Plural Strategy completes two commercial due diligence mandates
The M&A team of Plural Strategy has completed two commercial due diligence deal mandates. The deals saw Vespa Capital invest in SelectScience, while private equity firm Bowmark Capital backed the buy-out of drinks market intelligence firm IWSR.
Launched in 2014, Plural Strategy is a consultancy helping businesses to deliver transformational growth. The firm works from offices in London and New York to advise some of the major corporate and private equity investors in the world for the events, media, information and technology, agribusiness and industrial technology sectors.
Vespa Capital and SelectScience
In February 2021, this saw Plural advise Vespa Capital on its investment in SelectScience, a digital marketing, information and peer-to-peer review platform. The move adds weight to Vespa Capital’s portfolio which includes digital and product review businesses, and will enable SelectScience to deliver innovative, digitally led services to the scientific community and manufacturers at a global level.
Plural Strategy provided commercial due diligence on the transaction. The Plural team was led by Mehak Gupta and Jim Easton and included Hamdi Rouz, Sam Kelly, Rushab Badiani and Monique Dunne. Meanwhile, senior debt facilities were provided by Investec, and advisory services were also provided by RSM, BDO, Deloitte, DLA Piper, Intuitus and Lockton.
Founded in 1998, SelectScience is a provider of digital content to the scientific community. The peer-to-peer review platform, which publishes trusted digital content to the scientific community to help drive well informed buying decisions around their laboratory requirements and stay up to date with the developments in technology.
Matt Lyons, Partner at Vespa Capital, said “We’re delighted to join SelectScience as investment partners and are excited by the opportunity to work with Kerry and the team as they continue to build a world class digital publishing platform servicing an attractive and niche customer group. The Vespa Capital portfolio already includes businesses in the pharmaceutical, digital and product reviews industries, including those supporting the fight against the Covid-19 pandemic.”
Bowmark Capital and IWSR
Shortly after, Plural Strategy also provided commercial due diligence advisory to Bowmark Capital on its backing of a managerial buyout for IWSR. IWSR’s database tracks consumption trends across 30,000 brands and 157 countries. The company has over 200 blue chip customers representing all the major market participants including producers, ingredient manufacturers, investment banks and consultancies.
Delivering annual revenue growth of 20% per annum, driven by expanding the coverage and functionality of its core database; an impressive rate of expansion which Bowmark had tracked over several years.
Bowmark Investment Director Tom Elliott remarked, “We have tracked IWSR for several years and have been impressed by the evolution of the business under the leadership of Mark and his team. The business continues to capitalise on its unique position in a complex marketplace and has an exciting pipeline of new products to deliver additional value to its customers. We are delighted to be backing the company in its next stage of growth.”
Plural Strategy provided commercial due diligence advisory on the transaction. The firm's team was led by Jonathan Dufton, Phil Stone and Bart Vervoort.
