South: Portable Multimedia secures growth funding investment

Nextbase brand owner and world’s leading dash cam manufacturer, Portable Multimedia, secured growth funding investment from Sandton Capital Partners on July 8. Herrington Carmichael LLP acted on behalf of Portable Multimedia in the £10 million investment made by Sandton Capital Partners.

Herrington Carmichael’s Yavan Brar, partner and head of corporate, led the legal team advising on the deal, which saw a £10m investment into the £50m turnover business and its group of companies by Sandton Capital Partners, the New York headquartered private equity firm. Brar was assisted on the corporate and banking elements of the transaction by senior solicitor, Matthew Lea and solicitor, Chris Gemson, with commercial partner, Mark Chapman, and intellectual property partner, Alex Canham, acting on the commercial and IP elements, respectively and PwC UK advising on corporate finance and accounting matters.

Sandton’s investment will be used to accelerate the implementation of cutting-edge new technologies, including 4G/5G functionality, and the development of leading automotive and insurance products and services.

The investment will also fund continued expansion in North America and new international territories.

Robert Grant, managing director of Portable Multimedia, said: “We would like to thank Herrington Carmichael whose legal and strategic advice has been exceptional throughout the past 10 years. Herrington Carmichael has provided invaluable commercial and legal support to our business over the years, meeting both our domestic and international needs.

“The team, led by Yavan Brar, integrated seamlessly into our business contributing to our success and ambitious growth. Yavan and his team have been outstanding in finding solutions to our legal requirements which have often been complex and involved multi-jurisdictional elements. We look forward to continuing to work with Herrington Carmichael in the future and would certainly recommend them.”