Deals in focus 

Pharmacy firm swallows US unicorn arm

Glasgow-based digital pharmacy firm Phlo Technologies acquired the UK arm of US-based healthcare unicorn Truepill. The transaction was one of the most significant acquisition deals in the history of digital pharmacy in the UK and follows Phlo’s £10 million Series A raise. All Truepill UK’s existing pharmacy and warehouse staff were offered jobs with Phlo.  

Off-road experience staff take control 

Staff at Perthshire-based Land Rover Experience Scotland acquired an 83 per cent share in the company after a succession review by the shareholders. The off-road driving and training centre, established in 1996, now employs 28 people. Advisors who worked on the deal included Co-operative Development Scotland (CDS), 4-Consulting, Blackadders and Milne Craig. 

Insecticide developer bags £4 million

Agritech business SOLASTA Bio, which specialises in green insecticides, secured investment totalling £4 million to scale up development. Investment in the pre-Series A funding round was led by Yield Lab Europe. Other investors include Rubio Impact Ventures, Scottish Enterprise, Cavallo Ventures, SIS Ventures, UKI2S, and several private investors. This latest round brings the total raised by the Glasgow-based firm to £5.5 million.

Paint retailers join forces

Stirling-headquartered The Paint Shed was bought by English retailer Brewers Group in a deal which saw investor BGF exit. The Paint Shed, founded by Ogilvie Rolland in 1992, has grown to operate 20 stores across Scotland as well as an online store, and employs 87 people.

It continues to operate as a standalone subsidiary of The Brewers Group following the deal. BGF, which has backed The Paint Shed since 2020, achieved a 22 per cent internal rate of return on its investment.

Cleantech firm secures backing for app

Heero Technologies, which is developing an energy efficiency app, secured a six-figure investment from The Tricapital Syndicate, Scottish Enterprise and Mint Ventures. The Dundee start-up aims to help homeowners with personalised home energy efficiency recommendations. Alongside the investment, Heero Technologies also announced it has signed its first customer which will see the app rolled out to approximately 350,000 users.