UK, BIW Technologies Recapitalised by NovaVest Fund 1 LP

BIW Technologies, a Surrey-based provider of online construction and engineering project control software, announced a recapitalisation backed by the company’s largest shareholder, the vehicle NovaVest Fund 1 LP advised by Tempo Capital Partners LLP. 
In addition to the settlement of all outstanding debt (amounting to £3.5m in aggregate), the deal secures around £300,000 of new working capital to further develop the business.

Commenting on the deal, Colin Smith, CEO of BIW Technologies,was quoted as saying: “This is very good news for all the company’s customers and creditors. BIW is now financially and operationally far stronger, there is no debt and we have strong cash reserves”. 

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