Mercia Asset Management PLC Mercia announces a new direct investment
02 November 2021 - 6:00PM
RNS Non-Regulatory
TIDMMERC
Mercia Asset Management PLC
02 November 2021
RNS Reach 2 November 2021
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Mercia announces a new direct investment - Pimberly
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager with c.GBP940million of
assets under management, is pleased to announce that its
third-party managed fund portfolio company Pimberly Limited (
"Pimberly"), has completed a GBP4.3million funding round to expand
into the US market and accelerate its growth in the UK. Mercia has
invested GBP1.4million from its own balance sheet, alongside a
further GBP2.9million investment by the Mercia managed Northern
VCTs.
Following this investment, Mercia holds a 5.6% fully diluted
direct equity stake in Pimberly, with the Northern VCTs holding a
further 11.7% fully diluted equity stake.
Pimberly is a Manchester-based software-as-a-service company
whose platform helps retailers, distributors and manufacturers
increase sales by enabling them to harness and enrich the
increasing volumes of product data they have across multiple
channels and regions. High-profile customers include Ellis Brigham,
JD Sports and Monsoon.
Mercia first invested in the company in 2018 via its managed
Northern Powerhouse Investment Fund, and this is the first direct
investment in Pimberly from the Group's own balance sheet,
alongside the Northern VCTs.
Mark Payton, Chief Executive Officer of Mercia, commented:
"Pimberly is a prime example of a regional business with a
compelling customer offering that can accelerate its growth when
supported with the right funding. Our Complete Connected Capital
means that we can provide the right capital at the right time for a
business such as Pimberly, as it continues to expand and target new
markets. Mercia is passionate about using our extensive regional
networks and deep sector expertise to support those SMEs that are
playing an increasingly critical role in the growth of the UK's
economy. We look forward to our continued relationship with
Pimberly and its management team on this exciting journey, as it
further scales both domestically and in international markets."
-Ends-
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
+44 (0)20 7523
Canaccord Genuity Limited (NOMAD and Joint Broker) 8000
Simon Bridges, Andrew Potts
+44 (0)20 7496
Singer Capital Markets (Joint Broker) 3000
Harry Gooden, James Moat
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK footprint through its regional
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP940million of assets under management
and, since its IPO in December 2014, has invested c.GBP111million
gross into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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