chief financial officer of Lo-Q plc, said: “I am very pleased to report the successful renegotiation of our banking arrangements. It is a testament to the company’s robust financial position that we have been able to access debt on such positive terms as well as gaining additional funding. These together provide a more efficient capital structure to deliver further value to shareholders and reinforce future growth prospects.
“This agreement brings all of Lo-Q’s UK banking relationships under one roof. We are looking forward to maintaining a long-term relationship with Lloyds Bank and are excited about the platform we are building to support Lo-Q’s future.”
David Squire, relationship director with Lloyds Bank Commercial Banking, said: “Lo-Q is financially robust and has demonstrated a strong track record of growth. We look forward to working with its management team in the years ahead. The company is a great example of a UK mid-market business generating growth at home and overseas. Companies like this are fundamental drivers of our economic recovery and we are committed to providing them with the support they need to achieve their goals.”
Lambert said: “This has been a tremendously complex transaction that has taken 18 months to complete. MicroEnsure’s corporate headquarters are in the UK with its investors and joint venture partners located across Europe and the US, with clients across Africa and Asia.
“MicroEnsure has for the past five years been funded in part by the Bill & Melinda Gates Foundation. This new funding and joint venture will mean that it can continue to grow and help lift many more families around the world out of the poverty trap.”
Richard Leftley, CEO of MicroEnsure, said: “This is a very exciting time for MicroEnsure and we are delighted with our new investment and joint venture partners. They will enable us to continue to reach out and continue to help millions of families around the world who traditionally have little of no access to insurance and help them escape from crippling poverty.”
New partnership for Reading-based Cloud Distribution
Reading-based security and networking value added distributor, Cloud Distribution, has announced a new partnership with Lastline, a company at the forefront of advanced malware protection. With global cyber espionage estimated to cost companies $114 billion annually ($388b when you factor in downtime), this agreement offers the channel a high-margin, next-generation solution specifically designed to combat today’s new class of sophisticated, stealthy and targeted cyber threats.
Luca Simonelli, VP worldwide sales of Lastline, commented: “When looking to introduce our anti-malware offering to the UK market, Cloud Distribution was at the forefront of our minds due to the company’s proven track record of successfully launching innovative solutions into the marketplace. We are confident that the team has the capabilities, connections and proven experience to develop our UK channel presence and add value to the ecosystem.”
Details:
www.cloud-distribution.com THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2013
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