NorthEdge Capital invest in multi-million management buyout

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We have acted for NorthEdge Capital on the purchase of Phoebus Software, the second investment for their SME fund.

Phoebus Software is a fintech business which provides tailored loan and savings management systems to financial services businesses to provide end users automated means to manage all their borrowing and savings needs.  Their systems offer a range of products, including access to residential and commercial mortgages, equity release, bridge loans, asset finance and savings.

NorthEdge manages £650m of private equity funds aimed at lower mid-market buy-out and development capital businesses. This investment backs existing CEO Paul Hunt in this primary MBO and will mean that the team can source grow and develop the business, opening up new markets and developing its product range.

Rob Freer the head of Northedge’s Midlands operations said: “Finding a firm of lawyers that really understand our business, but more importantly understand our sector is so important.  The team at Mills & Reeve added value all along the deal process and as a consequence, we are excited to be working with MD Paul Hunt and his team on what promises to be an exciting time in Phoebus’ growth.”

Peter McLintock, Partner at Mills & Reeve said: “We were delighted to be instructed by NorthEdge’s Midlands’s team and have worked closely with their other advisers, notably CooperParry, to deliver a deal that was truly made in the Midlands.

Fintech is going to drive the future of financial services. Phoebus has 20 years’ experience in the sector and is well placed to support this surge in banking automation and applications. It is now set up to be turbo charged by a supportive, knowledgeable and financially strong new shareholder base, which we are proud to have helped bring together.”

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