Lloyds private equity firm invests in ChargePoint

Chris Eccles

Liverpool-based ChargePoint Technology said it secured a multi-million pound investment from private equity investor LDC, part of Lloyds Banking Group, to help it meet international demand for its devices.

ChargePoint manufactures and supplies high-performance containment and sterile transfer valves to the largest global pharmaceutical, bio-pharmaceutical and chemicals companies.

ChargePoint now employs more than 60 people across the world, with plans to double its workforce by 2020.

ChargePoint managing director Chris Eccles said: “Over the past 12 months we have continued to invest in both the infrastructure of our business and our product portfolio.

“We have created a strong platform for future growth and bringing LDC on board as an investment partner is a clear statement of intent regarding our future ambitions.

“With the team’s track record in the sector and its in-depth experience of delivering international growth, we’re confident we have the right people in place to help us take our market-leading technology even further afield.”

ChargePoint said the investment will help it embark on a targeted acquisition strategy to help it expand into adjacent sectors.

As part of the deal, Richard Yarwood has been appointed non-executive chairman at ChargePoint.

Yarwood has more than 30 years’ experience in the pharmaceutical sector in the UK and US and was previously CEO of Penn Pharma.

ChargePoint said LDC backed Penn Pharma in 2007, helping it to increase revenues from £17 million to £30 million between 2007 and 2014, before management sold the business for £127 million.

The LDC-ChargePoint transaction was led by Ged Gould and Chris Wright at LDC in Manchester and both will join the ChargePoint board as non-executive directors.

Chris Wright, investment director at LDC, added: “Chris and his team have built a truly fantastic business that has not only achieved significant market share but is continuing to create successful IP and develop products that deliver value for customers.

“Operating in an industry that is growing at an average of 12% every year, ChargePoint now has an opportunity to expand on this even further.

“New drugs are coming to market at a record pace, and with companies operating against a backdrop of increased regulation and stringent health and safety measures the demand for ChargePoint’s products is only going to increase.

“We’re looking forward to supporting Chris and the team to deliver the next stage of the organisation’s growth and evolution.”

ChargePoint was advised by Clearwater International (Paul Jones, Michael Loudon), with legal advice from Ward Hadaway (Sean Fitzgerald).

LDC was advised on its investment by GCA Altium (Simon Lord, Adam Sivner), with legal advice from Addleshaw Goddard (Paul Medlicott, Katie Simpson).

Financial due diligence was undertaken by Deloitte, with commercial due diligence completed by PMSI.