Shakespeare Martineau advises Rcapital on acquisition and sale of Summit Media
Shakespeare Martineau has acted for private equity turnaround specialists Rcapital and it’s shareholders on acquisition and subsequent sale of Summit Media Ltd.
Originally working with Rcapital in February 2015 a team at Shakespeare Martineau advised the private equity turnaround specialists on investment into Summit Media Ltd. The funding provided by Rcapital allowed the Summit to achieve of over 370% growth in profit and invest in 160 colleagues over the last 18 months to provide market leading solutions to some of the world’s largest retailers.
Adam McGiveron, partner, commented: “We’ve worked with the shareholders for over 18 months from the original investment in Summit but also to work along side them to help organise the business to be in a position to sell the business when the time was right. The original investment was during a critical development stage for the Summit enabling everyone to maximise from the capital and really grow the business.”
“The sale to TCC Global should be the start of another growth phase for both companies as they look to expand to a broader and global market. Both businesses are ambitious and the partnership is a good fit.”
Jamie Constable, CEO, Rcapital, said: “The quality of Summit Media’s enhanced digital product offering to its blue-chip client base was obvious and we wanted to support both the short term working capital and the long term growth aspirations of the business. The sale to TCC brings to conclusion the first of a number of investments that we have made in growth companies, in order to allow them to reach their full potential. This part of our offering will become a significant revenue stream for Rcapital in the future.”
“We are delighted to see the company go from strength to strength, and are looking forward to further opportunities of working together.”