Penningtons Manches has acted for Fantastec Sports Technology Ltd on its first acquisition. Led by corporate partner David Kendall and associate Bryan Park, the team represented new sports industry media startup Fantastec in its purchase of award winning streaming technology company We Are Colony Ltd (Colony).
Founded in 2017 by international sports industry entrepreneur Steve Madincea, Fantastec utilises new and emerging technologies such as video on demand, virtual reality, augmented reality and wearables in order to engage globally distanced fans. London-based Colony was founded by Oscar-nominated and BAFTA-winning filmmaker Sarah Tierney and the platform was designed to enable content owners to engage with audiences around the world, attracting registered users in 130 countries. Sarah’s position as CEO at Colony will now transition to COO of Fantastec.
Commenting on the acquisition, managing partner of Fantastec Steve Madincea, said: “We moved quickly with our investment group on Colony because they have the three vital ingredients we look for in any acquisition: industry leading technology, an inspired and capable leadership team, and an ethos of continuous growth and constant innovation which aligns with Fantastec’s ambitions. We are extremely grateful to David, Bryan and the entire Penningtons Manches team that supported us on our initial acquisition. Their collaborative manner as well as the professional guidance provided for some of the trickier aspects of this acquisition allowed Fantastec to move quickly in the face of aggressive competition for Colony. Overall Penningtons Manches’ support was invaluable on this transaction.”
David Kendall comments: “We have been highly impressed with Steve and his vision to use technology to better connect global sports fans since our inaugural meeting. It therefore was a pleasure to work with him and the Fantastec leadership team to deliver their first acquisition within a very demanding timeframe.”
The latest deal for Fantastec builds on a series of high profile transactions that Penningtons Manches’ corporate team has completed in the last 12 months. Last year the team acted in a record number of over 140 deals with an aggregate value of £1.5 billion.