The Gibraltar based family office, RG Advisors, has agreed a conditional private investment in public equity (PIPE) investment of £25m through Parasol V27 in City of London Group plc (“COLG”). COLG trades on AIM and is creating a new challenger bank focused on SME lending under the brand Recognise. The investment is to assist in the funding of a banking license for Recognise.
RG Advisors is the private family office of Ms Ruth Parasol, who also has extensive real estate interests in Europe and the United States as well as asset management, globally diversified investments in private and public markets.
BDO provided M&A advice and financial and tax due diligence in support of the transaction.
"BDO deployed highly-committed teams of experts with a strong commercial understanding throughout the transaction. The BDO team did a great job of supporting us during this transaction. The project delivery was very well managed and coordinated, especially in the wake of COVID-19 in a digital work environment.
BDO team did a great job in supporting us during this transaction by developing a real understanding of our goals and objectives."
Vikrant Udeshi, Director of Investments - RG Advisors