NVM invests #2 million in WM Engineering

Investee Company – WM Engineering Ltd (UK)

Investee Company Business Type – Business consultancy services

Type of Financing – Expansion

Equity Providers – Northern Venture Managers

Equity Leader (Individual) – Colin Kidd

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – £2 million

Total Deal Value – £2 million

Other Advisors – Deloitte & Touche (corporate finance), Ford Campbell (financial due diligence), Dickinson Dee (legal), Cobbetts (legal)

Comments – Northern Venture Managers (NVM) has announced a £2 million investment in WM Engineering Ltd, a business consultancy firm. NVM’s funding will be used to market a new product and establish a sales platform in the US.

WM Engineering, based in Manchester, provides consultancy advice on the management, organisation and engineering of business assets. The company’s main activities are concentrated in the industrial and defence sectors. WM has secured a three year multi-million pound contract with the Ministry of Defence following a long association.

The investment by NVM will allow WM, via it’s subsidiary company Knowledge 111 Ltd, to launch it’s newly developed browser based training and knowledge management product called Intelus into the US market. In response to increased demand for its consultancy services, WM identified the opportunity to develop products to increase the return on the company’s knowledge capital and enable the growth of export sales.

Dr David Kirkwood, managing director of Knowledge 111 Ltd, commented: “We are delighted to have succeeded in securing the investment for the development of Intelus and the group, and we believe this reflects the dedication and commitment form everyone in WM. We now have the opportunity to grow rapidly into this developing market and become a leading global player in the industrial sector.”

Colin Kidd, investment director at NVM, said: “WM is an attractive proposition to NVM because of its tangible software solution derived from its wealth of knowledge in the asset management sector. I believe Intelus, the new software package it is currently launching, will also strengthen the company’s offering and open up new and exciting opportunities.”