Whitehelm in £80m funding round for Connexin

The firm has earmarked further capital investment through the partnership and has taken a large minority stake with the management team retaining the majority. Unquote understands Whitehelm has also provided some debt for the transaction.

A newco has been established for the purchase of the company.

An EBITDA multiple was used to value Connexin.

The investment will support the expansion of the business to meet the expected growth in demand for smart networks in UK cities and their connecting infrastructures.

A representative from Whitehelm will join Connexin's board.

Company
Founded in Hull in 2006, Connexin is a technology company specialising in building and operating "smart city" infrastructure to support Internet-of-Things applications. It employs fewer than 100 people.

People
Whitehelm Capital – Tom Maher (head, business development).
Connexin – Furqan Alamgir (CEO).

Advisers
Equity – Osborne Clark (legal).
Company – Orrick (legal).

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• Topics
• Buyouts
• UK / Ireland
• Technology
• United Kingdom
• Minority investing