10 January, 2017 | ChargePoint Technology
The company has struck a deal with private equity investor LDC, part of Lloyds Banking Group, to capitalise on the strong and increasing demand for its solutions internationally, particularly in North America, Europe and Asia, whilst accelerating sales of its innovative AseptiSafe® Bio product and investment in the development of new products.
ChargePoint Technology has achieved significant growth over the past three years, including 100% increase in revenue and achieving record profits in 2016. It now employs more than 60 people across the world, with plans to double its workforce by 2020.
Chris Eccles, Managing Director at ChargePoint, said: “Over the past 12 months we have continued to invest in both the infrastructure of our business and our product portfolio. We have created a strong platform for future growth and bringing LDC on board as an investment partner is a clear statement of intent regarding our future ambitions.
“With the team’s track record in the sector and its in-depth experience of delivering international growth, we’re confident we have the right people in place to help us take our market-leading technology even further afield.”
The investment from LDC will also enable management to embark on a targeted acquisition strategy to help it expand into adjacent sectors requiring containment and sterile transfer solutions.
As part of the deal, Richard Yarwood has been appointed as Non-Executive Chairman. Richard has more than 30 years’ experience in the pharmaceutical sector, both in the UK and USA, and was previously CEO of Penn Pharma.
LDC originally backed Penn Pharma in 2007, helping to increase revenues from £17m to £30m between 2007 and 2014, before management sold the business for £127m.
The transaction was led by Ged Gould and Chris Wright at LDC in Manchester. Both will join the board as Non-Executive Directors.
Chris Wright, Investment Director at LDC, added: “Chris and his team have built a truly fantastic business that has not only achieved significant market share but is continuing to create successful IP and develop products that deliver value for customers.
“Operating in an industry that is growing at an average of 12 per cent every year, ChargePoint now has an opportunity to expand on this even further.
“New drugs are coming to market at a record pace, and with companies operating against a backdrop of increased regulation and stringent health and safety measures the demand for ChargePoint’s products is only going to increase.
“We’re looking forward to supporting Chris and the team to deliver the next stage of the organisation’s growth and evolution.”