The transaction, which represents the latest new investment by Leon Capital, completed on 23 December 2025. The terms of the investment are confidential.
The transaction involved the Development Bank of Wales and Avantis Group’s founders, Chris David and Tom David. Avantis Group’s existing management team will retain operational control of the business. Blake Morgan acted as legal counsel to the Development Bank of Wales, while Acuity Law advised the founders. AMA Capital Partners acted as corporate finance adviser to Avantis Group.
Reed Smith advised Leon Capital on all aspects of the transaction, providing comprehensive M&A support in connection with the strategic investment. The matter involved a multi-disciplinary team spanning M&A, tax, and regulatory considerations.
The investment supports Avantis Group’s long-term growth strategy across maritime and energy markets, including expansion into digital infrastructure and defence, and reflects Leon Capital’s confidence in the company’s differentiated engineering platform and experienced management team.
For Reed Smith, the transaction represents a further example of the firm’s work advising private capital sponsors on complex M&A transactions and continues to strengthen its relationship with Leon Capital as it expands its platform.
The Reed Smith team advising on the matter was led by Andrew Houghton, with support from Ciaran Sweeney, Georgia Moorhouse and Selina Cook on M&A matters; Caspar Fox and Tom Baxter on tax; and Emma Weeden on FDI and antitrust.
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