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Legal business sells litigation funding arm for £3 million

RBG Holdings sells LionFish Litigation Finance to Foresight Group

RBG Holdings, a listed legal business in England and Wales, has made a strategic move by selling its litigation funding arm, LionFish Litigation Finance, to Blackmead Infrastructure for up to £3.1m. This decision comes after RBG had to write off £4m last year due to losses in two cases it had invested in.

Foresight Group, the manager of Averon Park’s investments, is paying £1.1m upfront for the acquisition, with a further sum of up to £2m subject to performance conditions. This deal will allow RBG to repay intercompany debt and reduce its net debt.

The acquisition includes four of the eight live investments within LionFish, with a net asset value of £4.1m. RBG will retain the remaining four investments, fully funded with an asset value of £2.23m. Investors were informed that further payments are contingent on the successful outcome of the acquired cases.

LionFish will continue to operate independently under the leadership of Tets Ishikawa and Tanya Lansky, with oversight from a newly appointed board. Ishikawa expressed gratitude to RBG for their support in launching LionFish and acknowledged the opportunity to find a more suitable long-term partner in Foresight.

Foresight, a listed alternative asset investment manager, sees the acquisition as an opportunity to provide stability and support for LionFish to maximize its potential. Oliver Bates, senior private debt manager at Foresight, praised LionFish’s model and commercial approach, stating that Foresight could offer a stronger platform for LionFish’s growth.

RBG’s chief executive, Jon Divers, emphasized the group’s focus on driving organic growth from its legal businesses and M&A division following the disposal of LionFish. The proceeds from the sale will be used for working capital and debt reduction, positioning RBG for future growth and success in the legal market.

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