London firm swoops for Birmingham research specialist
Research agency IFF Research has acquired Birmingham-based housing sector research specialist Voluntas for an undisclosed sum.
Established in 2009, Voluntas specialises in customer intelligence and insight for clients in the social housing sector, including housing providers, maintenance contractors and facilities suppliers.
London-based IFF Research says it expects to grow from around £8m in turnover now to more than £12m in the next financial year, as a result of both the purchase of Voluntas and organic growth.
IFF has expertise across a range of sectors including learning and skills, employment and benefits, regulation, higher education, and financial and professional services. Clients include the Department for Education, the National Audit Office, Sport England, NFU Mutual and Cardiff University.
It said it has acquired Voluntas because of its complementary housing market expertise. IFF Research will use the purchase of Voluntas to supports its ambition of getting into the housing sector and creating a larger and more diversified business.
Financing for the deal was accessed through SME credit firm Caple in a five-year unsecured loan.
Jan Shury, managing director of IFF Research, said: “IFF Research helps both public and private sector organisations to make more informed decisions. The deal with Caple and the purchase of Voluntas enables us to enhance this capability and provide expertise on the UK housing market.
“This is our first acquisition and both Caple and our advisers, Assay Corporate Finance, ensured the deal was smooth and that our acquisition was a success. As important, the unsecured nature of the loan means our directors did not have to dilute our ownership in the business by giving up equity to complete this acquisition.”
Dominic Buch, co-founder and managing partner of Caple, said: “In an asset-light sector such as market research, funding options for acquisitions are extremely rare. This creates a barrier to growth and may push businesses to issue equity instead of raising debt.
“Our deal shows how we can help SMEs with strong management and cashflows, such as IFF Research, achieve their gaols while retaining full control of their business.”
