Lead Advisors to the shareholders of Wow! Stuff on their development capital fundraising.
About the deal
Wow! Stuff is a fast-growing developer of innovative toys and gadgets which it sells direct to retailers in the UK, Europe and the US. In five years, it has grown revenues to nearly £20m and has a stable of innovative toys such as Air Swimmers and My Keepon, both of which were named in Hamley’s Top 5 toys for Christmas 2011. The company’s latest range, set for launch later this year, has already gone ‘viral’ on the internet after Wow asked the public to name ‘The Greatest Toy in the Universe!’, generating over 1.5 million views on YouTube in two days.
Wow was founded by dynamic entrepreneur Richard North in 2006, together with scientists Kenny McAndrew and Dr. Graeme Taylor. North is a serial entrepreneur who was credited by HSBC as Business Thinker of the year in 2010. Wow was also nominated as winner of the National Business Award for innovation in 2011 and was included in the Sunday Times Fast Track 100 in 2010.
Springboard acted as lead advisor to Wow! Stuff originating and successfully negotiating a £4.8 million development capital fundraising in return for a minority stake in the company. David Neate, who led the project on behalf of Springboard commented:
“We have supported Wow since 2008 and during that time have witnessed the company go from strength-to-strength. We are delighted to have arranged a deal that enables Wow to accelerate its international development and are confident that the funding will help the business maximise the exciting opportunities that lie ahead.”
How we made a difference
- Structured equity funding package to meet partial realisation and growth requirements of the business
- Ensured the ‘best fit’ funder to meet the requirements of the founder and business
- Strategic valuation multiple achieved
Richard North - Managing Director and Major Shareholder, WowStuff!
Once in a while you are lucky to meet exceptional people or organisations that add much more value than the cost of their services. Springboard were exactly that. Springboard have worked on both sides of the buyer and seller position which brought an insight to the negotiations that was invaluable. Saying they were good to work with underplays what they have brought to the process of raising private equity finance. I would say they have been sensational and essential.