New £30m debt facility
|
FOR RELEASE ON |
9 July 2015 |
IP Group plc - Secures £30m, 8-year debt facility from European Investment Bank
Additional long-term capital to support work with leading UK universities to commercialise outstanding IP
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to announce that it has secured a £30m, 8-year debt facility from the European Investment Bank ("the EIB"). The facility will be disbursed in two tranches and the Group intends to draw down the first tranche shortly.
The facility provides IP Group with an additional source of long-term capital and represents an evolution in the Group's capital structure to support its future growth and development. IP Group will use the proceeds to continue to fund UK university spin-out companies as they develop and mature.
In order to secure this funding, the Group had to fulfil a number of criteria set by the EIB which included being financially and technically sound as well as having a strong governance structure and an ethical approach to evaluating spin-out opportunities. The Group already works in partnership with the European Investment Fund, which is part of the EIB Group and a significant limited partner investor in IP Group's managed funds, IP Venture Fund and IP Venture Fund II LP.
Alan Aubrey, Chief Executive of IP Group, said: "The EIB regards growth and jobs in the EU as top priorities and recognises the important role that the development of innovation and skills plays in achieving these objectives. This facility is a clear indication of the EIB's support for the Group's activities in working with leading UK universities to commercialise the outstanding intellectual property that emanates from their scientific research across all our sectors."
Jonathan Taylor, Vice President of the European Investment Bank, said: "IP Group has an impressive track record of enabling innovative ideas to be transformed into world-leading companies. The European Investment Bank recognises the essential need to invest in innovation across Europe and we are pleased to work with IP Group to unlock the potential of spin-out companies from UK universities to turn the latest ideas into commercial success."
For more information, please contact:
|
IP Group plc |
|
|
Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
|
FTI Consulting |
|
|
James Melville-Ross/Simon Conway/ |
+44 (0)20 3727 1000
|
|
EIB |
|
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
For more information, please visit our website at www.ipgroupplc.com.
About the EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Press contact:
EIB: Richard Willis, r.willis@eib.org, Tel.: +352 4379 82155, +352 621 555 758
Website: www.eib.org/press - Press Office: +352 4379 21000 - press@eib.org
ENDS
This information is provided by RNS
Latest directors dealings
- 40 minutes ago Trekor Metals Limited
- 40 minutes ago ECR Minerals
- 40 minutes ago Zotefoams
- 14 hours ago Luceco
- 14 hours ago Helios Towers