Here we feature the latest equity fundraising and acquisitions news in Wales
Welsh football club Haverfordwest County AFC has been put up for sale and its seek backers to take to the next level.
The Pembrokeshire-based club, also known as the Bluebirds, play in the JD Cymru Premier league and have qualified for Europe twice in the past three years. It said it is now looking for new owners - or potential new co-investors - to realise its goal of funding a fully professional team, investing further in its youth development, and ultimately winning the Cymru Premier league.
The club was acquired by its entrepreneur chairman Rob Edwards after stumbling across a “for sale” listing during the pandemic. The club comes under its parent company, run by Mr Edwards, Morley Sports Management, whose other interests include US wrestling brand Ohio Valley Wrestling.
Mr Edwards said: “We took over a very well run club with a strong foundation and lots of potential, but found new ways to build the academy and serve the community, and the success is exactly what we set out to achieve. But having seen so much success in terms of attendances and results on the pitch in such a short period of time, we have a huge amount of belief in where we can get to, and we think the club’s fans deserve to get there as quickly as possible.
"That’s why we’re looking for the right partners to take the next step.“We’re proud of what’s been achieved so far, but the next chapter could be even bigger. This is an invitation to be part of a project that’s delivering results, inspiring young players, and energising a community.”
The club is now inviting expressions of interest from potential backers. There is no indicative price tag.
Any new owners will need to invest in the playing squad and coaching staff to move the club towards a hybrid or full-time model.
A new 3G pitch was installed at the stadium last year with plans for a new stand under way.
Most Read
There are two current charges against the club. One relates to a loan, via Mr Edwards’ other business Wine & Earth, for the remaining pitch costs.. This will be cleared by the end of November when UEFA monies are due.
The other is an advance rental arrangement with Pembrokeshire College, which controls the sinking fund until their agreement is complete.
Haverfordwest finished third in the JD Cymru Premier last season, securing European qualification While routinely just 100 people would turn out for games at its home ground Ogi Bridge Meadow, under Mr Edwards’ chairmanship attendances have skyrocketed. Some 1,700 fans turned out for last year’s play-off final.
Nodor
Bridgend-based dartboard and darts manufacturer Nodor has expanded with the acquisition of darts technology venture Autodarts.
Nodor, whose brands include Wimmau dartboards and Red Dragon tungsten darts, said the acquisition formed a key pillar of its global growth strategy.
German venture Autodarts offers an automatic darts scoring tech platform. It uses cameras mounted above or around the board to detect where darts land and instantly calculate scores. It already has more than 85,000 players worldwide using the system to train, compete online and play socially.
Don’t miss
The value of the acquisition has not been disclosed, but is the first since Nodor became majority-owned by private equity firm Inflexion last year. The value of that deal was also not disclosed, but is understood to have been in the region of £300m with Cardiff corporate advisory firm acting for Nodor.
Nodor employs more than 1,000 across three continents and exports to more than 100 countries. Its Bridgend headquarters employs 100 with its factory in Kenya. It also has a presence in the US. The company is well placed to exploit the growing popularity of the game of darts and digitisation with players now able to compete remotely with hi-tech boards and apps.
Vince Bluck, managing director of Nodor, said the acquisition of Autodarts represented a natural evolution for the company. He added: “By combining our world-class equipment with their world-class technology, we are creating a platform that not only supports players at every level, but also redefines how the game is played, practised and enjoyed globally.”
In statement Autodarts said: “This is a huge win for everyone who loves Autodarts. By teaming up with Nodor, we gain access to decades of experience in darts equipment, a massive global following, and partnerships we could only dream of before. Nodor understands our values and believes in what we’ve built, and we couldn’t have asked for a better partner. This partnership is a huge win for everyone who has chosen Autodarts.”
Michael van Gerwen, the three-time world champion and Winmau ambassador, has endorsed Autodarts tech platform. He said “I’ve been playing professional darts for nearly 20 years and this next-generation technology is an absolute game-changer. Online play, training programmes, connecting the darts community across the globe — it will take the sport to the next level.”
Nodor’s Red Dragon darts are used by many leading professional players including Luke Humphries and Welshman Gerwyn Price, while its Winmau dartboards are used exclusively by the Professional Darts Corporation (PDC) and the title sponsor at the PDC World Masters.
Wales Co-Investment Angel Fund
An angel investment fund backing the growth of indigenous firms has secured a new capital injection of £3m from the Welsh Government.
The Wales Angel Co-Investment Fund was launched in June 2018 with an initial £8m funding allocation. It provided match funding for 60 investments in 48 different businesses, which leveraged a further £10m from syndicated angel investors.
Angels Invest Wales now has more than 200 investors on its platform. By encouraging investment by business angels, the co-fund allows syndicates to bring their expertise to growth focuses businesses along with their capital, providing opportunities for mentoring, guidance and growth.
It has also allowed investors to drive innovation in key sectors and groups, including innovative green technologies, medtech and fintech.
From the new £3m around £300,000 is already allocated for syndicates that are progressing investment deals.
Angels Invest Wales has also helped to widen access to angel investment and attract new investors – including via Women Angels of Wales, which was founded with the support of the British Business Bank. The syndicate now has more than 50 members.
Deeside-based Polytag secured the backing of a syndicate of 15 female investors from Women Angels of Wales (WAW) in May last year with a combined investment of £100,000 that was match-funded with a further £100,000 from the Wales Angel Co-investment Fund. Rachel Ashley was the lead investor.
Led by chief executive Alice Rackley, Polytag uses data-driven technology to help retailers and manufacturers in the food and drinks industry to track the recycling of packaging. The business is playing a key role in the Welsh Government’s planned deposit return scheme by helping to track and return containers, and its technology is already being sought by operators in Europe, India and the United States.
Polytag recently won the Best Woman-Led Investment in Innovation category at the 海角视频 Business Angels Association (海角视频BAA) Awards.
Ms Rackley said: “The support we’ve had from Angels Invest Wales and the Wales Angel Co-Investment Fund was of real benefit when combined with the investment and insight we had from Women Angels of Wales. That allowed us to work on a successful blueprint for digitally tracking packaging and waste, which we’ve taken to other markets
“Wales is a world-leader in recycling, and Angels Invest Wales has helped us to take the solutions and best practices we provide to brands and companies worldwide.”
Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: “The Wales Angel Co-Investment Fund has been a valuable addition to our business support system in Wales.
“We have added a further £3m to the fund to ensure even more entrepreneurial talent across Wales can access the finance they need to enable them to start-up, strengthen and grow.”
Tom Preene, fund manager for Angels Invest Wales, said: “We’re pleased that the Welsh Government has announced the further £3m in support for the Wales Angel Co-Investment Fund, which will allow us to continue to grow the angel community in Wales, connecting entrepreneurs seeking finance and expertise with business angels and syndicates.
We’re focused on diversifying the sources of deal flow opportunities available to businesses and engaging a wider investor base across all sectors in Wales Indeed, with more than 200 members, we’re now Wales’ biggest Angel network and we’re gaining real momentum having supported investment of £3.1m, and deployed £2m from the Wales Angel Co-Investment Fund in the last financial year.”
Golley Slater
Cardiff headquartered independent marketing and communications agency Golley Slater has become employee-owned.
The business, which also has offices in Leeds, Cirencester and London, has been acquired via an employee ownership trust (EOT) on behalf of its 130 employees.
The value of the deal for the £22m turnover business, which was established in 1957 by the late Alastair Golley, has not been disclosed.
Previous shareholders included Mr Golley’s son, Jo, who held a significant stake, alongside a number of private shareholders including the company directors.
The agency’s client portfolio includes major brands such as Bosch, Coca-Cola, Procter & Gamble and Transport for Wales. It also handles large scale campaigns for public sector organisations including Welsh Government and Public Health Wales.
Its chief executive David Longden, said “This marks a major milestone in our journey - one that secures and adds real meaning to our independence, further engages and rewards our people. This decision protects the culture, values, and long-term future of Golley Slater. The reaction from our employees and clients has been brilliant, and we’re excited about what this means for our future.
“Our clients can expect the same high-quality service, innovation and strategic thinking, now delivered by an even more empowered and invested team.”
Golley Slater were advised on the deal by Moore Kingston Smith. Partner with the firm and head of media, Esther Carder, said, “We’re delighted to have advised on Golley Group EOT. As a leading, award-winning advertising and media agency, and one of the few IPA Effectiveness Accredited agencies in the 海角视频, Golley Group’s dedication to its 130 specialists and its long-standing legacy is truly impressive.
“Success in the media sector is driven by talent, commitment to client goals, passion and performance. This EOT transition builds upon the Golley Group’s journey which began over 60 years ago.
“The EOT will preserve the company’s culture, ensure business continuity and spread ownership, which is expected to positively impact performance. We wish the entire team every success in this new chapter.”
Golley were also advised on the ownership transition by Cwmpas, the Welsh Government backed body that supports the employee-ownership model.
Paul Cantrill, a specialist employee ownership consultant at Cwmpas, said: “Cwmpas is delighted to assist Golley Slater in its move to employee ownership. The approach adopted is an excellent fit to the group’s development strategy going forward and the new ownership structure, with its focus on consolidating employee involvement, will ensure high employee buy-in for the future.”
Employee-ownership trust ownership deals are capital gains tax exempt.
HR business partner with Golley Slater Catherine Walter been appointed a director of the EOT.
She said “Becoming an employee owned business will be transformative - not just for our culture, but for our people.
“Employees gain a genuine stake in the company, which we hope will foster deeper engagement, stronger commitment, and a shared sense of purpose. We hope it will bring further job satisfaction, skills development and long- term security making us an even better place to work. It’s something we are really excited to be a part of.”
Bidmead Cook
An Ebbw Vale estate agency has been acquired in an all-female led management buyout.
Backed with a loan from the Development Bank of Wales Melissa Price, Laura Robinson, and Sara Williams, have acquired Bidmead Cook.
The new owners bring more than 30 years of experience with the company, having worked for founders Alan Bidmead and Jeffrey Cook who first set-up Bidmead Cook more than 20 years ago.
With the founding directors stepping back, the management buyout ensures continuity for clients and the local property market.
The new owners, who will continue to trade under the Bidmead Cook name, have taken over the Ebbw Vale branch along with its assets, existing client base and supplier relationships.
They said: “The timing of the opportunity to buy the business worked out well for all three of us. We’re all ladies of a similar age with families and children, and had come to that point in our careers and our lives where we were each looking for future security, along with a good work-life balance.
"But at the same time, we didn’t want to walk away from a business with a well-known reputation, which has been built up by the hard work and commitment we’ve put in personally.”
The support we had from the Development Bank of Wales meant we were able to capitalise on the opportunity to take the business on, and we’re looking forward to building on our reputation, exploring wider opportunities and building our relationships with developers locally.”
Claire Vokes, senior investment executive at the Development Bank of Wales, said: “It was a pleasure to support Sara, Melissa and Laura in their acquisition of the Ebbw Vale office of Bidmead Cook. They bring years of combined experience, contacts and client relationships to their new roles as directors, with clear growth plans in mind, while retaining existing relationships in the local market. "
The micro loan for Bidmead Cook came from the £500m Wales Flexible Investment Fund. Financed by Welsh Government, the Fund is for deals between £25,000 and £10m.
Space Forge
Cardiff-based Space Forge has appointed Scott White as its chair as it transitions from proof of concept to large-scale in space materials production, as well as seeking to close a Series B equity investment round.
Mr White is best known for founding and leading Pragmatic Semiconductor for over a decade. He has raised more than $400m and established Pragmatic as a pioneer in flexible electronics, and championed applications of its technology across sustainability, healthcare, and national security.
He has also been directly involved in nine other startups spanning telecommunications, photonics, machine learning, and advanced manufacturing, and currently chairs boards in robotics, quantum computing, and space technology.
Mr White is also an advisor to two venture capital funds, a member of the 海角视频 Government’s Semiconductor Advisory Panel, and was named deep tech entrepreneur of the year at the 2022 Enterprise Awards.
In June Space Forge successfully launched its ForgeStar-1 satellite, receiving the 海角视频’s first licence for in-space manufacturing. Still currently active, the mission will demonstrate the company’s capability to manufacture advanced materials in microgravity, validating its model as the world’s first dedicated materials production business in space.
In May it was boosted with a £22.6m investment round to support its commercialisation plans. In the biggest ever Series A fundraising round in the 海角视频 space tech sector, and one of the biggest for a Welsh start-up, it was backed strategic global consortium led by the NATO Innovation Fund, with significant support from the World Fund, the National Security Strategic Investment Fund (NSSIF) and £2m from British Business Bank through its regional angels programme.
The round has also been supported by the Cardiff Capital Region’s £50m Innovation Investment Capital fund.
Building on the success of ForgeStar-1, Space Forge is now preparing for its next missions, moving from proof-of-concept to sustained, scalable materials manufacturing in orbit.
By harnessing the unique conditions of microgravity, the company aims to deliver breakthroughs in semiconductor material production, addressing the global demand for ultra-high quality substrates that underpin next-generation technologies in quantum computing, telecommunications, and advanced electronics.
The new chair appointment comes as Space Forge moves towards its Series B raise, although it has not disclosed now much it is seeking to raise.
Space Forge said expertise in the semiconductor sector, coupled with his experience in scaling technology companies and raising substantial growth capital, will be instrumental in positioning Space Forge as a global leader in advanced materials, with a presence in the 海角视频, US, and international markets.
Mr White said: “Space Forge is unlocking a new era of materials production in orbit. By creating advanced semiconductors and substrates impossible to make on Earth, the company has the potential to transform industries worldwide. I’m excited to support the team in realising this vision, building on their strong foundations to make Space Forge a true global leader.”
Joshua Western, chief executive and co-founder of Space Forge: “Scott brings incredible experience in scaling deep tech businesses and shaping global markets to Space Forge. His insight into semiconductors and growth capital will be pivotal as we move from proving our technology in orbit to delivering materials at industrial scale. With Scott as chair, we’re accelerating towards our goal of making Space Forge the world leader in on-orbit manufacturing.”