LONDON (Alliance News) - CIP Merchant Capital Ltd on Friday said it has completed an EUR6.1 million investment in 7Star Srl, which seeks to disrupt the veterinary hospital sector in Italy.
7Star is a private Italian company that operates a veterinary hospital under the brand Happy Friends.
CIP Merchant Capital, which invests in small-cap companies, said the investment comprises of EUR2.6 million in equity for an initial interest of 49% in 7Star, plus a further EUR3.5 million as an interest-free shareholder loan to 7Star.
The funding by CIP Merchant Capital will be used by 7Star to finance the expansion of its operations through the opening of further veterinary hospitals and clinics in northern Italy.
7Star had total assets of EUR1.5 million at the end of 2017. In the nine months to September 30, revenue totalled EUR600,000.
CIP Merchant Capital shares were 2.7% higher on Friday at 75.00 pence each.