Seneca targets EIS deals with Acceleris acquisition
MANCHESTER-based corporate finance house Acceleris has been bought by North West financial group Seneca.
The deal, for an undisclosed sum, will enable Seneca to ramp up its investment into companies using the Enterprise Investment Scheme (EIS) which offers tax breaks for those involved, and it plans to raise around £25m this year.
The transaction follows the acquisition of Liverpool fund management business Miton Capital Partners for up to £6.4m in January.
In 2013 Acceleris and Seneca invested some £15m into EIS funds and arranged funding for 30 companies, including Liverpool bioscience firm RedX Pharma which employs over 180 people.
Seneca’s Ian Currie said: “More and more good quality smaller UK companies with excellent growth prospects have not been able to secure funding from traditional sources. As a result we believe this is an excellent time to invest in Britain’s businesses and the combination of our EIS Portfolio Service with the experience of the Acceleris team provides access to these opportunities. This deal is another example of Seneca’s approach to mobilising hard–earned capital to back Britain’s entrepreneurs.”
Norman Molyneux, chief executive of Acceleris, will be joining the board of Seneca Partners.
He said: “This deal increases the range of skills we have as a team. I have known Ian Currie for 14 years and have always enjoyed a close working relationship with him. It is another example of how Seneca is able to provide capital and expertise to back entrepreneurs. By coming together formally in the Seneca Group we can accelerate our plans to invest and expand the range of investment we can do. We are aiming to raise and invest at least £25m under EIS over the next year.”
Acceleris invests in businesses on behalf of investors and takes an active role in the progress of these companies. Last year Acceleris advised on transactions totalling worth £9m, of which £8m was raised under EIS and Seed Enterprise Investment Scheme (SEIS). Haydock-based Seneca has operations spanning corporate finance, wealth management, investment and is pursuing interest rate swap mis-selling claims against banks.
