Investment firm AshGrove has completed a senior secured financing in yachting tech platform Voly as the latter makes its fourth acquisition since its private equity takeover.
€1 billion AshGrove specialises in bespoke capital and financing solutions for B2B software and services businesses.
Voly, which provides software and services used to manage the financial and operational requirements of yachts and other high-value assets, was acquired by Magenta Partners in 2021.
AshGrove’s financing is supporting Voly’s investment in Oceanskies, a major provider of maritime employment and yacht registration services, extending the group’s strength in yacht crew employment, payroll, HR, compliance and registration services.
Under Magenta’s ownership, the group has acquired maritime payroll and crew-services provider Voyonic (now Voly Crew), crew-management software provider Workrest and project-management platform Pinpoint Works.
“This investment marks a really exciting addition to the Voly platform as we combine the largest specialist payroll services providers in the yachting space, helping to further deepen relationships with our customers,” said Ian Flanagan, founder and group CEO of Voly (pictured).
“We’re delighted to be working with AshGrove, who really understand our business model, and look forward to working closely with the team as we continue to grow the business.”
James Cunnah, director at AshGrove, added: “Voly is exactly the type of specialist software business AshGrove is built to support, and our deep B2B SaaS sector expertise enables us to create bespoke financing solutions around their specific needs.
“We’re excited to support the business today and look forward to scaling our support in the coming years.”
Chase Emson, managing partner at Magenta Partners, said: “Since investing in Voly in 2021, we have supported its development into a broader software and services group for the yachting industry.
“Oceanskies adds complementary capabilities and market reach, and AshGrove’s funding supports the next stage of that strategy.”
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