VCT News
ProVen VCTs Invest in Chess Technologies
1 July 2008 - London - Beringea Ltd, manager of the ProVen VCTs, is pleased to announce a £1.5 million expansion capital investment in defence subsystem supplier, Chess Technologies.
Chess Technologies, based in Horsham West Sussex, was founded in 1993 and originally focused on the manufacture of bespoke machinery for the commercial sector before establishing its defence division in 1997. The company's innovative products, creative engineering and a reputation for reliability, quickly established Chess as a leader in this market.
Chess now specialises in electro-optical devices and it designs, develops and manufactures future generation systems for rapidly growing sectors of the defence market, including surveillance and counter-insurgency. A principal defence subsystem supplier to UK and overseas customers, the company is able to draw on its highly experienced team of engineers to develop new and innovative products for army navy and air force applications.
Beringea's investment was arranged by Karen McCormick and Stuart Veale, with Veale joining the board at completion. Beringea introduced Jeff Perrin as non-executive Chairman. Perrin was formerly Chief Executive of Radstone Technology, where he led the £70m turnover company through a successful IPO, and then a subsequent sale to GE at a 52% premium to share price.
Karen McCormick Investment Director for Beringea said "Chess has a well-deserved reputation for being a technical leader in the electro-optical sector, consistently exceeding market standards and client expectations. The existing management and engineering team are world-class, and I am confident the addition of Jeff Perrin, with his proven track record and industry expertise, will be a driving force for further growth."
Beringea's Managing Director, Stuart Veale, added "This is an exciting investment for Beringea. Chess Technologies is a clear leader in its field and is led by a strong and experienced management team. Our investment will enable Chess to increase capacity to meet the rapidly growing demand for its products in the UK. We believe that there is great potential for further growth, both from existing and new products and from further geographical expansion."
Chess MD and Founder Graham Beall comments "This investment is a significant endorsement of our business model and future prospects and will enable the company to accelerate its growth plans. We are frequently being asked to bid on larger more complex contracts and the partnership with Beringea will assist Chess in supporting these increasing requirements from our existing and prospective customers"
The expansion capital funding, totaling £1.5 million, was made through Beringea's ProVen VCT and ProVen Growth and Income VCT funds.
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.