Foresight Group ("Foresight”) has invested £4.2 million from Foresight VCT, Foresight 2 VCT, Foresight 3 VCT and Foresight 4 VCT into Accessory Bits Limited and ABL Production D.O.O (together "ABL” or "the Company”) to accelerate its growth.
The Company, which was founded in 2003 by vendor Ian Lawry and his wife, produces and distributes office desk accessories including power supplies, monitor arms and cable tidies. ABL has grown particularly rapidly over the past five years under Ian’s leadership, with forecast FY15 turnover of over £5m.
As part of the investment, Paul Stotesbury, currently National Sales Manager, and Sreten Savkovic, GM of ABL Production D.O.O, will also be investing. Paul will be stepping up to become the MD of the business, and Sreten Savkovic, currently General Manager of ABL’s production company in Europe, will be become Production Director. Foresight and the new management team have engaged Simon Moate as Non-Executive Chairman to provide the benefit of his experience to ABL. Simon was the CEO of office supplies business Office2Office, and currently works with Foresight portfolio company Thermotech.
ABL produces its own power supplies through sister company ABL Production D.O.O, based in Cacak in Serbia, which gives the company end to end control over the production process and allows for rapid turnaround of bespoke orders. There are frequent deliveries to the Company’s warehouse in Wellingborough, allowing the business to respond rapidly to customers’ requirements.
Henry Alty, Senior Investment Manager, Foresight commented:
"ABL has already demonstrated its ability to grow rapidly, based on the excellent service the company provides. The Serbian operation provides us with complete visibility and control over the product, which is reflected in the high quality of the goods ABL distributes. We look forward to accelerating the business’s growth trajectory along with its proven management team.”
Simon Moate, Chairman, ABL, commented:
"ABL have delivered consistent and impressive growth by putting their customers at the heart of the company’s culture, which is passionate about delivering a market leading service. I look forward to supporting them in continuing the growth and excitingly exploring the opportunities to expand into Europe”
Paul Stotesbury, Managing Director, ABL, commented:
"We are delighted to be partnering with Foresight Group and look forward to working closely with them and Simon Moate, in the years to come. We intend to continue the business’s already successful strategy of providing high quality goods combined with excellent service levels”
For more information contact Ben Thompson, Group Marketing Director, Foresight Group, email@example.com, 020 3667 8155
Notes to Editors
About Accessory Bits Limited ("ABL”)
ABL is a producer and distributor of office desk accessories including power supplies, monitor arms and cable tidies. The company produces its own power supplies in Serbia through sister company ABL Production D.O.O. More information can be found at http://www.accessorybits.co.uk.
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.
Foresight Group was advised by Addleshaw Goddard and Kinstellar.
The management team was advised by Gambit Corporate Finance and Capital Law.
Due diligence was undertaken by:
Menzies LLP for financial due diligence,
Neovian Partners for commercial due diligence and
Catalysis Advisory for organisational due diligence