AIM-listed Braveheart Investment Group plc has acquired the entire issued share capital of Neon Capital Partners Limited from NF Holdings Limited for £380k.
The transaction is subject to a post-completion net working capital adjustment expected to be approximately £300k.
Authorized and regulated by the Financial Services Authority (FSA), Barnsley and Leeds, UK-based Neon was established in February 2010 to manage the £48m Finance Yorkshire Equity Fund, which was established by Finance Yorkshire as part of the European JEREMIE Fund initiative.
The firm has not traded and the management services for the Fund were performed by another company in the NF Holdings group.
Neon employs five staff and has one subsidiary company, which acts as the general partner to the Fund.
Scheduled to run until 2018 with an investment phase that lasts until December 2013, the Finance Yorkshire Equity Fund provides equity and equity-linked finance to small and medium-sized enterprises in the Yorkshire and Humber region.
In Yorkshire, Braveheart already operates the Viking Fund, the Viking Loan Fund, and the Yorkshire Association of Business Angels. Andrew Burton, the Managing Director of Viking Fund Managers, will be responsible for the enlarged regional business.