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 vendors at MJog Ltd, a healthcare communication specialist, on the sale of the company to Kry International AB.
Our team supported the vendors during a competitive marketing of the business to strategic trade and private equity buyers from the UK and overseas. We successfully negotiated more advantageous terms from the numerous offers received, working with the shareholders to select the preferred buyer.
Once the heads of terms were agreed, we managed the due diligence process and coordinated all the various diligence streams. PEM Corporate Finance worked closely with Hierons LLP to finesse the commercial terms of the SPA and ensure the most favourable outcome for the exiting shareholders was achieved.
MJog delivers tens of millions of messages every month, including appointment reminders, recalls and results reaching 40 million plus patients. MJog is used by GPs, CCGs, Community Care, Screening Clinics, Hospital Trusts and Private Healthcare providers.
Founded in 2002 in response to the significant problem of appointment “no-shows”, the technology solutions offered by MJog are critical to the fast and easy stream of communication between clinician and patient.
Due to the quality of MJog, and the targeted marketing of the company, we received numerous attractive offers. A key part of this process was negotiating these offers. This resulted in an uplift in valuation, more advantageous equity value adjustments and an increase in consideration paid to the vendors.
This transaction started pre-pandemic and completed in lockdown, which resulted in a slightly elongated process. This initially uncertain period gave rise to a number of market, business and process challenges. However, due to the strong relationship between PEMCF and MJog these challenges were successfully navigated and collectively produced an excellent result for the MJog shareholders.
Together with Kry’s UK subsidiary, Livi, the deal promises to improve patient access to their GP and create cost savings for the NHS.
Kry acquired 100% of the share capital. Kevin Nutt remains in his role as Managing Director for a defined period.