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UK-Birmingham: corporate finance and venture capital services

Request For Proposals

General Information
Country:   United Kingdom
City/Locality:   BIRMINGHAM
Notice/Contract Number:   eu:214294-2009
Publication Date:   Oct 30, 2010
Deadline:   Sep 16, 2009
Buyer:   ADVANTAGE WEST MIDLANDS
Original Language:   English

Contact Information
Address:   ADVANTAGE WEST MIDLANDS
BIRMINGHAM, WEST MIDLANDS (ENGLAND)
United Kingdom

Goods, Works and Services

 

Summary

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Notice Type: 2210 - Contract notice
Regulation of Procurement: European Communities, with participation by GPA countries
EU Official Journal Publication: 146/2009, #214294-2009
Contract Nature: Service contract
Procedure Type: Open procedure
Type of Bid Required: Global tender
Awarding Criteria: The most economic tender


Update: Oct 30, 2010


Notice type: 013EA - Additional information
Regulation of Procurement: European Communities, with participation by GPA countries
EU Official Journal Publication: 212/2010, #323640-2010
Referenced Document Number: 214294-2009
Contract Nature: Service contract
Procedure Type: Open procedure
Type of Bid Required: Global tender
Awarding Criteria: The most economic tender

Original Text

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CONTRACT NOTICE
Services
SECTION I: CONTRACTING AUTHORITY
I.1) NAME, ADDRESSES AND CONTACT POINT(S): Advantage West Midlands, 3
Priestley Wharf, Holt Street, Aston Science Park, Contact: Patrick Palmer,
Attn: Patrick Palmer, UK-Birmingham B7 4BN. Tel. +44 1215033252. E-mail:
patrickpalmer@advantagewm.co.uk. Fax +44 1213803501.
Internet address(es):
General address of the contracting authority:
http://www.advantagewm.co.uk/.
Further information can be obtained at: As in above-mentioned contact
point(s).
Specifications and additional documents (including documents for
competitive dialogue and a dynamic purchasing system) can be obtained at:
Advantage West Midlands, Advantage West Midlands Access To Finance Team 3
Priestley Wharf Holt Street Aston Science Park, Contact: Shaana Hutchins,
UK-Birmingham B7 4BN. Tel. +44 1215033324. E-mail:
shaanahutchins@advantagewm.co.uk. Fax +44 1213803501. URL:
http://www.advantagewm.co.uk/working-with-us/tenders.aspx.
Tenders or requests to participate must be sent to: Advantage West
Midlands, 3 Priestley Wharf, Holt Street, Aston Science Park, Attn: Jasmin
Banks, UK-Birmingham B7 4BN. Tel. +44 1213803589. E-mail:
jasminbanks@advantagewm.co.uk. Fax +44 1213803501. URL:
http://www.advantagewm.co.uk/.
I.2) TYPE OF THE CONTRACTING AUTHORITY AND MAIN ACTIVITY OR ACTIVITIES:
Regional or local authority.
Other: Economic Development.
The contracting authority is purchasing on behalf of other contracting
authorities: no.
SECTION II: OBJECT OF THE CONTRACT
II.1) DESCRIPTION
II.1.1) Title attributed to the contract by the contracting authority:
West Midlands Risk Capital Programme 2009-13.
II.1.2) Type of contract and location of works, place of delivery or of
performance: Services.
Service category: No 06.
Main place of performance: West Midlands Region of England.
NUTS code: UKG.
II.1.3) The notice involves: A public contract.
II.1.5) Short description of the contract or purchase(s): Advantage West
Midlands, the Regional Development Agency for the West Midlands, requires
the services of one or more fund managers to manage a family of Risk
Capital funds to provide equity and debt finance to Small and Medium sized
enterprises (SMEs) in the West Midlands region of England.
II.1.6) Common procurement vocabulary (CPV): 66122000, 66113000,
66000000, 66100000.
II.1.7) Contract covered by the Government Procurement Agreement (GPA):
Yes.
II.1.8) Division into lots: No.
II.1.9) Variants will be accepted: Yes.
II.2) QUANTITY OR SCOPE OF THE CONTRACT
II.2.1) Total quantity or scope: Advantage West Midlands, the Regional
Development Agency for the West Midlands, requires the services of one or
more fund managers to manage a family of 3 Risk Capital funds to provide
equity and debt finance to Small and Medium sized enterprises (SMEs) in
the West Midlands region of England to assist them start up, develop and
transform their performance by providing access to appropriate sources of
finance which reflect their stage of development and growth prospects. The
three funds would be:
— Growth Equity Fund,
— Early Stage Equity Fund,
— Mezzanine Fund.
The funds could be operated as 3 separate funds, or as sub-funds within an
overall fund:
— Growth Equity Fund overview.
This Fund is intended to have a minimum size of GBP 18 400 000, with GBP 9
200 000 provided through the public sector and not less than GBP 9 200 000
to be raised from the private sector. The minimum private sector
contribution will be 50 % of the capital of the Fund to comply with State
Aid regulations.
It will be a fixed life fund, with an initial investment period of 5 years
and an anticipated life overall of between 10 and 13 years. Follow on
investments into portfolio companies will be permitted both during and
after the end of the initial investment period.
The Fund will make investments of between GBP 250 000 and GBP 750 000 ( as
part of a fund raising round which does not exceed GBP 2 000 000 in total.
This GBP 2 000 000 limit may only be exceeded in follow on rounds but only
to protect the Fund’s investment position), but with a maximum investment
of GBP 500 000 in the first round. The total investment in any individual
company will be restricted to GBP 750 000 unless a greater amount is
required to protect against dilution, but even in this case no more than
10 % of the Fund may be invested in any one business.
Early Stage Equity Fund overview.
This Fund is intended to have a minimum size of GBP 8 000 000, all of
which is expected to be provided through the public sector.
It will be a fixed life fund, with an initial investment period of 5 years
and an anticipated life overall of between 10 and 13 years. Follow on
investments into portfolio companies will be permitted both during and
after the end of the initial investment period.
The Fund will make investments of between GBP 50 000 and GBP 250 000 (as
part of a fund raising round which does not exceed GBP 1 000 000 in total.
This GBP 1 000 000 limit may only be exceeded in the case of follow on
funding rounds and then only to protect the Fund’s position), but with a
maximum investment of GBP 125 000 in the first round as part of a maximum
first round fund raising of GBP 500 000. Investment in any individual
company will be restricted to GBP 250 000 unless required to protect
against dilution, but even in this case no more than 5 % of the Fund may
be invested in any one business.
Mezzanine Fund overview and operational criteria.
This Fund is intended to have a minimum size of GBP 18 400 000, with GBP 9
200 000 provided through the public sector and not less than GBP 9 200 000
raised from the private sector. The minimum private sector contribution
will be at least 50 % of the capital of the Fund to comply with State Aid
regulations.
It will be a fixed life fund, with an initial investment period of 5 years
and an anticipated life overall of 10 years. Follow on investments into
portfolio companies will be permitted after the end of the initial
investment period, but only on an exceptional basis.
The Fund will make investments of between GBP 50 000 and GBP 250 000 into
businesses seeking development and/or working capital to support
expansion, but exceptionally (but only with the consent the fund’s
Investment Advisory Committee) may make an investment into any one
business of up to GBP 500 000.
II.2.2) Options: Yes.
Description of these options: The contract will include an option for the
Contracting Authority to renew the contract for a further period of up to
3 years.
Provisional timetable for recourse to these options: in months: 96 (from
the award of the contract).
Number of possible renewals: 1
in the case of renewable supplies or service contracts, estimated
timeframe for subsequent contracts: in months: 36 (from the award of the
contract).
II.3) DURATION OF THE CONTRACT OR TIME-LIMIT FOR COMPLETION: Starting:
1.12.2009. Completion: 31.12.2020.
SECTION III: LEGAL, ECONOMIC, FINANCIAL AND TECHNICAL INFORMATION
III.1) CONDITIONS RELATING TO THE CONTRACT
III.1.1) Deposits and guarantees required: Any requirements for financial
bonds or collateral warranties will be stated in the contract documents.
III.1.2) Main financing conditions and payment arrangements and/or
reference to the relevant provisions regulating them: Will be determined
as part of the tendering process and be set out in the contract documents.
III.1.3) Legal form to be taken by the group of economic operators to
whom the contract is to be awarded: To be proposed in repsonse to the ITT.
III.1.4) Other particular conditions to which the performance of the
contract is subject: Yes.
Each Fund will need to be structured in a way which will ensure it and its
activities meet State Aid requirements.
III.2) CONDITIONS FOR PARTICIPATION
III.2.1) Personal situation of economic operators, including requirements
relating to enrolment on professional or trade registers: Information and
formalities necessary for evaluating if requirements are met: Will be
stated in the Invitation to Tender and contract documents.
III.2.2) Economic and financial capacity: Information and formalities
necessary for evaluating if requirements are met: Will be stated in the
Invitation to Tender and contract documents.
III.2.3) Technical capacity: Information and formalities necessary for
evaluating if requirements are met:
Will be stated in the Invitation to Tender and contract documents.
III.2.4) Reserved contracts: No.
III.3) CONDITIONS SPECIFIC TO SERVICES CONTRACTS
III.3.1) Execution of the service is reserved to a particular profession:
Yes.
Fund Managers must be suitably qualified (e.g. authorised under the
Financial Services and Markets Act 2000 where applicable or equivalent,
unless a statutory exemption applies).
III.3.2) Legal entities should indicate the names and professional
qualifications of the staff responsible for the execution of the service:
Yes.
SECTION IV: PROCEDURE
IV.1) TYPE OF PROCEDURE
IV.1.1) Type of procedure: Open.
IV.2) AWARD CRITERIA
IV.2.1) Award criteria: The most economically advantageous tender in
terms of the criteria stated in the specifications, in the invitation to
tender or to negotiate or in the descriptive document.
IV.2.2) An electronic auction will be used: No.
IV.3) ADMINISTRATIVE INFORMATION
IV.3.1) File reference number attributed by the contracting authority:
FS/SP7008.
IV.3.2) Previous publication(s) concerning the same contract: No.
IV.3.3) Conditions for obtaining specifications and additional documents
or descriptive document: Time limit for receipt of requests for documents
or for accessing documents: 9.9.2009 - 12:00.
Payable documents: no.
IV.3.4) Time-limit for receipt of tenders or requests to participate:
16.9.2009 - 12:00.
IV.3.6) Language(s) in which tenders or requests to participate may be
drawn up: English.
IV.3.7) Minimum time frame during which the tenderer must maintain the
tender: Until: 31.3.2010.
IV.3.8) Conditions for opening tenders: Date: 16.9.2009 - 14:00.
Place: Advantage West Midlands.
Persons authorised to be present at the opening of tenders: no.
SECTION VI: COMPLEMENTARY INFORMATION
VI.1) THIS IS A RECURRENT PROCUREMENT: No.
VI.2) CONTRACT RELATED TO A PROJECT AND/OR PROGRAMME FINANCED BY EU
FUNDS: Yes.
Reference to project(s) and/or programme(s): Potential tenderers are asked
to note that whilst funding is allocated in the Agency’s Corporate Plan
and the West Midlands ERDF Operational Programme it will not be formally
approved until full applications for the funding, drawn up in conjunction
with the selected fund manager(s), have been approved by the Agency, the
Department for Communities and Local Government (DCLG, for the ERDF
funding) and any other approval body required.
VI.3) ADDITIONAL INFORMATION: The contract will be governed by the
provisions of English Law.
VI.4) PROCEDURES FOR APPEAL
VI.4.1) Body responsible for appeal procedures: Advantage West Midlands,
3 Priestley Wharf, Holt Street, Aston Science Park, UK-Birmingham B7 4BN.
E-mail: claireevans@advantagewm.co.uk. Tel. +44 1213803609. URL:
http://www.advantagewm.co.uk/. Fax +44 1213803501.
VI.4.2) Lodging of appeals: Precise information on deadline(s) for
lodging appeals: The Contracting Authority will incorporate a minimum
10-calendar-day standstill period at the point information on the award of
the Agreement is communicated to tenderers. This period allows
unsuccessful suppliers to seek further debriefing from the Contracting
Authority before the Agreement is entered into. Applicants have 2 working
days from the notification of the award decision to request additional
debriefing and that information has to be provided a minimum of 3 working
days before the expiry of the standstill period. Such additional
information should be required from the contact point shown in I.1.
If an appeal regarding the award of an Agreement has not been successfully
resolved, the Public Contracts Regulations 2006 (SI 2006 No 5) provide for
aggrieved parties who have been harmed or are at risk of harm by a breach
of the rules to take action in the High Court (England, Wales and Northern
Ireland). Any such action must be brought promptly (generally within 3
months). Where an Agreement has not been entered into, the Court may order
the setting aside of the award decision or order the Contracting Authority
to amend any document and may award damages. If an Agreement has been
entered into, the Court may only award damages.
VI.4.3) Service from which information about the lodging of appeals may
be obtained: Claire Evans, as above - see V1.4.1.
VI.5) DATE OF DISPATCH OF THIS NOTICE: 30.7.2009.


Advantage West Midlands, 3 Priestley Wharf, Holt Street, Aston Science
Park, Patrick Palmer, attn: Patrick Palmer, UNITED KINGDOM-B7
4BNBirmingham. Tel. +44 1215033252. E-mail:
patrickpalmer@advantagewm.co.uk. Fax +44 1213803501.
(Supplement to the Official Journal of the European Union, 1.8.2009,
2009/S 146-214294)
Other additional information
The procurement process for contract 3 has ceased with no award of
contract and there is no present intention to re-tender.
Please note that this notice is for your information only.
We try our best to have the most accurate and up-to-date information available on our web site, but we cannot guarantee that all of the information provided is error-free.
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