Leading biogas producer BioCow will expand its operations after selling a majority stake in the company to Maquarie Capital Principal Finance.
The deal – facilitated by Roythornes Solicitors – was completed in November, and will see the firm invest the money to grow its Cambridgeshire business.
It will also enable BioCow to complete the UK’s first biomethane injection point into the National Grid.
Roythornes played a crucial part in ensuring the major anaerobic digestion company was in a viable position for acquisition by Macquarie.
Mike Matthews, partner at Roythornes, said: “We have so many fantastic clients such as the founders of BioCow; it really was an honour to be involved in the deal.
“This, like so many deals, had its own complexities involving pre-sale restructuring, complex finance structuring and a joint venture but working alongside Macquarie’s advisors we achieved a fantastic result for all parties.”
BioCow uses anaerobic digestion to create energy from agricultural waste to produce biomethane. This can then be used as a green transport fuel, as well as to heat homes and businesses.
Macquarie’s investment stems from a growing demand for green gas. Biogas will play an important role in the country’s future energy mix, helping to lower the carbon impact of domestic heating and agricultural processes, as well as to improve the UK’s energy security.
Derek Burgoyne, co-founder and director of BioCow, said: “We cannot thank Roythornes enough for the help and support they provided during this transaction.
“This was a once-in-a-lifetime experience for John (Dale, co-founder) and I, and the team at Roythornes were fantastic, guiding us through what was a very difficult and all-consuming process.
“I have recent experience instructing one of the largest city law firms but Roythornes were able to provide the same level of service and were an incredibly agile and pragmatic team. We are entering a very exciting new chapter of our lives.”
Roythornes Solicitors is a top 200 national law firm with strategically located offices across the Midlands and East Anglia. The firm’s clients include major blue-chip companies, family businesses and private individuals, based nationally and internationally.