THE Scottish Loan Fund (SLF) has invested £1.3 million in education supplies group Spaceright.
The Cumbernauld- based group is using the funding package to acquire a complementary business, Educational Technology Limited (Edtech). The deal represents the SLF's 17th investment.
Set up in 2011 by the Scottish Investment Bank, the investment arm of Scottish Enterprise, and managed by Maven Capital Partners, the £113 million SLF provides loans of up to £5m to ambitious Scottish SMEs. Since its launch it has committed more than £40m in support of growth-focused companies.
Loading article content
Spaceright, a long established supplier to the education sector, designs, manufactures and sources a range of established brands for daily use in schools colleges and universities throughout the UK.
Its biggest sales are in educational display and presentation products, as well as mobile folding furniture for school dining.
Continuing product innovation has seen the business recently launch "Inspirational Playgrounds", a range of outdoor learning products for primary school pupils.
Spaceright says its early-years offering will be further strengthened with Edtech, which produces high-quality and low-cost screen-printed teaching aids for core curriculum subjects.
Steve Ashton, managing director at Spaceright, said: "We are delighted to have completed the acquisition of Edtech, which complements and broadens our existing core product range, establishing the Spaceright proposition as the most comprehensive in the sector.
"This would not have been possible without the support of Maven and the Scottish Loan Fund, whose commercial approach and assistance throughout the transaction was greatly appreciated."
David Milroy, investment director at Maven, said: "We have been impressed by management's vision both in terms of growing the business organically and via targeted acquisitions."