The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Bristol firms Burges Salmon and Veale Wasbrough Vizards have advised on the Business Growth Fund’s (BGF) £3.92m investment in Magmatic, which trades under the Trunki brand.
Known for its unsuccessful appearance on BBC2’s Dragons’ Den in 2006, Trunki designs, distributes and manufactures branded travel products for children.
BGF will take a minority stake in the company, and Stuart Rose - the former chairman of toy group Hamleys and ex-managing director of the Body Shop - will take a seat on the board as non-executive chairman.
It has also secured the support of HSBC’s Bristol and Bath commercial team, which separately provided a comprehensive finance package to support the company’s growth.
Introduced through BGF’s talent network, Trunki is the first Bristol-based company to secure investment from the fund. It brings the total amount of growth capital invested by BGF in the South West and South Wales to £30m.
Partner Richard Spink, head of private equity at Burges Salmon, led the transaction for BGF, supported by senior associate Claire Porter-Bryant.
Background to this deal:
Burges Salmon has been on BGF’s informal panel for a while, but this is the first time it has represented the capital growth fund. It also acts for mid-market fund ECI.
BGF invests in £2m to £10m of growth capital for minority equity stakes in established UK companies with a turnover of £5m to £100m. Other investments include Boost juice bars, toy development company Wow! Stuff and specialist footcare provider Shuropody.
Paul Oldham, BGF’s regional director for the South West of England and South Wales, said: “Rob Law [Trunki’s CEO and founder] and his team have recognised that there is a real opportunity to grow the business further - by expanding its range of unique products and by exporting them to overseas markets.”