Cattaneo supports virtual reality provider’s secondary buyout | Midlands Deals News



Birmingham-based Cattaneo Corporate Finance has supported a provider of virtual reality learning technology on its secondary buyout backed by private equity firm LDC.

Avantis, founded in 2007, has provided its portfolio of learning products to tens of thousands of schools in more than 90 countries worldwide.

With its technology used in more than 100,000 classrooms, the education technology business has generated revenues of in excess of £20m in the last 12 months.

LDC is backing Avantis’ existing management team, led by founder Nik Tuson and managing director Huw Williams, to further enhance its suite of products and services and continue its international expansion.

Former Texthelp chief executive Mark McCusker is joining the board as non-executive director to support Avantis’ international expansion plans.

LDC’s investment was led by partner Aziz Ul-Haq and investment manager Grant Goodwin from its North West team, both of whom will also join the board. Andy McEwan will continue as non-executive chair.

The Cattaneo team of Martyn Pilley and Scott Peters provided corporate finance advice to the Avantis shareholders, who also received legal advice from the Birmingham offices of Mills & Reeve (Ryan Hawley and Hayley Simonds) and Trowers & Hamlins (Mat Harvey).

Pilley said: “We are proud to have worked with Avantis since the inception of its ClassVR product, guiding it through the investment by Key Capital Partners and then this latest transaction which brings the strength and experience of a major mid-market investor, LDC, into partnership with a fast growing edtech business that is experiencing phenomenal global growth.”

LDC was advised by EY Corporate Finance, DLA and EY-Parthenon.

Senior debt and working capital facilities were provided by Virgin Money, which was advised by Pinsent Masons.

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