FRP’s Debt Advisory team supports Lumi recapitalisation
We’re pleased to have supported the recapitalisation of virtual technology provider Lumi Global, working with its private equity partner Vespa Capital.
Our Debt Advisory team, led by Partner Ian Milne, advised Vespa and Hampshire-based Lumi through a competitive debt raise process that will enable the business – which is the global market leader in AGM technology services – to target further international growth.
Following the original investment by Vespa Capital in 2017, Lumi has experienced extraordinary growth. In 2021 alone, the business serviced more than 4,000 meetings worldwide, in 40 markets, supporting the world’s largest corporations and associations to manage the shift to virtual and hybrid meeting technologies. Lumi’s technology enables shareholders and members to participate in meetings virtually and its rapid adoption has resulted in significant environmental and governance benefits globally.
Based on our long-standing relationship with Vespa, our team – which also included Debt Advisory Director Stuart Sweeney and Manager Vanessa Marafioti – negotiated several bespoke areas of the new funding package, encompassing transaction security and cash management, to reflect the international nature of Lumi’s operations.
The recapitalisation led by Vespa Capital is supported by Investec Growth & Leverage Finance and also sees reinvestment from Lumi’s wider management team.
Khidhr Shafiq, Director at Vespa Capital, said: “Our continuing commitment to Lumi highlights our ongoing confidence in the senior management team led by Richard Taylor, CEO to further develop Lumi’s market leading technology, provide excellent service delivery and support their clients’ virtual, hybrid and in-room meeting requirements.”
Richard Taylor, CEO of Lumi, added: “We are very pleased that Vespa Capital will continue to back Lumi during the next stage of our growth journey. This investment allows Lumi to retain its independence in the market, and to continue to deepen our long-established relationships with our key clients, partners and intermediaries around the world. It also leaves us well positioned to capitalise on market opportunities to continue our geographic expansion, as well as allowing us to invest in the growth of the Lumi platform beyond the AGM itself.”
Ian Milne, Debt Advisory Partner at FRP, said: “Lumi is a prime example of a forward-thinking and ambitious mid-market business that has quickly responded to the changing needs of its customers following the onset of the COVID-19 pandemic. By facilitating the acceleration of a pre-existing market shift to hybrid and virtual meetings, it has created significant growth opportunities that make it an attractive proposition for funders. We look forward to seeing it go from strength-to-strength as it brings to market new and innovative to meet the increased demand for hybrid meeting services.”
Refinancing (including recapitalisations)
Lumi is a prime example of a forward-thinking and ambitious mid-market business that has quickly responded to the COVID-19 pandemic.Ian Milne Debt Advisory