Darwin Group raises significant capital investment from Kartesia
01 Mar 2022
Darwin Group (“Darwin” or “the Company”), the Shropshire-based provider of Modern Methods of Construction (MMC) buildings for the healthcare and education sector, is delighted to announce it has secured significant funding from Kartesia, the European specialist provider of capital solutions for mid-sized companies.
Darwin is one of the UK’s leading providers of specialist offsite modular construction projects. Its innovative, high-specification modular systems are capable of rapid deployment in demanding environments and the Company is well-positioned to continue to support NHS Trusts in delivering new healthcare facilities across the UK.
Darwin has recently been successfully re-appointed to the NHS Shared Business Services Modular Building Framework and has secured a place on the Department of Education Schools Construction Framework. These complement other key framework partnerships including the NHS Commercial Solutions and the Crown Commercial Services.
Over the past 18 months Darwin has successfully delivered over 700 acute and critical care beds for the NHS as a turnkey main contractor. This included the record-breaking design and construction of a 10,000sqm, three-storey building for University Hospital Wales, completed in just five months from initial client instruction.
Kartesia’s funds will support the management team in delivering its ambitious organic growth plans, including significant further investment in the company’s manufacturing facilities, which is expected to deliver a significant number of new jobs for the local area. Additional growth capital will further accelerate the implementation of management’s strategic plans.
Richard Pierce, CEO of Darwin Group, said: “Our team have put in a huge amount of effort to build this business and lay the platform for future growth. As a result, it was critical for us to find a partner like Kartesia, who share our ambition, enthusiasm and values and have the same level of excitement in our vision for the future. Their funding will allow us to invest heavily in the business, further increasing our capacity to deliver the industry-leading product and service NHS Trusts can expect from a Darwin solution.”
Guillermo Ferre, Associate Director at Kartesia, commented: “We are very pleased to partner with Richard and his team as Darwin Group continues on its impressive growth trajectory and provides innovative solutions for its customers. Darwin’s track-record and market-leading position fits well within Kartesia’s strategy of backing well-performing, management owned businesses to support and invest in the next stages of their growth.”
Darren Boocock, Partner at Deloitte, added: “We are delighted to have advised Richard and Darwin on a successful capital raise, supported by Kartesia. Under the Pierce family’s leadership, the business has gone from strength-to-strength and this proved to be a very attractive opportunity to Kartesia, who recognise the strength of the team, the value of Darwin’s offering, and its unparalleled position in the market. This is an excellent outcome for all concerned.”
Darwin was advised by Darren Boocock and Andy Moody at Deloitte Corporate Finance, Tim Lake at DLA Piper (legal) and Dan Packwood at PwC (tax). Financial and tax diligence was undertaken by Grant Thornton, whilst CIL Management Consultants carried out commercial due diligence. Kartesia were advised by Proskauer Rose.