EV funds Doff deal
THE Birmingham office of venture capital firm EV Group has provided ‘substantial’ equity funding for the UK’s largest manufacturer and supplier of weedkillers.
Nottinghamshire-based Doff Portland Limited (Doff), secured the investment package from MIdven and a group of Midlands-based funding providers to support its ongoing development and working capital requirements.
The company, based in Hucknall, is an independent, family-owned business which was founded in 1946 by the father of the current chairman. It is the UK’s largest independent manufacturer of insecticides, slug pellets, weed-killers and garden products for use in both the domestic and agricultural markets, as well as a supplier of own brand products to a number of major UK retailers.
Equity funding was provided by EV, via the Coalfields Enterprise Fund and Turning Point Investments LLP with banking facilities provided by Yorkshire Bank.
Simon Ward, Investment Director at EV who manages its investment activities in the East and West Midlands from its Birmingham offices, said: “We are delighted to be able to support Graham Whyatt and his team in taking Doff on to the next chapter in its history.”
Jonathan Diggines, EV’s Chief Executive, said, “EV has been active in the Midlands region for some time and this is expected to increase with the appointment of Simon and the recent opening of EV’s office in Birmingham city centre. EV’s funds specifically focused on the Midlands have increased substantially in recent months and we are already seeing a increase in the level of demand from companies located in the region that are looking for venture and growth funding”.
Tom Mawhood of Turning Point Investments LLP, commented, “Doff is exactly the sort of business we hoped to be able to get involved with – a mature, established business with heritage requiring some new funding partnerships to help it to the next stage of its development. Doff produces a quality product from a well-managed cost base with strong customer relationships. We are delighted to have the opportunity to work with Graham and his board”.
Andrew Springhall representing the Turning Point investors said “When the Turning Point investors came together, we hoped to find mature businesses of substance requiring some financial assistance to help them through – Doff is just such a case and has a strong board and some great opportunities for the future. This is exactly what the Turning Point investors set out to do and we have now concluded four investments and are looking for more. We would also be interested to meet like-minded individuals to extend our resource and pool of expertise”.
Paul Elliott, business partner at Yorkshire Bank’s Financial Solutions Centre in Nottingham, said: “At Yorkshire Bank we pride ourselves on creating partnerships and adding real value. We believe we have formed an excellent working relationship with Doff”.
“We have made a significant investment in the company by providing a full range of banking services which we believe will not only help the company now but with its future plans.”
Legal advice for the deal was provided to EV by Laytons LLP; financial due diligence was provided by Cooper Parry LLP; commercial due diligence was provided by Innovation Management.
Legal advice was provided to Doff by Gavin White at Fraser Brown Solicitors and to Yorkshire Bank by Shaun McCabe at Browne Jacobson LLP.
