Foresight Group (Foresight) is delighted to announce on behalf of the boards of Foresight VCT plc Planned Exit and Foresight 2 VCT plc Planned Exit (together the Foresight funds) that it has completed the successful sale of Channel Technical Services Ltd, the 100% owned subsidiary of Channel Safety Systems Group Limited ("CSSG”). This has enabled the full repayment of Foresight funds’ shareholder loans in CSSG. Foresight funds’ significant minority equity stake in CSSG remains unchanged.
Combined with interest payments, Foresight funds’ investment in the MBI of CSSG in December 2010 has now returned 1.21x cost in cash, with no reduction in equity holding.
James Livingston, Director of Foresight and of CSSG commented "We are delighted that the strategic decision of the management team to spin out the service business of CSSG has delivered such value to shareholders. We are confident that CSSG, which is now a focused lighting, safety and security products business, will continue on its growth trajectory and we look forward to supporting the management team in achieving their goals.”
For further information, please contact:
Ben Thompson: firstname.lastname@example.org / +44 (0)20 3667 8155
Notes to editors:
Foresight Group has been managing investment funds on behalf of institutions and retail clients for 30 years. With a background in Private Equity and Venture Capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has in excess of £1.2 billion Assets Under Management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs).
Foresight’s Private Equity team, comprising eleven investment professionals, invests between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs