Tech company attracts Swedish investment
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Castleford-based Renovotec is set for growth after agreeing a deal with Stockholm-headquartered investment company Röko.
Röko has acquired 75% of Renovotec, a provider of hardware, software and mobile solutions, established 12 years ago by Richard Gilliard and Lance Bennett.
The company employs 75 people and has won industry awards for its innovation across a range of sectors including transport and logistics, healthcare and manufacturing.
Renovotec’s legal advisers for the acquisition were Lupton Fawcett’s corporate finance team led by partner Giles Clegg and associate Sarah Webster.
Managing director Richard Gilliard, who will continue as MD and owns 25% of the company, said: “The relationship with Röko will give us greater financial firepower, enabling Renovotec to grow more rapidly through acquisition and diversification.”
Röko investment manager UK and Norway, Anders Nordby, will become Renovotec chairman. Renovotec co-founder Lance Bennett will remain on the board.
Clegg and Webster acted for the shareholders of Renovotec Investments Limited.
Clegg said: “Renovotec is a long-standing client of Lupton Fawcett and we are delighted that they have secured investment from Röko which will drive this technology-based business on to further growth.”
Manchester-based Convex Capital acted for Renovotec.