Press Releases

06 March 2009

WK Corporate Finance LLP advises on £9 million BIMBO of DIAGNOS.CO.UK LTD

WK Corporate Finance LLP, a leading corporate finance advisory firm, announced today that it has acted as lead corporate finance adviser to the management team in a £9 million BIMBO of Diagnos.co.uk Limited, an Oxfordshire based software engineering company focused on the automotive sector.

The WK Corporate Finance advisory team, led by Andy Coghlan and supported by Dan Nixon, finalised the acquisition price and deal structure with the vendors, and introduced and negotiated terms with a number of debt and equity partners before agreeing terms with Foresight Group, providing £3.75 million of equity, and Octopus Intermediate Capital, providing £3m of flexible debt funding.

Founded in 1999, Diagnos develops and sells sophisticated automotive diagnostic software and hardware that enables independent mechanics, dealerships and garages to service and repair vehicles.

The Diagnos new management team consists of Ian Jones (Technical and Operations Director), an existing shareholder of Diagnos who has been at the company since 2001 and has personally developed or overseen the development of all the company’s products, Peter Toland (Managing Director and Sales Director), formerly a Senior VP at Launch Group a competing automotive diagnostic provider, and Kevin Finn (Chairman), founder and CEO of National Service Network.

Chris Price, Investment Director, Foresight Group comments, “The WK Corporate Finance skilled team of advisers acted with a high degree of professionalism throughout the entire process, which, combined with a distinctive entrepreneurial mindset and extensive sector knowledge, led to a successful financial arrangement during one of the most difficult climates of our time.”

Andy Coghlan, Director of WK Corporate Finance, comments, “The strong and experienced management team at Diagnos.co.uk will benefit from the secure combination of equity provided by Foresight Group and Octopus’ unique interest only debt funding product, which will provide long-term funding support and permit continued growth of Diagnos’ respected product range in the automotive diagnostics arena.”

ENDS

For further information please contact:

Laura Hazell
Oxwich Communications Ltd
T: 0845 226 7469
E: laura@oxwichcommunications.com

Andy Coghlan
WK Corporate Finance LLP
T: 01403 216690
E: andy.coghlan@wkcf.co.uk