Foresight invests £3m into Cheshire-based ONFAB Limited

London, 12 September 2017:  Foresight Group (“Foresight”) has invested £3 million from the Foresight Regional Investment Fund into the specialist engineering company ONFAB Limited (“ONFAB”), a leading designer and manufacturer of flexible containment solutions, primarily for use in pharmaceutical manufacturing processes.  

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ONFAB was founded in 2004 by Oliver Nulty, a former Astra Zeneca engineer, who spotted the market opportunity created by increasing health and safety regulations which made containment a higher priority, specifically in pharmaceutical manufacturing processes. Today, the total global containment market is valued at around £320m, with an estimated growth rate of 10-20% per annum.

With Foresight’s investment, ONFAB will continue to expand domestically and overseas, supported by an expanded management and sales team and a renewed focus on new product development, production and operations. The investment will also support the launch of a second manufacturing facility in Albacete, Spain. Once fully operational the Spanish facility will double production capacity.

This investment represents the seventh investment from the Foresight Regional Investment Fund, which is successfully supporting high growth small and medium sized businesses across the North West of England. Foresight works closely with management teams and vendors to flexibly structure investments to help teams realise value from their business and accelerate growth.

ONFAB was advised by Butcher and Barlow (Legal), Josolyne & Co (Accountants) and BCMS Northern (Advisor). Foresight was advised by RW Blears (Legal), Rafalie Corporate Finance (Financial), PMSI (Commercial), Catalysis Advisory (Management) and banking services were provided by RBS Corporate Transactions Team, North & Scotland.

Chris Wardle, Investment Manager, Foresight Group, commented:

“ONFAB has demonstrated consistent growth in recent years and this transaction is a model investment for the Foresight Regional Investment Fund. With a strong team and market dynamics there is a substantial opportunity for the business to grow, supported by existing and new client accounts, and continued international expansion. We look forward to working with Oliver and the ONFAB management team in the coming years, and thank the advisors for their support in getting the deal completed to timetable.”

Oliver Nulty, ONFAB Limited, commented:

When a business owner realises that they need external support and expertise to grow and realise their company’s full potential, they are faced with a most difficult question: “who is the right investment partner?” I am delighted to say that our choice to work with Foresight and the Foresight investment team was the right decision. Their attention to detail, vast experience and commitment to our values have made a difficult transaction manageable and less stressful.”

Mac Edwards, BCMS Lead Advisor, commented:

“We are delighted to have assisted the vendor shareholders to get this over the line. Foresight is always keen to work with dynamic entrepreneurs, and its investment in ONFAB has the makings of a great partnership to accelerate growth. We look forward to seeing ONFAB develop in this next step of its journey.”

ENDS

For further information, please contact:

Ben Thompson, Foresight Group: bthompson@foresightgroup.eu / 020 3667 8155

About Foresight

Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.

Foresight has £2.7 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).

Foresight’s Private Equity team, comprising eighteen investment professionals, invests typically between £1m and £5m in management buy-outs, management buy-ins and growth capital investments in UK SMEs.

Foresight was voted “VCT House of the Year” at the 2016 Unquote British Private Equity Awards.

The Foresight Regional Investment Fund targets companies in the North West of England, North Wales and South Yorkshire. It is managed by Foresight’s Manchester office, who have deployed one third of funds within the first 12 months and has a strong pipeline of investment opportunities under consideration.

www.foresightgroup.eu