27 Jun 2011 07:00
27 June 2011
Brainspark plc
("Brainspark" or "the Company")
Sale of Shares in Bibop SpA
Brainspark plc (AIM: BSP), a fast growing international investment company, announces it has entered into an agreement with Cambria Ltd (FSA regulated) ("Cambria"), a well regarded manager of UK Private Equity Funds, whereby Cambria will invest EUR 1.9 million cash in Bibop S.p.A. ("Bibop") for a 27.54 per cent. holding. Following this transaction, Brainspark will hold 66.12 per cent. of Bibop.
This injection of capital will be used by Bibop to facilitate its growth strategy; the company is currently in trials with major UK and US TV broadcasters for its MyCast interactive video product. Bibop is also considering strategic acquisitions which will enhance its market leading presence.
The value of Bibop implied by Cambria's capital increase represents a 49.05 per cent. premium to the price paid by Brainspark for its investment.
Additionally, Cambria will also buy from Brainspark a 44.68 per cent. stake in Birdland srl, the wholly owned subsidiary of Brainspark which holds the Company's stake in Bibop. Cambria will pay to Brainspark EUR 2.1 million, which will be received in shares in the Cambria Equity Partners fund and which will be added to the Company's portfolio.
Cambria Equity Partners is a fund specialised in high growth investments and is also a feeder fund for the Cambria Co-Investment Fund. Both funds are managed by Cambria Ltd. Cambria Equity Partners, which was established in 2007 has made six investments to date, directly or as a feeder fund of Cambria Co-Investment Fund, one of which has already been realised with a 92 per cent. IRR.
As a result of these transactions, Brainspark will control directly and indirectly 64.55 per cent. of Bibop, through its 55.32 per cent. holding in Birdland, which in turn controls a 66.12 per cent. of Bibop, and a 49 per cent. interest in the specific class of Cambria shares, which control the 44.68 per cent. of Birdland and the 27.54 per cent. of Bibop.
For further information please contact:
Brainspark plc +39 02 525 051
Alfredo Villa, Chairman and CEO
Arbuthnot Securities +44(0) 20 7012 2000
Antonio Bossi / Ed Groome
Leander PR +44(0) 7795 168 157
Christian Taylor-Wilkinson
About Brainspark Plc
Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.
About Cambria Ltd
Cambria Ltd is an FSA regulated independent management company based in London, founded in 1990 by Mario Mauri, along other important institutional co-investors. For over 20 years it has been active in the private equity sector, having organized many leverage buy-outs, management buy-outs and successful buy-in operations, in Europe and elsewhere.