Molten Ventures has acquired London LSE-listed VC firm Forward Partners in a deal valued at £41.4 million.
Molten CEO Martin Davis shared:
“Forward Partners has a balanced and well-capitalised portfolio of 43 high-quality companies and, through combining our considerable resources, experience and networks, we will be even better placed both to support our existing portfolio companies and to capture attractive investment opportunities amid a buyer's market for venture capital.”
Coming full circle, Forward Partners was founded in 2013 by former Molten (at the time, Draper Esprit) partner Nic Brisbourne, and counts Cazoo, Skimlinks, and Airsupply, amongst its exited portfolio companies.
LSE and Euronext Dublin
In tandem with the announcement of the acquisition, Molten Ventures has announced its intentions to raise £50 million through a placement on the LSE and Euronext Dublin.
Forward Partners’ largest shareholder Blackrock has subscribed to up to £25 million, while British Patient Capital, an existing shareholder in Molten, has agreed to subscribe to £10 million in shares. Additional undisclosed existing Molten shareholders are reported to be supporting the raise.
A portion of the placement has been reserved for retail investors and made available via PrimaryBid.
£100 million in liquidity
The acquisition of Forward Partners and the subsequent placement is aimed at strengthening Molten’s balance sheet, providing the firm with additional operational flexibility, particularly crucial in today’s market.
Following the completion of the issue, Molten is expected to have in excess of £100 million in liquidity, including a revolving credit facility with J.P. Morgan Chase Bank and HSBC.
Update (19:32 CET, November 27, 2023): According to an LSE RNS filing published at 16:19:17 GMT, Molten Ventures, "is pleased to announce the successful completion of its non pre-emptive Placing and Subscription, raising proceeds of £55 million."
Lead image: Photo by David Vincent