Foresight invests £4 million into specialist consultancy firm, ITAD

Press Release
 
Foresight  Group  ("Foresight”)  has  invested  £4.0  million  from  Foresight  VCT,  Foresight  2  VCT, Foresight 3 VCT and Foresight 4 VCT into Itad Limited ("Itad” or the "Company”) to support growth. 
 
To read or print out this announcement from a pdf click here. 
 
Headquartered in Hove, Itad is a specialist consultancy firm focused on monitoring and evaluating the impact of international aid.  The Company has a 30 year track record of ensuring the resources invested in international development have the greatest possible impact on people’s lives. 
 
The  investment  supports  the  future  growth  plans  of  the  management  team,  Sarah  Ockenden, Philippa  Tadele,  Chris  Barnett,  Sam  McPherson  and  Tim  Ruffer,  who  have  collaboratively  grown revenues in the last three years substantially to reach £11 million.  
 
As  part  of  the  investment,  Julian  Barr  and  Dane  Rogers  will  take  on  non-­-executive  roles  and John  Dembitz  will  join  the  company  as  Chairman.    The  Company’s  focus  will  remain  on providing  the insight  and  ideas  to  ensure  that  the  resources  invested  in  international  development have  the  greatest  possible  beneficial  impact  on  people’s  lives.  Itad’s  core  values  of  making  a difference, delivering  technical  excellence  and  innovation,  and  providing  opportunities  for  personal development to its staff, will remain as relevant as ever. 
 
Foresight’s investment will assist in the Company’s growth both with its existing customers in the UK and internationally, and in exploring new growth opportunities in adjacent markets.  The transaction was completed within two months from signing heads of terms. 
 
Meta Corporate Finance brought the parties together to facilitate the investment. RW Blears LLP and asb law LLP acted for the parties on the legal aspects of the investment. 
 
Matthew Smith, Foresight Investment Director, commented: 
 
"Itad has a strong position in a growth market.  The team have demonstrated an ability to scale the business  and  have  exciting  plans  for  future  growth.    We  look  forward  to  helping  the  Company  achieve its growth potential”. 
 
Tim Ruffer, Itad Strategy Director, commented: 
 
"We were impressed with Foresight’s hands-­-on and practical approach, working intensively to deliver the deal to a tight timetable.  As part of this transaction, they have become a minority shareholder, providing an injection of capital to enable us to invest further in our growth and development. These changes  mark  the  start  of  a  new  era  for  Itad,  enabling  us  to  move  forward  with  confidence  while  remaining proudly independent."
 
ENDS 
 
For  more  information  contact  Annabel  Arrowsmith,  Foresight  Group,  Marketing  Manager aarrowsmith@foresightgroup.eu /02036678179 
 
NOTES TO EDITORS 
 
Advisers: 
 
Foresight Group was advised by RW Blears Solicitors. 
 
The Company and its shareholders were advised by Meta Corporate Finance and ASB Law.  
 
Due diligence was undertaken by: 
 
Crowe Clarke Whitehill for financial due diligence.
Catalysis Advisory for organisational due diligence
 
About Itad Limited 
 
Itad is a specialist consultancy firm focused on monitoring and evaluating the impact of international development money and aid, globally.  More information can be found at: www.itad.com.  
About Foresight Group LLP ("Foresight”): 
 
Foresight  Group  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  over  £1.5  billion  of  Assets  Under  Management  across  a  number  of  funds, including  Listed  Vehicles,  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. 
 
www.foresightgroup.eu 
 
About asb Law LLP 
 
asb law is an innovative UK law firm that provides legal services constructed around its four core values of transparency, certainty, collaboration and innovation.  The firm offers a range of commercial and personal legal services to a broad client base including UK companies, global businesses with UK interests and private individuals and their families. 
 
The core values were developed in response to extensive market research and feedback from clients that they want greater predictability and clearly defined outcomes. The firm’s approach combines a genuine investment in client relationships with project management and lean methodologies to ensure a relevant and flexible service that is delivered in the most efficient manner. 

Based out of offices in the south east of England (Gatwick and Maidstone), asb law is a recognised specialist in the travel, aviation, manufacturing, technology and financial sectors. 
 
In 2013, asb law won the Gatwick Diamond Professional Adviser of the Year award, and was highly praised for its open and enthusiastic approach to innovation. 
 
A Limited Liability Partnership since May 2010, asb law has 20 partners and 125 legal and support staff.  www.asb-­-law.com 
 
About Meta Corporate Finance: 
 
Meta is a corporate finance specialist with both UK and worldwide reach. Meta delivers high quality M&A and corporate finance advice to shareholders, management teams and corporates. Meta specializes in the delivery of company sales, management buy-outs and buy-ins, acquisitions, private equity and development capital transactions. Meta is a member of CDI Global, the international M&A network. 
 
For more information please visit www.metacorporatefinance.co.uk