BIW Technologies, a Surrey-based provider of online construction and engineering project control software, announced a recapitalisation backed by the company’s largest shareholder, the vehicle NovaVest Fund 1 LP advised by Tempo Capital Partners LLP.
In addition to the settlement of all outstanding debt (amounting to £3.5m in aggregate), the deal secures around £300,000 of new working capital to further develop the business.
Commenting on the deal, Colin Smith, CEO of BIW Technologies,was quoted as saying: “This is very good news for all the company’s customers and creditors. BIW is now financially and operationally far stronger, there is no debt and we have strong cash reserves”.
FinSMEs
07/09/2009