BGF second round investment in Dolphin Homes

Coffin Mew advises BGF in second round of investment in Dolphin Homes

BGF (formerly the Business Growth Fund) is a well established and successful investment company that has, since 2011, provided over £2 billion in investment funds, as well as business support to a sector-agnostic portfolio of growing companies in the UK and Ireland. Nearly £600 million of such investments have been by way of follow-on funding to existing projects, demonstrating BGF’s commitment as an investment partner, as well as evidencing its success rate.

In July 2019, BGF completed one such follow-on investment project, when it provided an additional £2 million funding to Dolphin Homes, a leading South Coast care provider offering specialist care to young adults with learning, behavioural and physical health difficulties. Coffin Mew previously advised and assisted BGF on its initial investment of £3.85 million in Dolphin Homes in June 2017, and so was pleased to be invited to provide assistance once again with the follow-on investment project.

Since 2017, Dolphin Homes had grown and was seeking additional financing to enable it to fund construction of two new care homes in Hampshire, as well as to enhance and develop its existing homes. Having assisted BGF to structure its 2017 investment in specific contemplation of further future investment, it was a fairly straightforward project for all concerned to enable the further investment injection (a combination of debt and equity) two years on.

With commercial agreement to slightly vary the initially anticipated terms of a future investment round, the process of finalising the transaction documents to facilitate the supplemental investment was nonetheless made efficient by replicating many of the principles that had been previously negotiated and agreed.

Having counterpart lawyers, representing both BGF and Dolphin Homes, who had each worked on the 2017 initial investment, enabled a mutual efficiency to allow the transaction to be completed expeditiously, much to the satisfaction of both clients.

Coffin Mew was pleased to be able to assist BGF with this additional investment round, thereby adding to BGF’s continued success story. Greg Norman, who led the transaction at BGF, was assisted by a Coffin Mew team led by Tim Watkins, Corporate Partner.

Greg said: “Tim and the team at Coffin Mew once again acted quickly and commercially to facilitate our further investment.”

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