FirstCapital Brochure 2011


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FirstCapital Brochure 2011

  1. 1. Experienced. Connected. Trusted.Corporate Overview 2011 FirstCapital Elsinore House 77 Fulham Palace Road London W6 8JA UK Tel: +44 (0)20 8563 1563
  2. 2. FirstCapital: Experienced, Connected, Trusted Independent • FirstCapital is a leading European investment bank specialising in advice, expert advising high growth technology companies transaction • Our team of senior investment bankers have collectively advised over execution 220 clients, from technology start-ups to multinationals, on over $145bn of domestic, international and cross border transactions UK based, we • Established since 1999, we are recognised for our integrity, have a global professionalism and trustworthiness reach • We have consistently proven our ability to deliver Proven ability • superior results through insightful positioning to achieve a • high success rates through tenacious commitment to closure better outcome Investment Bank of the Year (Technology Sector) 2010 Small Investment Bank of the Year 2009Experienced. Connected. Trusted. 2
  3. 3. We have global reach “FirstCapital had the commitment and tenacity to manage a broadly based, international sale process, dealing with the worlds top players.They were thoroughly professional, adding value throughout acomplex process, and on hand for support whenever we needed them. We are delighted with the result.” Sean Phelan, Multimap Strategic partnership with Covington Associates, Boston, USAExperienced. Connected. Trusted.
  4. 4. Our Directors are Experienced Financiers Hazel Moore, Chairman Hazel has been active in advising clients on strategy and transactions for close to 20 years. Before founding FirstCapital in 1999, Hazel was Sales Director in London for WI Carr, a leading Far Eastern stockbroker. Previously she was based in Hong Kong for 5 years as Head of Equity Research, responsible for advising institutional investors on market strategy. Hazel is a CFA, with an MA (Natural Sciences, Cambridge University). Jason Purcell, CEO Jason’s area of expertise includes internet, software and services companies. Prior to co-founding FirstCapital, he was a Director of Union Bank of Switzerland (UBS), and worked on numerous deals in India and Pakistan. Previously he was a number 1 ranked equity analyst with Smith New Court. Jason is a CFA, with an MA (Management Studies & Physics, Cambridge University). He is on the Imperial Innovations advisory board. Piers Hartland-Swann, Director Piers joined in 2008 from MacArthur and Co. Prior to this, as Senior Managing Director at Bear Stearns in Hong Kong, Piers led the team advising China Telecom on their $1.4bn IPO in 2002. Prior to this, Piers was Head of Asian Telecoms corporate finance at UBS Warburg, where he led the team advising on PCCW’s $34bn bid for Hong Kong Telecom, which was Asia’s largest M&A deal. Piers graduated in Civil Engineering from London University. John Yeomans, Director John’s focus area is communications and digital media. Previously as Head of HSBC TMT corporate finance, John built the department to a $120m global business. Previously he was a TMT strategy consultant with KPMG and Regis McKenna, and has extensive strategic, marketing and technical experience in Mitel and venture backed companies. John has a starred first class degree in Electrical Sciences from Cambridge University. Peter Wolfers, CFO Peter joined FirstCapital in 2005 and manages the FirstVentures portfolio. He was previously a Founding Director of FNI Venture Capital, the venture capital fund of the Nixdorf family. Prior roles include VP Marketing for Incases, a German EDA company, and various senior strategic marketing and technical roles with IBM and Lockheed. Peter is chairman of XCalibre, and a board director of Ranier.Experienced. Connected. Trusted. 4
  5. 5. Our Professional Staff Zaeem Maqsood, Vice President Zaeem focuses on software and internet companies. He joined FirstCapital in 2005 from Library House where as a Product Manager he developed venture capital analytics tools. Prior to this he was a strategy consultant with IconZest and also spent 4 years at Merrill Lynch in London & New York. He has an MBA from Cambridge, an MA from the IoE, London, and an MSc. and BA from UCL. Zaeem holds the Certificate in Corporate Finance. Bala Krishnan, Vice President Bala specialises in communications and business services companies. He joined FirstCapital in 2006 having graduated from the London Business School with an MBA in Finance & Private Equity. Prior to this Bala worked for 3 years at London based Advent Venture Partners. Bala qualified as a Chartered Accountant at KPMG London, where he advised clients in the TMT space. Sean Parry, Associate Sean joined FirstCapital in 2009, and is focused on the internet and digital media sectors. Previously, Sean spent 3 years at Morgan Stanley, advising institutional funds and hedge funds on their Japanese equity investments. Sean graduated from Oxford University, in Materials Engineering and Economics (M.Eng). Jessica Ford, Analyst Jessica joined FirstCapital in 2007 from the Max Planck Institute-EVA in Leipzig, where she was a Daimler-Benz Fellow and DAAD Scholar. She graduated from Cambridge University with a First Class BA in Medical Sciences, and has an MA (Distinction, Sussex) in Philosophy of Cognitive Science. Jessica is fluent in French and German.Experienced. Connected. Trusted. 5
  6. 6. Adviser Bios: Leveraging Networks and Experience of Senior Executives David Sexton David brings extensive experience in telecommunications and computer services on both a national and global scale, particularly in marketing, strategy development and business change. Over the past 20 years he has held a range of board level and management positions within the telecommunications industry including President of Global Markets at Cable and Wireless. David now holds a number of advisory and non-executive roles with early stage businesses. Rod Attwooll Rod has a wealth of experience including 25 years as Managing Director of Texas Instruments, Mercury Communications and other interesting technology companies. He brings broad knowledge of the electronics sector and specific management skills in Sales, Marketing and Leadership. Rod has successfully raised funds for a number of start-ups in the Semiconductor, Materials and Internet sectors including Danionics, ES2 and Netcom. Rod currently advises companies on strategic direction and change. Bob Mann Bob has spent over 25 years in the technology industry. Prior to founding Siebel Systems in Europe, he was Vice President for Legent which had revenues of $175m and 500 people in Europe. Bob has extensive expertise in building the operations for exceptionally fast-growing software companies. Bob holds a number of directorships and advisory positions and sits on the Technology Advisory Group of Scottish Equity Partners. Richard Atkins Richard’s career has focused on the IT and support services industry. He has held senior positions in marketing, strategy and general management at IBM. He was General Manager of IBM Global Services Northern Europe, and a member of the IBM Global Services European Operations and IBM worldwide Senior Leadership teams. In 1991, Richard, as Finance Director, led the MBO of Data Sciences Limited from Thorn EMI plc before managing its sale to IBM in 1996. He was senior non executive director of Message Labs, sold to Symantec for $695mn, and is Chairman of 7 City Learning Ltd and NED at Global Crossing UK.Experienced. Connected. Trusted. 6
  7. 7. Our Services: What We Do Fund Raising Mergers and Acquisitions Strategic Advice Services Services Services  Private placements to VC/PE and  Mergers and acquisitions for public  Assessment of strategic options strategic investors and private companies  Development of M&A strategies  Range €5mn +  Transaction value range €15-  Valuations and fairness opinions 150mn Deliverables Deliverables  Work with clients to develop Deliverables  Work with company boards to financing strategy  Position client within market and develop long term strategies to  Identify target investors based on competitive space realise corporate objectives client needs and characteristics  Provide insightful analysis and  Leverage extensive contacts in the positioning to understand value Benefits investment community drivers and hence target universe  Experienced, unbiased advice to  Leverage network of relationships enable client to accurately assess Benefits within buyers and sellers (both all options and develop plan to  Ensure financial strategy is aligned strategic and financial) generate value to specific needs  Run a tight and rigorous process  Deliver right investors /syndicate through to close of investors  Maximize the outcome for Benefits shareholders and management  Attract interest from genuine buyers and generate competitive tension to deliver maximum value to clientExperienced. Connected. Trusted. 7
  8. 8. Track Record and Selected Case Studies
  9. 9. FirstCapital Track Record – Select Recent Deals Private Placement Strategic Advice Private Placement Private Placement Private Placement Private Placement Private Placement Frog Capital Capricorn Morningside BeCapital MMC Ventures Alliance Trust Success Europe Carbon Trust OCP Carbon Trust FirstVentures Albion Ventures Oxford Capital Partners January 2011 October 2010 June 2010 April 2010 March 2010 February 2010 June 2009 Exclusive financial advisers Financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers to RatedPeople to Trader Media Group to Green Biologics to Helveta to myvideorights to FirstVentures to Helveta Private Placement Private Placement Private Placement Acquisition by Strategic Advice Private Placement Private Placement Acton Swarraton Partners Investors Azini FirstVentures Alliance Trust Index Highland Naxos Undisclosed Herald FirstVentures Loudwater SPARK April 2009 April 2009 February 2009 December 2008 October 2008 October 2008 January 2008 Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers to Glasses Direct to i2O water to Everyclick to Texperts to Player One to FirstVentures to Ranier Equity and debt round to Private Placement Acquisition by Private Placement finance acquisition of Acquisition by Private Placement Private Placement Eden Ventures Solon Quest Index Ventures Investor Syndicate Entrepreneurs Fund Highland Including Capital Partners FirstVentures January 2008 December 2007 July 2007 July 2007 June 2007 March 2007 December 2006 Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers to Prosonix to Multimap to Glasses Direct to FirstVentures to Centric to FirstVentures to ReevooExperienced. Connected. Trusted. 9
  10. 10. FirstCapital Track Record – Select Recent Deals (cont’d) Acquisition by Acquisition by Private Placement Private Placement Private Placement Private Placement Acquisition by Balderton Capital Eden Investor Syndicate Investor Syndicate Quester, including including Celtic House, MTI FirstVentures FirstVentures September 2006 July 2006 May 2006 October 2005 August 2005 July 2005 May 2005 Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers to Smart421 to FirstVentures to AIM Group to FirstVentures to Global Silicon to Rawflow to Cassium M&A and Has acquired Private Placement Private Placement Private Placement Private Placement Private Placement Strategic Advice Coronel & Pentech Ventures SEP, Cazenove MTI, DVC, Alice VCF, BASF The Challenge Fund Gantock Iris Capital Cross Atlantic Cazenove, FNI Quester May 2005 April 2005 February 2005 January 2005 January 2004 November 2003 October 2003 Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers Exclusive financial advisers to Cassium to OmniPerception to Zeus Technology to Powerlase to Oxonica to OmniPerception to Viewgate M&A and Strategic Advice Private Placement Solon, Quest Granville Baird Entrepreneurs Fund Lynx Capital August 2003 June 2002 Exclusive financial advisers Exclusive financial advisers to Simulacra to AIM TechnologyExperienced. Connected. Trusted. 10
  11. 11. The Results: We Achieve More For Our Clients “FirstCapitals expertise in positioning helped us to clearly articulate the investment proposition and they were an invaluable resource in the preparation of the materials required for the process. Their advice was thoughtful and insightful and they worked tirelessly to ensure the successful completion of the round. I valued the fact that their senior people were fully engaged throughout the process right up to completion and they provided outstanding support. I would highly recommend them.” Patrick Newton CEO of Helveta " FirstCapital had the commitment and tenacity to manage a broadly based, international sale process for Multimap, dealing with the worlds top players in IT. They were thoroughly professional, adding value throughout a complex process, and on hand for support whenever we needed them. We are delighted with the result." Sean Phelan, Founder, Multimap "I am delighted with the service delivered by the team at FirstCapital. They worked with us to position Smart421 as a key strategic asset in the marketplace. They leveraged their trusted and deep relationships inside target acquirers on a global basis. They were totally committed, ran the whole process with the utmost attention to detail and delivered an excellent result for the shareholders, management and the company." Julian Harris, Chairman, Smart 421 "FirstCapital is a rare breed: an investment bank which combines a deep understanding of positioning technology companies, with a highly efficient process to get deals done well. It is unusual to find a group who truly drives both, to deliver maximum value to shareholders." Tina Rogers, Chairman, AIM Group "FirstCapital ran a tight, efficient and entirely complementary process, all the way from developing strategy and producing the marketing materials, through investor selection and management and onto deal negotiation and completion. Jason and his team shouldered the bulk of the load throughout, kept me well informed and managed expectations on both sides so that a good deal became inevitable in a reasonable timescale without major management distraction. I would recommend First Capital without reservation." Dr Geoffrey Andrews, CEO and Founder, RanierExperienced. Connected. Trusted. 11
  12. 12. Sale of Multimap to Microsoft: Strategic asset in a fast moving market“FirstCapital did an Added value through insightful positioning in a rapidly evolving sectoroutstanding job of looking • Multimap was the leading independent mapping company in Europe with both a B2B offeringafter the interests of allMultimap stakeholders. and a popular B2C siteThey were ambitious in the • The market was changing rapidly with several major new entrants and a number of highexpectations they created profile acquisitionsand then delivered on • Skilled positioning and market insight enabled us to articulate Multimap’s strengths and thetheir promise with opportunity they offered in a complex and fast growing marketexperience and integrity” Sean Phelan International marketing process to select the right partner Founder, Multimap • The Multimap team was briefed in detail and trained to emphasise key messages • We managed a broadly based international dual track process dealing with the world’s top players in IT • Provided strong analysis and negotiation support for the several offers which were received enabling Multimap to maximise the preferred bid Rigorous process and tight project management enabled rapid deal close • Provided dedicated assistance for the production of a detailed data room • Managed large bidding teams through the data room process including follow up queries Acquisition by • Transaction delivered an excellent strategic fit and strong valuation with rapid time to close December 2007 Exclusive financial advisers to MultimapExperienced. Connected. Trusted. 12
  13. 13. Sale of Texperts to Kgb (118 118): Mobile Find finds the right home“FirstCapital were very Market leading mobile Q&A platformresponsive to our • Provided best of breed B2B & B2C service: answers were accurate relevant and immediaterequirements and actedfor us throughout the • Cracked problem of achieving high quality service with profitable and scalable modelprocess with diligence and • Inbound interest from leading Internet players as a ready solution to their Q&A problemsprofessionalism. Theyconsistently provided uswith high quality and For kgb, Texperts’ platform was a strategic imperativecarefully reasoned advice • Kgb had launched mobile Q&A service in UK (118 118) and sought to roll out across Northhelping us through a America and Europecomplex process. Theywere a key component in • Kgb’s own platform lacked scalability and answer quality lagged behind Texperts’the successful completion • Kgb recognised compelling value in Texperts’ assetsof the deal." Sarah McVittie FirstCapital led deal negotiations during a market meltdown CEO and Co-Founder • Setting and negotiating strategic valuation with a clear analysis of buyer’s pain Texperts • Ran an accelerated process providing hands-on cross-border support • Aligned and coordinated shareholder and management interests • Concluded transaction while wider market was in crisis: kept the deal on track and maintained momentum Acquisition by FirstCapital delivered a recession-defying transaction • Maximised strategic premium to deliver a transaction with an attractive valuation • Achieved good exit for shareholders and retention package for management team December 2008 • Excellent strategic fit for kgb as Texperts underpins its mobile find business Exclusive financial advisers to TexpertsExperienced. Connected. Trusted. 13
  14. 14. Glasses Direct: Shaking up the Optical Industry’s traditional business model“FirstCapital has once World’s largest online retailer of prescription glasses – and growing fastagain proved itself as a • FirstCapital had successfully advised GlassesDirect on £3m Series A from Index and Highlandtrusted partner forGlassesDirect. Jason and • GlassesDirect sought £10m Series B to fund expansion of the UK business, a push into the US,the team have advised us and an exploration of other European marketsover two successful roundsof funding and all partiesaround the table are FirstCapital selected to advise on Series Bpleased with the result.” • FirstCapital had established a position as a trusted advisor to the company • FirstCapital’s strong negotiation skills were clear from Series A James Murray-Wells • Series A had demonstrated that FirstCapital Directors are hands-on CEO, Glasses Direct We ran a tight marketing process: shortlist of global Tier1 ecommerce investors • Sought investor with deep enough pockets and strong enough ambitions to protect the valuation • Provided full support and strategic advice through an intense phase of follow-up meetings and requests • Managed the bidding and negotiation process, maintaining competitive tension throughout Full support ensured quick, clean due diligence and legal phase Private Placement • Board valued FirstCapital’s analysis of legal complexities and explanation of implications • FirstCapital kept process on time throughout negotiations Acton, Index, Highland • FirstCapital balanced the conflicting requirements of different stakeholders April 2009 FirstCapital delivered an excellent outcome, and a solid platform to execute Exclusive financial advisers to Glasses Direct • Specialist internet and mobile investor Acton joined Index and Highland, who reinvested • Round size was expanded to accommodate excess demand, also scope for sell downExperienced. Connected. Trusted. 14
  15. 15. Helveta: Cleantech software attracts international investor syndicate“FirstCapital not only Clearly articulated complex position to attract investorsdelivered a deal that • Market leader in supply chain intelligence software, used in timber sector for sustainablesatisfied all parties, theyalso impressed us with the forestry management and in food sector for security of agricultural supply chainrange and quality of • Cleantech investors often lack experience of software commercialisationinvestors that they • Software investors tend to be wary of emerging marketsenabled us to attract” Patrick Newton Committed dedicated resource to a two phase process CEO, Helveta • £6-8m total investment required for working capital to scale the business and for further investment in the product • Highly challenging market conditions led to decision to raise funds in two phases Ensured competitive process for each round • Drawing on its international networks, FirstCapital sourced a range of potential investors for each round and obtained several termsheets • Enabling Helveta to evaluate the offers and select its preferred partners Delivered a syndicate of well networked international investors • In April 2010 BeCapital, a Luxembourg-based fund dedicated to technologies which protect and Private Placement enhance natural resources led a £5mn round which also included the Carbon Trust • In June 2009 Albion Ventures, Oxford Capital Partners and Succes Europe completed the initial BeCapital £3m round Carbon Trust April 2010 Exclusive financial advisers to HelvetaExperienced. Connected. Trusted. 15
  16. 16. Smart421: Thinking outside the box to achieve premium exit“First Capital worked with We positioned Smart421 from outset as a strategic assetus to position Smart421 as akey strategic asset in the • IT Services company providing application integration and managed services to blue chipsmarketplace. • High end positioning as the company owning the application – not just another IT ServicesThey leveraged their companytrusted and deep • Price range established reflected this strategic positioningrelationships inside targetacquirers on a global basis.They were totally We built optimal target list of acquirerscommitted ran the whole • Focused on who had the greatest pain / needprocess with the utmost • Network integrators and telcos becoming increasingly commoditisedattention to detail and • Offshore players looking to go head to head with IBM Accenturedelivered an excellent • NOT traditional IT Services groupsresult for the shareholdersmanagement and the • Search conducted on global basis and across various sectors : prospects heavily qualifiedcompany.” Julian Harris Chairman, Smart421 We ran focused marketing process • Teaser and IM reflected strategic positioning price range to qualify out time-wasters • Detailed briefing and training of team to ensure they remained on message • Managed the bidding process to generate competitive tension • Heads to cash in four weeks reflected detailed preparation and aggressive project Acquisition by management Delivered an exceptional transaction September 2006 • Kingston paid cash of £24.2mn including £4mn on balance sheet Exclusive financial advisers • Premium pricing of P/S 1.8x and P/PBT 13.5x (trailing revenues £11.1mn PBT £1.5mn) to Smart421 • Employees held substantial options: the deal was life changing • Ran post acquisition as an autonomous unit with no redundanciesExperienced. Connected. Trusted. 16
  17. 17. Experienced. Connected. Trusted. FirstCapital Elsinore House 77 Fulham Palace Road London W6 8JA UK Tel: +44 (0)20 8563 1563First Capital Corporation Ltd is authorised and regulated by the Financial Services Authority