Keystone lawyers advised the fitness tech group Myzone and its shareholders on the deal. BGF was assisted by Appleby and Gowling WLG.
Myzone was provided a $17.2 million investment from BGF, the UK’s most active growth capital investor, and incoming non-executive chairman Vin Murria OBE. The investment values the group at $102 million.
Created in 2011 by fitness industry expert Dave Wright and headquartered in the Isle of Man, the global manufacturer of wearable fitness tracking technology has grown to serve over 9,000 facilities in 84 different countries, with over two million shipped devices. The investment from BGF will accelerate the company’s growth plans.
BGF is an established, independent investment company, with a balance sheet of more than £2.5 billion supporting earlier stage and established private businesses, and smaller listed companies. Since it was set up in 2011, BGF has invested £3 billion in more than 460 companies. Part of BGF’s investment in Myzone came from its recently launched UK Enterprise Fund (UKEF) established alongside Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies that are revolutionising their industries.
Led by UK corporate partner Will Nash (Picture), the team brought together Keystone lawyers based in the Isle of Man and in the UK, including corporate and commercial partner Stephen Rodd, tax solicitor Michael Fluss, tax partner Paul McCourt, tax partner Andrew Terry, employment partner Jane Wheeler and trainee solicitor Adam Tarr.
The Appleby team was led by Isle of Man-based corporate partner Garry Manley, assisted by associate Sophie Corkish.
The Gowling team was led by Chris Towle and Christopher Letters.
Involved fees earner: Sophie Corkish – Appleby; Garry Manley – Appleby; Christopher Letters – Gowling WLG; Chris Towle – Gowling WLG; Michael Fluss – Keystone Law; Paul McCourt – Keystone Law; Will Nash – Keystone Law; Stephen Rodd – Keystone Law; Andrew Terry – Keystone Law; Jane Wheeler – Keystone Law;