GP Bullhound, the technology investment bank, has acted as exclusive financial adviser to Pure360 and its shareholders on a management buyout backed by Scottish Equity Partners (SEP) and Investec. The transaction sees Encore Capital exit from the business, achieving a return on investment of 4x money and an IRR of 47%.
Pure360 is an adtech company, delivering direct digital marketing capability by email, mobile and social through its integrated SaaS platform. With over 100 people at its Brighton HQ, the business has doubled in size over the last investment cycle and in addition to securing a strong exit for Encore, the transaction sees new capital flow into the business to fund further platform development and accelerate growth.
Stuart Dawson, CEO of Pure360, commented:
“GP Bullhound introduced us to Scottish Equity Partners and their expertise in the adtech sector, as well as their reach into specialist technology investors, was instrumental in putting together this deal for us. Their experience and determination to assist in every step of the transaction process has made a difference. We are very pleased to welcome SEP and Investec as new investors and look forward to the significant opportunity ahead.”
GP Bullhound Partner Simon Nicholls commented:
“This deal represents GP Bullhound’s 24th successful transaction in 12 months. It is also our eighth transaction in the Digital Marketing sector in the last 18 months alone, having recently successfully closed transactions including the sale of Fjord to Accenture and the acquisitions by Essence of both Black Bag and Point Reach in the US. We see significant further opportunity for both financial investment and M&A in the sector.”
GP Bullhound is an international technology investment banking group with offices in London, San Francisco, Stockholm and Berlin. Founded in 1999, GP Bullhound provides world-class advice on mergers, acquisitions and private placements to a diverse range of corporate clients, institutional investors and high net worth individuals.
Combining a true love for entrepreneurship and innovation with deep global buyer relations and sector expertise, GP Bullhound has completed transactions for many category leaders and most recently sold Tunigo to Spotify, and Fjord to Accenture. For more information, please visit www.gpbullhound.com
In 2013 the firm was awarded Boutique Investment Bank of the Year and Leading Advisers of the Year by the International Acquisition M&A Awards.