Funding to support growth plans at tech firm

  • June 10, 2023
Mattias and Robin Kaneteg
Mattias and Robin Kaneteg

A BGF-backed, lead generation technology company headquartered in Manchester has secured funding from alternative finance provider ThinCats as it plans further expansion in the UK and Nordic markets.

Founded in 2017 by Robin and Mattias Kaneteg, Firstborn Group connects consumers and providers with financial service products. Mattias Kaneteg is also the founder of web hosting business, Miss Group, which received more than £19m from BGF, before its successful exit in 2020.

Firstborn Group, then known as ROI Media, has been backed by BGF since 2020, growing rapidly in that time through a buy and build strategy to acquire several brands and the development of a sophisticated database of more than 500,000 customers through which Firstborn Group can market products directly.

The funding will help the business leverage its extensive database, allowing Firstborn Group to target customers directly via SMS and email, offering a range of financial services.

The business will also look to continue its buy and build strategy following the integrations of four acquisitions since 2020; Raketech a consumer finance platform, Firstborn Capital, Effective Marketing and Uni Finance.

Dave Parr and Michelle Heptinstall led the deal team from ThinCats and Dave Furlong at Cowgills advised the business. Squire Patton Boggs provided legal support on the transaction.

A spokesperson for Firstborn Group said: “We have already experienced outstanding growth as our customers have seen success in generating quality leads from working with us. With the investment from ThinCats and the backing from our partners at BGF, we will continue to invest in our product development and improve the service we offer to our customers as we continue our growth across Europe.

Dave Parr, director for business development at ThinCats, added: “It’s fantastic supporting ambitious and growing businesses like Firstborn Group. Management has a clear vision

Read the rest

Listed law firm acquired in pre-pack deal

  • May 11, 2023

The Ince Group has been acquired out of administration by Axiom DWFM, saving almost 700 jobs.

The listed law firm collapsed into administration on April 12 after shares were suspended on January 3. It blamed the length of the auditing process placing an “increasing pressure” on its cash flow. After discussions with lenders, creditors and HMRC, Ince says a major creditor pulled its support, meaning it was placed into administration.

In a short statement on Friday afternoon, the firm said Quantuma Advisory had been appointed as administrator and implemented the pre-pack deal.

Axiom DWFM, which has offices in London, Birmingham, Bristol and Swindon, has bought the legal business and associated assets, but the new entity will be known as Ince & Co and will operate separately.

Donald Brown, chief executive of Ince & Co, said the acquisition will give “a simple and clear corporate and capital structure under professional, knowledgeable and robust ownership”.

“We are underpinned by a group of immensely talented lawyers with deep expertise in our key sectors.

“After taking over the management of the [publicly listed] group, it quickly became apparent that we needed to address a series of poorly structured and executed transactions and expansions.”

Click here to sign up to receive our new South West business news…
Read the rest