Mon, 30 Sep 2024 | BUSINESS SALE
Voly Group, a Greater Manchester-headquartered luxury yacht industry software specialist, has secured a £2 million loan from Palatine’s Growth Credit Fund. The deal includes funding for the group’s acquisition of specialist maritime payroll provider Voyonic and supports the ongoing development of its fintech platform.
Voly Group’s financial management software is used across the global luxury yacht industry for managing operational expenditure and maintenance. The company’s platform enables superyacht captains, crew, owners, management firms and family offices to conduct global transactions, supported by real-time reporting.
The group was established by former pro tennis player Ian Flanagan in 2016 and has grown to establish itself as a multi-asset financial management platform serving the yachting sector. In 2021, the group secured private equity investment from Magenta Partners.
Voly employs around 100 staff at its Cheadle HQ and across locations in the UK and Europe. The acquisition of Voyonic adds multi-jurisdiction payroll capabilities to the group’s Software as a Service (SaaS) offering.
Voly Group Chief Executive Ian Flanagan said that “the acquisition and integration of Voyonic into Voly Group will create more benefits for superyacht owners, further cementing our position as the leading management platform in the sector.”
According to Flanagan, the group has “a very clear strategy [...] to create the market leading and industry standard ERP solution in the yachting industry which will always involve building new product”.
However, he continued that the company was “always on the constant look for best in class solutions also that we can buy and integrate to our growing dashboard and Voyonic is just that.”
He added: "This acquisition is not just a business move; it’s a commitment to the future of the maritime industry, setting the stage for a new standard in payroll and crew management services.”
Palatine’s Growth Credit Fund was raised to support maturing, high growth businesses in regions of the UK that are seeing sustained double-digit year-on-year revenue growth.
Flanagan stated that the fund “has provided us with genuine growth capital at a much earlier point than most traditional debt providers are willing to, providing us with the opportunity to increase value for all of our stakeholders.”
Ryan Sorby, Partner at Palatine Growth Credit, commented: “Voly is a genuine market leader with a unique product, a highly impressive founder, and strong backing from its equity sponsors. Ian and his team have achieved very exciting growth to date and the acquisition of Voyonic adds yet more value to Voly’s best-in-class proposition.”
"The Growth Credit fund was raised to address an imbalance in the availability of growth capital in the UK regions and it’s particularly pleasing that its first deal in the North is supporting such a stellar example of Manchester’s tech community. We’re excited by the potential for the Fund to be able support future growth at Voly as it continues to develop.”
UK private equity investment is expected to increase over the coming months, following a dip during the first half of the year
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
An opportunity has arisen to acquire an IT company based in Aberdeenshire. This profitable business has grown consistently since it was established in 1989 to provide a portfolio of key IT support and services to its loyal customer base throughout Sc...
A chance to support or take over a reputable West Midlands managed service provider with a dedicated clientele.
25
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
24
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
24
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
10
|
Apr
|
PE-backed Cyberfort buys ethical hacking group ZDL | BUSINESS SALE
Berkshire-based Cyberfort, the cyber security services and s...
07
|
Apr
|
BK Plus continues Scottish expansion | BUSINESS SALE
Walsall-headquartered BK Plus has acquired four more practic...
23
|
Oct
|
BK Plus adds Scotland to its expansion drive | BUSINESS SALE
West Midlands accountancy firm BK Plus has made its first ac...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.