ISIS takes stake in Green Issues
Private Equity house ISIS Equity Partners ("ISIS") has taken a minority stake in public affairs company Green Issues Communications Limited ("Green Issues").
ISIS has invested £2m as part of the transaction, which values the business at c. £8.8m, alongside senior debt and working capital facilities from Yorkshire Bank.
Green Issues specialises in helping developers win planning permissions by working closely and co-operatively with communities and their representatives. Based in Reading, with offices in London, Manchester and Cardiff, it currently employs 35 people.
Green Issues provides services to the majority of the country's 25 largest house builders, as well as clients in the retail, waste, logistics and airports sectors.
The company was founded in 1998 by Tom Curtin and has grown rapidly since. He said, "This investment gives us the strength and stability to grow into the future. The government has placed a strong emphasis on consultation and we have the people and skills to deliver this. I am particularly pleased to be working with ISIS in what will be an exciting time for Green Issues."
Tim Trotter will join the company as non-executive Chairman. He founded Ludgate Group in the 1980s and then sold it to Interpublic in the ‘90s. Tom Curtin added: "I welcome Tim to Green Issues as he will bring his expertise of rapidly growing communications companies which will help guide and direct our management effort."
Richard Bucknell, of ISIS, added: "Green Issues is a very well positioned business in a relatively un-tapped market, with enormous growth potential. We're delighted to be able to support Tom and his team in taking the business to the next stage in its development".
Richard Bucknell and Matt Caffrey led the investment for ISIS, whilst Martin Robertson will join the Green Issues board on behalf of the institution.
The transaction was originated by Tom Spencer of Bishopsgate Corporate Finance ("Bishopsgate"). Bishopsgate worked with Tom Curtin for a number of months to develop the most appropriate transaction structure and to source the right funding partners for Green Issues going forward.
Tom Spencer commented: "Bishopsgate is pleased to have delivered a transaction that enabled Tom Curtin to achieve his objectives, and by securing equity investment from ISIS, gives the business the right structure to further its growth and realise its very significant potential".
Debt funding was provided by Yorkshire Bank, with the facilities having been negotiated by Ian Howey. DLA Piper Rudnick were legal advisors to ISIS, with Buckles providing legal advice to Tom Curtin and Gateley Wareing advising the Yorkshire Bank.
Published: 15 December, 2005
