Fluid provides technology due diligence to Signature Corporate Finance and NVM Private Equity for their investment into Inprova

Signature CF (formerly Seneca CF) engaged Fluid to perform a vendor side Technology DD in order to identify and remediate any issues that may impact valuation, and to help articulate the value inherent in the technology stack & team to potential buyers.

Inprova has more than 30 years’ experience of transforming procurement in the public, private and third sector. Through its use of technology, procurement analytics and category expertise, it enables organisations to enhance their procurement capability and deliver tangible results.

The management buyout has been led by Group CEO Steve Malone and his senior team. Steve has been with Inprova since 2008, moving to the Group CEO role in 2020.

The investment from NVM will enable the business to further develop its technology platform and procurement analytics capabilities to deliver enhanced value-added services to its customers addressing key category areas of construction and capital works, responsive and planned maintenance, building safety and net zero carbon.

Gareth Murphy, Managing Director of Fluid said - "Vender Technology Diligence is something we are seeing increasing interest in as not only does it help highlight any technology issues that could impact valuation and in some cases allow for remediation before the transaction, but it also helps accelerate the transaction and improve confidence by giving potential investors access to diligence reviews that have already been undertaken".

Project Mersey - InProva Infographic-3

Steve Malone, Group Chief Executive of Inprova said – “This is an exciting development for the Group.  We have ambitious plans to build on the strength of our existing technology platform alongside our category expertise and experienced procurement resource, creating sustainable value and supporting our customers to deliver on their business goals.  Working with NVM will provide us the opportunity to deliver on our vision and accelerate growth in both new and existing categories and markets.”

Andy Leach, Investment Partner of NVM said – “We are delighted to be backing Steve and his team at such a pivotal point of their growth plans for the business. Inprova’s tech-led platform is the heartbeat of the business, driving efficiency, transparency and compliance for customers. With new investment, a highly experienced management team and its existing technology at its core, Inprova is well positioned for considerable future growth.”

Senior debt facilities to support the transaction were provided by Shawbrook Bank (Dan Martin/Nathan Burn).

Advisors to the transaction were as follows:

  • NVM – legal (DWF – Jonathan Robinson/Alasdair Outhwaite/James Szerdy); corporate finance (Signature Corporate Finance – Gordon Lane/Ian Dawson/Charlotte Waddington)financial due diligence (Cortus Transaction Services – Nicola Merritt/Lucas Thornley); commercial due diligence (Graph Strategy – Phil Craig/David Johnson); technical due diligence (Fluid – Ken Hampton/Gareth Murphy); political due diligence (GK Strategy – Louise Allen/Sam Tankard); management due diligence (Continuum – Steve Wycherley); debt advisory (Sooner Advisory – Nigel Birkett); insurance due diligence (Vista – Peter Warburton/Daniel Blake); tax structuring (PwC – Scott Moffat/Stuart Stalker)
  • Management – legal (Beyond Corporate (Jim Truscott/Piers Dryden); tax (Claritas Tax – Peter Hully/Alex Hall)
  • Vendors – legal (Pannone Corporate – (Tim Hamilton/Andrew Walsh); corporate finance (DSW – Mark Watts/Dave Graham) 

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