Muckle supports LDC as it invests in Shoptimised to support growth drive
We’re delighted to have supported LDC, the leading private equity investor which is part of Lloyds Banking Group, as it made a significant investment in performance marketing agency Shoptimised to support its ambitious growth strategy.
Founded in 2018, Tyneside-based Shoptimised’s proprietary software-as-a-service platform helps retailers and the marketing businesses that support them to increase online sales. It recently launched the latest version of its software, which will bring multi-lingual and enterprise-level functionality as well as enhanced services and reporting for retailers and marketing agencies.
Future development
The business has seen strong growth in recent years as more businesses look to enhance the performance of their eCommerce marketplaces amid rising demand. It employs over 40 people and has more than 1,000 customers in the UK and Europe.
LDC is backing Shoptimised’s management team, led by Nick McQue, Brad Hall, Scott Hollande, Alex Sinden, Scott Walters and Co-Founder John Cave. David Zborowski recently joined the business as CTO to lead the future development roadmap and help the business to combine Product Feed Optimisation with industry-leading AI.
LDC’s investment will help Shoptimised to accelerate organic growth with an ambitious strategy underpinned by excellent customer service and a differentiated product offering, which enables retailers to optimise their online advertising.
The transaction was led by LDC’s North East & Scotland team, including Investment Director Aaron Lawson-Clark and Investment Manager Peyman Atapour. Aaron and Peyman will join the board as Non-Executive Directors alongside Steve Nelson, who joins as Non-Executive Chair. Steve brings extensive experience in the technology sector; he is currently Non-Executive Chair of ReciteMe and Non-Executive Director of SaleCycle and Leighton Group. In addition, Brian Lavery will become an Advisor to the board. Brian is the former Head of Google Shopping Ads in Europe and will support with marketplace strategy and enterprise customer go-to-market.
Shared vision
John Cave, Co-Founder of Shoptimised, said: “We’re delighted to be partnering with LDC to support the future growth of Shoptimised. Our values blend perfectly with theirs and our shared vision of where we can take this business over the next few years is incredibly exciting. It can seem daunting bringing on a new partner, but LDC have been extremely supportive and let us get on with what we do best whilst helping in any and every way that they can.”
Aaron Lawson Clark, Investment Director at LDC, added: “It’s more important than ever for eCommerce retailers to use the latest technology to enable consumers to find them online and to maximise their share of consumer demand and buying intent. John and the team at Shoptimised have built a platform that services this market perfectly, with software that’s powerful and easy to use, and services that enhance retailer sales performance. They’ve also created a culture where talent can thrive and innovation is encouraged, and we will do everything we can to maintain that nurturing environment as the company grows. We’re looking forward to working with them to fulfil their ambitions.”
LDC has a successful track record in the technology sector. In the last decade, the firm has invested over £755m into fast-growing technology businesses, backing management teams to achieve their ambitions. LDC’s current portfolio includes a diverse range of 21 technology businesses, such as the cloud-based technology platform Uinsure and student accommodation advertising platform UniHomes.
Legal support
Corporate partners Adam Rayner and Stephanie Brown provided legal advice to LDC, with support from corporate solicitors Ben Evans and Sophie Cragg.
Adam said: “This deal was a long time in the making, and we were delighted to help get it over the line. It was a testament to LDC’s supportive approach throughout the transaction process and our working relationship with them. It’s a great deal for the North East, with a successful regionally-based business securing significant investment from a national fund with a local presence.”
LDC was advised by Cavu Corporate Finance (buy-side advisory), PWC (tax, financial due diligence), Graph (commercial due diligence), Panmoure (technology), FSP (cyber), AON (insurance) and Confidas (management due diligence).
Shoptimised was advised by RMT and Clive Owen (sell-side advisory) and Sintons (legal).
For help and advice, please contact Adam Rayner on 0191 211 7962 or email [email protected]