Business
Mercia announces a new direct investment
Mercia announces a new direct investment.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9558Q\n Mercia Asset Management PLC\n 02 November 2021\n \n \n \n \n \n \n \n RNS Reach\n \n \n \n \n 2 November 2021\n \n \n \n \n \n \n \n \n Mercia Asset Management PLC\n \n \n \n \n \n (\"Mercia\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Mercia announces a new direct investment - Pimberly\n \n \n \n \n \n Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£940million of assets under management, is pleased to announce that its third-party managed fund portfolio company Pimberly Limited (\n \"Pimberly\"), has completed a £4.3million funding round to expand into the US market and accelerate its growth in the UK. Mercia has invested 1.4million from its own balance sheet, alongside a further £2.9million investment by the Mercia managed Northern VCTs. \n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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. \n \n \n \n \n \n \n Mark Payton, Chief Executive Officer of Mercia, commented:\n \n \"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 wit...