Majority sale of shares for Orbital Fabrications
PEM Corporate Finance were appointed by Orbital Fabrications to provide M&A advice on the sale of 80% of its shares.
We acted as lead advisers to the shareholders on the sale of the Fortress Group to Think Finance.
PEM Corporate Finance acted as lead advisers to the shareholders on the sale of the Fortress Group to Think Finance, one of the US’s fastest growing private companies that has served over 1 million customers. The company is privately held and backed by some of Silicon Valley’s most respected venture capital firms, including Sequoia Capital and Technology Crossover Partners. As part of the deal, we helped to secure additional capital to support Fortress’s expansion.
Fortress, founded in 2007, has grown rapidly to become one of the UK’s leading online payday lending businesses. Trading under the brand names “1 Month Loan” and “Mayday Payday”, Fortress provides short term unsecured loans to private individuals known as payday loans as they are intended to be repaid “on payday”.
Such loans have high interest rates but their cost compares favourably to unauthorised overdraft facilities and they are much easier to access than bank finance. For the customers they are convenient and confidential.
PEMCF were appointed to undertake an international marketing of Fortress to ensure the business was exposed to as many strategic buyers as possible. There was substantial interest in the transaction as a result and a number of offers were received for the business from American and European buyers. This highlights the ability of PEMCF to attract interest in UK companies from a worldwide audience.
This was a normal sale of 100% of the share capital to a large corporate buyer.