A former PureGym investor has backed a Cheshire multi-asset management and payment services provider to the yachting industry, media sector and family offices, which was founded by a retired British tennis pro.
Magenta Partners has bought into Ian Flanagan’s Cheadle-based Voly, which, over the last five years, has invested significantly in its software and support capabilities and led to a 50% per annum growth.
Its investment in Voly is the sixth of its latest fund, which targets equity investments of between £5m and £20m.
Mr Flanagan, who is Voly’s chief executive, said: “Magenta’s investment is testament to the amazing growth story of our business over the last 24 months – from industry challenger to clear market leader in yachting, successful entry into the asset management space for the ultra high net worth family office client and the first steps into new verticals.
“Alongside Magenta and our incoming chairman, Simon Morse, we have ambitious plans – commencing with several exciting upgrades to our technology alongside a substantial investment in sales and marketing and the opening of several new offices.
“I’d like to thank the Voly team for their exceptional commitment and hard work and, as a team, we look forward to this exciting next chapter of growth.”
Tom Matthews, partner of Magenta, added: “We are delighted to be investing in Voly. Ian and his dedicated team have built a market leading solution with great growth potential.
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“The yachting industry is large and unpenetrated, and we are equally excited about Voly’s fast start in the conterminous sectors of media and family offices.
“Further module releases over the coming 12 months will reinforce Voly’s outstanding proposition to those core markets and provide a superb platform for rapid expansion.
“We will also be on the lookout for interesting acquisition opportunities as the business scales.”
Mike Blood, partner and head of corporate at JMW, said: “We’ve worked with Voly for over five years so we’re pleased to have been able to support Ian and his team as the business enters this next chapter.
“It’s a fantastic business that has seen extremely strong growth – despite the pandemic – and we look forward to supporting the team as it accelerates its growth strategy and continues to expand.”
Voly was advised by Mike Blood and Emma Hickman at JMW.
Magenta was advised by Marc Field at Addleshaw Goddard, and Philip Quigley at Smith and Williamson.