Foresight completes MBO of Flowrite Services Limited

The Boards of Foresight VCT plc, Foresight 3 VCT plc and Foresight 4 VCT plc, are pleased to announce Foresight Group (“Foresight”) has invested £1.4m as part of the MBO of Flowrite Services Limited (“Flowrite” or “the Company”), the UK refrigeration and air conditioning installation, service and maintenance company.

Founded in 1992, Flowrite is a refrigeration and air conditioning service, maintenance and installation company, specialising in the leisure sector across the UK.  The Company has a strong reputation amongst its customers for providing quality service and benefits from long term contracts with some of largest operators in the market.  Flowrite is headquartered in Maidstone, and the Company has more than 80 engineers located throughout the UK.

Foresight aims to work with CEO Andrew Moore and Nigel Atkinson, who was introduced by Foresight as Non-Executive Chairman, to realise the Company’s growth potential.

Foresight invested £1.4 million alongside banking facilities from RBS and Nat West and roll-over investment from Andrew Moore to provide the Company with sufficient working capital to pursue the attractive growth opportunities identified by the strong management team.

Matt Smith, Senior Investment Manager at Foresight commented: “Flowrite is a leading company in its sector.  Foresight’s investment alongside the introduction of Nigel Atkinson, who is currently a non-executive director at Fuller, Smith & Turner PLC, will help Andrew Moore and Flowrite’s existing strong management team achieve the Company’s growth potential.”

Foresight continues to be open for MBOs and equity release transactions.”

ENDS

For more information, please contact

Foresight Group:
Ben Thompson, Marketing Director bthompson@foresightgroup.eu  +44 (0)20 3667 8155

Notes to Editors
Foresight is an independent specialist environmental, infrastructure and private equity investor, which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.

Foresight has in excess of £670 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs).

Foresight’s Private Equity team is comprised of eight investment professionals, investing between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.  The strength and depth of the team has enabled Foresight to lead the consolidation of the VCT sector, taking over the management mandates of established VCTs, such as Advent VCT, Advent 2 VCT, Noble VCT, Keydata Income 1 and 2 VCTs, Acuity Growth VCT and Acuity 3 VCT, from other investment managers.

Foresight recently successfully closed fundraisings for Foresight Solar VCT at £38m and Foresight Solar EIS at £27.5m and has raised in excess of £30m for its unique Infrastructure VCT Shares, an innovative new share class which targets investments in energy generation projects and secondary PFI.  Foresight manages the most successful VCT ever, Foresight VCT plc, which has returned more than 1.9x original investment in dividends to its investors.

In the solar infrastructure sector, Foresight’s solar funds are invested in more than £300 million of operating PV assets in the UK, Italy and Spain.

Foresight is one of the market leaders in waste and environmental investment management, with a growing £175 million portfolio of recycling, biomass and waste to energy companies and was recently appointed by UK Green Investments (UKGI) the specialist team within the Department of Business, Innovation and Skills to manage an initial £50 million fund set aside for green infrastructure investment.