BGF is an established, independent investment company, with a balance sheet of more than £2.5 billion supporting earlier stage and established private businesses, and smaller listed companies. Since it was set up in 2011, BGF has invested £3 billion in more than 460 companies. Part of BGF’s investment in Myzone came from its recently launched UK Enterprise Fund (UKEF) established alongside Coutts, the private banking arm of NatWest, to provide clients with access to privately held, disruptive and diverse companies that are revolutionising their industries.
Myzone, which was created in 2011 by fitness industry expert Dave Wright and is based in the Isle of Man, currently serves over 9,000 facilities in 84 different countries. Designed to engage and motivate people to be more physically active, Myzone is used in many of the largest health clubs around the world and has broken into new markets such as elite sports teams, hospitals, schools, universities, and the corporate sector.
The Appleby team was led by Isle of Man-based corporate partner Garry Manley, assisted by associate Sophie Corkish. Appleby worked with Gowling WLG, which acted as English counsel to BGF, with the overall Gowling team led by Chris Towle and Christopher Letters.
“BGF is the UK’s most active growth capital investor, having invested more than £100 million in tech businesses in 2021, so we were delighted to be selected to support it on this transaction”, reflected Garry Manley. “Myzone has experienced impressive growth since inception, and it is very exciting for the Isle of Man to be home to a global leader in the fitness tech space. We wish BGF and Myzone well as they continue on their growth journey.”
Seb Saywood, who led the BGF investment team, commented: “Appleby’s support on this transaction was excellent. Their team was always responsive, including during the holiday period, and they helped us to navigate a number of complex legal issues with advice that was always clear, commercial and pragmatic.”
Appleby’s Merger & Acquisitions Team regularly works with FTSE 100 and Fortune 500 companies around the globe to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.
Appleby’s market leading Technology and Innovation Group comprises experts from Appleby’s 10 offices. Our team of experienced specialists provide advice across a broad range of emerging technologies, helping clients meet the challenges of this fast-moving sector.
