Russell-Cooke acted for Moulton Goodies Limited on in its investment in Pyreos Limited, a Scottish supplier of thin-film pyroelectric sensors. These are used for passively sensing infra red light and are typically very small, fast, sensitive, energy efficient and accurate.
The sensors are primarily used for gas and flame sensing, food safety, and for monitoring oil and fuel in engines. These growth markets have a combined accessible value estimated at $1.2bn a year in 2018.
The latest investment brings the total raised by Pyreos since 2015 to almost £7m. The investment follows a busy year for Pyreos in which the company grew its revenues by 50%, with exports accounting for 81% of sales thanks to major markets including China, Korea, the USA and India.
“We advised Moulton Goodies on the £1.7m investment round in its capacity as lead investor. We advised on investment agreement and ancillary documents and liaised with firms and in-house lawyers acting for other investors participating in the round and assisted with completion arrangements”, speaks Guy Wilmot Partner of the Corporate and Commercial team at Russell-Cooke.
“The transaction was complicated with an unusual share capital structure and a large number of shareholders, including institutional, employee, and Government shareholders.
“The department has historically been strongly represented acting for the recipient companies in equity investment funding, this transaction demonstrates our increasing involvement investor-side.”
