Law firm Howard Kennedy has advised Chinese group Kuang-Chi on its first investment in the UK – a GBP30 million investment into aerospace engineering company Gilo Engineering Group.
The investment was completed and announced on 16 January.
Kuang-Chi is headquartered in Shenzhen, China and is focused on future technologies. Through its Global Community of Innovation, Kuang-Chi has made investments and owns businesses across the globe employing some 2,600 people in aerospace, smart cities, AI, and wireless communication technology.
Among its products are airships providing reliable and powerful wireless internet connections that are also able to carry heavy payloads, near space air balloons, a powered exoskeleton, a personal jetpack, and gesture-recognition computing.
Dorset-based Gilo Industries Group is a business developing novel personal aviation vehicles including a flying car, a backpack aircraft or parajet, and racing bikes, all powered by its own rotary engine.
The Howard Kennedy team, led by corporate partner Michael Harris, advised on the investment from Kuang-Chi. Harris was supported by partner and head of capital markets Keith Lassman, corporate associate Matthew Astbury and intellectual property associate Alex Meloy.
Brown Rudnick advised Gilo Industries Group.
Harris says: “This has been a most interesting deal in which to play a part. It is the first investment into the UK made by Kuang-Chi, and marks significant post-Brexit confidence in UK PLC. Kuang-Chi has an impressive portfolio of companies and future technologies that span all walks of life and we are pleased to have been able to contribute to enabling it to seal the deal. Gilo Industries is at the forefront of innovative personal transport and sits comfortably in the Kuang-Chi camp.”
Dr Ruopeng Liu, chairman of Kuang-Chi, said: “The UK has a very attractive atmosphere for innovation with great potential for further growth. We are delighted to make our first UK investment in Gilo, which we hope to be the first of many investments in the coming years. Gilo is a fantastic company that is a leader in innovation, with breakthrough aerospace engineering technologies and products. We look forward to working with them to develop our visionary aviation technology.”
Gilo Cardozo, founder of Gilo, says: “The support from Kuang-Chi is exactly what we need to continue to expand our production capabilities and embrace exciting new manufacturing technologies to help us grow and succeed in the global marketplace. It is a really clear example of how international organisations look to all areas of Britain for innovation and entrepreneurship and how they can boost regional, national and global industries.”
