FRP’s multidisciplinary team advises Foresight Group on its investment in Cambrionix

FRP act as lead financial and tax due diligence adviser to Foresight Group on its investment into Cambrionix

Background

Founded in 2007, Cambridge-based Cambrionix develops hardware and software which enables organisations to deploy mobile devices at scale. The business provides industry-leading products, with a particular focus on the software quality assurance, education, healthcare, and retail sectors. Cambrionix has long-standing relationships with leading global technology companies and plays a key role in the current market trend towards shared mobile devices. An estimated five million devices worldwide are connected to Cambrionix hardware at any one time.

Foresight Group, a private equity company specialising in infrastructure, identified Cambrionix as a potential investment opportunity to expand their portfolio in the telecoms sector, and engaged FRP to provide buy-side due diligence services.

Action

FRP’s Financial Advisory Director Joanne Price acted as lead financial due diligence and tax adviser, alongside Corporate Finance Partner Chris Adlam and Director Matt Field, working collaboratively with Foresight Group, Cambrionix and the other buy-side advisers to successfully facilitate the transaction, support commercial negotiations and ensure a positive outcome for Foresight Group on its investment in Cambrionix.

Outcome

Foresight Group’s investment will support Cambrionix’s management team as they develop the strategy of enabling mass deployment of mobile devices. As part of the deal, Steve Leyland, who has held senior leadership roles at Intel, Polycom, Barco and Electrosonic, will join the board as executive chair, while Gordon Campbell, whose recent experience includes Ubisense and PragmatIC Printing, will join as CFO.

Commenting on the transaction, Financial Advisory Director Joanne Price, said: “Cambrionix is an exciting and innovative business, which has developed an impressive range of internationally recognised products. With Foresight’s backing, the management team at Cambrionix now have the additional firepower to scale the business and build further on its existing strong position as a leading supplier to global blue-chip firms.

We are thrilled to have advised Foresight on its investment into Cambrionix and wish them all the very best in the next stage of their growth journey.”

Matt McLoughlin, director of Foresight Group, said: “We are delighted to have completed this investment from the Foresight East of England Fund into Cambrionix, an exciting Cambridge-based company with great potential.

“Working with Jo Price and the rest of the FRP Corporate Finance team was a great experience and we really valued their advice throughout the transaction.”